By Kosaku Narioka
Sysmex Corp. shares rose sharply Friday morning after the Japanese medical equipment maker posted a 38% rise in fiscal-year net profit and projected further earnings growth.
The shares were recently 13% higher at Y8,351 after rising as much as 14% earlier.
Sysmex said Thursday after the market's close that net profit climbed to 44.09 billion yen ($343.6 million) for the fiscal year ended March. Revenue increased 19% to Y363.78 billion as sales of reagents rose thanks partly to Covid-19 testing.
The company said sales of medical robotics instruments also grew in Japan.
Sysmex projected both revenue and net profit will increase 13% in the new fiscal year started in April.
The Topix subindex for electronics makers, which Sysmex belongs to, was recently 3.1% higher and the Nikkei Stock Average was up 2.5%.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
05-12-22 2243ET