If you're new to this page, each Monday we publish an updated list of the top 25 small- and mid-cap growth stocks in the market. These companies are discovered and ranked using a quantitative screen that removes emotion and bias from the process, and which places a heavy emphasis on current and forward-looking indicators such as strong 6-month Relative Strength, fast-growing quarterly salesm and EPS, expanding margins, etc. In addition, on the Live In Play page our analysts periodically publish fundamental and technical commentary under the "GROWX" ticker on EG components that have significant news, notable technical characteristics, or are just names that we find interesting.

We'd like to emphasize that the EG system was created in order to generate new growth stock ideas every week, regardless of market conditions. As such, readers should understand that Emerging Growth was specifically designed to be an idea generation system, and not a portfolio timing system.

There are four new additions to the Top 25 this week.

AudioCodes (AUDC #3) is an Israel-based supplier of VoIP systems and products. Its networking products consist of connectivity platforms (Gateways, SBC and MSBR), IP Phones and management server suites. Its products facilitate the transmission of voice, data and fax over packet networks. It also has Technology (chips and boards) and Services segments. AUDC helps companies build and operate all-IP voice networks for unified communications (UC), contact centers, and hosted business services. It offers a broad range of products that are sold primarily to OEMs, system integrators and network equipment providers. AUDC has expanded in the last few years from selling chips to boards, subsystems, media gateway systems, media servers, session border controllers and messaging platforms. AUDC has also invested significant resources to become a Microsoft recognized partner for their Skype for business platform. The stock jumped in late October on a surprisingly strong Q3 report. Momentum seems to have picked up markedly in Q3. AUDC has seen as steady evolution in growth key markets, such as the movement to a digital workplace in the enterprise space and the transition to all-IP networks in the service provider world. AUDC is also seeing an acceleration in its UC-SIP networking business. Just like in 1H18, its Q3 UC-SIP business grew above 30% YoY vs a beginning of the year forecast of +15-20%. AUDC now predicts this unit will be a $100+ mln business in 2019 a year earlier than thought. It's not just that as almost all key business lines demonstrated very solid growth and strength in Q3. A key development in the quarter was marked step-up in operating margin. For years, AUDC has been below the 10% range, but that rose to 13.5% in Q3 vs 8.8% last year and 10.2% in Q2. We caution that AUDC is still small and not widely followed by analysts, but, while it's still early, there is hope that the Q3 results marked an important turning point.

Spirit Airlines (SAVE #5) is what's known as an ultra low-cost carrier (ULCC) with a focus on price-sensitive leisure travelers. Its model is to charge a very low base fare, and then charge fees for everything else: carry-on bags, seat assignments, water, snacks, etc. SAVE also derives ancillary revenue from hotel/rental car partnerships, onboard advertising, etc. Another way Spirit saves money is by packing more seats per plane so there is less legroom. SAVE began largely as a North-South carrier, but in recent years has grown by expanding West and now it is aggressively targeting the Caribbean/Latin America market where the ultra-low fare market is less developed. SAVE has focused more on this region from its home base and largest market in Fort Lauderdale. And now, it's going a step further. In early October, SAVE launched service from Orlando to seven destinations in Latin America and the Caribbean, with four more to start in early November. Overall, SAVE now operates more than 500 daily flights (up from 350 a few years ago) to 69 destinations in the US, Latin America and the Caribbean. SAVE has made a lot of improvements over the past few years. It has improved operational reliability and has made great strides in improving service metrics. SAVE now has an industry-leading cost structure and a cost gap relative to its competitors which SAVE believes will continue to widen. In addition, over the last three years, SAVE has diversified its network, increased density in several key markets to allow for increased connectivity (SAVE now has 10 key cities with 20+ daily departures), and culled many of underperforming routes. The company believes it's just beginning to reap the benefit of all these changes. Of note, SAVE already has one of the youngest, most fuel efficient fleets in the industry. And over the next year, its fuel efficiency should get even better as it adds more new aircraft, most of which are Airbus neos, which consume 15-20% less fuel. All of this has led to improved financial results and a stock price that has been trending higher.

Genomic Health (GHDX #7) is a commercial stage provider of genomic-based diagnostic tests that help improve the treatment of cancer, most notably by determining whether a patient would or would not benefit from chemotherapy. Its flagship product is the Oncotype DX Breast Recurrence Score Test, which accurately predicts the likelihood of chemotherapy benefit, in addition to predicting the recurrence in invasive breast cancer. The company also markets the Oncotype DX Genomic Prostate Score Test, as well as the Oncotype DX AR-V7 Nucleus Detect Test, which helps determine which patients with mCRPC prostate cancer are resistant to AR-targeted therapies. On June 3, a major positive catalyst for GHDX occurred as the results of the largest breast cancer treatment trial ever conducted was published -- specifically, the TAILORx study. The landmark study showed that GHDX's Breast Recurrence Score Test identified 70% of early-stage breast cancer patients receive no benefit from chemotherapy, and can be effectively treated with endocrine therapy alone. On the other hand, the study also showed that chemotherapy could provide life-saving benefit o 30% of these patients. On the heels of this report, GHDX posted record results for 1H18 [Aug. 2], driven by the delivery of more than 33,590 Oncotype test in 2Q18 alone. As the tests gain more traction among hospitals and cancer treatment centers, thanks to the positive trial results, more insurers have also been picking up coverage for the tests. For example, last quarter a top five private insurer picked up coverage for Genomic Prostate Score test, bringing the total number of U.S. covered lives to more than 92 million, including Medicare.

