(Yicai Global) Oct. 17 -- Shares in Andon Health surged by the exchange-imposed limit today after the Chinese medical device maker said it expects net profit in the first three quarters to skyrocket as much as 325 times from the same time last year on strong sales of its Covid-19 testing kits in the US.

Andon’s share price [SHE:002432] closed up 10 percent at CNY51.56 (USD7.20), the highest level since Sept. 7. The stock has gained 5.5 percent in value so far this year but is still half the all-time high of CNY90.11 logged in April as investors cash in on its meteoric rise.

Net profit for the first nine months is likely to be between CNY16 billion (USD2.3 billion) and CNY16.3 billion, compared with CNY50.1 million (USD7 million) a year ago, the Tianjin-based company said on Oct. 14.

Most of this comes from the first quarter, when net profit rocketed 376-fold year on year to CNY14.3 billion (USD1.9 billion), according to its previous earnings reports. In the second quarter, net profit slumped to CNY932 million (USD129.4 million) and in the third quarter it is forecast to be between CNY756.4 million and CNY1.1 billion.

Andon has seen its fortunes change since the US Food and Drug Administration authorized the emergency use of its Covid-19 test kits in November last year. Some USD1.3 billion worth of orders were placed by the US government in subsequent months.

Andon has ensured punctual delivery of its clients' orders, it said. The sustained strengthening of the US dollar has also brought in more exchange rate gains, it added.

Editor: Kim Taylor