The market doesn't always get a growth stock's valuation right, and when it's wrong, there's often an opportunity to make a hearty dollop of dosh -- and it's always good to feel as if you're a step ahead of the market. 

On that note, two growth stocks look favorably priced right now, and there's good reason to think they'll keep growing in the years ahead. So let's examine each to see if one or both might be a smart buy for you today.

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1. InMode

Israeli medical aesthetics company InMode (INMD 0.51%) is a stellar investment opportunity thanks to its slightly cheap shares and its finely tuned growth engine.

In a nutshell, it develops workstations that clinicians use to sculpt body shapes, tone muscles, tighten skin, and destroy fat deposits, all without requiring the same degree of invasiveness as plastic surgeries.

And because it's a lot more convenient to get an outpatient treatment with one of its machines than it is to get a surgery, it's succeeding in gaining traction within the hotly contested medical aesthetic treatments market.

For 2022, the company brought in $454.2 million in revenue, 120.4% more than three years prior, not to mention free cash flow (FCF) of more than $180 million. To accomplish that, its strategy was to continue expanding its sales operations in North America while investing enough in research and development (R&D) to launch a new product or two per year, and it plans to do more of the same over the coming years.

Expect new hand pieces and workstations for aesthetic indications in ophthalmology and urology, and even for non-aesthetic conditions like snoring. By the end of 2024, Wall Street analysts are anticipating that InMode will have above $611 million in revenue, and they also expect its top line to expand by at least 12.5% over the next five years. So it seems analysts don't see any major headwinds that could hamper growth in the near term. 

Despite the sunny outlook, its shares are slightly undervalued, with a price-to-earnings (P/E) multiple of 18.9 in comparison to 22.5, which is the medical device industry's average. That makes it a good time to buy shares of InMode and hopefully capture its growth over the rest of the decade.

2. Maravai Life Sciences

Maravai Life Sciences (MRVI) is a competitor in biotech, but it doesn't make new medicines or invent new technologies like many of its peers. Instead, it makes nucleic acids like messenger RNA (mRNA) that are the active ingredients in some products you're probably familiar with, like the coronavirus vaccines made by Moderna and Pfizer, among others.

Per a report by Precedence Research, the market for medicines made from such nucleic acids will grow from $42.5 billion in 2021 to reach $128.1 billion by 2030. And that means this company has a massive runway for growth.

From its sales to coronavirus vaccine manufacturers alone, it expects to make around $100 million in 2023 and a similar amount in 2024 and following years. The more mRNA medicines there are in development and on the market, the greater the need companies will have for its high-quality nucleic acid for laboratory research, clinical trials, and medical product manufacturing. Furthermore, it can realize economies of scale in its manufacturing operations that will make its margins wider. 

Maravai's P/E multiple is a scant 8.3, far below the biotech industry's average P/E of 23.2. But there's a reason this stock stands at this low valuation. In 2023, the first wave of mRNA mania is expected to ebb as vaccine production drops and a plethora of early-stage mRNA programs continue to plod along toward commercialization. That means it'll bring in less revenue, temporarily. Analysts are calling for $432.9 million in sales for 2023, less than half of its haul of $883 million for 2022.

Be aware that if you buy this stock now, you might get burned by the market's reaction to its contracting revenue in the short term. If you're willing to hold on to it through the rest of the decade, however, it could still be a good decision to buy.