Investors have jumped on Intermagnetics General (NASDAQ:IMGC) shares today like iron fillings on a magnet. And why not? Add together a solid quarter, good guidance, and another grant for the superconductor wire business, and you have a pretty solid thesis -- even if valuations are a bit stretched.

Revenue for the quarter was up 18%, and growth was strong in both the MRI business and the medical device segment. Operating income also more than doubled for the quarter, and while the energy technology business is still in the development stage (i.e., unprofitable), it's not hurting the company too much at this point.

Speaking of that energy technology segment, the company also announced today that it had received a nearly $11 million contract from the Department of Defense that will help defray the costs of ongoing development of the company's second-generation superconducting wire. Of course, we're still most likely at least two years away from viable commercialization of superconductor wire, but the company hopes to supply roughly 10,000 meters this year to its partner Sumitomo for installation at a facility in New York.

Superconductive wire is certainly part of the sizzle to this particular steak, but I think of it more like a lottery ticket at this point. Maybe Intermagnetics will come out on top, or maybe American Superconductor (NASDAQ:AMSC) will. Or maybe they'll both carve out enough market share to be successful. In whichever case, though, there's still a nicely profitable and growing medical device business to backstop the story.

True, getting a large percentage of sales from one company, Philips (NYSE:PHG) is a risk factor. But Philips is a formidable competitor in the MRI market, alongside the likes of General Electric (NYSE:GE) and Siemens (NYSE:SI). Along the same lines, although such heavy exposure to a single and somewhat mature market like MRIs is a risk factor, I don't think that story is quite played out just yet.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).