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 cardiovascular products maker Edwards Lifesciences (NYSE: EW) jumped as much as 14% earlier today after the company reported its first-quarter results.

So what: Warning: This is one confusing report! Edwards Lifesciences reported a 14% increase in quarterly revenue to $459.2 million and a 2% increase in profits (excluding one-time costs and gains) to $0.53. This compared favorably to Wall Street's forecast for a profit of $0.48 with $450.2 million in sales.

But the wheels fell off the wagon when the company cautioned that transcatheter valve sales in the immediate future are expected to weaken and lowered its full-year outlook for sales of these products by $30 million. This weakness coerced Edwards to restate its guidance downward to the low end of its previous sales forecast of $1.95 billion to $2.05 billion, and EPS to a range of $2.58 to $2.68. Originally Edwards had expected EPS to range between $2.70 and $2.80 for the full year.

Now what: Confused yet? In short, Edwards beat in the first quarter, and its guidance for the second quarter based on EPS is ahead of the consensus figure, but it appears that a slowdown in sales will make for a weak second half of the year. I do like the medical devices sector a lot over the long term, as it's in a high-demand, high-growth field, but I, for the life of me, can't explain today's move higher, especially with the company cautioning that sales are weakening.

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