Back in late October, I wrote that VistaPrint (NASDAQ:VPRT) looked poised for a strong quarter, especially with the Christmas season drawing near. The company did not disappoint -- on its latest earnings report, the stock surged 14.16% to an all-time high of $41.45. However, the valuation is getting frothy.

In the fiscal second quarter, revenues surged 76.2% to $64 million, marking the company's 26th consecutive quarter of sequential organic growth. In all, VistaPrint acquired 687,000 new customers (a 53% annual increase), and about 64% of bookings came from repeat customers.

During the quarter, net income increased 52.1% to $8.3 million, or $0.18 per share. However, gross margins fell from 67.9% to 64% year over year, squeezed by introductions of new, lower-margin products and increased costs to meet spikes in demand.

Still, these troubles were fairly minor. VistaPrint had an outstanding quarter, and the company expects an eventual improvement in its gross margins.

VistaPrint owes its success to a highly disruptive business model, allowing small businesses to get high-quality print products at low prices. offers a variety of tools to allow for customizing letterhead, business cards, and brochures. Once users have sent the company their orders, the jobs are batched up, processed, printed, and delivered through the company's sophisticated back-end operations. This complex system relies on proprietary technologies; VistaPrint has been granted 15 patents, and more than 40 total are pending.

More and more, VistaPrint looks like a classic supercompany, destined to rank with Dell, Starbucks (NASDAQ:SBUX), (NASDAQ:AMZN), or eBay. The company has a scalable operation, a large customer footprint, and a vast market opportunity. Better still, all its current growth has come without acquisitions.

The stock has had a big run-up lately; it has nearly doubled since July, and its valuation now stands at about 9.5 times revenues. But keep in mind that on a quarter-by-quarter basis, there has been lumpiness in the company's performance and volatility in the stock price. For investors, it makes sense to wait for a better price.

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Fool contributor Tom Taulli does not own shares mentioned in this article. He is currently ranked 1,623 out of more than 21,000 participants in Motley Fool CAPS.