Another strong quarter has Cantor Fitzgerald Canada analyst Scott Curtis feeling bullish about BioSyent (BioSyent Stock Quote, Chart, News: TSXV:RX). On Wednesday, BioSyent reported its Q1, 2015 results. The company earned $962,712 on sales of $3.30-million, a 35% increase over last year's first quarter. "Our first quarter results were powered by our Canadian pharma business," said CEO Rene Goehrum. "In Canada, both FeraMAX 150 and RepaGyn had their best quarter of shipments ever. This was backed up with strong year-over-year growth for Cathejell at plus-107 per cent and FeraMAX powder at plus-122 per cent versus Q1 of 2014. Our growing order backlog for FeraMAX international customers points to good progress in that business as well." Curtis says he likes that BioSyent continues to deliver strong organic growth, is expanding its salesforce, and is ramping up its international business. He also likes the company's debt-free balance sheet that boasts a cash balance of $6.7-million. "Management continues to effectively manage its costs while supporting growth of its business; this continues to drive operating leverage and enhanced profitability - EPS for the quarter of $0.07 represented 85% YoY growth," said Curtis. "We continue to believe RX\u2019s low-risk strategy of building growth will reward investors in the long-term and see recent share price weakness as an opportunity to accumulate a position." In a research update to clients yesterday, Curtis reiterated his "Speculative Buy" rating and one year target price of $13.25 on BioSyent, implying a return of 72% at the time of publication.