Growth stocks will suit investors seeking faster wealth creation and higher risk tolerance abilities. These companies have the potential to grow their financials above the industry average and usually reinvest their earnings to fund their growth prospects. Given their higher growth prospects, investors are ready to pay a premium, thus raising their valuations. Against this backdrop, let's look at two top growth stocks you can buy to earn superior returns in the long run.

Docebo

Docebo (TSX:DCBO) offers businesses a highly configurable cloud-based learning platform worldwide. The company has grown its revenue at an annualized rate of 63.9% over the last seven years amid expanding its customer base and growing revenue per user. During this period, the learning management system (LMS) provider increased its customer base by adding 2,600 new customers while growing the average contract value by a 25.1% CAGR (compound annual growth rate).

Meanwhile, the company has continued its uptrend by growing its revenue by 22.8% in the first six months of this year. Amid the top-line growth, its adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) rose 192.9% to $10.2 million. Besides, it generated free cash flows of $17.6 million, representing a 270.7% increase from the previous year. Meanwhile, I expect its financial growth to continue amid the expanding LMS market. Global Market Insights projects the global LMS market to grow at an annualized rate of 19% from 2024 to 2032.

Further, Docebo is investing in developing artificial intelligence-powered tools and features to strengthen its market share further. Besides, its growing annual recurring revenue and multi-year client agreements stabilize its financials. Moreover, the company has been under pressure over the last few months, with its stock value falling by 26.5% from its 52-week high. Given its discounted stock price and healthy long-term growth potential, I expect Docebo to deliver multi-fold returns in the long term.

WELL Health Technologies

Another growth stock with healthy long-term growth prospects is WELL Health Technologies (TSX:WELL), which posted a solid second-quarter performance last month. Its top line grew by 42% amid organic growth and contributions from its acquisitions in the previous four quarters. During the quarter, it had around 1.4 million patient visits and 2.1 million patient interactions.

WELL's gross profit margins contracted 890 basis points to 44.2% amid acquiring lower margin businesses. Its adjusted EBITDA grew 11% to $30.9 million, while the adjusted EBITDA to WELL shareholders rose by 3%. However, WELL's adjusted EPS (earnings per share) fell 16.7% to $0.05.

Meanwhile, the growing adoption of virtual services, digitization of patient records, and increased usage of software services have expanded the addressable market of WELL Health. Moreover, the company continues to expand its footprint through strategic acquisitions and partnerships. It recently acquired 10 clinics in British Columbia and Ontario from Shoppers Drug Mart. It has also partnered with Microsoft to enhance the usage of digital healthcare services across North America. Besides, the company is investing in artificial intelligence (AI) to advance the development of AI-powered products that can aid care providers.

Along with these growth initiatives, WELL Health adopted a comprehensive cost-cutting program last year, improving its operational efficiency and generating substantial annualized cost savings. So, these initiatives could drive its profitability in the coming quarters. Given its healthy growth prospects, improving operational efficiency, and an attractive NTM (next 12 months) price-to-sales multiple of 1, I believe WELL Health would be an excellent buy.