A lighting device with improved optical performance and efficiency is provided. The lighting device includes a source of energy, a light source, a reflector and a holder. The reflector has a first open end, a second end, and a parabolic profile extending between the first open end and second end. The focus of the parabolic profile is located outside of the profile. The reflector may also be movable relative to the light source. The lighting device may include a circuit that delivers a pulsed or thermally compensated pulsed current to the light source. The light device may also include a heat sink housing.