Investment Thesis
+ Deeper ICG penetration across established and emerging surgical procedures. Penetration
rates of ICG in established and emerging procedures globally are primarily low double-digits,
with the exception of Choroid Diagnostics (Figure 1). Penetration rates are expected to
increase double-digits by 2028 across majority of procedures. The primary driver for deeper
penetration of ICG, is it becoming a standard of care across procedures. Moreover, with the
expiry of Novadaq’s Breast SLN indication exclusivity in June 2026, UG will also be eligible to
file for Breast SLN indication in the US for the first time. The market is currently addressed by
Technetium-99m lymphoscintigraphy. With US breast SLN at 14% ICG penetration solely
through off-label sale (Figure 2), active on-label promotion from 2027 represents a
US$66.2mn market at full penetration. Lastly, there are ongoing clinical trials across
procedures such as liver metastases, pancreatic cancer, and diabetic foot perfusion and
amputation wound healing as seen in Figure 3 that will be nascent opportunity areas which
provide pipeline expansion markets for UG.
+ Expansion of a dye plus hardware business into an integrated ICG platform business.
UltraGreen.ai is expanding the ICG commodity business with its data platform, consisting of
the PerfusionWorks quantification software and cloud platform. The PerfusionWorks
software is expected to receive Europe MDR regulatory approval by 2H26. Once received, the
dataset will be used to also file for approval in the US with the FDA. The PerfusionWorks
software is camera agnostic, and can be used with competitors’ imaging hardware. Thereby,
making every near infrared (NIR)-capable imaging hardware a potential customer of
PerfusionWorks. The software will also provide the standardisation required for more
procedures to adopt ICG as a standard of care. By providing objective and reproducible
perfusion data, the software tackles the obstacle of subjectivity in fluorescence imaging
assessment.
+ Growth initiatives that can reduce cost and build supply chain resilience. UG is open to c.
US$150mn in potential investment or acquisitions across API suppliers, distributors and
lyophilisation companies. UG also intends to move from a distributor model to a direct sales
model in select markets. This reduces distributor fees / wholesaler mark ups, and develops a
direct relationship with hospital operators to help i) bundle ICG vials with its NIR cameras to
accelerate ICG vial adoption in Asia, and to ii) cross-sell its PerfusionWorks software.
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Hashim graduated from the National University of Singapore with a degree in Business Administration.
