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 molecular diagnostics company Myriad Genetics (NASDAQ:MYGN) leapt as much as 13% earlier in the trading session following better-than-expected first-quarter earnings results.

So what: For the quarter, Myriad reported a 21% increase in revenue to $133.4 million and a profit of $0.36, $0.04 better than Wall Street was expecting. Driving Myriad's strong results was a 38% increase in women's health molecular testing and a steady 16% boost in oncology testing. In addition, Myriad also boosted its full-year revenue and EPS guidance to a range of $570 million-$585 million and $1.50-$1.55, up from its previous forecast of $550 million-$565 million and $1.44-$1.48. It should be noted, though, that Myriad did mention that many of its key customers have been negatively affected by Hurricane Sandy, and that could wind up effecting results.

Now what: Another great quarter from what I consider to be a very good company. Myriad is putting all of the pieces together to drive organic growth and increase shareholder value. Furthermore, Myriad ended the quarter with $466 million in cash and no debt, which gives it ample flexibility with regard to future acquisitions and R&D projects. I feel we might be seeing the beginning of an extended run higher for Myriad.

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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.