EcoAnalysts Brings Home the Gold with Environmental Business International Award
Business Achievement: Small Firms
GOLD: EcoAnalysts Inc. (Moscow, ID) for growing revenue from $2.6 million in 2016 to $5.9 million in 2017; the firm also took operating profits from breakeven to 10.7% and expanded its employee base from 40 to 75. EcoAnalysts is an ecology and natural resource consulting company which operates North America’s largest taxonomy laboratory and an ecotoxicology laboratory. During 2014-2016 total revenue dropped from $4.7 million to $2.6 million and operating profit went from 16% to breakeven due to softer markets and increased competition. In August 2015 the company leadership determined that strategic diversification into closely related services was an absolute necessity to further distinguish EcoAnalysts from its competitors. In 2016-2017 EcoAnalysts embarked on an aggressive growth strategy that included three initiatives: First, it acquired Ecological Specialists, a 12-person niche firm located in O’Fallon, Mo. specializing in freshwater mussel ecology and conservation biology. Second, in January 2017 Ramboll Environ divested its ecotoxicology laboratory operation on the Olympic Peninsula in Washington, and EcoAnalysts initiated a group hire of 10 people. Third, in March 2017 EcoAnalysts made a strategic hire and two support hires to develop a natural resources consulting service that provides environmental and social impact analyses internationally.