15 minutes, 20 minutes for the management to bring through the presentation, then I will open the floor to Q&A. With that, maybe I'll hand the mic over to Ravi.
Well, first of all, thank you everybody who's joining. Appreciate your time. Just as a backdrop, the management team in the room will go through the details of the results, but I just wanted to give you a high-level view of where we are and how the company has been doing over the last few months since we last connected. As you can see at a glance, first half 2026, we have shown a revenue plan which is 24% year-over-year, to $87.2 million . Underlying NPAT + 45%. We'll go through the details of all this information. In addition, as we had suggested in the past and looked at how to actually provide, better shareholder returns for the long term, we have declared an interim dividend. Very uniquely, this company is a tremendous growth company and a value company.
It's a very rare occasion that you see a dividend coming from a very strong growth company. But we're very happy to say that we have put that model in place. We are also targeting semi-annual dividends, and we'll keep you updated on that. In terms of commercial momentum, which is key to how we think every day, we have expanded the market access across Europe and Asia by having regulatory approvals in additional countries and starting to see some small sales from those geographies. PerfusionWorks, which is our data software for quantification, is on track. Just the good news here is that the regulatory bodies in EU have actually approved the product and approved our data, and now we just got to wait for the certifications. But as far as we are concerned, the process to get the approval is done. Now you just have wait for documentation.
So, delivered strong first half growth, commercial progress in existing and new markets, and we are continuing to return value to shareholders through dividend policies as well as share buybacks. Thanks. This one.
Ravi, I'm sorry.
From an expansion perspective, all three key regions we have been able to expand both the vial growth and more importantly, identify new applications and more KOLs. Fidelma will discuss that in a second. One of the things we looked at is how you secure national tenders, and you can see that in Denmark we have secured it until 2028. In terms of regulatory approvals, which is our, what I call competitive moat, as well as something we need to deliver products in different geographies, we have increased substantially for both the dye and the camera. We will give you the details in the next slide, but the good news here is that every time we meet and every month we focus on our business, it is about adding a regulatory moat, which helps us build a competitive landscape which is unparalleled.
In terms of products and technology, PerfusionWorks, as I discussed, all queries have been addressed and we are just waiting for formal certification. Why that is important for us, and someone asked me yesterday, "How come we do not operate data?" Well, I do not think it matters to a healthcare company that we have a great product unless we have an approval to sell it. We always wait for approvals to be able to discuss what we can do with the product. You will see in the future when we start discussing how we will use this and how we will monetize that. It will come to bear in very short while. In terms of manufacturing, we have now qualified a second API supplier and we are going through last tail ends of due diligence there.
At some point, we might decide to first turn them on as a supplier and then potentially even look at buying the company if required. The current cost base and another thing, one of the questions which came up was why is our OPEX slightly higher? Part of the reason is when you build a software team, it takes a while to deliver the software outcome, but you need to have a team building the product. Our growth, which is going to be driven by vial sales, which are also going to be enabled by having great software tools for surgeons, takes time to develop, and you can see that it has taken us a good three and a half, four years to deliver PerfusionWorks.
That team we have, which is now using PerfusionWorks platform to build out the future of what we will do is all in place. What that essentially means going forward, our OPEX changes will be very limited or very minimal. We are now ready to use that as a strong operating leverage in the future because we do not need to add more people. We are just now adding more products from the same team. Next slide.
Fidelma.
Fidelma, I will hand this off to Fidelma because she knows more about this than I do.
Thank you so much, Ravi. Really what this shows is that our clinical adoption continues. We continue to see sustained momentum in clinical adoption of fluorescence-guided surgery. Our approach here, as you can see on the left-hand side, is really based on three key pillars: clinical education, scientific exchange, and market development. We invest in hands-on training, workshops, product education to build clinical confidence and help hospitals incorporate fluorescence into routine surgical workflows. We also engage with surgeons, researchers, and professional societies to strengthen the evidence base and share experience between established and new users. We then convert that clinical interest into market development through hospital engagement, camera company and distributor partnerships, and broad regulatory access. These indicators on the rise demonstrate the momentum behind the market. ICG-related publications have increased by 13% since 2024 to more than 23,000 now.
