It’s been a wild ride for shares of this specialist medical diagnostics company. The stock touched a three-month high of $1.62 on Monday, but has since plunged more than 10 per cent. Universal Biosensors reported an 18 per cent reduction in net profit on Thursday, as it continues to develop diagnostic products. Earlier this week, it received regulatory clearance from the US Food and Drug Administration to sell the first version of a blood glucose test it developed with LifeScan – an affiliate of Johnson & Johnson. However, no plans for a US launch have been disclosed yet. Analysts are tipping that Lifescan is awaiting clearance of the second version of the test before they can market it in the US.