SPS Commerce (SPSC #14) is a provider of cloud-based supply chain management software and retail performance analytics. Its platform improves the way retailers, suppliers, distributors and logistics firms orchestrate the sourcing, set up of new vendors and items and fulfillment of products that consumers buy. Supply chain management is resource-intensive and not a core competency for most businesses. The SPS Commerce Platform helps clients increase supply cycle agility, optimize inventory levels, reduce costs, increase visibility into customer orders and ensure suppliers satisfy exacting retailer requirements. SPSC's service is being used by well-known companies like Walgreens, Lidl, Grainger, Costco, Walmart, Cabela's, Kroger, Amazon, Newegg, Jet, Fastenal, and Expeditors, among others. The company had 26,900 recurring revenue customers at the end of Q3. A nice tailwind for SPSC has been the advent of omni-channel strategies where retailers sell product at physical stores and online. SPSC's platform helps make that process as seamless as possible while improving the customer experience. Also, while SPSC's focus has traditionally been on small- to mid-sized customers, a key part of their current strategy is to go up-market, which expands their TAM and should drive ARPU and margin growth (larger customers tend to be more profitable). The company has a long history of beating quarterly expectations, having exceeded revenue and earnings estimates in each of the last 20 quarters. SPSC's recently-released Q3 results lived up to the trend.

Note: Click here to pull up an unformatted ticker list of our full rankings.

There are four deletions this week.

All times ET. Call times in parentheses.

• Monday, October 29
  • Earnings reports - None.
  • Presentations & Events - Several companies report after the close with call times in parentheses: EPR (tomorrow at 8:30am), HLIT (5pm), MEDP (tomorrow at 9am), QTNA (4:30pm), VNOM (tomorrow at 10am).
• Tuesday, October 30
  • Earnings reports - Before the open: IRMD (11am), TECH (9am); After the close: AIN (tomorrow at 9am), BEAT (5pm), HABT (4:30pm), MRCY (5pm), PAYC (5pm), ULTI (5pm).
  • Presentations & Events - None.
• Wednesday, October 31
  • Earnings reports - Several companies report after the close: FOXF (4:30pm), LHCG (tomorrow at 11am), LXFR (tomorrow at 8:30am), PKI (5pm), PRAH (tomorrow at 9am), STAA (4:30pm).
  • Presentations & Events - None. 
• Thursday, November 1
  • Earnings reports - Before the open: ATTU (8:30am), MPW (11am), NSP (10am), PCRX (8:30am); After the close: EBS (5pm), TRMB (5pm), VIAV (4:30pm), WIFI (4:30pm).
  • Presentations & Events - TECH Annual Meeting at 1pm.
• Friday, November 2
  • Earnings reports - None.
  • Presentations & Events - None.

If you would like to copy and paste the EG components into your watchlist or spreadsheet, click here to pull up an unformatted ticker list.

Emerging Growth: October 29, 2018
Ranks #1-25: We begin tracking performance of new additions to the Top 25
1	NetSol Technologies	NTWK		$8.91		Industry:	Information Technology Services
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$97	64	10	0%	105%	100	136%	#N/A	15%	#N/A
	Date Added & Original Profile:		15-Oct-18	Price Added:	$7.01	% Gain/Loss	+27%	Most Recent Analysis:		--
	NTWK provides software and services primarily for the car financing and leasing industry, mostly in Asia but it's branching into North America and Europe also. Its NetSol Financial Suite (NFS) covers the complete leasing and finance cycle starting from origination through the end of contract. The stock has been moving higher since NTWK reported strong Q4 (Jun) results in late September. NTWK closed FY18 on a high note as it recently won a 5-year, $30 mln deal with a European tier-one global auto captive finance company. Looking ahead, NTWK sees FY19 as an inflection point that should propel NTWK to double-digit revenue growth for the year. Overall, while NTWK's results are improving, we view the name as somewhat speculative. It has a history of up and down results and turnarounds etc. However, NTWK is a play on the burgeoning automotive market in China. [10/15/18]
2	OptimizeRx	OPRX		$16.22		Industry:	Data Processing Services
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$186	61	6	1%	88%	100	167%	20%	78%	18%
	Date Added & Original Profile:		2-Oct-18	Price Added:	$17.37	% Gain/Loss	-7%	Most Recent Analysis:		--
	OPRX is a provider of digital health messaging via electronic health records (EHRs). Its core product replaces traditional physical drug samples by automating the process of distributing coupons and vouchers into healthcare providers' eRx workflow, then automatically delivering them electronically to the pharmacy. Its platform eliminates the need for physicians to manage and store physical drug samples. To OPRX's benefit, the healthcare market has been undergoing many changes of late. Because of the Sunshine Act, these days more than half of US hospitals do not let sales reps in the door. This is a huge problem in this space and OPRX's platform squarely addresses it. While OPRX's recent growth has been strong (1H18 revs +84%), we view OPRX as a speculative name because it's very small with 1H18 revenue of just $9.2 mln. Also, it just recently moved from the bulletin boards to the Nasdaq in June 2018. We like the story here but just be aware there is some risk to it. [10/2/18]
3	AudioCodes	AUDC		$11.95		Industry:	Telecommunications Equipment
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$352	235	20	0%	93%	100	90%	58%	14%	3%
	Date Added & Original Profile:		29-Oct-18	Price Added:	$11.95	% Gain/Loss	+0%	Most Recent Analysis:		--
