UltraGreen.ai Achieves Key Regulatory Approvals in Southeast Asia, Marking Major Milestone for Expansion and Growth

Summary of Key Points

• UltraGreen.ai Limited (SGX: ULG) secures regulatory approval for its flagship products Verdye (ICG for injection) in the Philippines and IC-Flow™ Imaging System V2 in Malaysia.
• These dual approvals represent a significant milestone in UltraGreen’s multi-year regulatory strategy and enable rapid expansion across the fast-growing Southeast Asian healthcare market.
• The company is actively investing in local education, training, and clinical adoption, aiming to drive widespread uptake of fluorescence-guided surgical technologies in the region.
• UltraGreen is also developing an AI-powered data platform to further enhance surgical decision-making and standardisation of care, reinforcing its leadership in the precision surgery space.
• UltraGreen completed a landmark IPO on the Singapore Exchange in December 2025, raising US\$400 million at a US\$1.6 billion valuation, making it the largest non-REIT IPO on SGX since 2017.

Detailed Analysis for Investors

Regulatory Approvals and Market Expansion

UltraGreen.ai has achieved a major breakthrough by obtaining regulatory approvals for both its Verdye injection in the Philippines and the IC-Flow™ Imaging System V2 in Malaysia. These approvals are the culmination of a lengthy and rigorous process, and they strategically position UltraGreen to capture growth opportunities in Southeast Asia—a region experiencing rapid increases in healthcare demand and surgical procedures.

The approval of Verdye (indocyanine green, ICG) in the Philippines provides clinicians access to a globally established, high-quality imaging dye. Verdye is already supported by extensive clinical experience across Europe, the US, Asia, and other international markets. Simultaneously, the green light for the IC-Flow™ Imaging System V2 in Malaysia enables the adoption of advanced fluorescence imaging technology in hospitals and surgical centers, facilitating real-time visualisation during surgery and supporting better clinical outcomes.

These twin approvals enable UltraGreen and its local partners to actively promote education, hands-on training, and clinical support for surgeons. This approach will accelerate the uptake of ICG-based fluorescence-guided surgery techniques, which are becoming increasingly important in oncology, colorectal, and reconstructive procedures.

Strategic Importance and Shareholder Implications

For shareholders, these regulatory wins are highly significant and potentially price-sensitive for several reasons:

• Market Access and Revenue Growth: Gaining access to the Philippines and Malaysia opens up new revenue streams and expands UltraGreen’s market presence in one of the world’s fastest-growing regions for healthcare services.
• First-Mover Advantage: The approvals provide UltraGreen with a unique edge to establish itself as a leader in fluorescence-guided surgery in Southeast Asia before potential competitors enter the market.
• Platform and Product Ecosystem: Beyond traditional product sales, UltraGreen is developing an AI-powered data platform to further support surgical decision-making and standardisation of care. This could drive recurring revenues and increase the company’s valuation multiple as it evolves from a product-centric to a platform-driven business.
• Commitment to Clinical Support: The company is not just selling products but is deeply invested in surgeon training and support, which should drive loyalty and long-term adoption among healthcare providers.
• Reinforcement of IPO Narrative: The achievement comes on the heels of UltraGreen’s successful IPO on SGX, where it raised US\$400 million at a US\$1.6 billion valuation. Delivering on its expansion promises so soon after the IPO will strengthen investor confidence and may positively influence share price momentum.

Management Commentary

Declan Cassells, Chief Operating Officer, emphasised that these approvals go beyond regulatory milestones—they represent the opportunity to deliver proven surgical technologies and support surgeons across Southeast Asia. He highlighted the company’s commitment to elevating the standard of care not just through products, but also through comprehensive training and clinical support.

Quek Mei Ling, Chief Business Officer (APAC), noted the practical advantages of the IC-Flow system, which can be easily integrated into existing surgical workflows across multiple specialties, reinforcing its relevance as surgical demand in the region continues to grow.

About UltraGreen.ai

UltraGreen.ai Limited is a Singapore-headquartered, SGX-listed company pioneering vertical AI tools for precision surgery using fluorescence imaging. With operations in the US, Ireland, and across Asia-Pacific, UltraGreen is building a comprehensive ecosystem that empowers surgeons with enhanced precision and real-time perfusion data, improving patient outcomes globally.

Investor Takeaways

• Regulatory approvals in both the Philippines and Malaysia are clear catalysts for shareholder value, enabling rapid expansion, new revenue streams, and strengthening UltraGreen’s competitive moat.
• The company’s AI-powered platform strategy has the potential to transform its business model and increase long-term shareholder returns.
• UltraGreen is delivering on its post-IPO growth promises, which should support investor confidence and potentially drive share price appreciation.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell any securities. Investors should conduct their own due diligence and consult with a financial advisor before making investment decisions. The author and publisher assume no responsibility for actions taken based on the information provided herein.

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