UltraGreen.ai touts 53% revenue CAGR and 62% EBITDA margins as it scales AI‑powered fluorescence surgery platform
Summary:
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UltraGreen.ai presents itself as a global leader in fluorescence-guided surgery (FGS), supplying indocyanine green (ICG) dye and imaging systems to 54 countries with about 5.3 million vials sold since 2015 and leading market share in the US and Europe.
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Revenue grew from US$49.2 million in 2022 to US$114.7 million in 2024 (c. 52.7% CAGR), while adjusted EBITDA rose from US$27.7 million to US$71.2 million, implying margins above 60% and strong cash conversion of roughly 71%.
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The company is building a vertically integrated fluorescence imaging ecosystem, combining its Diagnostic Green ICG franchise, IC-Flow near‑infrared imaging system, and the UltraGreen Data Platform, an AI-based quantification software for real‑time perfusion assessment now filed for European approval.
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Management highlights significant barriers to entry via multi‑sourced supply chains, deep regulatory know‑how and relationships with over 90 key surgeons, alongside expansion plans focused on Asia, broader surgical indications, AI‑driven decision support and diversified manufacturing.
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UltraGreen.ai positions itself as “en‑route to healthcare global leader”, targeting further penetration of ICG in established and emerging FGS procedures, while maintaining an efficient capital structure to fund M&A, R&D and capacity expansion.