	AUDC is an Israel-based supplier of VoIP systems and products. The stock jumped in late October on a surprisingly strong Q3 report. AUDC has seen as steady evolution in growth key markets, such as the movement to a digital workplace in the enterprise space and the transition to all-IP networks in the service provider world. AUDC is also seeing an acceleration in its UC-SIP networking business. A key development in the quarter was marked step-up in operating margin. For years, AUDC has been below the 10% range, but that rose to 13.5% in Q3 vs 8.8% last year and 10.2% in Q2. We caution that AUDC is still small and not widely followed by analysts, but, while it's still early, there is hope that the Q3 results marked an important turning point. [10/29/18]
4	SodaStream	SODA		$143.13		Industry:	Electronics/Appliances
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$3,235	641	21	2%	100%	99	78%	56%	31%	15%
	Date Added & Original Profile:		14-Aug-18	Price Added:	$128.51	% Gain/Loss	+11%	Most Recent Analysis:		--
	SODA, which has since agreed to be acquired by PEP, is the world's largest manufacturer of home beverage carbonation systems. SODA made a big change a few years ago: it moved away from carbonated soda and repositioned itself as a sparkling water brand. Its re-named Sparkling Water Makers enable consumers to easily transform ordinary tap water into sparkling (carbonated) water and flavored sparkling water in seconds. Sparkling water is quickly becoming popular with consumers as it's a healthy alternative to carbonated sodas. Sparkling water brands like LaCroix and Polar Water are big hits with consumers these days. The stock jumped higher in early August a huge Q2 report. The company believes it is just getting started in terms of penetrating into people's homes. [10/15/18]
5	Spirit Airlines	SAVE		$51.85		Industry:	Airlines
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$3,585	1,091	68	11%	97%	99	56%	2%	32%	1%
	Date Added & Original Profile:		29-Oct-18	Price Added:	$51.85	% Gain/Loss	+0%	Most Recent Analysis:		--
	SAVE is what's known as an ultra low-cost carrier (ULCC) with a focus on price-sensitive leisure travelers. Its model is to charge a very low base fare, and then charge fees for everything else. SAVE is now aggressively targeting the Caribbean/Latin America market where the ultra-low fare market is less developed. SAVE has made a lot of improvements over the past few years. It has improved operational reliability and has made great strides in improving service metrics. SAVE now has an industry-leading cost structure and a cost gap relative to its competitors which SAVE believes will continue to widen. SAVE already has one of the youngest, most fuel efficient fleets in the industry. And over the next year, its fuel efficiency should get even better as it adds more new aircraft. All of this has led to improved financial results and a stock price that has been trending higher. [10/29/18]
6	Radiant Logistics	RLGT		$5.33		Industry:	Air Freight/Couriers
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$263	300	36	2%	88%	98	550%	35%	16%	10%
	Date Added & Original Profile:		2-Oct-18	Price Added:	$5.74	% Gain/Loss	-7%	Most Recent Analysis:		--
	RLGT is a lightly-covered and lesser-known name in the logistics industry. Specifically, the company is a non-asset backed provider of third-party transportation services operating through a network of company-owned locations and operating partners. Some of its specific services include domestic and international air and ocean freight delivery, freight brokerage, and a variety of value-added logistics services like customs brokerage, order fulfillment, and inventory management. The stock wasn't doing much until the company reported upside Q4 (Jun) results on Sept. 13, which ultimately drove shares to new 52-week highs. It exceeded the two analyst EPS and revenue estimates, but, what really stood out was that it achieved record quarterly results across a multitude of metrics, including revenue ($233.8 mln), adjusted net income ($5.7 mln), and Adjusted EBITDA Margin (16.7%). Impressively, RLGT achieved these results despite some cost inflation from its asset-based carrier partners during the quarter, and, its growth was driven almost exclusively through organic means. The company has made some investments on the technology front that has helped generate cost synergies. For instance, it is expanding its SAP-based transportation management system, which it says will unlock another $1 mln in cost savings in 2019, as well as a new customer portal which allows customers to book online and track shipping progress. And lastly, from a broader perspective, RLGT says market conditions continue to be favorable given the healthy economy. [10/2/18]
7	Genomic Health	GHDX		$66.99		Industry:	Biotechnology
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$2,406	326	35	3%	92%	98	388%	325%	12%	4%
	Date Added & Original Profile:		29-Oct-18	Price Added:	$66.99	% Gain/Loss	+0%	Most Recent Analysis:		--
