Last year, the market pummeled businesses across a range of industries. Growth-oriented stocks in particular took a heavy beating. However, the pressure on some of these companies has started to ease in 2023.

While some growth stocks were arguably not worth the premium valuations they held earlier in the pandemic, others are supported by remarkable businesses that could drive strong returns for their shareholders in the years ahead. And even though some of these stocks are starting make a comeback, it's not too late to invest in them as they recover.

With that said, Etsy (ETSY 0.49%) and Teladoc (TDOC -2.81%) are two growth stocks to consider adding to your portfolio before the month is out.

1. Etsy 

Etsy took a long-popular concept among consumers that has only become more so in recent years -- shopping for pre-owned, vintage, and handmade, items -- and helped make it mainstream for new generations of consumers. The Etsy platform is designed as a marketplace where sellers around the world can display collections of handmade, secondhand, or specialty goods to a broad range of consumers. The company's focus on this niche of the overall e-commerce market has been further bolstered by a series of acquisitions, such as its 2021 purchase of Depop, a secondhand retail marketplace popular with Gen Z shoppers.

While Etsy's profitability waned in 2022's third quarter, that was due to a non-cash impairment charge related to acquisitions it made during the pandemic. Its revenue and gross merchandise sales growths were still strong. Third-quarter consolidated revenue jumped by 12% year over year, while consolidated gross merchandise sales rose by about 1% (on a constant currency basis) year over year, and by 150% relative to Q3 2019.

Etsy.com brought in 6 million new buyers in Q3 alone, while gross merchandise sales on the platform rose by 134% compared to the same quarter in 2019. The secondhand goods market is on track to double in value over the next several years, just in the U.S., reaching a valuation of roughly $82 billion by 2026, and its purchase of Depop positions it well to take advantage of growth in this area.  Furthermore, Etsy's management also estimates that its flagship platform has a total addressable online market of about $466 billion globally.

In short, Etsy's focus on items that are unique and not easily found on other platforms, whether because they are made by a small business or are one-of-a-kind vintage items, is a highly popular niche with an incredible runway for growth ahead.

Also consider that while there are certainly other e-commerce platforms selling goods in this category, few have made it their only focus, and even fewer have managed to do so with Etsy's breadth and scale. This gives it a lot of potential to grow in the years ahead, both on the basis of its flagship platform and its expanding family of brands, and investors can benefit in the process.

2. Teladoc 

Teladoc has been on a downward path after a meteoric rise that began in 2020 and peaked at the start of 2021. However, the stock has rebounded by double-digits since the beginning of 2023 (up 36%). The general apathy toward growth-oriented stocks has certainly been a factor in its prolonged volatility, and the company is still unprofitable -- a situation made worse by a series of multibillion-dollar impairment charges it took in the first half of 2022.

However, it's never a good idea to base a decision to buy or sell a stock on just a few quarters worth of results. Look at Teladoc's business with a broader lens, and its future appears anything but bleak. The increasing interest in quality telehealth services was apparent in the broader healthcare industry and among consumers even before the pandemic. 

This trend is set to continue as the advancements of the digital age and an aging population raise both awareness and adoption of these tools. Teladoc's prominent position in the U.S. telehealth market means that it is well-positioned to benefit from these trends.

Teladoc is helping ensure that it maintains its market dominance with its diverse, full-service virtual care business segments, which cover everything from chronic care to mental healthcare to dermatology and general wellness concerns. Teladoc is already witnessing rising adoption of its chronic care and mental healthcare services, which address two of the fastest-growing yet still underserved areas of the healthcare market.

The company needs to move toward profitability sooner than later, but management seems to be focusing on investing in growth right now. That strategy could pay off many times in the years ahead. Revenue growth remains steady, and the company has plenty of cash on hand. (It generated $123.7 million in operating cash flow in the first nine months of 2022 alone). Shareholders could reap the rewards of Teladoc's long-term growth story, provided they have the patience to hold on through the nearer-term bumps in the road.