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 genetic testing specialist Illumina (NASDAQ:ILMN) popped 12% today after the company's quarterly results and outlook topped Wall Street expectations. 

So what: The stock has soared over the past year on better-than-expected growth, and today's second-quarter results -- profit spiked 53% on a revenue jump of 23% -- coupled with upbeat guidance for the full year only reinforce that trend. Additionally, management said that it saw a significant increase in product and service revenue all while booking less charges, giving analysts plenty of good vibes over its earnings quality going forward, as well.

Now what: Management now sees full-year adjusted EPS of $1.68-$1.72 on a revenue increase of 20%, well above its prior view of $1.55-$1.62 in adjusted EPS and a 15% bump on the top line.

"Our business demonstrated strong trends globally and our 2013 strategic initiatives for robust long-term growth are progressing as planned," said President and CEO Jay Flatley. "As a result we are raising our expectations for 2013 financial performance."

Of course, with the stock now up more than 100% over its 52-week lows and trading at a forward P/E of around 40, much of those expectations might already be baked into the valuation.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends Illumina. 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.