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 heart valve maker Edwards Lifesciences (NYSE: EW) fell 11% today after releasing earnings and guidance for next year.

So what: The company reported 9.6% revenue growth to $430.2 million and earnings per share of $0.62. Revenue fell short of estimates, but earnings per share beat estimates of $0.59. The company said it saw first-quarter earnings per share of $0.47 to $0.49, well below the $0.55 estimate from analysts causing the panic today.

Now what: Investors often listen more to forecasts than previous results, and that's exactly what's happening today. Both revenue and earnings per share guidance for the first quarter were lower than expected. Even at the high end of 2012 with earnings guidance of $2.70 to $2.80 per share, the stock is trading at more than 25 times earnings, a little steep for this Fool to be jumping in today.

Interested in more info on Edwards Lifesciences? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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