HOCK LOCK SIEW
UltraGreen.ai shares look very depressed, but it’s hard to know whether they’ve hit rock bottom
Its opportunistic buyback could mop up 72.5% of the new shares issued in its IPO
[SINGAPORE] Over the past week, UltraGreen.ai finally disclosed a concrete plan to cope with competition posed by Zydus Lifesciences and Provepharm in the supply of indocyanine green (ICG) dye in the US.
Rather than revive its seemingly depressed share price, however, it may just keep investors on the sidelines for several more months.
In its third-quarter business update on Oct 29, the company said it had relaunched its own generic ICG product to preserve its market share. This is expected to weigh on its profit margins in Q4 2026 and 2027, and cause its full-year revenue for 2026 to miss its previous guidance of US$175 million to US$185 million.
