UltraGreen.ai H1 net profit jumps 53% on global uptake of surgical dye

Group revenue reached $111.62m despite the discontinued business.

UltraGreen.ai Limited reported net profit after tax (NPAT) of $50.18m (US$39.2m) in the first half (H1) of 2026, up 53% from a year ago.

Revenue rose 24% to $111.62m (US$87.2m) from $89.73m (US$70.1m). Revenue from continuing operations increased 31% to $111.62m (US$87.2m) from $85.38m (US$66.7m).

The company attributed its revenue growth to the continued global adoption of Indocyanine Green in fluorescence-guided surgeries, supported by higher vial volumes, improved pricing in the US, and adoption across key markets.

The discontinued UltraLinQ business contributed nil revenue in H1 2026, compared with $4.35m (US$3.4m) a year earlier.

NPAT from continuing operations rose 57% to $50.18m (US$39.2m) from $32.00m (US$25.0m), whilst discontinued operations contributed nil NPAT, compared with $0.90m (US$0.7m) in H1 2025.

NPAT before exceptional items increased 45% to $50.43m (US$39.4m), compared with $34.69m (US$27.1m) a year earlier.

Basic earnings per share stood at 4.56 Singapore cents (3.56 US cents).

Gross profit increased 27% to $96.64m (US$75.5m), compared with $76.29m (US$59.6m) in H1 2025, whilst gross margin improved by two percentage points to 87%, supported by higher average selling prices and geographic mix.

Operating profit grew 11% to $60.80m (US$47.5m) from $54.66m (US$42.7m).

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 41% to $66.69m (US$52.1m) from $47.23m (US$36.9m). Adjusted EBITDA grew 16% to $67.20m (US$52.5m), although its margin fell to 60%.

Sales volumes increased 11% to approximately 589,511 vials. US volumes rose 4% to 377,616 vials, whilst EMEA volumes increased 24% to 196,165 vials, and Asia-Pacific volumes grew 45% to 15,730 vials from a lower base.

UltraGreen.ai ended H1 with cash and short-term liquid investments of approximately $252.93m (US$197.6m), and has no borrowings, excluding lease liabilities.

Its board declared a dividend of $0.0128 (US$0.01) per share. The company has also purchased approximately one million shares under its share buyback mandate.

Subject to financial performance, capital requirements, and market conditions, the company expects to continue returning value to shareholders through semi-annual dividends and share buybacks.

“We expect full-year revenue to be within the $224m (US$175m) to $236.8m (US$185m) range, with revenue in the second half of 2026 expected to be higher than in H1 2026,” said Ravinder Sajwan, CEO and Executive Director of UltraGreen.ai.

(US$1 = SG$1.28)

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