	GHDX is a commercial stage provider of genomic-based diagnostic tests that help improve the treatment of cancer, most notably by determining whether a patient would or would not benefit from chemotherapy. Its flagship product is the Oncotype DX Breast Recurrence Score Test, which accurately predicts the likelihood of chemotherapy benefit, in addition to predicting the recurrence in invasive breast cancer. The company also markets the Oncotype DX Genomic Prostate Score Test, as well as the Oncotype DX AR-V7 Nucleus Detect Test, which helps determine which patients with mCRPC prostate cancer are resistant to AR-targeted therapies. On June 3, a major positive catalyst for GHDX occurred as the results of the largest breast cancer treatment trial ever conducted was published -- specifically, the TAILORx study. The landmark study showed that GHDX's Breast Recurrence Score Test identified 70% of early-stage breast cancer patients receive no benefit from chemotherapy, and can be effectively treated with endocrine therapy alone. On the other hand, the study also showed that chemotherapy could provide life-saving benefit o 30% of these patients. On the heels of this report, GHDX posted record results for 1H18 [Aug. 2], driven by the delivery of more than 33,590 Oncotype test in 2Q18 alone. As the tests gain more traction among hospitals and cancer treatment centers, thanks to the positive trial results, more insurers have also been picking up coverage for the tests. For example, last quarter a top five private insurer picked up coverage for Genomic Prostate Score test, bringing the total number of U.S. covered lives to more than 92 million, including Medicare. [10/29/18]
8	Duluth Holdings	DLTH		$29.15		Industry:	Apparel/Footwear
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$852	204	22	19%	82%	98	54%	39%	28%	4%
	Date Added & Original Profile:		11-Sep-18	Price Added:	$32.38	% Gain/Loss	-10%	Most Recent Analysis:		--
	DLTH is a rapidly growing lifestyle brand of men's and women's casual wear, workwear and accessories. Its products are sold exclusively through its own channels (website, catalogs and retail stores). The majority of sales (60% of 1H18) are still made through its direct segment (website and catalogs) but DLTH has been branching out to brick-and-mortar locations. It opened its first store in 2010 and started opening stores very slowly. However, now that these stores have shown success, DLTH has been picking up the pace in terms of new openings. Another growth strategy is to broaden DLTH's Men's assortment to new categories, such as business wear, outerwear and footwear. Also, DLTH wants to grow its Women's business. Overall, DLTH is an attractive early stage retail growth story. They have a unique brand and we like their humorous commercials. [9/11/18]
9	Euronet Worldwide	EEFT		$109.67		Industry:	Data Processing Services
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$5,678	547	49	6%	91%	98	34%	3%	12%	0%
	Date Added & Original Profile:		8-Oct-18	Price Added:	$113.95	% Gain/Loss	-4%	Most Recent Analysis:		--
	EEFT is a financial transaction processing company operating through three segments: Electronic Financial Transaction (EFT) Processing, Money Transfer, and ePay. Its EFT segment includes providing ATMs, Point of Sale, and outsourcing, among other services. It has been growing as a result of building out its ATM network as banks and financial institutions look to off-load machines in order to improve operating efficiency. As a recent example, on August 30 the company acquired 167 ATMS from Aplitt, a financial services provider in Poland, while also signing an ATM outsourcing and participation agreement with the firm for 304 more ATMs. In all, EEFT operated 41,205 ATMS as of June 30, 2018, up 10% year/year. On October 1, a significant event occurred for this segment that will translate into strong growth next year. Specifically, Visa International (V) notified EEFT and its other partners that it will now allow dynamic currency conversion (DCC) on international ATM transactions, effective April 13, 2019. Currently, Visa only allows DCC on Point of Sale transactions globally and on intra-regional ATM transactions in the European region. This rule change will allow ATM operators to offer DCC to all international ATM transactions on Visa-branded cards around the world. Following this announcement from Visa, EEFT increased its 2019 adjusted EPS guidance by $0.60-$0.65. Additionally, its Money Transfer Segment -- which is its largest at 42% of Q2 total revenue -- is benefiting from higher transaction volumes driven by last year's repricing and extension of its Walmart (WMT) agreement. [10/8/18]
10	AeroVironment	AVAV		$85.89		Industry:	Aerospace & Defense
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$2,153	406	21	11%	71%	97	547%	204%	78%	6%
	Date Added & Original Profile:		11-Sep-18	Price Added:	$108.65	% Gain/Loss	-21%	Most Recent Analysis:		--
	AVAV is primarily a supplier of small unmanned aircraft systems (UAS), or drones, and tactical missile systems. Its primary customers are the US Dept of Defense and allied military services although it's branching into the commercial market as well. The stock has been on a big run since late June when AVAV reported huge upside for Q4 (Apr) and Q1 (Jul). A favorable mix of products vs services plus a strong mix of higher margin products has resulted in significant margin expansion. Demand remains robust as illustrated by a funded backlog of $157 mln, up 120% YoY. Looking ahead, the President signed the 2019 Defense Authorization Act into law in mid-August. The bill reflects continued strong demand for AVAV products. On a final note, AVAV has a great balance sheet with $289 mln in cash/inv, or $12.04 per share, with no LT debt. [9/11/18]
11	Pacira Pharma	PCRX		$47.18		Industry:	Pharmaceuticals: Other
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$1,883	553	39	6%	90%	97	318%	246%	19%	6%
	Date Added & Original Profile:		24-Sep-18	Price Added:	$50.90	% Gain/Loss	-7%	Most Recent Analysis:		--
