Singapore-headquartered UltraGreen.ai reported revenue from continuing operations of US$131.8 million for the first nine months of 2026, up 35% from US$97.6 million a year earlier. United States revenue increased 35% to US$101.3 million, while revenue from the rest of the world rose 36% to US$30.5 million. Third-quarter revenue reached US$44.6 million, representing year-on-year growth of 43.9%.
Despite that expansion, the fluorescence-guided surgery and digital-health company now expects full-year revenue to fall below its previous US$175 million to US$185 million guidance. Additional indocyanine-green products have entered the US market, creating pricing pressure and changing customer-purchasing patterns. UltraGreen expects the effects to weigh on fourth-quarter performance and continue into 2027.
The company has relaunched its own generic ICG offering through channel partners as a competitively priced alternative alongside its IC-GREEN branded product. It is also reviewing operating costs, engaging with distributors and expanding its commercial portfolio. Management is accelerating the rollout of IC-Flow imaging systems and pursuing applications in outpatient care, wound management and other clinical settings beyond traditional operating-room use.
Outside the US, UltraGreen recently secured European MDR CE certification for PerfusionWorks, its tissue-perfusion analysis software. Regulatory approval for Verdye ICG in South Africa expanded the company’s footprint to 42 countries. Its longer-term platform combines fluorescence agents, imaging hardware, perfusion software and clinical-data capabilities, including vertical AI tools intended to quantify tissue perfusion.
UltraGreen held US$214 million in cash and short-term investments at the end of September and reported no debt. The board introduced a capital-allocation framework that prioritises business reinvestment, followed by sustainable dividends, strategic acquisitions and buybacks. It set a target annual dividend payout of at least 30% of net profit excluding exceptional items, subject to earnings, cash flow and capital requirements. The company also proposed a multi-year share-buyback programme of up to US$30 million. Separately, it expects an approximately US$8.5 million one-off reversal of tax provisions in its second-half results following approval of a tax-exemption application and treatment of a tax-exempt capital distribution.
