Got $1,000? 2 Top Growth Stocks to Buy That Could Double Your Money

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. 

1. Teladoc 

Teladoc Health (TDOC -2.91%) 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 Conference in San Francisco held the week of Jan. 9, CEO Jason Gorevic said that Teladoc's platform facilitated 21 million visits and approximately 500 million interactions with healthcare providers in 2022. Gorevic also noted that roughly 50% of Teladoc's members now use more than one of its products compared to 10% in 2017. Roughly 30% of its members are leveraging its fast-growing chronic care business compared to just 3% before the pandemic in 2019.  

Broad and growing use of its full spectrum of virtual care solutions, with one huge catalyst being rapid adoption of its therapy and counseling business BetterHelp, led management to raise Teladoc's fourth-quarter and full-year guidance for 2022. The company now expects 2022 revenue to increase as much as 19% to $2.41 billion.   

The emergence of telehealth adoption was well underway before the pandemic. And while the pandemic accelerated these trends, the future is turning ever more digital, and the need for quality, accessible healthcare that patients can leverage on their own terms will continue to face steady and growing demand.

Teladoc is on its way to a strong recovery from the troubling results it reported in the earlier part of 2022. For investors looking at a buy-and-hold position in this healthcare stock for the next several years to a decade, Teladoc's market leadership, its diverse and growing business, and the favorable tailwinds driving the growth of its industry are all green flags for its long-term growth potential.

At its current price, a $1,000 investment in Teladoc would add 40 shares to your portfolio. 

2. Lululemon 

As a brand, Lululemon Athletica (LULU -1.26%) has continued to expand its customer loyalty and leadership within the athleisure industry over the years. The global athleisure industry, currently valued at around $331 billion, is on track to reach a valuation of $663 billion by the year 2030. In short, this industry is growing at such a rapid clip that it's expected to double in valuation in less than a decade. 

Lululemon's market share in the U.S. alone stood around 10% as of 2019. The currents propelling this industry's growth both domestically and around the world are great news for Lululemon, which has an ever-widening global footprint both in-store and online.  

At the end of Q3, the company had 623 stores opened worldwide. Lululemon is currently expanding its brick-and-mortar and digital presences globally as it seeks to build upon its Power of Three ×2 growth strategy, under which it intends to hit annual revenue of $12.5 billion by 2026, double its 2021 revenue.  

On Jan. 9, management released revised guidance for Q4 2022. On the bright side, the company raised its revenue guidance and is expecting its top-line growth for the quarter to be as high as 27% on a year-over-year basis. However, Lululemon also lowered its gross margin expectations for the three-month period, projecting as much as a 110-basis-point decline from a year ago compared to the prior guidance of a 10- to 20-basis-point increase. While this isn't surprising in the current macro environment, it did disappoint some investors.  

Even so, taking a step back from this news -- and one quarter alone should never induce you to buy or sell a stock -- the company is continuing to make significant strides toward achieving its Power of Three ×2 plan and is growing at a steady clip compared to pre-pandemic levels. Case in point: In Q3 2022, its in-store sales jumped 16% compared to the same quarter in 2019, while e-commerce sales surged 46%. Broken down by segment, Lululemon's third-quarter men's segment sales saw a 28% jump on a three-year basis, while women's and accessories sales jumped 23% and 52%, respectively.  

Even if customer spending slows in the near term, Lululemon's track record of strong growth and profitability (the company reported $255 million in net income in Q3 alone) have established a solid foundation on which it can rely to navigate temporary turbulent waters. Over the long term, high demand for quality athleisure apparel and Lululemon's prominence within this industry are key growth catalysts that can outlast any imminent recessionary headwinds.

At its current price, a $1,000 investment in Lululemon would add about three shares to your portfolio.