UltraGreen.ai to tailor response to US rivals’ pricing and distribution
Its CEO remains confident in its long-term strategy, competitive position and prospects
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[SINGAPORE] UltraGreen.ai will calibrate its commercial response to new US competitors based on their pricing, distribution approach and customer proposition, said its CEO Ravinder Sajwan on Monday (Aug 24).
However, the company – which produces indocyanine green (ICG) products used for fluorescence-guided surgery – said that it is “premature to speculate” on the competitors’ potential market impact or the specific actions it may take in response.
“Competition is not new to us,” said Sajwan in a bourse filing, noting that the company is aware that recent regulatory approvals obtained by new entrants in the US ICG market have generated concerns among shareholders.
On Aug 19, The Business Times reported that UltraGreen.ai will soon face competition in the US market, after the approval of competitor Zydus Lifesciences and Provepharm.
This may negatively affect the company, as the Americas accounted for 75 per cent, or US$65.4 million, of its 2026 first half-year revenue of US$87.2 million.
On Aug 21, its shares closed at US$0.635, down 49.6 per cent for the week. On the same day, DBS Group Research halved its target price for UltraGreen.ai to US$0.80, downgrading its “buy” call to “hold”.
On the back of increasing shareholder pressure, Sajwan said: “(The US) Food and Drug Administration (FDA) approval is an important regulatory milestone, but does not, in itself, indicate commercial launch, customer adoption or market penetration.”
Moreover, he noted that the company’s strategy is to extend beyond producing ICG.
Its platform approach combining dye, imaging and software is a key enabler for UltraGreen.ai to go beyond that, he said.
PerfusionWorks – UltraGreen.ai’s next evolution of fluorescence-guided surgery which uses artificial intelligence – has completed its European Medical Device Regulation conformity assessment and is awaiting formal certification, said Sajwan.
The next step is for the firm to pursue its US FDA clearance, so that it can further expand on the potential applications and addressable market for the new technology, he added.
Beyond technology, Sajwan added that the company will continue to expand geographically. Currently, it has a regulatory footprint in more than 43 countries throughout Europe, the Middle East and Asia.
“We have established a leading position in Europe and continue to grow strongly across international markets, providing multiple avenues for growth beyond our established US business,” he added.
He said that he has been purchasing shares in the company, and intends to continue increasing his personal investment in it.
“I remain confident in UltraGreen’s long-term strategy, competitive position and prospects,” he said.
Shares of UltraGreen.ai rose 13.4 per cent or US$0.085 to US$0.72 on Monday. Year to date, its share price has fallen 57.4 per cent.
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