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 Model N (NYSE:MODN) rose more than 17% Tuesday after the revenue management solutions provider turned in better-than-expected fiscal first quarter 2014 results.

So what: Quarterly revenue fell 3.1% to $21.6 million, which translated to an adjusted net loss of $0.03 per diluted share. Analysts, on average, were expecting a loss of $0.10 per share on sales of $21.18 million.

In addition, Model N now expects fiscal 2014 revenue of $76 million to $80 million, with an adjusted net loss per diluted share in the range of $0.82 and $0.69. By comparison, analysts were modeling a full-year loss of $0.90 per share on sales of $76.07 million.

Now what: CEO Zack Rinat admitted while he's encouraged by the company's progress, he knows "we still have work to do in order to put our recent challenges behind us."

To be sure, the stock still trades well below its $15.50-per-share IPO price and has a long way to go to reclaim last year's highs. And while the company is still losing money with no end in sight, it did end the year with around $92.8 million in cash and minimal debt. I'm not particularly compelled to buy after today's pop, but at the very least I think investors would be wise to add Model N to their watch lists to keep tabs on its progress.

Steve Symington and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.