(Yicai Global) April 12 -- Andon Health’s shares surged by the exchange-imposed limit after the Chinese medical devices maker said it expects first-quarter profit to have soared between 367 and 420 times from a year earlier because of stellar sales of Covid-19 test kits in the United States.

Andon [SHE: 002432] rose 10 percent today to close at CNY74.47 (USD11.70). The stock has skyrocketed over 995 percent since mid-November when the US Food and Drug Administration approved the emergency use of firm’s US unit’s home-use Covid tests.

Net profit was likely between CNY14 billion and CNY16 billion (USD2.2 billion and USD2.5 billion) in the three months ended March 31, Tianjin-based Andon said today.

The company also announced its financial results for last year. Net profit was CNY913 million (USD143 million) in 2021, up 277 percent from 2020, mostly due to the contribution of the US unit, iHealth Labs. Revenue rose 25 percent to CNY2.5 billion (USD394 million).

In January, iHealth Labs received Covid-19 test kit orders worth USD333 million and USD1.8 billion from two US states and the US army, respectively.

Editor: Futura Costaglione