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 MiMedx Group (NASDAQ:MDXG), a maker of patented regenerative biomaterial products that treat inflammation and aid in wound healing, jumped as much as 12% after announcing a distribution deal with Medtronic (NYSE:MDT).

So what: According to the press release, MiMedx has partnered with Medtronic subsidiary SpinalGraft Technologies to supply it with its Purion allograft products, which will in turn be marketed by SpinalGraft under a private label. Medtronic's subsidiary is expected to handle all promotion, marketing, and sales of MiMedx's allograft product.

Now what: There's no knocking it; this is good news for shareholders because it's rare that you land perhaps the most important medical device maker in the world -- let alone the most important one when it comes to spinal devices. However, this still doesn't excuse that circus act last month that sent MiMedx shares down by 70% at one point. MiMedx still has an unresolved untitled letter from the Food and Drug Administration to deal with, and until we have better clarity on its ability to continue to manufacture its products with the blessing of the FDA, I'd suggest keeping your distance.

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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