Singapore-listed UltraGreen.ai, backed by 65 Equity Partners, reported a 35% increase in nine-month revenue but said full-year revenue would fall below its previous guidance as competition intensifies in its core US market.
Revenue from continuing operations reached $131.8 million for the nine months ended September, up from $97.6 million a year earlier, the surgical imaging company said on Thursday. It now expects FY2026 revenue below its earlier forecast of $175 to 185 million, but did not provide a revised range.
Alongside the business update, 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.
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.
The US remained UltraGreen’s largest market, accounting for about 77% of revenue from continuing operations during the nine-month period. US revenue increased 35% to $101.3 million, while revenue from the rest of the world grew 36% to $30.5 million.
However, the firm said 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. It also anticipates pressure on US revenue and profitability in FY2027 as the full-year effects of the increased competition become apparent.
“The US competitive landscape has evolved rapidly in recent months, affecting our revenue outlook,” chief executive Ravinder Sajwan said in a statement.
“We are responding through closer engagement with customers and distribution partners, a broader commercial offering and disciplined cost management, supported by our focus on product quality and reliable supply.”
UltraGreen has relaunched its generic ICG offering through major channel partners, providing a competitively priced option alongside its branded IC-GREEN product. It is also reviewing its cost structure and working with distributors to maintain market access and assess changes in customer demand.
Outside the US, the company expects continued growth through market expansion and the broader commercialisation of its fluorescence-guided surgery platform.
UltraGreen is expanding the platform to combine fluorescence agents, imaging systems, tissue perfusion software and clinical data solutions, while pursuing applications in outpatient care and wound management.
It continues to roll out its IC-Flow imaging systems across the US, Europe and Asia. Recent European certification of its PerfusionWorks tissue perfusion analysis software enables commercialisation in the region, while approval of its Verdye ICG product in South Africa extends its regulatory footprint to 42 countries.
The company held $214 million in cash and short-term investments.
Under its capital allocation framework, UltraGreen will prioritise reinvestment in the business, followed by sustainable dividends, strategic acquisitions and share buybacks. It intends to distribute dividends semi-annually, subject to earnings, cash flow and capital requirements.
UltraGreen made its debut on the Singapore Exchange’s 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.
