Did the big disappointment Meta Platforms delivered from its latest quarter leave you feeling nervous about investing in tech stocks? If so, you're not alone. The tech-stock-heavy Nasdaq 100 index has lost more than one-fifth of its value since August.  

At times like these, it's nice to own stocks tied to businesses that are on a clear path forward. Stocks in the healthcare sector are rarely flashy. That said, there's something to get just about any type of investor's blood pumping. For example, investors seeking rapid growth will want to know more about Shockwave Medical (SWAV -0.09%) and the increasing popularity of its artery-opening devices.

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Investors building a passive income stream that grows over time will want to look at CVS Health (CVS -0.48%). This healthcare-focused conglomerate has a lot more to offer investors than a ubiquitous chain of retail pharmacies.

CVS Health

CVS Health is famous for its enormous chain of retail pharmacies and walk-in medical clinics but it's the businesses you don't see that make it a terrific stock to buy now and hold for the long run.

In 2018, the company merged with Aetna, a major U.S. health insurer that collects premiums from around 35 million people. In addition to managing general healthcare benefits with Aetna, CVS Health runs a pharmacy benefits management business with over 110 million plan members.

Being a provider of the benefits it also gets paid to manage is working out well for CVS Health. It's been able to raise its dividend payout by 144% over the past decade. It's also paid down a whopping $25.2 billion of the debt it took on in 2018 to acquire Aetna.

This September CVS Health agreed to acquire primary-care provider Signify Health and its network of more than 10,000 clinicians. CVS Health's push into primary care could be even more lucrative than its pharmacy benefits business. Drugmakers take a lot of heat over high prescription drug prices, but savvy healthcare investors know that doctor's bills consume a much larger slice of the overall healthcare expense pie. 

At recent prices, CVS Health stock offers a 2.2% dividend yield and investors can probably look forward to some big payout bumps in the years ahead. Over the past twelve months, the company used just 14.6% of free cash flow generated by operations to meet its dividend obligation.

Shockwave Medical

Shockwave Medical makes the world's only FDA-approved intravenous lithotripsy (IVL) devices. These are the sort of devices that you hope you never need to purchase because surgeons slide them into blocked blood vessels that contain calcium deposits.

As the company's name implies, Shockwave's IVL devices use sonic pressure waves to do their job. Breaking up calcium deposits with soundwaves before an angioplasty balloon stretches that vessel in order to insert a stent is quickly becoming standard practice.

Cardiovascular surgeons are quickly making Shockwave's IVL devices part of their standard operating procedure because they can make the process a lot more predictable and less prone to dangerous complications.

SWAV Revenue (TTM) Chart

SWAV Revenue (TTM) data by YCharts

You can see in Shockwave's results that its IVL devices are practically selling themselves. The FDA granted clearance to the C2 coronary catheter last February and revenue has outpaced sales, general, and administrative (SG&A) expenses ever since.

Shockwave doesn't pay a dividend but it probably won't be very long before its lucrative operation generates more cash than it can conceivably plow back into the business. Gross profits are growing more than twice as fast as operating expenses at the moment and the company is still launching new products.

Shockwave's business is growing extremely fast and seems likely to accelerate. That said, it isn't the right stock for risk-averse investors. If sales decelerate at any time over the next few years shareholders could suffer a significant loss. The company is just turning the corner on profitability and its shares are trading at the nosebleed inducing multiple of 112 times trailing-12-month earnings.

Shockwave Medical reported $429 million in topline revenue over the past 12 months which works out to just 5% of its estimated addressable market. With wide profit margins and a relatively untapped addressable market, this stock has a good chance to grow into its valuation and keep on climbing.