UltraGreen.ai Q3 revenue up 43.9% but expects FY2026 revenue to fall short of guidance

[SINGAPORE] UltraGreen.ai reported a 43.9 per cent growth in Q3 2026 revenue to US$44.6 million from US$31 million in Q3 2025 in a bourse filing on Thursday (Oct 29).

The growth consisted of a 47 per cent increase from the US market to US$35.2 million in Q3 2026 from US$23.9 million to Q3 2025. The rest of the world’s revenue contribution grew 32 per cent to US$9.4 million from US$7.1 million over the same period.

Revenue for the nine months ended Sep 30 improved 35 per cent to US$131.8 million from US$97.6 million in the year-ago period.

The US market’s contribution grew 35 per cent to US$101.3 million from US$75.2 million during the same time period. The rest of the world expanded 36 per cent to US$30.5 million in 9M 2026 from US$22.5 million previously.

The medtech platform highlighted the uncertainty in the US operating environment as the entry of competing indocyanine green (ICG) products has resulted in pricing pressures and changes in customer purchasing patterns.

Pharmaceutical companies Zydus and Provepharm have received approvals to produce and sell ICG products in the US.

UltraGreen.ai expects FY2026 revenue to come in below its previous guidance of US$175 million to US$185 million. The impact is expected to continue into FY2027.

Ravinder Sajwan, CEO of UltraGreen.ai, said: “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.”

The company relaunched its own generic ICG product through its partners in the US to provide a competitively priced option along its branded ICG product.

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There are efforts to work with channel and distribution partners to preserve market access, enhance customer relationships, and assess changes in customer purchasing patterns and the adoption of competitor’s products.

“We are accelerating the commercial roll-out of our imaging systems, developing opportunities in additional clinical settings, including outpatient care and wound management, and strengthening our presence in markets outside the US,” Sajwan added.

UltraGreen.ai is also looking at its operational efficiencies and cost structure to support profitability in this changing market.

The board has approved a capital allocation framework that prioritises reinvestment in the business, followed by sustainable dividends, strategic acquisitions and share buybacks.

Under the framework, there is an annual dividend target of at least 30 per cent of earnings excluding exceptional items, distributed twice a year, considering the company’s earnings, cash flow and capital requirements, subject to board approval.

UltraGreen.ai also announced a multi-year share buyback programme of up to US$30 million, which will be executed opportunistically. The programme will take into account UltraGreen.ai’s capital allocation priorities, market conditions, valuation and liquidity.

Outside the US, UltraGreen.ai received European MDR CE certification for PerfusionWorks, its tissue perfusion analysis software. It also received regulatory approval for Verdye ICG in South Africa, extending its presence to 42 countries.

Shares of UltraGreen.ai closed up 7.6 per cent or US$0.04 at US$0.565 on Wednesday.