UltraGreen.ai - UOB Kay Hian 2025-12-03: Global ICG Market Leader With Superior Margins & Growth Profile

• UltraGreen is a global fluorescence-guided surgery (FGS) powerhouse with a dominant indocyanine green (ICG) market leadership, extensive distribution network and superior margin profile. Initiate coverage with BUY recommedation.
• - Read this at SGinvestors.io -

Global leader in ICG with superior margins.

• UltraGreen.ai (SGX:ULG) is the world’s largest supplier of indocyanine green (ICG), commanding 68% of the global vial share and 63% revenue share in 2024 across more than 68 markets (35 registered, 33 under exemption). This is supported by high regulatory barriers and entrenched supplier-manufacturer relationships.
• - Read this at SGinvestors.io -

Strong growth engine fuelled by volume expansion and pricing power.

• UltraGreen has delivered robust growth momentum, with operating cash flow surging 33% y-o-y in 1H25 to S$27.6m. Strong 1H25 top-line of US$70m (+20% y-o-y) was driven by rising ICG utilisation and increased global adoption of fluorescence-guided surgery (FGS).
• We forecast 2024-27 revenue and EPS CAGRs of 21% and 22% respectively, supported by higher procedure volumes, expanding APAC penetration, and continued premium pricing.

Beneficiary of strong industry tailwinds in FGS adoption.

• Read more at SGinvestors.io.

John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian Research | Tang Kai Jie UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-12-03

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