Some intriguing stock investments can alter a portfolio, but they aren't lottery tickets or get-rich-quick schemes. If you have enough risk tolerance, examine a few stocks with huge potential and strong competitive advantages in their early, less predictable lifecycles. These firms may grow into greater cash flow machines.
If all goes well, these three stocks below could gain significantly, and investing in early could revolutionize a financial plan.
1. Shockwave Med Medical device business Shockwave Medical (NASDAQ: SWAV) developed Intravascular Lithotripsy (IVL) to reduce cardiovascular calcium buildups. IVL is based on a kidney stone treatment that uses quick sonic pulses from a catheter to eliminate calcium buildup in blood vessels.
This method is typically preferable to more intrusive surgical operations and allows patients who were not candidates for previous surgeries to be treated. Shockwave has discovered excellent and promising items that should increase in demand as the world elderly population and heart disease rate rise.
Clinical investigations and an increasing patient population support Shockwave's safety and efficacy. The Centers for Medicare & Medicaid Services (CMS) introduced a new code for hospital reimbursement of Shockwave-enabled operations last year, a major market acceptance and revenue boost. It's early in market traction and physician education, so there's plenty of possibility.
The company exceeded analysts' earnings projections by over 30% with 41% revenue growth in the last quarter. The company expects 25% growth in 2024. Growth stocks normally suffer from such a slowdown, although Wall Street expected somewhat lower sales. Expectations were realistic, which growth investors want.
2. Workday Workday (NASDAQ: WDAY) offers cloud-based finance and HR applications. AI-enhanced technologies help sustain efficiency, especially as scattered and global labor forces grow. Its products give management improved visibility and insights while making employees happier and more productive. Gartner rates Workday's platform among the best in human capital management software.
Workday serves non-profits, SMEs, and companies, making its market broad. Workday serves half of the S&P 500, which is promising. Although wide acceptance indicates strong demand and consumer traction, there are still many untapped prospective clients.
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