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 medical-device maker Masimo Corp. (Nasdaq: MASI) fell as much as 10% in early trading today after reporting slower-than-expected Q2 sales growth.

So what: Revenue improved just 9% in the second quarter, rising from $100.1 million in last year's Q2 to $109.6 million this year. Wall Street wanted $111.3 million. The good news? Earnings rose 17% to $0.28 a share, about even with analyst expectations.

Now what: Investors nevertheless sided with Wall Street in selling the stock today. Yet they could be acting prematurely. Masimo trades for a slight discount to the long-term earnings growth that analysts expect -- a potential bargain, assuming bottom-line growth holds up. Do you find today's prices appealing? Are you selling? Weigh in using the comments box below.

Interested in more info on Masimo? Add it to your watchlist.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.