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 business communications software specialist Mitel Networks Corporation (NASDAQ:MITL) surged 11% today after its quarterly results and outlook topped Wall Street expectations.

So what: The stock has surged over the past year on better-than-expected growth, and today's Q1 results -- adjusted EPS of $0.22 on a revenue increase of 69% -- coupled with upbeat guidance only reinforce that trend. While Mitel's recent acquisition of Aastra Technologies contributed to most of that top-line increase, recurring cloud revenue seats spiked 73% over the year-ago period, giving analysts plenty of good vibes over the combined company's competitive position going forward.

Now what: Management now sees Q2 revenue of $278 million to $293 million, well above the average analyst estimate of $200.4 million. "We are pleased with our execution in our first completed quarter post the Aastra acquisition," said CFO Steve Spooner. "The team is meeting or beating their integration timelines and initial synergy targets, and we expect this to translate into improved operational performance and enhanced shareholder value. We also strengthened our capital structure with the successful refinancing of our credit facilities at attractive rates." Of course, when you couple Mitel's still-hefty debt load with its red-hot stock price -- now up a whopping 230% over its 52-week lows -- I'd wait for a much wider margin of safety before buying into that bull talk. 

Brian Pacampara has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.