Medical technology company UltraGreen.ai expects revenue for the 2026 financial year to fall short of its previous forecast, despite a 35% year-on-year increase in revenue for the first nine months.
UltraGreen.ai released its results before the market opened on Thursday (29 October).
Revenue from continuing operations for the first nine months reached US$131.8 million (about S$169 million), up from US$97.6 million in the same period last year.
Revenue from the US market rose 35% from the first nine months of 2025 to US$101.3 million, while revenue from other markets grew 36% to US$30.5 million.
However, the entry of competitors such as Indian drugmaker Zydus Lifesciences and French pharmaceutical company Provepharm into the US market has intensified price competition for indocyanine green (ICG), while customers’ purchasing patterns have also changed.
The company expects competitive pressure to further affect revenue in the fourth quarter, with full-year revenue falling below its previous forecast of US$175 million to US$185 million (about S$224 million to S$237 million). As competition intensifies, revenue and profitability will remain under pressure in 2027.
Meanwhile, the board announced a new shareholder returns policy, targeting an annual payout of at least 30% of net profit, excluding exceptional items, with dividends paid half-yearly.
The company also plans to launch a multi-year share buyback programme of up to US$30 million.
UltraGreen.ai shares closed 7.62% higher at US$0.57 on Wednesday (28 October).
