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 Repligen (RGEN -2.00%), a life sciences company that develops consumable bioprocessing products for use in the production of biologic drugs and monoclonal antibodies, roared higher by as much as 18% after reporting its first-quarter results. Shares have since given back all of their gains and are now hovering around the flat line as of this writing.

So what: For the quarter, Repligen recorded total revenue of $16.3 million, or which $14.3 million was bioprocessing revenue, an increase of roughly 20% over Q1 2013. More importantly, bioprocessing margin improved to 55.8% from 42.2%. This was instrumental in helping to push its net income for the quarter higher by 83% to $4.3 million, or $0.13 per share, from $2.3 million, or $0.07 per share, in the prior-year period. By comparison, Wall Street was expected a smaller profit of just $0.09 per share and only $15.3 million in revenue.

Looking ahead, Repligen forecasts full-year revenue of $54 million-$57 million, implying 10%-15% product growth and in line with its own previous guidance. This figure also perfectly brackets the Street's projection of $55.2 million in full-year revenue. However, Repligen did boost its full-year net income forecast to a fresh range of $8 million-$10 million ($0.24-$0.30), which is up from a previous forecast of $7 million-$9 million. The current consensus had been calling for $0.25 in full-year EPS on Wall Street.

Now what: All in all, another solid quarter for Repligen, which looks poised to continue growing its top line by low-to-mid double digits for at least the next couple of years. Understandably, there could be some lumpiness to its revenue recognition or bottom-line results that may result in the share price being a bit more volatile than it should be, but all cylinders are currently firing for Repligen. My only concern would be its valuation. In spite of its steady growth, the company is valued at a lofty 58 times forward earnings. With reinvestments into its business, it's unlikely that its bottom line will show drastic improvement over the coming years even with 10%-15% sales growth. As such, I'd suggest that shares could be fully valued here and would wait for a sizable pullback before considering this an attractive investment opportunity.