If you're looking for hot tips about where to invest your cash for maximum growth, you'll need to know which stocks are preparing for a breakout before everyone else. Therein lies the problem. There's no single recipe for identifying a killer growth stock.

The three companies I'll discuss today don't have much in common, aside from a recently increasing stock price and upcoming events that should push them even higher.

A trader works on a computer with a stock chart superimposed over their body.

Image source: Getty Images.

1. Nano-X

If you've ever gotten an X-ray and paid a hefty price tag, there's a good chance that Nano-X Imaging (NASDAQ:NNOX) could have offered it for less. This company is working on the Nanox.ARC, a next-generation X-ray scanner that is significantly less expensive in terms of its up-front and maintenance costs than the ordinary machine. To tie the cost savings into an attractive package, it also uses a pay-per-use business model, allowing a much larger group of healthcare providers to deploy the system.

There's one major problem: Nobody had actually seen the Nanox.ARC work, casting doubt on the company's entire future. But, in early December, the company did a live demonstration at the Radiology Society of North America's annual meeting, which was held virtually. This made its stock surge temporarily, though the real excitement is still ahead.

Nano-X is currently in talks with regulators to get its device approved. The company is anticipating that the Food and Drug Administration will approve the product in the first quarter of 2021, which would mean that the first systems could be sold and deployed in the second half of the year. If everything goes according to plan, Nano-X will be getting its first recurring revenues shortly thereafter, boosting its stock in the process.

2. Editas

The gene-editing biotech Editas (NASDAQ:EDIT) isn't a household name yet, and it has no therapy projects in the later stages of clinical trials. But, if it succeeds in its loftiest ambitions -- which include curing hereditary blindness -- you can bet the farm that the company will be popular overnight. And, as it showed when its stock was soaring over the last week, interest is already starting to build.

Most recently, Editas took a big step by filing an Investigational New Drug (IND) submission to the FDA for its EDIT-301 program, which is intended to treat sickle cell disease. Next year, it plans to announce a new candidate which seeks to cure autosomal dominant retinitis pigmentosa 4 (RP4), a rare inherited degenerative eye disease. That will be its second program that targets disorders causing hereditary blindness.

Assuming the FDA gives Editas the go-ahead to start with early-phase clinical trials for EDIT-301, it'll be well on its way to having a clinical proof of concept for its core genetic editing technology. Down the line, that could easily make it a winner for investors, even before the company reports any sales revenue.

3. GrowGeneration

Unlike Editas or Nano-X, GrowGeneration (NASDAQ:GRWG) is a hydroponic garden supply company rather than a healthcare company, and it's already (slimly) profitable, not to mention posting crazy revenue growth. Year over year, the company's quarterly revenue is increasing at a rate exceeding 152%, and its earnings are increasing even faster at a rate of 217.9%. Growth like this might lead investors to ask if there is a silent boom in gardening that's driving these figures.

It's not exactly gardening, but there has been a lot of new interest in professionally growing cannabis lately. That's where GrowGeneration steps in, acting as a fertilizer and garden tool supplier for the burgeoning marijuana industry in the U.S. Thanks to years of judiciously building of its capacity in states where marijuana is legal to grow, the company is positioned to capitalize on state-by-state legalization -- without doing the dirty work itself.

As the market for cannabis expands, GrowGeneration will continue to bolster its earnings, growing the value of its stock in the process. If you're bullish on cannabis, you should be bullish on GrowGeneration.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. 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.