Mani Inc. shares rose sharply Monday morning after the medical-equipment maker posted strong nine-month results and raised its fiscal-year earnings guidance, citing a recovery in demand in Europe and Asia.
The shares were recently 9.7% higher at 1,575 yen after rising as much as 11% earlier.
Mani said Friday after market close that net profit for the nine-month period ended May 31 increased 8.9% from a year earlier to Y3.79 billion ($27.8 million).
Revenue rose 15% to Y14.83 billion. The company said ophthalmic knives sold well in Europe and Asia and sales of needles were strong in Asia and North America, despite some impact on sales of dental instruments in China due to Covid-19 lockdowns.
Mani said it expected net profit to increase 13% to Y4.85 billion for the fiscal year ending Aug. 31, compared with its previous projection of Y3.985 billion, and for revenue to climb 17% to Y20.15 billion.
The Topix subindex for precision-instrument makers was recently 2.7% higher and the Nikkei Stock Average was up 1.0%.