This bear market may not exactly put you in the mood for investing. But now is actually a great time to scoop up shares of solid companies. Why? Because many are trading at a discount. Yet their long-term outlooks remain bright.

This is the case for DexCom (DXCM -1.95%). The company specializes in continuous glucose monitoring (CGM) systems. The business is doing well today -- and is set to keep on growing. At the same time, DexCom shares have dropped 25% this year. So, if you're ready to buy the dip, this stock is one to consider. Let's take a closer look at why you may want to add DexCom to your portfolio.

Three systems to monitor blood sugar

DexCom sells the G6, G7, and DexCom One CGM systems to diabetes patients so they can keep track of their blood sugar levels. These systems are efficient because a sensor implanted just under the skin monitors levels on a continual basis. And they're easy for users because, unlike finger-stick testing, they don't involve pricking a person's finger with a needle.

The G6 and G7 offer a full suite of capabilities such as sharing readings with others -- for instance, a family member or friend. The DexCom One is a simpler, less expensive option for those who don't need all of the elements offered by the G6 and G7. This allows DexCom to reach a wide range of people living with diabetes -- as well as others who need to monitor their blood sugar levels.

DexCom's G6 is available in the U.S. And the company aims to launch the updated G7 -- already available in several other countries -- in the U.S. in the first quarter of next year. As for DexCom One, the company recently rolled out the product in the U.K. and Spain. And DexCom has partnered with big pharma company Roche to distribute the DexCom One in Italy.

Over time, DexCom has demonstrated its ability to generally grow revenue and free cash flow. And the share price has followed.

DXCM Revenue (Annual) Chart

DXCM Revenue (Annual) data by YCharts.

The resources to grow

Today, as the company launches the G7 and DexCom One in various countries, it has the resources it needs to grow. DexCom reported $2.75 billion in cash and equivalents in the second quarter. And it hasn't drawn on its revolving credit facility.

For the full year, DexCom predicts revenue in the range of $2.86 billion to $2.91 billion. That represents year-over-year growth of 17% to 19%.

Here's why I'm optimistic DexCom can achieve this growth and more over time. First, things are looking good when it comes to attracting users. In the second quarter, DexCom reached record quarterly new customer additions.

And in DexCom One's first 60 days of sales in Bulgaria, Estonia, Latvia, and Lithuania, more than 1% of the insulin intensive population paid out of pocket for access to the product. Since, those countries have each set up partial or full reimbursement for type 1 diabetes.

At the same time, diabetes is a growing problem worldwide. About 537 million adults live with diabetes. And this number is expected to rise to 643 million by 2030.

Room for more than one success story

DexCom's big competitor is Abbott Laboratories. That company makes the popular Freestyle Libre CGM system. But that's just one product among Abbott's diversified portfolio of medical devices and other businesses. DexCom could maintain strength in the market through its specialization in CGM systems. There's room for more than one company to win in this market.

DexCom's shares have slipped just a bit more than the S&P 500 Index this year. I don't see this decline as a reflection of the company's outlook. Instead, it looks like the stock has followed the general market movement.

The stock may not rebound overnight. But the company has what it takes to spur stock performance over time. I'm thinking about the growth opportunities for DexCom just ahead and farther into the future. So it could be a very good idea to buy this innovative player right now -- on the dip.