How fitting it was that ZOLL Medical (NASDAQ:ZOLL), a maker of resuscitation devices, reported its Q3 earnings at the end of last week, just as the rest of the market was down. The company's announcement that EPS was up by 62% on a 20% increase in revenue compared with the year-ago quarter boosted the stock, which closed Friday up 7.7% from last Monday's open.

Among the more notable accomplishments the company reported in its earnings release were a 43% increase in sales to its North American pre-hospital market and a 23% increase in international sales. These two segments generated nearly 55% of the revenue for the quarter. As a slight offset to these improvements, ZOLL Medical noted that due to military funding challenges, its military sales decreased by $6 million on a year-over-year basis. Fortunately for shareholders, this segment only accounts for 2.2% of the company's total revenue.

Trading at just less than $27 each, ZOLL Medical's shares are a far cry from their 52-week high of $37 in January, but they appear to be headed on the right track. And for Fools with higher thresholds for risk, this small-cap stock might stand to offer more potential for upside growth than some of its large-cap competitors such as Medtronic (NYSE:MDT) and Philips Medical, a unit of Royal Philips Electronics (NYSE:PHG).

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Fool contributor Billy Fisher does not own shares of any of the companies mentioned. The Fool has a disclosure policy.