Cooling inflation and early interest rate cuts are reshaping the opportunity set for growth stocks, but not every company is positioned to benefit in the same way. Lower borrowing costs and easing cost pressures can help firms that are already growing revenue and managing debt sensibly, while others may struggle if demand or pricing power is soft. This article uses a Growth Stocks screener, built around these macro shifts, to spotlight 3 stocks that appear positively exposed to the current cycle and to explain why their growth profiles and balance sheets might appeal to investors who can tolerate higher risk.

Nanosonics (ASX:NAN)

Overview: Nanosonics is a medtech company that develops and sells automated infection prevention systems, such as its trophon ultrasound probe disinfectors and related consumables, to hospitals and healthcare providers across major global regions. Its products focus on high level disinfection, digital traceability and integration with hospital IT systems to support more consistent infection control standards.

Operations: Nanosonics generates about A$207.3 million in revenue almost entirely from healthcare equipment, with North America contributing A$189.0 million, Europe, the UK and Middle East A$12.6 million, and Asia Pacific A$5.7 million.

Market Cap: A$975.5 million

Nanosonics may be of interest to investors because it operates at the intersection of global infection prevention needs and the push for more automated, data rich hospital workflows. The company already earns recurring revenue from consumables tied to its installed base, and is building on that with platforms such as CORIS and software like AuditPro that can support higher margin service and subscription income. At the same time, the stock carries clear risks, including a high P/E, reliance on external funding sources and sensitivity to hospital capital budgets. The detailed balance between Nanosonics growth drivers and these risks can be important to understand before taking a position.

Nanosonics recurring consumables revenue and its push into software and services could be masking a very different earnings profile from what a simple P/E suggests. Compare that story with the DCF valuation analysis for Nanosonics.

Repligen (RGEN)

Overview: Repligen is a life sciences company that supplies equipment, consumables and analytics systems used to make biologic drugs, cell and gene therapies, and other complex medicines for biopharma companies, contract manufacturers and research labs worldwide.

Operations: Repligen generates US$763.3 million in revenue from medical products, with about US$366.5 million from North America, US$263.7 million from Europe and US$133.2 million from the Asia Pacific and the rest of the world.

Market Cap: US$7.7b

Repligen attracts attention because it sits at the heart of bioprocessing, supplying filtration systems, chromatography columns and process analytics that drug makers rely on through economic cycles. Easing inflation and lower interest rates can support reinvestment in new therapies. The company has returned to profitability, while recent guidance uncertainty, heavy exposure to smaller biotech customers and product mix swings have kept pressure on the stock. That combination of growth potential, higher valuation multiples and customer funding risk creates an area of tension for investors who want exposure to bioprocessing but also want to consider the possibility of slower orders or margin pressure if biotech spending remains cautious.

Repligen sits at the crossroads of bioprocessing growth and caution around biotech funding, and the real story often lives in the details. Before the next sentiment shift affects this stock, scan the 4 key rewards and 1 important warning sign

Teradyne (TER)

Overview: Teradyne designs and sells automated test systems for semiconductors and circuit boards, as well as collaborative robots and autonomous mobile robots, serving chip makers, electronics manufacturers and industrial customers across the Americas, Europe and Asia.

Operations: Teradyne generates about US$3.1b in revenue from Semiconductor Test, US$364.2m from Product Test and US$330.6m from Robotics.

Market Cap: US$75.7b

Teradyne provides direct exposure to AI hardware and automation, with around 70% of sales already tied to AI related demand, earnings growth of 48.1% in the past year and a high 27.2% ROE signaling efficient use of capital. The recent Nasdaq 100 inclusion, strong Q1 2026 results and a large share buyback plan indicate a company leaning into this growth. In addition, easing interest rates support ongoing reinvestment in test and robotics platforms. However, the stock trades on a rich P/E, has 100% of liabilities from higher risk external borrowing and faces geopolitical and robotics demand uncertainty. As a result, understanding how much future AI and automation growth justifies today’s valuation becomes critical.

Teradyne looks like an AI and automation heavyweight, yet its rich P/E and 100% external borrowing hint that the real story sits in how fast earnings justify today’s price. That is exactly what the analyst forecasts for Teradyne starts to unpack.

The 3 stocks here are only a starting point, and the full Growth Stocks screener has surfaced 44 more companies with equally compelling growth stories, financial profiles and risk trade offs, all captured in the Growth Stocks screener. Use Simply Wall St to identify and analyze the specific growth catalysts, balance sheet strengths and valuation narratives that matter most to you so you can focus on the highest conviction ideas in this theme.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.