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 pharmacy and home health services specialist BioScrip (NASDAQ:BIOS) climbed 11% today after its quarterly results and guidance topped Wall Street expectations.

So what: BioScrip's fourth-quarter results -- EPS of $0.12 on revenue of $180.74 million versus the consensus of $0.01 and $173.9 million, respectively -- and outlook were so strong that analysts have no choice but to raise their valuation estimates. Unfortunately, gross margin for the quarter shrank 360 basis points due largely to lower reimbursement rates for home health, so I'd be cautious about getting too excited over the market-topping results.

Now what: Management now sees full-year 2013 revenue of $830 million-$865 million, well ahead of Wall Street's view of $769.95 million.

"In 2013, we will continue to build on our organic growth initiatives, which will be augmented with targeted acquisitions," CEO Rick Smith said. "The core drivers of organic growth will be delivering on our strong clinical programs, flexible go-to-market approach, and high-touch customer service model."

Of course, with the stock now up about 75% over the past year and trading at a forward P/E of 30, I'd wait for some of the excitement to fade before buying into that bullishness.

Interested in more info BioScrip? Add it to your watchlist.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. 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.