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 Osiris Therapeutics (NASDAQOTH:OSIR), a stem-cell-based therapeutics company focused on treating inflammatory, orthopedic, cardiovascular, and would-healing diseases and disorders, spiked as much as 29% after reporting its third-quarter earnings results.

So what: For the quarter, Osiris reported a 220% jump in product revenue to $6.9 million including a seven percentage point increase in gross margin to 73% from the year-ago period. Based purely on product revenue, it delivered positive net income of $0.1 million and has now generated $1.8 million in positive free cash flow through the first nine months of the year. Osiris also sold its bone marrow transplant therapy Prochymal for up to $100 million during the quarter (which includes potential royalty payments) and plans to recognize $49 million in profit in the fourth-quarter. Overall, Osiris' $6.9 million in products sales topped estimates by $0.2 million while its adjusted loss (including charges) of $0.05 per share was $0.05 narrower than the Street had forecast.

Now what: Talk about a wild past month for Osiris Therapeutics shareholders! With the confusion over its biologics license application for wound-healing treatment Grafix now in the rearview mirror, I believe investors can once again focus on what I feel is an exciting pipeline with costs that are well under control. If Osiris is already profitable now based on its existing product line, just imagine how rapidly its bottom line will grow if and when it obtains a BLA on Grafix! Despite today's run higher, this is a name I would certainly suggest health care-savvy investors keep their eyes on.