Growth Stocks: A Once-in-a-Decade Opportunity to Get Rich

Canadians should look to snatch up growth stocks like VieMed Healthcare Inc. (TSX:VMD) at a discount at the start of summer.

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The S&P/TSX Composite Index was down 158 points in early afternoon trading on Tuesday, June 20. The three sectors that were still in the black were battery metals, industrials, and utilities. Today, I want to zero in on three growth stocks that could be game changers for Canadian investors going forward. Let’s jump in.

Don’t underestimate the potential of this small-cap growth stock

Payfare (TSX:PAY) is a Toronto-based financial technology company that provides instant payout and digital banking solutions to gig economy workers in Canada, the United States, and Mexico. Shares of this growth stock were down 11% month over month at the time of this writing. The stock is still up 16% so far in 2023.

This company released its first-quarter fiscal 2023 earnings on May 10. Revenue shot up to a record $42.3 million in the first quarter of fiscal 2023 — up 76% compared to the prior year. Meanwhile, adjusted net income rose to $3.5 million, or $0.07 per share, which was up $4.2 million, or $0.09 per share, compared to the first quarter of fiscal 2022. Moreover, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) soared 453% from the previous year to $3 million.

Shares of this growth stock are trading in solid value territory at the time of this writing. Payfare is on track for strong earnings growth going forward. Moreover, the stock boasts an immaculate balance sheet.

Here’s a healthcare stock I’m still bullish on to start the summer of 2023

VieMed Healthcare (TSX:VMD) is a Louisiana-based company that provides in-home durable medical equipment and post-acute respiratory healthcare services to patients in the United States. This growth stock has dropped 7.5% over the past month. Its shares are still up 18% in the year-to-date period. Investors who want to see more of its recent performance can play with the interactive price chart below.

In the first quarter of fiscal 2023, VieMed Healthcare reported net revenue growth of 31% quarter over quarter to $39.6 million. Gross profit jumped to $24.0 million compared to $19.7 million in the first quarter of fiscal 2022. Meanwhile, adjusted EBITDA climbed 15% year over year to $8.3 million. The company still received a boost from COVID-19-related revenue and Provider Relief Fund income.

This growth stock is trading in attractive value territory compared to its industry peers. VieMed Healthcare also possesses a flawless balance sheet. It is on track for fantastic growth in the quarters ahead.

This growth stock is set up for the very long term

Park Lawn (TSX:PLC) is the third and final growth stock I’d look to snatch up in the first days of the summer of 2023. This Toronto-based company owns and operates cemeteries, crematoriums, and funeral homes in Canada and the United States. North America is wrestling with an aging population, which means deathcare services are set to be more in demand than any time in recent history. Shares of this growth stock have dropped 11% so far in 2023.

The company unveiled its first-quarter fiscal 2023 earnings on May 11. Park Lawn posted revenue growth of 4.3% to $86.7 million. Adjusted profits took a hit in the first quarter of fiscal 2023 as overall activity was down from the previous year as COVID-19 continued to impact populations. This growth stock currently possesses a sold price-to-earnings ratio of 29. Moreover, Park Lawn offers a quarterly dividend of $0.114 per share. That represents a modest 1.9% yield.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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