Global ICG Market Leader, Superior Margins & High Growth Potential 1 – Minichart
Broker Name: UOB Kay Hian
Date of Report: Tuesday, 02 December 2025
Excerpt from UOB Kay Hian report.
Report Summary
- UltraGreen.ai is the global leader in indocyanine green (ICG) for fluorescence-guided surgery (FGS), holding 68% global vial market share and 63% revenue share in 2024, with an extensive distribution network and high regulatory barriers supporting its dominant position.
- The company’s asset-light model, premium pricing, and focus on consumables result in superior profitability, with gross margins at 85% and net margins at 37% in 1H25—well above medtech peers.
- UltraGreen is experiencing rapid growth, posting a 21% revenue CAGR and 22% earnings CAGR forecast from 2024-2027, driven by increased FGS…
