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Margins may dip but UltraGreen.ai poised for more growth with more regulatory approvals

The Edge Singapore
The Edge Singapore  • 5 min read
Margins may dip but UltraGreen.ai poised for more growth with more regulatory approvals
'We expect UltraGreen to maintain strong pricing power, supported by its market leadership and the relatively low cost of ICG as a percentage of overall surgical expenses' / Photo: UltraGreen.ai
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UltraGreen.ai, a global market leader in the sale of indocyanine green (ICG) used in surgeries, reported FY2025 ended Dec 31, 2025 earnings of US$75.6 million ($96.9 million) for its first financial report card since its IPO last December, an increase of 35% over the preceding FY2024.

Revenue in the same period was up 24% to US$142.4 million, driven by a 14% increase in the volume of vials shipped and a 17% increase in average selling price. The company maintained its gross margin at 85%.

Its adjusted ebitda increased by 26% and its operating profit by 27%, reaching US$89.4 million and US$84.2 million, respectively, which the company says indicates strong operating performance.

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