A Melbourne-based commercialisation consultancy and manufacturer, has topped The Australian Financial Review Most Innovative Companies list for the second year in a row.

Planet Innovation has topped the rankings, which are judged and compiled by innovation consultancy Inventium.

The company maintained its top ranking for the culture that produced two inventions from its factory in Box Hill (30 minutes east of the Melbourne city centre) – Nplex, a portable diagnostics device, and Zen Thermostat, a smart connected thermostat that Telstra and several US telecommunications organisations have integrated into their smart home systems.

Planet edged out Ivy College, an online education provider that developed a proprietary algorithm to predict students' progression and graduation rates; and Commonwealth Bank of Australia, whose CommBank Property app was named best internal innovation.

Planet Innovation manufactures its product parts in Asia, but assembles them at the company's Box Hill site which ensures regulatory compliance standards.

Nplex claims to be able to diagnose contagious diseases such as HIV, without the need for a lab. The Nplex is also able to report the geographic location of all positive tests for infectious diseases. This means that countries and NGOs can act faster in the treatment and containment of epidemics.