Market corrections occur from time to time and are a normal feature of investing. Without these corrections, investors would be stuck trying to buy shares of great companies at ever-increasing prices. Hence, you should view such downturns as opportunities to purchase great companies or accumulate more of your existing positions.

Of course, being selective is important as every stock will seem cheap when a market correction brings stock prices lower. Two factors to look for include companies that have strong franchises and those that can latch on to sustainable, long-term trends. Such attributes can ensure that these businesses can grow steadily over time to help you to grow your investment portfolio.

Here are three stocks you can consider adding to your portfolio the next time a market downturn comes around.

Person using mobile phone to measure glucose level.

Image source: Getty Images.

ResMed

As a leader in medical devices for sleep apnea and chronic obstructive pulmonary disease (COPD), ResMed (NYSE:RMD) has shown its ability to grow steadily over the years. Net revenue grew from $2.1 billion in the fiscal year 2017 (FY2017) to $3.2 billion in FY2021, with operating income more than doubling from $425.8 million to $903.7 million over the same period. The company has also been a consistent dividend payer, increasing its quarterly dividend from $0.17 per share in 2012 to $0.42 in its latest quarter.

The aging population is a long-term tailwind for the business, as older people require more respiratory care. ResMed also provides a software-as-a-service solution that helps healthcare providers to deliver more personalized care, thus opening up a source of recurring income for the business. Its fiscal 2022 first-quarter earnings saw revenue jumping by 20% year over year to $904 million, while net income rose 14% year over year to $203.6 million.

Of note, ResMed's devices revenue increased by 32% year over year, even as the company launched its next-generation AirSense 11 product to assist people with sleep apnea. 

The company has already helped more than 130 million people in the last year with its products and solutions and hopes to target to help more than 250 million people by 2025.

DexCom

Moving from one health concern to another, DexCom (NASDAQ:DXCM) is a company that manufactures continuous glucose monitoring (CGM) systems to help people better manage diabetes. This chronic illness is becoming a global crisis, with around 463 million diabetics in 2019 aged between 20 to 79. A whopping $760 billion was spent that year alone on diabetes care, and it is estimated that the number of diabetics will climb to 700 million by 2045.

While these statistics are alarming, it's good news for DexCom, as the company will see a growing market for its CGM devices. Having broken even in fiscal 2019 with a net income of $101 million on a revenue base of $1.48 billion, DexCom continued on its growth streak with its fiscal 2021 third-quarter revenue seeing 30% year-over-year growth. Net income for the first nine months of 2021 jumped by 25.8% year over year to $174.1 million.

Investors can look forward to further growth as the company recently received approval for two of its software solutions -- a real-time application program interface that allows developers to integrate real-time CGM data into their digital devices, and an app-in-app module that directly integrates with third-party healthcare apps. DexCom has also identified an under-penetrated market for intensive insulin therapy (IIT) for about 10 million people globally. 

Nike

Global sports footwear and apparel giant Nike (NYSE:NKE) has demonstrated its resilience during this pandemic. The company reported a tepid fiscal 2020 as net income plunged from temporary store closures, but its recent fiscal 2021 saw both revenue and net income rebounding sharply to end higher than pre-pandemic levels as demand soared. The momentum has carried forward into the first quarter of fiscal 2022 as revenue increased by 16% year over year and net income climbed by 23% year over year to $1.87 billion. 

However, CFO Matthew Friend mentioned on the company's recent earnings call that supply chain issues have led to port and rail congestion, leading to lower guidance for the remainder of the fiscal year. These problems are likely to be temporary, though, as demand remains strong for the company's slate of innovative products. Nike is famous for its groundbreaking shoe designs, and with the growing popularity of the metaverse, the company recently filed trademark applications that could see it selling virtual goods such as sneakers and apparel in its online stores.

CEO John Donahoe expects digital to continue powering Nike's growth in the years to come. For the quarter, digital sales grew 29% year over year and the use of data and analytics led to increased personalization for members' experiences and products. The company's omnichannel strategy should enable it to stand out clearly from its competition and generate long-lasting customer loyalty.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.