Research is expanding across colorectal, breast, reconstructive, and hepatobiliary surgery, as well as many other applications. Registered clinical trials have increased by 31% to 833, exploring both established and emerging clinical applications. Our surgical key opinion leader network, or KOLs, have grown from approximately 70 in 2024 to more than 120 today. These senior clinicians and researchers help advance clinical understanding and encourage the sharing of best practice. Alongside the clinical activity and in relation to our competitive moat, as Ravi has mentioned, Verdye and IC-Green are now approved in 43 countries, compared to 33 in 2024. IC-Flow, our near-infrared camera, our handheld camera, is now approved in 46. We are actively progressing filings in approximately 20 other additional territories, with further being prepared. This creates access to new markets, supports our commercial partners, and helps protect our long-term competitive position.
The key point here is that adoption is being supported by several reinforcing trends. More evidence, more clinical investigation, a broader network of experienced clinicians, and expanding regulatory access. Next slide, please, Adam. In terms of the addressable markets, this continues to grow. This slide puts into perspective the long-term opportunity. We have focused on four important procedure groups where ICG is either established or developing rapidly. Laparoscopic cholecystectomy, called Lap Chole, that is gallbladder removal, colorectal surgery, breast sentinel lymph node procedures for staging of breast cancer, and breast reconstruction. Together, these represent an estimated 12.1 million procedures in 2026 and will increase to over 13.7 million in 2030. The largest opportunity, as you can see here, is Lap Chole, with approximately 9.5 million procedures, followed by colorectal surgery, 1.4 million, breast sentinel lymph node, and also breast reconstruction. The opportunity really is driven by two factors.
First, the underlying number of relevant surgical procedures continue to grow as the world continues to get older. Secondly, and potentially more important for UltraGreen, is ICG penetration remains relatively early. Use varies considerably by geography, hospital, specialty, surgeon, and access to fluorescence imaging systems. Within the market we currently serve, we estimate an accessible pool of approximately 3.2 million- 3.7 million procedures. Our 2025 sales represented close on a million procedures. This implies a reach of between 27%- 31%, a midpoint of about 29%. This is an indicative measure rather than precise market calculation. However, it does demonstrate the substantial headroom remaining within markets where we already have regulatory approval and commercial infrastructure. The opportunity is therefore a combination of growing procedure base, a relatively early penetration, and we are addressing a large and expanding market with significant room for adoption, even within our own footprint.
Next slide. My last slide talks about, I suppose, fluorescence-guided surgery continues to gain traction. We see here four key structural developments to support wider adoption. First, infrastructure continues to expand. The installed base for fluorescence capable surgical systems. These are the near-infrared camera systems, particularly fluorescence imaging becomes embedded within robotic platforms. The opportunity extends beyond one manufacturer, but numbers from Intuitive, which is the leader, shows that robotic systems continue to grow and grow by 12% year-on-year. This is important for UltraGreen because we supply the imaging agent across camera platforms. As more hospitals acquire fluorescence capable systems such as Intuitive, one of the historical barriers for ICG adoption is reduced. Second, there is the evidence base continues to strengthen. Professional societies continue to support guidance.
In 2025, SAGES guidelines supported fluorescence-guided surgery across several applications, giving hospitals and surgeons a firmer basis for incorporating it into their routine practice. This comes on the heels of the European EAES advocacy. In colorectal surgery, a pooled analysis of seven randomized controlled trials found ICG perfusion assessment was associated with a 42% lower odds of anastomotic leaks. Anastomotic leaks, as you probably may have heard us talking about in previous presentations, is a serious and costly complication that can lead to repeat surgery and prolonged hospitalization. The evidence therefore supports both clinical and economic case for adoption. Third then is adoption is broadening. A recent international survey published in July of colorectal surgeons sees growth across 80 countries. That paper concluded that 91% of those surgeons expected fluorescence-guided surgery to become standard practice in their hospitals.
