Key Takeaways
- • UltraGreen.ai, the Singapore-listed surgical imaging company backed by 65 Equity Partners, reported nine-month revenue from continuing operations of $131.8 million, up 35% from $97.6 million a year earlier.
- • The company now expects FY2026 revenue below its prior guidance of $175 million to $185 million, without providing a revised range, as competition intensifies in the US.
- • Increased US sales of indocyanine green (ICG) products from Zydus Lifesciences and Provepharm have added pricing pressure and shifted customer purchasing patterns, and UltraGreen expects pressure on US revenue and profitability in FY2027.
- • UltraGreen introduced a dividend payout target of at least 30% of net profit excluding exceptional items and proposed a multi-year share buyback of up to $30 million, while holding $214 million in cash and short-term investments.
Summary
Singapore-listed UltraGreen.ai reported a 35% increase in nine-month revenue from continuing operations to $131.8 million, up from $97.6 million a year earlier, the surgical imaging company said on Thursday. Despite the top-line growth, the company said full-year FY2026 revenue would fall below its earlier forecast of $175 million to $185 million. It did not provide a revised range.
The US remained UltraGreen's largest market, accounting for about 77% of revenue from continuing operations in the nine-month period. US revenue rose 35% to $101.3 million, while revenue from the rest of the world grew 36% to $30.5 million. According to the company, the introduction of additional indocyanine green (ICG) products in the US, including those from Zydus Lifesciences and Provepharm, has increased pricing pressure and changed customer purchasing patterns. ICG is a fluorescent imaging agent used to help surgeons visualise tissue and blood flow during procedures. UltraGreen expects these developments to weigh on fourth-quarter revenue and anticipates pressure on US revenue and profitability in FY2027 as the full-year effects of the heightened competition become apparent.
Chief executive Ravinder Sajwan said the US competitive landscape had evolved rapidly in recent months. The company is responding through closer engagement with customers and distribution partners, a broader commercial offering and disciplined cost management. UltraGreen has relaunched its generic ICG offering through major channel partners as a competitively priced alternative to its branded IC-GREEN product, is reviewing its cost structure, and is working with distributors to maintain market access. Outside the US, it expects continued growth through market expansion and broader commercialisation of its fluorescence-guided surgery platform.
On capital allocation, UltraGreen introduced an annual dividend payout target of at least 30% of net profit, excluding exceptional items, and proposed a multi-year share buyback programme of up to $30 million. Under its framework, reinvestment in the business takes priority, followed by sustainable dividends, strategic acquisitions and buybacks, with dividends to be paid semi-annually subject to earnings, cash flow and capital requirements. The company held $214 million in cash and short-term investments.
The company's pre-IPO backers include 65 Equity Partners, Vitruvian Partners and August Global Partners, which invested $188 million in September 2025 at an equity valuation of $1.3 billion. UltraGreen debuted on the Singapore Exchange mainboard on December 3, 2025, at an IPO price of $1.45 per share, valuing the company at about $1.6 billion. The offering, together with share sales to 16 cornerstone investors, totalled approximately $400 million. Cornerstone investors included AIA Investment Management, Eastspring Investments, HSBC Global Asset Management and Lion Global Investors.
UltraGreen is expanding its platform to combine fluorescence agents, imaging systems, tissue perfusion software and clinical data solutions, targeting outpatient care and wound management. It continues rolling out IC-Flow imaging systems across the US, Europe and Asia, and recent European certification of its PerfusionWorks tissue perfusion analysis software enables commercialisation in the region. Approval of its Verdye ICG product in South Africa extends its regulatory footprint to 42 countries.
The US remained UltraGreen's largest market, accounting for about 77% of revenue from continuing operations in the nine-month period. US revenue rose 35% to $101.3 million, while revenue from the rest of the world grew 36% to $30.5 million. According to the company, the introduction of additional indocyanine green (ICG) products in the US, including those from Zydus Lifesciences and Provepharm, has increased pricing pressure and changed customer purchasing patterns. ICG is a fluorescent imaging agent used to help surgeons visualise tissue and blood flow during procedures. UltraGreen expects these developments to weigh on fourth-quarter revenue and anticipates pressure on US revenue and profitability in FY2027 as the full-year effects of the heightened competition become apparent.
Chief executive Ravinder Sajwan said the US competitive landscape had evolved rapidly in recent months. The company is responding through closer engagement with customers and distribution partners, a broader commercial offering and disciplined cost management. UltraGreen has relaunched its generic ICG offering through major channel partners as a competitively priced alternative to its branded IC-GREEN product, is reviewing its cost structure, and is working with distributors to maintain market access. Outside the US, it expects continued growth through market expansion and broader commercialisation of its fluorescence-guided surgery platform.
On capital allocation, UltraGreen introduced an annual dividend payout target of at least 30% of net profit, excluding exceptional items, and proposed a multi-year share buyback programme of up to $30 million. Under its framework, reinvestment in the business takes priority, followed by sustainable dividends, strategic acquisitions and buybacks, with dividends to be paid semi-annually subject to earnings, cash flow and capital requirements. The company held $214 million in cash and short-term investments.
The company's pre-IPO backers include 65 Equity Partners, Vitruvian Partners and August Global Partners, which invested $188 million in September 2025 at an equity valuation of $1.3 billion. UltraGreen debuted on the Singapore Exchange mainboard on December 3, 2025, at an IPO price of $1.45 per share, valuing the company at about $1.6 billion. The offering, together with share sales to 16 cornerstone investors, totalled approximately $400 million. Cornerstone investors included AIA Investment Management, Eastspring Investments, HSBC Global Asset Management and Lion Global Investors.
UltraGreen is expanding its platform to combine fluorescence agents, imaging systems, tissue perfusion software and clinical data solutions, targeting outpatient care and wound management. It continues rolling out IC-Flow imaging systems across the US, Europe and Asia, and recent European certification of its PerfusionWorks tissue perfusion analysis software enables commercialisation in the region. Approval of its Verdye ICG product in South Africa extends its regulatory footprint to 42 countries.
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