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 implantable-medical-device maker Cyberonics (NASDAQ: CYBX) popped as much as 12% today after the company reported better-than-expected second-quarter results and raised its full-year outlook.

So what: For the quarter, Cyberonics reported a 17% jump in revenue to $63 million as profits jumped 36% from the year-ago period to $0.44 per share. Both figures easily surpassed the $59.95 million in sales and $0.39 in EPS that Wall Street had been anticipating. Cyberonics attributed its growth to record U.S. unit sales, as well as double-digit European growth and increased shipments to Japan. Furthermore, the device maker boosted its full-year sales and EPS forecast. Cyberonics now expects net sales in the range of $246 million-$249 million and EPS of $1.56-$1.62 compared to its own previous guidance of $241 million-$244 million in sales and EPS of $1.49-$1.59.

Now what: This was a great quarter for a company that admittedly has some very exciting products targeting the vagal nerve. Despite the upped guidance, I still remain leery about 2013 for a number of reasons. European spending isn't looking good, and the medical device excise tax is set to start taking a 2.3% bite out of Cyberonics' bottom line next year. This may seem like pocket change, but at 32 times forward earnings, that's a hefty price to pay with so many question marks still on the table.

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