When you're investing in companies with sticky businesses and compelling products and/or services that generate durable demand in a wide range of environments, you can set your portfolio up for success over the long-term. 

While there is no such thing as a perfect investment, there are many great businesses trading at discounts right now that fit the bill. Investors with the capital on hand may wish to consider taking advantage of these bargains, provided they have a long-term buy-and-hold time horizon and fully understand the businesses they are putting their hard-earned cash into. 

With that, let's take a look at two top growth stocks to consider adding to your portfolio before the year is out. 

1. DexCom 

The incidence of diabetes is on the rise globally, and it's a chronic condition that impacts nearly 1 in 10 people in the U.S. alone. For millions of individuals around the world, in addition to lifestyle and dietary changes, a key element of managing the disease is wearing a continuous glucose monitoring (CGM) device. The global CGM industry was valued at $6 billion in 2021, and is set to hit a $16 billion valuation by 2030.

DexCom (DXCM -0.49%) controls roughly 50% of this entire industry with its top-selling CGM products. The company is currently rolling out the latest model of its flagship CGM product, the G7.

The release of the G7 is expected in the U.S. as soon as the first quarter of 2023, while distribution is already underway in certain European and Asian markets, as well as in the U.K. This latest CGM is not only 60% smaller than the G6 model, but has the shortest warm-up time of any such device on the market today. 

DexCom's vast industry footprint, coupled with rising diagnoses of diabetes and favorable legislative tailwinds continuing to expand patient coverage for CGMs through Medicare and Medicaid, all bode well for the long-term growth of this company. From a simple market-analysis standpoint, DexCom services a growing and constant medical need that impacts a substantial (and increasing) swath of the global population, and it does so at a massive scale. 

DexCom has grown its revenue by roughly 2,400% over the trailing decade. And just in the past three years, its annual net income has shot up by more than 53%. Investors can benefit from this top healthcare stock, which can steadily grow its business, revenue, and profits, even in an otherwise volatile economic environment. 

2. Etsy 

Etsy (ETSY 0.92%) may no longer be the e-commerce stock that investors were rushing to buy at the beginning of the pandemic, but that doesn't mean its growth story is a thing of the past. On the contrary, Etsy stands to benefit considerably from the consumer-driven tailwinds driving prolonged growth in the global e-commerce market, a space on track to hit a valuation of roughly $63 trillion by the year 2030. 

Etsy's advantage lies in the fact that it doesn't compete directly with most well-known e-commerce companies. It controls a unique parcel of the e-commerce space with its focus on specialty, unique, vintage, and handmade goods. Not only would you be hard-pressed to find a competitor that occupies this exact e-commerce niche, but there are virtually none that do so at the scale and size that Etsy does. In fact, a study the company conducted last year found that 87% of buyers say that the Etsy platform sells products they can't find elsewhere, while 72% concur that "there is no other store or website similar to Etsy." 

Etsy certainly saw accelerated balance sheet gains at the height of the pandemic, with revenue surging 111% in 2020. While this growth moderated to 35% in 2021, this was right in line with its pre-pandemic year-over-year revenue increases of 27% in 2018 and 36% in 2019.

Etsy's revenue grew by a healthy 12% year-over-year in the most recent quarter. Although it reported a net loss, this was largely comprised of a $1.1 billion non-cash impairment charge from pandemic-era acquisitions. Etsy also reported $168 million on an adjusted EBITDA basis, and had accumulated a hefty stockpile of cash and investments to the tune of $1.1 billion at the end of the quarter.

Investors will likely need to be patient with this stock as growth normalizes from the pandemic and it works back toward GAAP profitability. However, Etsy's strong position in its large and growing addressable market -- one that management estimates is worth a whopping $2 trillion -- could bring strong balance sheet and investor returns in the years to come.