UltraGreen.ai shares down 9.7% after guiding for lower FY2026 revenue

[SINGAPORE] Shares of UltraGreen.ai dipped 9.7 per cent on market open, after the company announced it expects its FY2026 revenue to fall short of guidance.

The counter opened at US$0.51 on Thursday (Oct 29), down from its previous closing price of US$0.565.

As at 9.08 am, shares of the medtech platform were trading at US$0.54, with about 355,500 shares transacted at a cumulative value of US$184,405. By the midday trading break at 12 noon, the share price had recovered to US$0.545, down 3.5 per cent or US$0.02.

The dip comes after UltraGreen.ai noted in its third-quarter business update on Thursday that it expects its FY2026 revenue to come in below its previous guidance of US$175 million to US$185 million, with the impact forecast to continue into FY2027.

Its Q3 revenue rose 43.9 per cent to US$44.6 million, from US$31 million in the corresponding period the previous year.

The reduced guidance comes amid increased uncertainty in the US operating environment. The entry of competing indocyanine green (ICG) products has resulted in pricing pressures and changes in customer purchasing patterns.

In a note published on Thursday, DBS Research said that UltraGreen.ai faces pressure in its core ICG business in the US, with growth from outpatient consultations yet to provide a meaningful earnings offset.

The researchers noted that UltraGreen.ai has relaunched generic ICG alongside its branded IC-Green. The company has also strengthened engagement with distributors, and is reviewing costs to protect profitability.

While these measures could help UltraGreen.ai retain customers, DBS Research noted that a shift towards lower-priced generic sales could still dilute average selling prices and margins.

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Growth in sales of UltraGreen.ai’s cameras also depends on clinic adoption and effective rollout, added the brokerage.

“We see limited scope for a re-rating until there is clearer evidence that core pricing and market share can hold up, or that newer applications in outpatient settings can contribute meaningfully to earnings,” said DBS Research.

UltraGreen.ai was listed on the mainboard of the Singapore Exchange in December 2025 at US$1.45.