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 Integra LifeSciences (NASDAQ:IART), a manufacturer of surgical instruments and medical implants, fell as much as 13% after the company announced a voluntary recall of certain products at its Anyasco manufacturing facility in Puerto Rico.

So what: The recall encompasses its DuraGen Dural Graft Matrix products that were manufactured between December 2010 and May 2011 and between November 2012 and March 2013. Integra noted that there "may have been deviations from approved processes in their production." On the bright side, there have no adverse events reported, and it appears to have remedied the manufacturing problem. However, the damage of the recall is done and will reduce its upcoming quarterly revenue by $8 million to $11 million to a range of $194 million to $197 million. Earnings will also be affected, with the company slated to now only earn an adjusted $0.30-$0.40 in the first quarter. Further, its second-quarter forecast was adjusted slightly lower to $205 million to $211 million because it may not be able to meet all necessary DuraGen Dural Graft Matrix product demand. As icing on the cake, Northland Capital downgraded Integra to "market perform" from "outperform."

Now what: Now here's a company that I'd love to see perform a strategic review and potentially shop itself around. Integra has been a chronic underperformer over the past five years, and its board would be wise to consider that course of action. But, that's just my opinion. The fact of the matter is that between possible legal ramifications, the recall cost itself, and lost production time, this is going to be a two-to-three quarter event for Integra. Although it will only marginally affect EPS, I'd prefer to wait on the sidelines and see what management has to say when it updates its 2013 fiscal guidance on May 2.

Craving more input? Start by adding Integra LifeSciences 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.

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