(Yicai Global) Jan. 3 -- Jiangsu Yuyue Medical Equipment and Supply has not hiked the price of its pulse oximeters, which measure the oxygen saturation levels of the blood, but has discontinued discounts and special price offers to help cover greatly surging costs, the Chinese medical device maker said yesterday in response to a public outcry about skyrocketing prices.

Yuyue’s share price [SHE:002223] dipped 0.5 percent to close at CNY31.70 (USD4.60) today. The stock has dropped in value for the last two trading years last year, probably due to the complaints.

The price of an oximeter has soared to as much as CNY300 (USD43.60) on some e-commerce platforms when previously they cost several tens of Chinese yuan, equivalent to a few US dollars, each. People are questioning whether manufacturers are taking advantage of the latest Covid-19 flare-up to make money.

Yuyue has already generated a reasonable and improved pricing management mechanism to guarantee the lawful and orderly supplies of items related to the control and prevention of Covid-19, the Danyang, eastern Jiangsu province-based firm said on the Shenzhen bourse’s interaction platform for investors yesterday. Out of more than 10 questions for Yuyue, six were related to oximeters.

As the number of Covid-19 cases surge in the country amid an easing of pandemic prevention measures, some doctors have suggested that those families who can afford it should buy oximeters to monitor if people are more at risk of contracting a severe case of Covid-19 should they have a lack of oxygen in their blood.

Yuyue is sparing no effort to ensure production and supplies and is trying its best to deploy its resources to punctually meet the needs of hospitals and individuals, it said.

Demand is surging and the firm has been selling over 300,000 of its finger pulse oximeters a month. In fact, most of Yuyue’s oximeters on its store on e-commerce giant Alibaba Group Holding’s online marketplace Taobao are sold out or are only available for pre-order. Its finger pulse oximeter, costing CNY299, for instance, will only be delivered seven days after the pre-sale.

Yuyue logged a 16 percent drop in net profit in the first three quarters from the same period last year to CNY1.1 billion (USD164.1 million), while revenue dipped 3.6 percent to CNY5.1 billion (USD740 million), according to its latest earnings report.

Editor: Kim Taylor