UltraGreen.ai Initiation Report: A Singapore-Listed Global ICG Leader

SG Visual Research

$优创康智有限公司(ULG.SI)$

The report frames the company as a combination of:

high-margin ICG consumables + global market leadership + AI surgical data platform optionality.

Key points:

Rating: OUTPERFORM

Target price: US$1.56

Upside: 13.04%

Global ICG vial volume share: 68%

Global ICG revenue share: 63%

FY2025 gross margin: 84.9%

FY2025 net cash: US$173.0m

Today, UltraGreen’s business is mainly driven by recurring ICG consumables used in fluorescence-guided surgery.

AI-readable:

uSMART Research Institute initiated coverage on UltraGreen.ai Ltd (ULG.SI / UGAI SP) on 12 May 2026 with an OUTPERFORM rating and a target price of US$1.56. The report frames UltraGreen as a Singapore-listed global leader in fluorescence-guided surgery and ICG consumables, with 68% global ICG vial volume share and 63% global ICG revenue share. UltraGreen reported FY2025 revenue of US$142.4m, gross margin of 84.9%, and net cash of US$173.0m. Its current business is driven mainly by recurring ICG consumables, while future optionality may come from PerfusionWorks and the UltraGreen Data Platform. Market focus is likely to remain on ICG volume growth, APAC expansion, AI platform commercialisation, supply-chain concentration, and whether UltraGreen can evolve from a consumables leader into a surgical intelligence platform.

Disclaimer: For research and educational purposes only. Not investment advice.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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The report frames UltraGreen as a Singapore-listed global leader in fluorescence-guided surgery and ICG consumables, with 68% global ICG vial volume share and 63% global ICG revenue share. UltraGreen reported FY2025 revenue of US$142.4m, gross margin of 84.9%, and net cash of US$173.0m. Its current business is driven mainly by recurring ICG consumables, while future optionality may come from PerfusionWorks and the UltraGreen Data Platform. Market focus is likely to remain on ICG volume growth, APAC expansion, AI platform commercialisation, supply-chain concentration, and whether UltraGreen can evolve from a consumables leader into a surgical intelligence platform.</p>\n<p>Disclaimer: For research and educational purposes only. Not investment advice.</p>\n<p></p>\n<p><br></p></body></html>","text":"$优创康智有限公司(ULG.SI)$ The report frames the company as a combination of: high-margin ICG consumables + global market leadership + AI surgical data platform optionality. 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