	PCRX is a commercial-stage pharma company. Its flagship drug and primary growth driver is Exparel for post-surgical pain. Pacira says 1H18 was marked by tremendous progress as its Exparel growth strategy is taking hold and driving robust topline results. Exparel allows physicians to deliver long-acting, opioid-free local or regional analgesia using individualized approaches for both small and large procedures. Pacira is seeing a high level of engagement and enthusiasm around its expanded label. Also, its partnered JNJ accounts are delivering impressive results in the orthopedic space with significant room for expansion in key procedures, such as spine, shoulder and hip fractures. Finally, Pacira has a collaboration with Aetna highlighting providers like Pacira, which offer a non-opioid alternative. Opioid abuse is an epidemic in the US, so this is an important differentiating feature for Pacira. [9/24/18]
12	Shoe Carnival, Inc.	SCVL		$40.14		Industry:	Apparel/Footwear Retail
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$613	399	12	32%	89%	97	217%	37%	14%	1%
	Date Added & Original Profile:		4-Sep-18	Price Added:	$42.50	% Gain/Loss	-6%	Most Recent Analysis:		--
	SCVL is one of the nation's largest family footwear retailers. It differentiates its retail concept from its competitors by combining competitive pricing with a fun shopping experience. It promotes a high-energy retail environment, including by having a mic-person announce current specials, organize contests and games etc. Its stores are predominantly in open-air shopping centers in order to take advantage of lower occupancy costs. The stock jumped in late August on a particularly strong JulQ earnings report with a huge EPS beat. Margins came in better than expected resulting from a strong performance from its high-margin seasonal product categories. Same store comps were very good at +6.7%, which was a nice improvement from +1.3% in AprQ. This positive trend accelerated into the back-to-school season which is good for OctQ. [9/4/18]
13	Harmonic	HLIT		$5.69		Industry:	Telecommunications Equipment
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$468	298	83	10%	96%	97	125%	#N/A	20%	4%
	Date Added & Original Profile:		6-Aug-18	Price Added:	$5.20	% Gain/Loss	+9%	Most Recent Analysis:		--
	HLIT is a supplier of video delivery software and products that enable customers to deliver a full range of broadcast and "over-the-top" (OTT) video services to consumer devices, including TV's, PCs, laptops, tablets and smart phones. It operates in two segments: Video and Cable Edge. Its Video segment sells video processing (encoding/decoding) products to cable/telco service providers. Its Cable Edge segment sells cable access products to cable operators. Basically, in this segment, HLIT makes cable operator pipes smarter than they are today. HLIT offers a software-based CCAP platform, which is a disruptive technology. CableOS is now delivering broadband service to 400K cable modems, up 100% from last quarter. HLIT is still on the more speculative side, but its business seems pretty strong right now and it's a play on the OTT trend. [8/6/18]
14	SPS Commerce	SPSC		$96.47		Industry:	Packaged Software
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$1,640	148	17	1%	96%	97	126%	29%	12%	2%
	Date Added & Original Profile:		29-Oct-18	Price Added:	$96.47	% Gain/Loss	+0%	Most Recent Analysis:		--
	SPSC is a provider of cloud-based supply chain management software and retail performance analytics. Its platform improves the way retailers, suppliers, distributors and logistics firms orchestrate the sourcing, set up of new vendors and items and fulfillment of products that consumers buy. Supply chain management is resource-intensive and not a core competency for most businesses. The SPS Commerce Platform helps clients increase supply cycle agility, optimize inventory levels, reduce costs, increase visibility into customer orders and ensure suppliers satisfy exacting retailer requirements. A nice tailwind for SPSC has been the advent of omni-channel strategies where retailers sell product at physical stores and online. SPSC’s platform helps make that process as seamless as possible. [10/29/18]
15	Medifast	MED		$205.62		Industry:	Specialty Stores
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$2,451	277	11	6%	79%	97	84%	16%	55%	13%
	Date Added & Original Profile:		12-Mar-18	Price Added:	$88.60	% Gain/Loss	+132%	Most Recent Analysis:		--
	MED is a weight management and weight loss company that markets and sells health and diet products, such as shakes and snack foods, primarily through its OPTAVIA platform. Its OPTAVIA channel includes wellness coaches who are authorized to sell its products and they earn a commission by doing so. Over the years, MED has been somewhat of a controversial/speculative name among investors, due to the nature of its business model. And its financial results have been rather erratic, as well. But, MED has now strung together three straight quarterly top and bottom line beats, highlighted by accelerating topline growth. This turnaround indicates that its strategy to re-focus on certain growth areas, enhance its capital allocation process, and restructure its Board of Directors is paying dividends. From an operating standpoint, MED's improved results have been driven by increases in the number of OPTAVIA coaches (+20% in 4Q17) as well as the average revenue per coach (+10%). [3/12/18]
16	Ollie's Bargain Outlet	OLLI		$90.36		Industry:	Department Stores
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$5,533	662	54	8%	93%	97	48%	10%	13%	1%
	Date Added & Original Profile:		15-Oct-18	Price Added:	$89.67	% Gain/Loss	+1%	Most Recent Analysis:		--
