Share price falls can be uncomfortable, especially when they happen to businesses that once had much stronger market confidence.
But I do not think every fall should be treated the same way. Sometimes a falling share price points to a broken business. Other times, it reflects lower expectations, weaker near-term conditions, or a market that has become less willing to look through short-term uncertainty.
The three ASX 200 shares in this article have all had a difficult time and are down at least 45% over the last 12 months. But for patient investors, I think they are worth a closer look.
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Temple & Webster Group Ltd (ASX: TPW)
The first ASX 200 share I think is worth watching is Temple & Webster.
The online furniture and homewares retailer has been hit by a tough consumer environment. That is understandable. Furniture is a discretionary category, and when households are under pressure, big-ticket home purchases can be pushed back.
However, I still think the long-term opportunity is attractive.
Temple & Webster is trying to win share in a large furniture, homewares, and home improvement market. Its online model gives it a broad product range, while its drop-shipping approach means it does not need to hold as much inventory as a traditional retailer.
Its recent trading update showed the business is responding to weaker consumer confidence by rebalancing growth and profit. Management pointed to margin initiatives, supplier support, a different promotional approach, and slower fixed cost growth. April was also described as the most profitable April in the company's history.
That does not remove the consumer-cycle risk. But it does suggest the business has more flexibility than some investors may have feared.
If consumer conditions improve over the next few years, Temple & Webster could benefit from both market recovery and the longer-term shift toward online furniture buying.
Telix Pharmaceuticals Ltd (ASX: TLX)
Telix is a very different type of opportunity.
This is a radiopharmaceuticals business focused on cancer imaging and treatment. It has already built a meaningful commercial business, with its 2025 group revenue of US$804 million, up 56% year on year, and first quarter 2026 revenue of US$230 million, up 24% on the prior corresponding period.
But I think the bigger point is the platform Telix is building.
The company is not just selling one product into one market. It is developing a broader radiopharmaceutical business across precision medicine, manufacturing, commercial distribution, and therapeutic pipeline opportunities.
That creates risk, of course. Clinical programs can disappoint, regulatory timelines can shift, and investor expectations can move around quickly. Telix is not a low-risk healthcare stock.
But I can see why patient investors may still find it interesting after its share price weakness. Cancer imaging and targeted treatment are large areas of need, and Telix is trying to build a global position in a specialised part of healthcare.
If it can keep growing its commercial base while advancing its pipeline, the company could look much larger in five to 10 years.
Cochlear Ltd (ASX: COH)
Cochlear has also had a painful period. The hearing implant leader recently reduced its FY26 underlying profit guidance after softer developed-market conditions, uncertainty in the Middle East, lower gross margins, cost-base reshaping expenses, and currency headwinds.
That is clearly not what investors wanted to see.
However, I do not think the long-term healthcare need has disappeared. Cochlear remains a global leader in implantable hearing solutions, and the adult and seniors segment still looks like a major growth opportunity over time.
The company also continues to invest in new products, digital capability, and long-term market development. Its update noted strong Services revenue growth and progress across its product pipeline, including next-generation implants and a totally implantable cochlear implant.
Near-term demand can be lumpy. Hospital capacity, referrals, reimbursement, and consumer confidence can all affect the timing of procedures. But hearing loss is a serious health issue, and ageing populations should support long-term demand.
For investors who can look past a difficult FY26, Cochlear may be a higher-quality business going through a rough patch rather than a company with a permanently weaker future.
Foolish takeaway
Smashed share prices can be dangerous, so I would not buy any of these ASX 200 shares blindly.
Temple & Webster depends on consumer spending, Telix carries clinical and regulatory risk, and Cochlear is working through a tough earnings reset.
But that is also why they are interesting. Expectations have changed, confidence has been tested, and the market is no longer pricing them as easy winners. For patient investors, that can be the moment to start paying closer attention.
