Yes, you could get a vinyl cutter with contour cutting capabilities. This would allow you to setup your template with registration marks, then, once it has printed, load in to the cutter for cutting around each circle.
I would recommend the GraphTec CE5000 as a great starter unit, or if you can swing the cost- the GraphTec FC7000 or FC8000
I would recommend the GraphTec CE5000 as a great starter unit, or if you can swing the cost- the GraphTec FC7000 or FC8000