No. 39 Fresenius

2008 Annual Sales (millions): $17,148
Sales CAGR (2004-2008): 14.8%
Value CAGR (2004-2008): 1.4%

Fresenius is the world's largest provider of kidney dialysis products and services. The German company is seeing demand grow for its dialysis products in emerging markets as more people are able to afford the treatments.