Minnetonka-based Cogentix Medical Inc. — a company born from two small medical device companies looking to grow — jumped the most spots this year on the Star Tribune 100 list with revenue that grew from $25.9 million to $49.3 million. Cogentix ranked 68th this year, moving up 14 spots from last year.
Cogentix makes medical products and treatment systems for the urology, urogynecology/GYN, ENT and GI markets (the Uroplasty business) and makes products for the flexible endoscopy market (the Vision-Sciences business). Minnetonka-based Uroplasty Inc. and Orangeburg, N.Y.-based Vision-Sciences announced a merger in December 2014, and the day after the deal closed on March 31, 2015, the newly formed company started trading under the company name Cogentix Medical (CGNT).
“The completion of our merger with Vision-Sciences and the creation of Cogentix Medical marks another milestone on our path to accelerating revenue growth and broadening our product offerings to our physician clients,” said Rob Kill, president and CEO of Cogentix, when the deal closed.
The combined company generated some operating income but did post a net loss of $9 million for the year, compared with $5.7 million the year before.
Northern Oil and Gas lost the most spots in the Star Tribune 100, dropping five places to No. 48. The ranking is based on revenue, and the Wayzata-based company’s annual sales fell 43 percent for the year to $275.1 million.
Consistently low commodity prices for oil have hurt revenue for Northern Oil and Gas. The company is a nonoperator that invests in oil and gas leases, meaning it doesn’t drill itself but partners with exploration and production companies to drill wells.
Its net loss for the year was $975.4 million, which was impacted by a $1.2 billion impairment charge. The adjusted net income for the year, which excludes one-time events, was $47.6 million.
Another struggling company, Imation Corp., dropped three spots in the revenue rankings to No. 42. The company is likely to drop even more on next year’s list, if it is still eligible.
The company has completed another restructuring in which it sold off some of its legacy data storage businesses and will complete a transition to a holding company. In January, Imation disclosed that it sold its headquarters building in Oakdale and will likely move its headquarters to Thousand Oaks, Calif., where most of the remaining operations are located.