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 device company Cardiovascular Systems (NASDAQ:CSII) rose as much as 19% after reporting its second-quarter earnings results and receiving a price target boost.

So what: For the quarter, Cardiovascular Systems revenue hit $25.3 million, improving 28% over the year-ago period, as the company reported a loss of $0.28 per share. Stealth 360 PAD System sales accounted for 93% of all sales during the quarter. Wall Street had been expecting the company to lose $0.30 per share on revenue of just $23.7 million. JMP Securities, following the report, kept its "outperform" rating on the company but boosted its price target to $21 from $15 citing the better-than-expected revenue and expectations of strong revenue growth moving forward.

Now what: As much as I like medical device companies because of their seemingly insatiable demand, I often have little tolerance for those which are still years away from being profitable. Even at the current projected growth rate of 17.2%, according to Yahoo! Finance, it'd be 2015 or 2016 before Cardiovascular Systems turns profitable at the earliest. In the meantime, the company is valued at 11 times book and more than three times sales. That certainly doesn't sound like a bargain to me.

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

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.