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 medical-device maker Masimo Corp. (Nasdaq: MASI) fell as much as 10% in early trading today after reporting slower-than-expected Q2 sales growth.

So what: Revenue improved just 9% in the second quarter, rising from $100.1 million in last year's Q2 to $109.6 million this year. Wall Street wanted $111.3 million. The good news? Earnings rose 17% to $0.28 a share, about even with analyst expectations.

Now what: Investors nevertheless sided with Wall Street in selling the stock today. Yet they could be acting prematurely. Masimo trades for a slight discount to the long-term earnings growth that analysts expect -- a potential bargain, assuming bottom-line growth holds up. Do you find today's prices appealing? Are you selling? Weigh in using the comments box below.

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