Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Haemonetics (NYSE: HAE) are taking it on the chin today, down as much as 13% earlier in the trading session following the company's first-quarter earnings report.

So what: Haemonetics manufacturers and provides devices used in the collection of blood -- and based on today's results, I'd have to say that most of that blood was from Haemonetics' shareholders. Revenue for the quarter actually squeaked by consensus estimates ($170.6 million versus $170 million), but earnings fell well short of expectations, $0.65 versus $0.78. Haemonetics blamed a recall on nearly 3,000 models of its proprietary blood-collecting device OrthoPAT as the reason for the shortfall. Full-year guidance was also reduced from a range of $3.50-$3.62 to $3.35-$3.45, yet revenue growth projections remain unchanged at 4%-6%.

Now what: Haemonetics is a mixed bag. On one hand, the company has an impeccable balance sheet ripe with cash and a proprietary product that is a cash cow. On the flipside, for having such an in-demand product, it's almost disappointing that the company's growth rate is stuck in the 4%-6% range. Even at just 15 times forward earnings, the company doesn't seem all that inexpensive when you consider the snail's pace it's currently growing at. For now, I'd consider passing on Haemonetics, but it definitely could be worth a spot on your watchlist.

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