Singapore’s UltraGreen.ai posts 45% H1 profit growth
UltraGreen also said it recently received regulatory approvals for Verdye in the Philippines and the IC-Flow Imaging System V2 in Malaysia.
UltraGreen.ai, a company specializing in fluorescence-guided surgery technology and ICG dyes, reported a significant 53% increase in net profit to US$39.2 million in the first half of 2026, compared to US$25.7 million in the same period last year. This growth was primarily driven by higher sales of ICG pharmaceutical products. The group's revenue for H1 FY2026 expanded by 24% to US$87.2 million, up from US$70.1 million in the previous year.
Excluding their divested UltraLinQ business, revenue grew by 30.8% to the same figure. Earnings per share (EPS) stood at US$0.0356 for the half-year, an increase from US$0.0233 a year earlier, based on an enlarged share base following the company's IPO. Sales of ICG and related products rose 29.6% to US$86.4 million, driven by higher prices and increased volumes, especially in the US market.
The group's ICG vial prices increased by 18% year-over-year. Gross profit margin improved to 86.6% due to the higher US prices. However, administrative expenses surged 92% to US$24.1 million due to increased staff costs and other factors. UltraGreen.ai anticipates full-year revenue between US$175 million and US$185 million, with H2 expected to surpass H1.
The company attributes its success to increasing clinical adoption of ICG, expanding regulatory approvals, and progress in Verdye product development. CEO Ravinder Sajwan expressed confidence in sustaining growth through market expansion and advancing quantification software for regulatory approval.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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