Friday's bad market for Pharmacyclics (NASDAQ: PCYC) wasn't the outcome of a poor quarter. In fact, just looking at the 1st quarter sales of Imbruvica, the blood cancer drug it shares with Johnson & Johnson (JNJ -0.13%), there is no reason to think it won't fulfill its megablockbuster potential. And then management decided to give guidance.

Let this serve as a reminder that the earnings' conference calls are as, if not more, important than the actual numbers. And this is a call whose transcript investors will want to pore over. In what can only be called a bizarre move, management gave a zero growth guidance for Imbruvica sales for the remainder of the year. And then when rightfully questioned, Parmacyclic's management got defensive about their decision asserting they are "not paid for sticking our necks out." But why even give any guidance at all if investors are expecting strong growth and not a "worst-case scenario" that leaves sales flat?

In this episode of Market Checkup, the Motley Fool's health care focused investing show, analysts David Williamson and Michael Douglass discuss Pharmacyclics quarterly results, it's extremely strange earnings call, what they would have done instead, and the implications of this guidance going forward. 

Watch the video below and find out if this hot biotech is cooling off or if it will continue its winning ways.