Shares of medical device maker VIASYS Healthcare (NYSE:VAS) have fallen nearly 7% since the company announced a Q1 loss of $0.04 per share after the closing bell on Monday. At first glance, the loss is disheartening, but the quarter was not all that bad when one examines the results in greater detail. The loss itself is actually attributable to special items and one-time restructuring charges pertaining to the company's recent acquisitions.

Excluding the effect of these items, the company's EPS increased by 35% for the quarter on a year-over-year basis. Adjusted operating income increased by 45% on a 19% jump in revenue versus the year-ago quarter. There will be some kinks to work out as the company integrates all of its acquisitions, but they should afford the company and its shareholders continued revenue growth over the long run.

The company has been expanding globally. Its domestic sales grew by 23% in Q1 when compared to the same quarter in 2006, while foreign sales rose by 14%. The growth in both arenas has been fueled by sales of ventilators in the respiratory care segment of VIASYS. The respiratory care unit is the company's largest business segment, accounting for 70% of its revenues. Aside from ventilator sales, VIASYS has benefited from gains made by the sleep therapy product line it acquired in its recent acquisitions.

The sleep therapy industry continues to be a growing market across the board. Respironics (NASDAQ:RESP) and ResMed (NYSE:RMD) are two other companies that manufacture sleep therapy products, and both have benefited from the industry's growth, recording double-digit sales growth in their most recent fiscal quarters.

While the market's reaction to the Q1 release of VIASYS was not positive, our Motley Fool CAPS community has remained unwavering on the stock; it has garnered a five-star rating, with bulls shutting out the bears 42 to 0. CAPS player chk999 is among the 42 players who have gotten caught up in the fever created by VIASYS, as he admits to picking the stock as "a blatant bandwagon play." Should the company's Q2 meet or exceed management's expectations for the 11th consecutive quarter, Fools who own shares of VIASYS can expect to attract a growing following to the bandwagon.

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Fool contributor Billy Fisher does not own shares of any of the companies mentioned. The Fool has a disclosure policy.