Equity Research

Science 37 Holdings, Inc.: Initiation of Research Coverage

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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William Blair or an affiliate does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report is not intended to provide personal investment advice. The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments, or strategies to particular clients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.

William Blair or an affiliate is a market maker in the security of Science 37 Holdings, Inc.

William Blair or an affiliate expects to receive or intends to seek compensation for investment banking services from Science 37 Holdings, Inc. or an affiliate within the next three months.

William Blair or an affiliate received compensation for investment banking services or non-investment-banking services from Science 37 Holdings, Inc. within the last 12 months. Science 37 Holdings, Inc. is or was, within the last 12 months, an investment banking client of William Blair and/or one or more of its affiliates.

Officers and employees of William Blair or its affiliates (other than research analysts) may have a financial interest in securities of Science 37 Holdings, Inc.

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Current Ratings Distribution (as of 10/31/21)

Coverage Universe
Outperform (Buy): 76%
Market Perform (Hold): 24%
Underperform (Sell): 1%

Inv. Banking Relationships*
Outperform (Buy): 31%
Market Perform (Hold): 12%
Underperform (Sell): 0%

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