When you're investing in growth stocks, especially in the healthcare space, you might be willing to accept a company's unprofitability for a period of time, provided its revenue is increasing. However, you don't have to accept that trade-off as a given -- some growth stocks, in fact, have already started recording profits, rewarding their investors. And they're likely to keep doing it tomorrow.

All three companies I'm about to discuss are profitably making products that are substantially better than the mainstream standards in their fields. They've already proven that they can grow steadily without dramatically changing their products or business models. Plus, they each have near-term catalysts that will power their growth over the next few years.

Three nurses laugh as they chat at a table.

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1. Organogenesis

When a person gets a cut or scrape, an ordinary small bandage usually does the trick. For complex and serious wounds, however, they might be better served by one of the advanced wound care products made by Organogenesis Holdings (ORGO -4.41%)

Organogenesis' PuraPly AM dressing includes antimicrobial features which make it particularly well-suited for wounds that are likely to get infected, like second-degree burns and traumatic injuries. What's more, the company offers an entire line of similar products, like skin substitutes for advanced wound care, giving clinicians the ability to choose the specific dressing that's best suited for any given injury.

From 2016 through 2020, Organogenesis' revenues grew at a compound annual rate of 25%, and its trailing 12-month revenue currently rests at more than $433 million. That's quite a rapid pace of growth, and the company looks like it'll be able to sustain it.

Over the next couple of years, Organogenesis plans to roll out a new line of advanced dressings for burn care, which will drive major growth in its revenue. Much like its current products, the company claims that its new burn care dressings will dramatically speed up wound healing in comparison to the most commonly used products. 

As long as healthcare systems continue to agree with that assessment, the stock is likely to keep rising.

2. DexCom

For people with diabetes, maintaining control of their blood glucose levels is critical. But the traditional way of measuring those levels involves pricking one's finger frequently to take samples for a blood glucose meter. DexCom (DXCM 1.88%) offers a more convenient and less painful option in the form of its wearable continuous glucose monitors, which are integrated with its tracking software. 

Because they measure blood glucose continuously (as the name implies), DexCom's monitors help patients to analyze trends in their levels, and allow them to achieve superior control compared to finger sticks. The company constantly updates its successful device designs, and the latest iteration will launch before the end of the year, catalyzing fresh revenue growth. 

Over the past few years, this model has been quite successful for DexCom. In 2019, its annual total revenue increased by 43%, while in 2020 it grew by nearly 31%. If management's estimates are correct, the company will make between $2.35 billion and $2.4 billion in revenue this year, exceeding 2020 sales by about 23.3% at the midpoint.

Given that its product is more comfortable and more effective for patients, DexCom's march forward looks likely to continue for some time.

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3. Progyny

Progyny (PGNY -1.28%) is a healthcare benefits manager that focuses on fertility and family planning. By granting its subscribers access to an integrated suite of fertility services, Progyny claims to reduce the amount of time it takes for patients to conceive while also increasing the rate of good outcomes.

Its corporate clients include some of the largest companies in the world, so retaining their business will be key to establishing recurring revenues. And for companies that cover their employees' fertility treatments as part of their healthcare benefits, Progyny has one all-important edge over its competition: lower costs.

This year, management expects to grow revenue by at least 50% compared to 2019, which will likely lead to robust share price gains. Right now, the company estimates that it has only penetrated 4% of its target market, so it has room to grow for many years to come. Crucially, that's despite the fact that its subscriber base of covered individuals has increased by more than 25 times since 2016. 

Over the next few years,  Progyny will look to expand its range of offerings to its existing business clients while also pursuing new types such as nonprofits and academic institutions. Given the company's scalable and repeatable business model, it wouldn't surprise me if Progyny stock tripled in value before the end of the decade.