Medical software company Quality Systems (NASDAQ:QSII) is looking healthy following today's blockbuster first-quarter earnings release. The stock's up nearly 15% on the news and deserves the pop.

Across the board, Quality Systems produced outstanding results for the quarter, with its crucial NextGen Healthcare software again leading the way. And even given today's run-up, the stock's still not overvalued.

The nuts and bolts: Total revenues rose 33% to $16.3 million. Net income grew to $2.27 million, up 40% from last year's $1.62 million. Earnings per share on a fully diluted basis jumped 35% to $0.35, beating expectations by $0.07.

NextGen's revenues shot up 51% to $12.2 million. The product produced operating income of $3.4 million, 62% ahead of the same period last year.

As my brilliant colleague Matt Richey wrote back in May, NextGen's electronic medical records (EMR) product was recently named as the top application in its category, earning a five-star rating. With only 15% of all physician's offices currently using EMR software, there's still tons of room for Quality Systems' product to grow -- establishing an ever greater lead on the competition and building customer loyalty, stickiness, and switching costs.

Quality Systems is a familiar name to Fool Tom Jacobs in addition to Matt Richey, and both have featured the company in great columns. Fool co-founder Tom Gardner recommended Quality Systems twice during the past year in the Motley Fool Stock Advisor.

Quality Systems remains an attractive value, all the attention notwithstanding, and trades at an EV/FCF ratio of around 20, after backing out $6+ cash per share. For a business generating better than 30% revenue growth, that looks like a sweet price indeed.