William Blair initiated research coverage of Science 37 Holdings, Inc. (SNCE $9.01). Founded in 2014, Science 37 pioneered the concept of decentralized clinical trials (DCTs) and has developed a unique operating system that combines its technology platform and specialized provider network to accelerate trial execution.

Analyst John Kreger estimates the company’s revenue to more than double to $52 million in 2021, again double to $102 million in 2022, and reach $180 million in 2023, and projects Science 37 to turn profitable in 2024.

“Science 37 has been one of the clear leaders in decentralized/virtual clinical trial platforms, having executed more than 95 trials with over 366,000 patients engaged to date,” Kreger said. “While strong biotech funding, pipeline expansion, and R&D spending should continue to fuel growth in the clinical research space for years to come, there is an increasing urgency to make innovation more affordable via more efficient R&D. We assume technology leaders such as Science 37 will play a key role in this process of improving the way new drug candidates are tested and brought to market. The COVID-19 pandemic challenged the decades-old industry norm of costly yet inefficient trials, and we believe the push for more efficient trials is here to stay. Science 37 has developed a clever business plan with three delivery models and, in our view, is well-positioned to capitalize on expanding DCT adoption despite its early stage of development.”

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