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Is This Speculative Health Care Stock a Buy?

Unilife is yet another of Cramer's "super speculative" plays — this time on a range of medical devices like retractable clinical safety syringes. Cramer said the devices could be key in giving pharmaceutical companies the competitive edge they need in safety and functionality.

Though the company was able to put their manufacturing facility together right on time, shareholders are still expressing skepticism. As of Monday's close the stock was down 20 percent and off 32 percent since April 2010 when it was trading at $6.47 a share.

The firm still has plenty of tricks up its sleeve, though — Unilife announced an agreement on Tuesday with a top five pharma company in a new product category for a drug trial. And over the course of the next year, plenty of other big pharma players will be looking to test their products as well, so Unilife will have ample opportunities to prove itself.

But Cramer cautions that the micro cap stock is still "as speculative as it gets," with a market capitalization of just $270 million. The company also won't be releasing any earnings for the next two years, as it continues to transition from a small research and development firm into a full-fledged manufacturing company.

"Every company faces a period where they must prove their value to the market place," Cramer said. "And it looks like Unilife is entering this period right now."

To find out more about what's in store for Unilife and what to expect in the near future, Cramer sat down with the company's chairman and CEO, Alan Shortall. To see the full interview, watch the video.

Call Cramer: 1-800-743-CNBC

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