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 specialist Insulet (NASDAQ:PODD) surged 13% today after its quarterly results topped Wall Street expectations. 

So what: Insulet's first-quarter loss narrowed to $10.67 million from $14.78 million in the year-ago period, reinforcing optimism over the company's newly introduced Omnipod insulin pump. In fact, revenue for the quarter surged 20% to $57.36 million on strong demand in both U.S. and international markets, giving Wall Street plenty of good vibes over Ominpod's adoption rate going forward.

Now what: Management still sees full-year 2013 revenue of $240 million-$255 million, bracketing Wall Street's view of $249.11 million.

"Demand for the new OmniPod has been tremendous with referrals and initial shipments up by more than 40% over the last two months as compared to the prior year," said President and CEO Duane DeSisto. "In the coming weeks, we expect to begin converting the existing customer base to the new OmniPod and continue to expect the transition to be completed by the end of the third quarter."

Of course, with the stock now up about 65% from its 52-week lows and trading at a price-to-sales multiple of 6, I'd wait for the some of the excitement to fade before buying into those prospects.

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