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 life science company Meridian Bioscience (Nasdaq: VIVO) fell as much as 20% today after the company released disappointing earnings.

So what: Revenue did increase 18% to $40.1 million in the quarter and earnings per share increased a penny to $0.17. But everyone, including the CEO, was expecting a lot more.

Now what: What really sent investors running was a lowered guidance of $160 million to $163 million in revenue and $0.68 to $0.71 in earnings per share for 2011. These were both down significantly from previous expectations given by management. At the low end of estimates, shares are trading at 33 times earnings for 2011, probably a little steep for a growth rate in the teens.

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