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 Cardiovascular Systems (NASDAQ:CSII), a medical device company focused on minimally invasive cardiovascular solutions, advanced by as much as 19% after reporting better-than-expected second-quarter earnings results.

So what: For the quarter, Cardiovascular Systems delivered a 28% increase in revenue to $32.3 million as its net loss per share widened to $0.32 from $0.28 in the year-ago period. Despite the wider loss from last year, this was a $0.02 per share narrower loss than Wall Street had anticipated, while revenue was $1.7 million higher than expected. Looking toward the third quarter, Cardiovascular Systems offered a mixed picture with an EPS loss forecast of $0.31 to $0.34, which is notably worse than the current consensus that calls for an EPS loss of $0.26, but is also projecting a market-topping $33 million to $34.5 million in revenue compared to the consensus estimate of $32.7 million.

Now what: The results aren't really that striking on the surface, so it appears that investors are reacting to the positive tone behind the launch of the company's Diamondback 360 Coronary Orbital Atherectomy System following its FDA approval in October to treat cases of severely calcified arteries. The company noted that more than 200 patients have now been treated with this new OAS technology and estimates the market opportunity for its product could be as high as $1.5 billion. While that figure is bound to stir the pot of optimists, the bottom-line results clearly show Cardiovascular Solutions has a long way to go in order to be profitable. With that being said, while the technology behind the company is "cool," the valuation simply isn't, and I'd suggest sticking to the sidelines until it narrows its losses significantly.