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 behavioral health-care services provider Acadia Healthcare (NASDAQ:ACHC) fell as much as 15% earlier in the trading session following the release of its third-quarter earnings results. Shares have rebounded nicely off those lows and sit down just 5% as of this writing.

So what: It was a mixed quarter for Acadia, which reported a 70% spike in revenue to $103.1 million and an adjusted profit of $0.17 per share once one-time expenses are accounted for. EPS beat Wall Street's consensus by $0.01, but fell short of the $104.9 million in revenue that analysts expected. It's also worth noting that a recent acquisition and GAAP versus non-GAAP measures made the report incredibly difficult to understand. The key points are that same facility revenue (organic growth) jumped by a healthy 8.3% and Acadia's purchase of Timber Knolls added 14 new facilities and 700 licensed beds to its portfolio. RW Baird and RBC Capital also came to Acadia's defense and issued positive comments regarding the company.

Now what: This was a fantastic quarter of growth for Acadia, and it's important to note that organic growth is still robust. Too many companies in the health-care industry rely on acquisitions to drive growth, but that is rarely a long-term solution. Even with Acadia's increased full-year guidance, it's still valued at 32 times 2012 earnings and 22 times 2013's --€“ perhaps a little rich for my blood. It does, however, merit a position on My Watchlist.

Craving more input? Start by adding Acadia Healthcare to your free and personalized watchlist so you can keep up on the latest news with the company.

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.