UltraGreen.ai revenue rises 43.9% to $44.6 million as annual outlook falls
Key Facts
UltraGreen.ai increased third-quarter 2026 revenue by 43.9% to $44.6 million, compared with $31 million in the same period a year earlier, but lowered its fiscal-year outlook after saying 2026 revenue would fall below its previous guidance range of $175–185 million. The company did not provide a new annual revenue forecast. The revision reflects intensifying competition in the U.S. indocyanine green market and changing purchasing patterns, according to a company filing. The effects of these developments are expected to show up in fourth-quarter revenue. The group also expects its U.S. business to remain under pressure in 2027 as the full impact of competition becomes clearer.
Revenue grew faster in the U.S., where it rose 47% to $35.2 million in the third quarter, from $23.9 million a year earlier. Revenue from the rest of the world increased 32% to $9.4 million, compared with $7.1 million. The U.S. market therefore recorded stronger growth than other markets, while both regions contributed to the quarterly increase. The comparison shows that revenue growth outside the U.S. remained strong, although its pace was slower than in the U.S. market this quarter. The company says it expects revenue outside the U.S. to continue growing in 2027, in contrast with the expected pressure on its U.S. business.
For the nine months ended September 30, 2026, revenue rose 35% to $131.8 million, from $97.6 million in the comparable period. The comparison excluded $4.4 million in revenue from discontinued UltraLinQ operations. U.S. revenue increased 35% in the nine-month period to $101.3 million, from $75.2 million. Revenue from the rest of the world rose 36% to $30.5 million, from $22.5 million. The period's performance shows that growth in the rest of the world slightly outpaced U.S. growth, reversing the order seen in the third quarter alone.
The company attributed intensifying competition in the U.S. indocyanine green market to regulatory approvals and additional product launches, including products from Zydus Lifesciences and Provepharm. It said these developments had put pressure on prices and changed purchasing patterns. In response, UltraGreen reintroduced its generic indocyanine green product through key channel partners as a competitively priced option alongside its IC-GREEN brand. Chief Executive Ravinder Sajnani said the company was responding through "closer engagement with customers and distribution partners, a broader commercial offering and disciplined cost management." He added that the company was accelerating the commercial rollout of imaging systems and pursuing opportunities in additional clinical settings, including outpatient care and wound management.
The company is seeking to expand its presence outside the U.S. while developing its products. Its PerfusionWorks tissue perfusion analysis program received European CE certification under the MDR, while Verdye ICG received regulatory approval in South Africa, bringing the number of countries where the company operates to 42. Sajnani said the company was also focused on expanding its commercial offerings and strengthening its international presence. This comes as UltraGreen expects revenue outside the U.S. market to continue growing in 2027, even as its U.S. business remains under competitive pressure. The filing did not specify a separate timeline for the expansion to affect revenue.
On its financial position, UltraGreen said it had $214 million in cash and short-term investments as of September 30, 2026, with no debt. It also expects to record a one-time reversal of about $8.5 million in tax provisions in its second-half 2026 results; the provisions had been recorded in fiscal 2025. The company set an annual dividend target of at least 30% of net income, excluding exceptional items, with payments to be made semiannually. Dividend payments remain subject to earnings, cash flow and capital needs. It also announced a multi-year share repurchase program of up to $30 million, which it said would be carried out flexibly according to capital-allocation priorities, market conditions, valuation and liquidity.
In the latest share-price move cited in the data, UltraGreen.ai shares closed up 7.6%, or $0.04, at $0.565 on Wednesday, October 28. The closing price came before the company announced its third-quarter results and revised annual outlook in a filing published on October 29. In fiscal 2025 results, the company reported revenue of $142.4 million, up 24%, and a gross margin of 85%. Adjusted earnings before interest, taxes, depreciation and amortization totaled $89.4 million that year. Those previous annual results provide a basis for comparing the revenue trajectory with the revised 2026 outlook, as the company expects competition to affect the fourth quarter and pressure on its U.S. business to extend into 2027.