Along with the broader S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), shares of ResMed Inc. (CHESS) (ASX: RMD) and Cochlear Limited (ASX: COH) today fell following disappointing economic data out of China yesterday.

However, long-term investors should relish down days like today, by using the opportunity to buy more shares in quality businesses at cheaper prices. ResMed Inc. and Cochlear are two such quality businesses.

Why?

Over the past 10 years, ResMed’s ASX-listed shares have achieved an average annual total shareholder return (dividends plus capital gains) of 11.5%. ResMed is a global biotechnology business specialising in the development of products for the treatment of sleep apnea and related respiratory disorders.

Being a global leader in biotechnology, ResMed generates wide profit margins and large amounts of recurring revenue, but it also earns its profit in US dollars. Therefore, further downward movements in the Australian dollar provide a currency kicker for ResMed shareholders. Falling almost 2% today, investors could use the recent share price weakness to top up on ResMed shares.

Cochlear is also globally diversified. The company is an international leader in the design, development and manufacture of devices for use by hearing loss sufferers. The Cochlear brand has been in use for decades, yet its best days could lay ahead.

Indeed, analysts are forecasting strong profit and dividend increases over the next three years. With a 2.2% fully franked dividend yield to boot, savvy long-term investors could do worse than add Cochlear shares to their portfolio following today’s 2.16% fall.

Foolish takeaway

If you’re seeking recurring revenue, overseas exposure, dividends and long-term growth, both Cochlear and ResMed shares are a buy, in my opinion. Indeed, while short-term weakness could persist, the longer-term outlook for both businesses is increasingly bright.

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Motley Fool writer/analyst Owen Raszkiewicz owns shares of Cochlear and ResMed.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.