	OLLI is an extreme value retailer of brand name merchandise at drastically reduced prices. OLLI attempts to make customers laugh as it pokes fun at itself and current events. The stock has been steadily climbing over the past year as OLLI has reported a series of solid earnings results/comps. In JulQ, non-GAAP EPS rose 48% YoY to $0.40, which was a good bit better than expected. JulQ comps came in at +4.4%, a nice improvement from +1.9% comps in AprQ. OLLI has now reported 17 consecutive quarters of positive comps. That's what investors like about OLLI: it has a history of positive, steady comps even in a tough retail environment for brick-and-mortar retailers. Overall, the stock has been doing quite well since its IPO debut in July 2015. OLLI strikes us as an attractive buy-and-hold type of stock as it delivers steady earnings/comps and it's attractive as an early-stage-retail-growth story. It currently operates 285 stores and sees a longer term opportunity for 950+ locations across the US. [10/15/18]
17	Bottomline Tech	EPAY		$64.04		Industry:	Packaged Software
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$2,736	368	42	2%	86%	97	25%	19%	14%	5%
	Date Added & Original Profile:		9-Jul-18	Price Added:	$53.45	% Gain/Loss	+20%	Most Recent Analysis:		--
	EPAY is a provider of payment processing services (including domestic & international) for businesses, as well as cash management, workflow automation, regulatory compliance, and fraud detection. From a broader perspective, there are a few main tailwinds that are driving its business. First, the overall size of the market opportunity is massive, with U.S. B2B payment volume estimated at $20 trillion. So, even a modest piece of that pie translates into a significant figure. Also, there is an increasing interest in automating business payments, making them seamless and more secure. And, lastly, new technologies are emerging in support of payment automation, creating a favorable business climate. For EPAY specifically, this has led to strong subscription (21% last qtr) and transaction (17%) growth, along with healthy free cash flow generation (25.4 mln). [7/9/18]
18	Tactile Systems	TCMD		$63.45		Industry:	Medical Specialties
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$1,150	235	16	14%	87%	96	221%	214%	30%	8%
	Date Added & Original Profile:		20-Aug-18	Price Added:	$62.92	% Gain/Loss	+1%	Most Recent Analysis:		--
	TCMD makes medical devices for the treatment of chronic diseases at home. Its at-home devices treat chronic swelling conditions such as lymphedema and chronic venous insufficiency. TCMD is an accredited provider of home medical equipment approved for coverage by private payers, Medicare, the VA and certain Medicaid programs. The stock traded higher in early August on a strong Q2 report. Flexitouch sales continue to drive overall revenue growth, fueled by the targeting of high-volume accounts and the VA hospital system as well as an expansion of in-network coverage with commercial insurers. Q2 revenue growth also benefitted from the full launch of its new Flexitouch Plus system, which is progressing well. [8/20/18]
19	Tilly's	TLYS		$18.02		Industry:	Apparel/Footwear Retail
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$375	693	29	8%	71%	96	164%	10%	13%	1%
	Date Added & Original Profile:		4-Sep-18	Price Added:	$24.42	% Gain/Loss	-26%	Most Recent Analysis:		--
	TLYS is a retailer of West Coast inspired apparel, footwear and accessories. It offers an extensive selection of third-party, West Coast inspired lifestyle brands, which are complemented by Tilly's proprietary brands. This extensive collection allows Tilly's to identify and address fashion trends more quickly. It also allows them to offer a greater range of price points. The stock has been trending higher since late May and jumped up after TLYS reported strong JulQ results in late August. Comps of +4.4% were a nice improvement from +0.1% comp growth in AprQ and it was its best comp since 3Q16. It was also its best ecommerce comp since 3Q16. Footwear, girls and women's were particularly strong in JulQ. Looking ahead, TLYS has had a strong back-to-school season which should be a nice tailwind for OctQ comps. [9/4/18]
20	E. W. Scripps	SSP		$15.92		Industry:	Broadcasting
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$1,117	415	69	10%	87%	96	25%	20%	22%	3%
	Date Added & Original Profile:		22-Oct-18	Price Added:	$17.81	% Gain/Loss	-11%	Most Recent Analysis:		--
	SSP is a local and national media company owning and operating 33 television stations, as well as faster-growing online journalism content and podcast outlets like Newsy and Stitcher. The company generates a significant portion of revenue from advertising, and with the 2018 midterms upcoming on November 6, SSP is inline to greatly benefit from the surge in political ads. In fact, on Sept. 24, the company announced that it is expecting 2018 political advertising revenue to be more than 50% higher than the 2014 midterm election. Additionally, SSP has been very active in the M&A sphere, making a splash on October 17 with its $150 mln acquisition of SaaS company Triton. Triton, which powers and measures streaming music and podcasting, significantly expands SSP's presence to this arena, while adding prominent customers like Spotify, Pandora, and iHeart to its mix. The acquisition is also expected to be immediately accretive to margins, while adding around $50 mln in revenue next year. Before this acquisition, on August 20 SSP bought two ABC-affiliated TV stations in FL & TX, which are also expected to be accretive to earnings. On top of all of this, SSP also entered into an accelerated $25 mln share repurchase program in late August, providing it with a little more earnings leverage. [10/22/18]
21	Boingo Wireless	WIFI		$30.69		Industry:	Information Technology Services
