As Warren Buffett says, it's best to be greedy when others are fearful, and right now we're in fearful times. Even stellar growth stocks are crumbling from economic headwinds and panic about looming interest rate hikes. That means there's an opportunity for enterprising investors to set themselves up for future success with the timely purchase of a quality stock.

Over the last 10 years, Illumina's (NASDAQ: ILMN) return of 380% absolutely smashed the market's gain of 246.1%. To accomplish that feat, it sold, installed, and serviced more than 20,000 of its gene sequencer devices, which hospitals and biomedical researchers use to analyze genetic information. But over the last 12 months, its fortunes have been entirely the opposite, with its shares crashing by 55% compared to the market's decline of merely 10.6%. Here's why you should strongly consider buying the dip instead of looking for growth elsewhere. 

The reasons for Illumina's recent decline are numerous, and slowing growth is one of them. Per its second-quarter earnings report, its Q2 revenue of over $1.1 billion is only 3% higher than a year prior, and it wasn't profitable in the three-month period either. It may also be experiencing sales headwinds from efforts to control the pandemic in China, like many other growth stocks. What's more, it's struggling with thorny legal issues in the E.U. as well as the U.S. pertaining to its potentially anticompetitive acquisition of the genetic testing company Grail.

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Source Fool.com