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 equipment provider Volcano Corp. (Nasdaq: VOLC) are getting burned today, down by as much as 13%, after the company reported earnings last night.

So what: Third-quarter revenue added up to $85.8 million and earnings per share came in at $0.05. Both figures were slightly ahead of the consensus estimate, but the company trimmed its forward-looking guidance and rattled investors.

Now what: Full-year earnings per share is now anticipated in the range of $0.19 to $0.21, lower than the $0.22 that analysts were looking for. Full-year revenue was also lowered from a previously guided range of $342 million-$347 million to a new ballpark of $342 million-$345 million, while the market was looking for closer to $347 million. The gloomy outlook has triggered a slew of analyst downgrades and price target cuts, including those by Jefferies, Canaccord Genuity, and JMP Securities, who all rate the stock "hold" or "market perform."

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Motley Fool newsletter services have recommended buying shares of Volcano. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.