Growth may be slowing for businesses across a range of industries in the current macro environment, but strong companies are still seeing signs of progress that portend well for their performance in a stronger economic landscape. If you have $1,000 to invest in stocks right now — that is to say, money you don’t need to cover other expenses like bills — the market is ripe with opportunity to snatch up these types of promising businesses.
Here are two top growth stocks that fit the bill with robust core businesses that could double your initial investment in the years ahead.
Teladoc Health (TDOC 3.42%) has faced an uphill battle in recent months to prove itself to investors, who have dumped the stock in droves amid the broader growth stock sell-off and also due to concerns tied to the company’s business. While the market volatility may continue to affect growth stocks as a whole for the near future, Teladoc’s business appears to be making strides from what was undeniably a tough first half of 2022.
The biggest blight on Teladoc’s record in 2022 was the $10 billion in impairment charges it recorded in the first half of the year, the reason for those being that it appears to have grossly overpaid for its purchase of Livongo earlier in the pandemic. However, the clouds seem to be lifting for the company. It has significantly shaved its net losses, it’s recording steady revenue growth, and it’s seeing increased adoption across a wide range of its healthcare services as it works toward its long-term vision as a go-to platform for whole-person care.
In the first nine months of 2022, Teladoc generated $1.8 billion in revenue, a 20% increase from the same period in 2021. Meanwhile, adjusted EBITDA came to $152 million. Following net losses of $6.7 billion in the first quarter and $3.1 billion in the second due to to those Livongo-related charges, the company reported a more palatable net loss just shy of $74 million in the third quarter of 2022.
At the J.P. Morgan Healthcare…
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