UltraGreen.ai 1Q26 - UOB Kay Hian 2026-05-06: Broad-based Volume Growth & Continued Expansion

• UltraGreen (SGX:ULG) reported 280,900 vials sold in 1Q26 (+7.8% q-o-q; -8.7% y-o-y), representing around 24.4% of our 2026 forecasts. Volumes improved across all geographies on a q-o-q basis, while the y-o-y decline reflects a higher base from 1Q25 back-order fulfilment of around 60,000 vials, after a mid-24 lyophilisation disruption caused by contract manufacturer supply shortages. Excluding back-order fulfilment, orders, volume grew by 13.4% y-o-y.
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Continued market expansion.

• UltraGreen received regulatory approval for Verdye in Singapore, a strategic step in its Southeast Asia growth and presence in a key healthcare hub. The approval supports commercialisation, partnerships, and clinical adoption of fluorescence-guided surgery.
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On track to meet revenue target.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2026-03-18 UltraGreen - Set To Benefit From Multiple Positive Developments.

Price targets by other brokers at UltraGreen Target Prices.

Listing of research reports at UltraGreen Analyst Reports.

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