UltraGreen.ai net profit rises 53% to US$39.2 million in H1, led by higher sales growth

[SINGAPORE] UltraGreen.ai, which develops fluorescence-guided surgery technology and supplies indocyanine green (ICG) dyes, posted a 53 per cent rise in net profit to US$39.2 million for the six months ended Jun 30, 2026, from US$25.7 million in the year-ago period.

This was driven by stronger sales of its ICG pharmaceutical products, the mainboard-listed group said in a bourse filing on Wednesday (Aug 12).

Its H1 revenue grew 24 per cent to US$87.2 million, from US$70.1 million a year earlier.

On a continuing-operations basis, which excludes the divested UltraLinQ cloud-based picture archiving and communication system business, revenue rose 30.8 per cent to US$87.2 million, from US$66.7 million previously.

Earnings per share (EPS) stood at US$0.0356 for the half-year period, based on the enlarged share base following the company’s share split and initial public offering in late 2025.

The board declared an interim tax-empty cash dividend of US$0.01 per ordinary share, payable on Sep 4. No dividend was declared for the corresponding period last year.

The previous year’s EPS of US$0.0233 was calculated on a pro forma basis using the post-IPO number of issued shares to provide a comparable basis.

Sales of ICG and related pharmaceutical products rose 29.6 per cent to US$86.4 million in H1 FY2026, versus S$66.7 million the prior year. This was driven by higher average selling prices per ICG vial, particularly in the US.

The sales growth also came on the back of increases in vial volumes sold in the Americas and in Europe, the Middle East and Africa. The volumes expanded by 4 per cent and 25 per cent, respectively.

The group’s worldwide average price per ICG vial climbed 18 per cent year on year.

Its gross profit margin improved to 86.6 per cent, from 84.7 per cent a year earlier, which the company attributed to the higher average selling price per vial in the US, where prices are higher than in the rest of the world.

Administrative expenses expanded 92 per cent to US$24.1 million, due mainly to a US$6.3 million rise in staff costs from increased headcount, US$2.5 million in higher professional fees, and US$1.5 million in non-cash employee share option expenses.

The higher professional fees include the reclassification of US$1.6 million in IPO share issuance expenses previously recognised in equity, following the receipt of a one-time grant from the Monetary Authority of Singapore (MAS).

Other income rose to US$4.2 million, from around US$100,000 previously, mainly on higher interest income of US$2.5 million and the receipt of the MAS IPO listing grant of US$1.6 million.

Other expenses fell to about US$500,000 – compared with US$8.5 million previously – as foreign exchange losses narrowed sharply following the group’s adoption of the US dollar as its reporting currency for all subsidiaries with effect from Jan 1, 2026.

UltraGreen.ai said it expects full-year revenue to come in between US$175 million and US$185 million, with revenue in H2 projected to be higher than in H1.

It cited deepening clinical adoption of ICG in fluorescence-guided surgery, an expanding evidence base and regulatory approvals for its Verdye product now covering 41 countries – up from 35 at the end of 2024 – as tailwinds for the business.

UltraGreen.ai CEO and executive director Ravinder Sajwan said the strong H1 performance reflects the continued growth in ICG volumes and the full benefit of the pricing actions implemented in the US last year.

”We enter the second half with strong momentum and remain confident of delivering double-digit growth in both revenue and underlying net profit for FY2026,” he added.

He also said the company is well-positioned to sustain the growth by expanding into new markets, broadening the range of procedures it supports, and progressing its quantification software towards regulatory approval in the near term.

Shares of UltraGreen.ai ended Wednesday 5.6 per cent or US$0.07 higher at US$1.33.