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$1,274	465	41	6%	85%	95	125%	#N/A	22%	5%
	Date Added & Original Profile:		8-Oct-18	Price Added:	$33.69	% Gain/Loss	-9%	Most Recent Analysis:		--
	WIFI is one of the largest providers of indoor wireless networks. Boingo primarily sets up DAS, Wi-Fi and small cell networks at airports, stadiums, military bases, convention centers, and commercial properties. Boingo generates wholesale revenue from telecom operators that pay Boingo build-out fees and recurring access fees so that their cellular customers may use Boingo's DAS or small cell networks. Military bases are a key customer, accounting for 27% of 2017 revenue. Of note, Boingo recently said it will acquire Elauwit Networks, marking its entry into the student housing and multifamily property (MDU) market. Boingo is growing strongly and reported a surprise profit in Q2. However, current consensus calls for a loss in Q3, so this name may fall out of our rankings if they do report a loss as we require a profit in the most recent quarter. Regardless, it's an attractive growth story. [10/8/18]
22	Luxfer Holdings	LXFR		$21.93		Industry:	Industrial Machinery
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$575	135	26	0%	90%	95	76%	26%	20%	#N/A
	Date Added & Original Profile:		24-Sep-18	Price Added:	$23.52	% Gain/Loss	-7%	Most Recent Analysis:		--
	LXFR is a materials technology company specializing in high-performance materials/components etc. It focuses primarily on magnesium alloys, zirconium alloys, aluminum alloys and carbon composites. FThe company has two reporting divisions: Elektron and Gas Cylinders, each with equal revenue. The stock is up nicely since Luxfer reported Q2 results in early August. Revenue growth was led by its Elektron segment (+34%) on strong growth for its proprietary SoluMag alloy. SoluMag is a soluble magnesium alloy developed specifically for making down-hole oil & gas fracking tools that will quickly and safely dissolve after use. Traditional fracking requires expensive machinery to remove plugs, balls and other temporary tools that have served their purpose. Tools made from SoluMag dissolve completely after use, eliminating the need for such costly intervention. Luxfer is probably more difficult than most cos to get a handle on, but their business seems to be going well and the stock chart looks positive. [9/24/18]
23	Habit Restaurants	HABT		$13.92		Industry:	Restaurants
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$286	293	20	8%	#N/A	95	33%	146%	23%	3%
	Date Added & Original Profile:		6-Aug-18	Price Added:	$14.80	% Gain/Loss	-6%	Most Recent Analysis:		--
	HABT is a "better-burger" fast casual restaurant concept that has grown from 99 locations at the time of its IPO in November 2014, to 235 as of now, with most stores located on the West and East coasts. After a hot start as a public company, HABT fell on some hard times as rising competition, slowing comparable sales, and inconsistent quarterly performance sank the stock. But, on August 1, HABT issued perhaps its best quarterly performance in over two years driven by a combination of stronger comparable restaurant sales (+1.2% vs. 0.1% year ago) and stronger store-level margins (19.1%). A few key factors are supporting this turnaround: 1). New menu innovation, 2). Roll-out of a new delivery service at 205 of its restaurants, and 3). Softening in food and paper costs, which were down 150 basis points in 2Q18. In addition to these catalysts, HABT also continues to open new restaurants at a fast clip as it reaffirms its expectation to launch 30 new locations this year. [8/6/18]
24	Casey's General Stores	CASY		$124.73		Industry:	Food Retail
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$4,465	399	36	7%	95%	95	30%	14%	24%	1%
	Date Added & Original Profile:		22-Oct-18	Price Added:	$125.12	% Gain/Loss	-0%	Most Recent Analysis:		--
	CASY is an Iowa-based retailer with a focus on small towns. CASY has carved out a nice niche as smaller communities often are not served by national-chain convenience stores. The stock has been in a nice uptrend since CASY reported strong AprQ results in mid-June, followed up by another good report for 1Q19 (Jul) in early Sept. Grocery same store comps accelerated to +3.2% in JulQ after FY18 was +1.9%. CASY has been taking steps to drive sales/margins by rolling out a new fleet card program, using price optimization and digital programs. Overall, investors seem pleased for what these changes could mean for earnings results in the coming quarters. [10/22/18]
25	Five Below	FIVE		$112.97		Industry:	Discount Stores
	Market Cap (mln)	Avg Vol (000)	Float (mln)	Short Int.	Price vs High	6-Mo RS	Q EPS %	Q EPS Beat	Q Rev %	Q Rev Beat
	$6,151	970	54	5%	83%	94	50%	19%	23%	4%
	Date Added & Original Profile:		11-Jun-18	Price Added:	$101.86	% Gain/Loss	+11%	Most Recent Analysis:		--
	FIVE is a retailer that is sort of like a dollar store but instead of a dollar, all merchandise sells for $5 or less, hence the name, "Five Below." It focuses on extreme-value merchandise to the teen and pre-teen market. Merchandise includes everything from sporting goods, games, fashion accessories and jewelry, to hobbies and collectibles, bath and body, candy and snacks, room decor and storage, video game accessories, books etc. A few years ago, FIVE was pretty hit-or-miss around earnings, which frustrated investors. However, a series of strong quarters recently has us thinking FIVE has gotten its problems in the rear view mirror. The stock jumped in early June on robust Q1 (Apr) results and strong guidance. On the new store front, FIVE has been stepping on the gas as it expects to open 125 stores in 2018 and end the year around 750. With a long term goal of 2,500+ stores, FIVE still has a lot of growth ahead. Looking ahead, FIVE is optimistic about Q2 (Jul) comps despite still lapping last year's spinner craze. With that said, the stock looks overextended in the near term, but it's a name to consider on pullbacks. [6/11/18]
