The company, best known for making a generic version of the nasal spray Flonase, was ranked No. 22 on the list, with its three-year average for revenue growth at 29 percent, profit growth at 69 percent and total return at 54 percent. On the list of fastest growing pharmaceutical firms, Hi-Tech ranked No. 4.
In selecting companies for the list, Fortune said it looked at revenue, earnings per share and returns of public companies that have been trading on an exchange for the past three years.
Companies must have a stock price of at least $5 per share, a market capitalization of $250 million, sales of at least $50 million and profits of at least $10 million to be considered.
Hi-Tech earned $48 million on sales of $230 million for the fiscal year ending April 30, the company reported in July. The company's stock market value is about $415 million; its shares rose 8 cents to $31.46 in trading Monday. Hi-Tech has about 450 employees -- of which 290 are on Long Island.
Hi-Tech's new fiscal year, subsequent to Fortune's calculations, got off to a weak start. On Wednesday, the drugmaker released its quarterly earnings, reporting a 56 percent drop in profits compared with the same period in 2011, as a competitor introduced its own generic version of Flonase.
The list of Fortune's 100 fastest growing companies in America is in the magazine's Sept. 24 issue.