Steve Symington is a long-time contributor to The Motley Fool. Over the years, he’s written more than 8,000 articles for the publication. A piece of Symington’s from July 2023 provides a hint or two on how to find the next household names and undiscovered stock gems. 

The headline says it all. 4 Lessons From My First 100-Bagger.

For anyone unfamiliar with the term, it means you’ve generated a return 100 times your original investment. In Symington’s case, Nvidia (NASDAQ:NVDA) was his first 100-bagger as an active investor. It took him 13 years to achieve this challenging target. 

It’s safe to say that when Symington first invested in Nvidia in 2010, it wasn’t nearly as well known as it is today. If you Google the term “emerging stocks to watch 2010,” you might find Nvidia was on a list or two.

Fast forward to 2024. I’ve been tasked with creating a trio of stocks to buy before they become household names. Here are my three possibilities. 

RxSight (RXST)

Here’s what RxSight’s (NASDAQ:RXST) 10-K  says about its business: 

“We are a commercial-stage medical technology company dedicated to improving the vision of patients following cataract surgery,” pg. 1 of its 2022 10-K states. 

“Our proprietary RxSight® Light Adjustable Lens system (“RxSight system”) is the first and only commercially available premium cataract technology that enables doctors to customize and optimize visual acuity for patients after surgery.”

Most people know someone who’s had cataract surgery in the past. I probably need more than two hands to count all my friends and family who’ve had the procedure done. According to RxSight, approximately 50% of people 60 or older develop some form of cataracts.

Typically, the surgeon removes the eye’s cloudy natural lens, replacing it with a clear intraocular lens (IOL). With traditional premium IOLs, patients specify their vision needs before surgery. If the surgery doesn’t meet those needs, future procedures must meet them.

With the company’s Light Adjustable Lens (LAL), the doctor implants the LAL, and then after getting the patient’s input about vision shortcomings, uses its Light Delivery Device (LDD) to make the corrections necessary to meet the patient’s desired vision outcome. 

Customization has become a significant differentiator in all industries and sectors. There is no more critical sector for customization than healthcare.   

Globally, the premium IOL market generated revenue of $2.1 billion in 2022. It’s expected to grow by 13% annually over the next four years. Not only is RxSight going after this market, but it’s also working to convert the 75% of cataract surgeries that don’t opt for premium IOL procedures. 

This is a potentially lucrative secondary revenue stream, with 28 million cataract surgeries performed worldwide in 2022. 

I expect to hear more from RxSight in 2024.  

Remitly (RELY)

Remitly (NASDAQ:RELY) is a Seattle-based company founded in 2011 that provides digital cross-border remittance for its 5.4 million customers. In the last 12 months, its customers have sent $36 billion in funds to loved ones in more than 170 countries worldwide.  

The company disrupts the money transfer industry, taking market share from legacy providers Western Union (NYSE:WU) and Moneygram, now owned by Madison Dearborn Partners, a Chicago private equity firm.

In Q3 2023, Remitly’s active customers grew by 42% to 5.4 million from 3.8 million a year ago. The volume of money sent increased by 36% to $10.2 billion, resulting in $242 million in revenue, 43% higher than Q3 2022. On a non-GAAP basis, its adjusted EBITDA was $10.5 million, 384% higher than a year earlier. 

In 2023, its revenues should grow at least 43% to $935 million, with adjusted EBITDA of at least $36 million, $3 million higher than its previous guidance.

The remittance market is estimated at $1 trillion annually, and it’s not going away. I could see Remitly continuing to take market share from the legacy providers for years. 

South African internet giant Naspers (OTCMKTS:NPSNY) owns 21% of its shares. 

Green Brick Partners (GRBK)

Green Brick Partners (NYSE:GRBK) is a $2-billion homebuilder backed by hedge fund investor David Einhorn, whose Greenlight Capital owns 36% of its stock.   

A year ago, I recommended GRBK stock as one of seven stock picks to buy in December 2022. The company’s plan to capture market share while generating industry-leading gross margins would hold it in good stead heading into 2023. Since the article was published on Nov. 27, 2022, its shares are up 126%. 

I expect them to continue moving higher in the years ahead as its various home brands operating in Texas, Georgia, Florida, and Colorado become better known to homebuyers.  

In Q3 2023, it had 788 net new home orders, 95% higher than a year earlier, with a $622.6 million backlog, 10.4% higher than at the end of Q3 2022. Although income was down slightly in the quarter due to a higher income tax rate, it’s poised for another good year in 2024. 

This is a long-term buy. David Einhorn’s been happy with his investment.   

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.