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 Symmetry Medical (UNKNOWN:SMA.DL), a medical device and surgical instruments maker, fell as much as 19% following a double miss in its first-quarter earnings results.

So what: For the quarter, revenue fell 2% to $98.9 million from the year-ago period as adjusted EPS fell 28% to $0.09. Total OEM solutions revenue helped abate some of the fall as they rose 4% while surgical revenue declined 17%. Wall Street had been looking for Symmetry to earn $0.15 per share on $104.3 million in revenue. Despite the miss on both fronts, Symmetry stuck to its full-year forecast and still managed to boost gross margin by 40 basis points to 25.4%.

Now what: Despite the miss, this is a company I feel will head higher over the long-term. Most of Symmetry's revenue is from the recurring/OEM side of the business, which provides a somewhat steady outlook. As baby boomers age, the need for medical instrumentation and implants is only going to increase, giving Symmetry and its peers ample opportunity to succeed. Based on the midpoint of managements' guidance, I still consider Symmetry an intriguing opportunity at 14 times this year's earnings.

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