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 Globus Medical (NYSE:GMED), a medical device company that focuses on musculoskeletal spinal implants to promote healing, surged as much as 11% following the company's first-quarter results released after the closing bell last night.

So what: For the quarter, Globus Medical reported revenue of $114.2 million, up 8.8% from the year prior period, with sales in the U.S. rising 5.6%, and international sales soaring 43%, although making up only 10.9% of total sales. Adjusted net income also grew 14.6% to $22.8 million, or $0.24 per share, from $19.9 million, or $0.21, in the year-ago quarter. By comparison, Wall Street had been expecting just $0.22 in EPS on $113.7 million in sales. This marked Globus' sixth consecutive EPS beat.

Now what: As with most medical device companies, Globus Medical appears to make a lot of sense on paper. An aging population coupled with the rollout of Obamacare should translate into more doctor visits and potentially the need for more musculoskeletal implants down the road. Of course, it's not as cut-and-dried as that over the long run for Globus. The potential for ongoing Medicare reimbursement cuts as well as the medical device excise tax from Obamacare are both factors that could negatively weigh on Globus. Overall, I do believe its operations in a niche segment will deliver the long-term growth investors are looking for, but I would suggest investors temper their expectations moving forward, as Globus shares are already up around 65% over the past year.

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Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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