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: Mindray Medical International (NYSE: MR) popped 11% in intraday trading today after reporting better than expected earnings and reaffirming its 2011 growth outlook.

So what: Non-GAAP EPS of $0.36 grew 16% year over year and beat the consensus estimate of $0.33. GAAP EPS of $0.32 grew a mere 3% on revenue growth of 24%.

Now what: Management expects full-year non-GAAP net income to grow more than 10% on revenue growth of more than 16%, though it's likely an increase in share count will keep EPS growth below net income growth. The earnings release did not explain why expenses are rising faster than sales and dragging down earnings growth. Mindray Medical's expected EPS growth rate and subpar cash flow make it hard to justify its non-GAAP P/E ratio of 20 times.  

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