Ranks #26-100: We continue to track performance until they drop below Rank #100
Rank	Name	Ticker	Industry		Mkt Cap	6-Mo RS	Q EPS %	Q Rev %	Date Added	% Gain/Loss
#26	Steelcase	SCS	Office Equipment/Supplies		$1,409	95	32%	13%	--	--
#27	iRadimed	IRMD	Medical Specialties		$280	94	133%	34%	14-Aug-18	-10%
#28	ANGI Homeservices	ANGI	Internet Software/Services		$1,203	94	138%	305%	27-Aug-18	-14%
#29	Comfort Systems	FIX	Engineering & Construction		$1,986	94	95%	24%	--	--
#30	Trade Desk	TTD	Advertising Services		$3,904	94	15%	54%	14-May-18	+49%
#31	STAAR Surgical	STAA	Medical Specialties		$1,673	93	999%	55%	8-May-18	+72%
#32	Emergent BioSolutions	EBS	Biotechnology		$3,070	93	723%	119%	--	--
#33	PetIQ	PETQ	Pharmaceuticals: Major		$654	93	129%	96%	20-Aug-18	-9%
#34	Heritage-Crystal	HCCI	Environmental Services		$529	93	35%	20%	--	--
#35	Tetra Tech	TTEK	Environmental Services		$3,634	93	37%	12%	--	--
#36	Dave & Buster's	PLAY	Restaurants		$2,162	93	18%	14%	8-Oct-18	-11%
#37	CVR Energy	CVI	Oil Refining/Marketing		$4,105	92	157%	33%	--	--
#38	Photronics	PLAB	Electronic Equipment		$647	92	183%	22%	--	--
#39	Vanda Pharma	VNDA	Biotechnology		$1,074	92	367%	13%	--	--
#40	Mellanox Tech	MLNX	Semiconductors		$4,409	92	87%	24%	--	--
#41	America's Car-Mart	CRMT	Specialty Stores		$499	92	70%	12%	--	--
#42	Viavi Solutions	VIAV	Electronic Equipment		$2,573	92	17%	33%	--	--
#43	Surmodics	SRDX	Medical Specialties		$841	91	200%	25%	14-Aug-18	-13%
#44	Bio-Techne	TECH	Biotechnology		$6,798	91	23%	15%	--	--
#45	Agree Realty	ADC	REITs		$1,963	91	14%	24%	--	--
#46	Insperity	NSP	Personnel Services		$4,503	90	66%	16%	--	--
#47	Addus HomeCare	ADUS	Medical/Nursing Services		$819	90	32%	27%	--	--
#48	Viper Energy Partners	VNOM	Oil & Gas Production		$1,871	89	487%	107%	--	--
#49	Medical Properties	MPW	REITs		$5,385	89	43%	21%	--	--
#50	HealthEquity	HQY	Investment Managers		$5,311	89	33%	25%	--	--
#51	CareTrust REIT	CTRE	REITs		$1,437	88	467%	19%	--	--
#52	Boot Barn	BOOT	Apparel/Footwear Retail		$708	88	293%	17%	--	--
#53	Attunity	ATTU	Packaged Software		$315	88	167%	47%	14-May-18	+49%
#54	Landmark Infrastructure	LMRK	Real Estate Development		$354	88	140%	33%	--	--
#55	Morningstar	MORN	Financial Publishing		$5,532	88	67%	14%	--	--
#56	HEICO	HEI	Aerospace & Defense		$4,405	88	44%	19%	--	--
#57	Tabula Rasa Healthcare	TRHC	Data Processing Services		$1,364	87	233%	64%	22-May-18	+41%
#58	KMG Chemicals	KMG	Manufacturing		$1,163	87	83%	27%	--	--
#59	National Vision	EYE	Specialty Stores		$3,106	87	93%	14%	--	--
#60	NV5 Global	NVEE	Commercial Services		$972	87	63%	24%	9-Jul-18	+4%
#61	Raven Industries	RAVN	Manufacturing		$1,534	87	65%	19%	--	--
#62	EPR Properties	EPR	REITs		$4,980	87	13%	38%	--	--
#63	Sun Communities	SUI	REITs		$8,728	86	81%	21%	--	--
#64	CyberArk Software	CYBR	Packaged Software		$2,444	86	71%	35%	--	--
#65	Mercury Systems	MRCY	Electronic Equipment		$2,196	86	47%	32%	--	--
#66	PerkinElmer	PKI	Medical Specialties		$9,301	86	36%	29%	--	--
#67	FTI Consulting	FCN	Commercial Services		$2,653	86	20%	14%	--	--
#68	Community Healthcare	CHCT	REITs		$542	85	200%	40%	--	--
#69	Paycom Software	PAYC	Packaged Software		$7,273	85	127%	31%	17-Sep-18	-22%
#70	MCBC Holdings	MCFT	Recreational Products		$554	85	89%	64%	22-Oct-18	-13%
#71	CarGurus	CARG	Commercial Services		$3,724	85	50%	45%	--	--
#72	Twilio	TWLO	Packaged Software		$5,205	84	160%	54%	14-08-18	-10%
#73	Southwest Gas	SWX	Gas Distributors		$3,849	83	19%	20%	--	--
#74	ProPetro	PUMP	Oilfield Services/Equipment		$1,403	81	304%	115%	--	--
#75	Globus Medical	GMED	Medical Specialties		$3,878	81	38%	14%	--	--
#76	Trimble	TRMB	Telecom Equipment		$9,288	81	32%	19%	--	--
#77	Lithia Motors	LAD	Specialty Stores		$2,102	81	30%	15%	--	--
#78	ICON	ICLR	Pharmaceuticals: Other		$7,520	81	14%	49%	--	--
#79	ESCO Tech	ESE	Aerospace & Defense		$1,577	80	43%	12%	--	--
#80	Range Resources	RRC	Oil & Gas Production		$3,952	79	420%	48%	--	--
#81	Evolution Petroleum	EPM	Oil & Gas Production		$340	79	180%	29%	--	--
#82	PRA Health Sciences	PRAH	Commercial Services		$6,203	79	27%	35%	--	--
#83	Cal-Maine Foods	CALM	Food: Specialty/Candy		$2,073	78	179%	30%	26-May-15	-15%
#84	BioTelemetry	BEAT	Medical Specialties		$1,628	78	100%	74%	30-Apr-18	+33%
#85	Qurate Retail	QRTEA	Catalog Distribution		$9,211	78	64%	37%	--	--
#86	Murphy Oil	MUR	Oil & Gas Production		$5,479	77	427%	36%	--	--
#87	Sabra Health Care REIT	SBRA	REITs		$3,824	77	300%	158%	--	--
#88	Centennial Resource	CDEV	Oil & Gas Production		$4,928	77	167%	139%	--	--
#89	Phillips 66 Partners	PSXP	Oil & Gas Pipelines		$6,271	77	116%	30%	--	--
#90	Fox Factory	FOXF	Recreational Products		$1,958	77	44%	30%	6-Aug-18	-18%
#91	HEICO	HEI.A	Aerospace & Defense		$5,175	77	44%	19%	--	--
#92	Ultimate Software	ULTI	Packaged Software		$8,617	77	42%	21%	--	--
#93	Granite Point Mortgage	GPMT	REITs		$796	77	16%	69%	--	--
#94	Compania de Minas	BVN	Precious Metals		$3,813	76	360%	-24%	--	--
#95	LHC Group	LHCG	Medical/Nursing Services		$2,694	76	33%	93%	--	--
#96	Quantenna Comms	QTNA	Semiconductors		$581	75	71%	13%	--	--
#97	Medpace Holdings	MEDP	Commercial Services		$1,699	75	61%	60%	6-Aug-18	-20%
#98	Crane Co.	CR	Manufacturing		$5,180	75	43%	23%	--	--
#99	Albany Intl	AIN	Textiles		$1,936	74	413%	19%	--	--
#100	Resources Connection, Inc.	RECN	Personnel Services		$518	74	50%	26%	--	--

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