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) popped 10% today after its quarterly results and guidance topped Wall Street expectations.

So what: The stock has soared over the past year on solid operating momentum, and today's Q4 results -- net loss widened to $6.8 million, but revenue surged 26% -- coupled with upbeat guidance for the current quarter, only reinforce that trend. Demand for its Stealth 360deg peripheral arterial disease (PAD) System remained particularly healthy, with re-orders accounting for 96% of total revenue, giving analysts plenty of good vibes over the recurring nature of the business model.

Now what: For the first quarter, management expects a per-share loss ranging from $0.39 to $0.42 on revenue growth of 18% to 22%. "Our fiscal 2014 focus is twofold: We will continue to prepare for a coronary launch, making growth investments as appropriate, while driving clinical and educational initiatives for further PAD adoption," said CEO David Martin. With the stock now up about 165% from its 52-week highs, and trading at a price-to-sales multiple of five, however, much of that growth might already be baked into the price.