OC’s publicly traded companies’ revenue has been on a roll for the past two years.
For the 23 fastest-growing public companies surveyed by the Business Journal, revenue increased 31% over the two years ended Dec. 31, 2025, with total sales reaching $45.6 billion.
Orange-based Alignment Healthcare, which arranges Medicare Advantage plans for seniors, leads the large-company category as its two-year revenue figure jumped almost 117% with 2025 sales at just over $3.9 billion. Large publicly traded companies are those with annual revenue above $500 million.
“Treating members the way we would our own parents isn’t just the right thing to do—it’s a sustainable business model,” Alignment founder and CEO John Kao told the Business Journal. “We believe our model of lowering costs by providing more care to our members, not less, is the MA (Medicare Advantage) model of the future.”
San Juan Capistrano-based Ensign Group and Willdan Group of Anaheim were second and third, respectively, among the fastest-growing large companies.
Hard-charging TTM Technologies of Santa Ana came in at No. 5, with two-year revenue up 30% and 2025 sales of $2.9 billion.
“We expect to double earnings over the next two years,” CEO Edwin Roks told the Business Journal on March 24.
Tarsus Leads Midsize Companies
Among the fastest-growing midsize publicly traded companies, Irvine-based Tarsus Pharmaceuticals grabbed the No. 1 slot as two-year revenue rose almost 2,500%, with last year’s sales at $451 million. Midsize companies are those with annual revenue between $99.9 million and $500 million.
“Tarsus is committed to identifying the blind spots in healthcare—areas of significant patient need where innovation has been lacking. The successful commercialization of XDEMVY is a strong example of how addressing an underappreciated disease can make a meaningful difference for millions of patients,” Tarsus CEO and Chairman Bobak “Bobby” Azamian told the Business Journal.
Beta Bionics in Irvine was No. 2 in the midsize category with two-year revenue growth of 736%.
Small Company No. 1 is Pro-Dex
For small public companies, with annual revenue below $99.9 million, Irvine-based Pro-Dex ranked as the fastest-growing firm with two-year sales up 44.5%, with 2025 revenue of $66.6 million.
“At Pro-Dex, we believe that the most impactful advancements in healthcare come from a commitment to excellence, integrity, and meaningful progress,” the company says on its LinkedIn page.
Revenue vs Profit
While revenue growth is king on Wall Street, there are also a variety of ways to measure the bottom line.
Tarsus is going in the right direction not just on revenue but also by reporting a 2025 loss of $66.4 million, which was almost half the $115.6 million loss of 2024.
And while Sabra Health Care Reit of Tustin showed a two-year sales growth of just under 20%, relatively small compared to many other companies on the Business Journal list, the firm’s net income increased 23% to $155.6 million.
Since real estate investment trusts have a lot of moving parts, they also provide an adjusted funds from operations (AFFO), which excludes sales and purchases, which for Sabra rose 7.4% to $365.4 million.