There was a separate survey, actually, of over 400 Italian surgeons that came out also in July, and that found that 62% routinely use ICG for intraoperative perfusion assessment. This shows that in some established markets, fluorescence is already becoming part of routine clinical practice rather than remaining an early adopter technology. The fourth then is demand for greater standardization, and this is probably the area we get most excited about. Fluorescence interpretation remains largely qualitative with potential variation in dose, timing, and clinical interpretation. Although technology availability has increased substantially, standardized protocols have not developed at the same pace. This creates an opportunity for UltraGreen and, as Ravi talked about, our data-driven quantification technology that we have just received approval for. As fluorescence use expands, clinicians will increasingly require consistent protocols, objective measurements, and better tools to interpret this signal.
This is the rationale for our investment in quantification. PerfusionWorks is being developed to move fluorescence beyond visual assessment alone by providing objective perfusion measurements and data-driven decision support. Overall, the trajectory remains positive. Infrastructure is expanding, the evidence is strengthening, specialist adoption is increasing, and the need for standardization is becoming clearer.
These factors support continued growth in ICG use and create the opportunity for UltraGreen to develop from not just being a leading supplier in ICG, but into a broader fluorescence-guided surgery and quantification business. That clinical and market momentum is translating into commercial growth, and I will now hand over to Eamon for a financial review.
Morning, everyone. Thank you for joining this morning. As you will have seen last night, we've presented a very strong financial profile for the first half of 2026, led by our revenue figure of $87.2 million, which represents a 24% increase compared with the prior year. That's driven by two primary factors, an 11% volume growth across the worldwide territories and a growth in yield across all regions, but primarily the U.S. Our gross margin has increased to 87%, $75.5 million. Our operating profit has increased 66% to $28 million. Or sorry, our operating expenses have increased 66% to $28 million. A number of factors included in that is the aforementioned investment that we had and the talent to roll out the data platform that we've spoken about.
It also includes subsidiaries that we have disposed of, so our UltraLinQ headcount is included in that plus 29 delta variance, which overstates it. We've also had a number of increased marketing costs, which are variable in nature with revenue, and there's also some additional professional fees associated with having a public company and also those, an in and an out accounting adjustment with regard to a grant that we received and a release from shareholders' equity. So that all results in 11% operating profit to $47.5 million, representing a 54% operating profit margin, which is extremely healthy. Our net profit attributable to shareholders increased by 53% to $39.2 million. Our NPAT, net profit before exceptional items, + 45% to $39.4 million.
Just to provide a quick overview on our revenue, you can kind of see both markets showing growth on the right-hand side in terms of number of vials at +11%. The non-U.S. growing by 25%, U.S. growing by 4%. You can see all positive trajectory lines with regard to revenue in both markets. We are extremely happy. The breakdown of the growth in revenue is primarily yield driven. Of the $17 million growth in revenue, $15 million of that came from yield, another $6 million from volume, and then we had to offset UltraLinQ which accounted for $4 million. That is the key driver of our revenue growth. You will also note, as you calculate that out, we have demonstrated strong quarter-on-quarter growth from Q2 on to Q1 as well, with a 10% growth in vial volume. Next one.
As we work down through the P&L, again, our gross margin, very healthy, 87%, in line with our expectation. Growth following our increase in price and some nominal COG savings. Our adjusted EBITDA, +16%. Again, growth in gross profit offset slightly by our increase in operating costs. Just, I suppose, to focus on our operating costs, we are very comfortable now that they are stable, in a very stable position following our investment in H1, and we do not see any major variances in the second half of the year or any one-off adjustments. Returning to the balance sheet, all the key metrics are extremely positive and healthy. Our net cash position of $198 million is +12% compared with the same period last year. Sorry, compared with the end of the year.
Our total assets +13%, liabilities +7%, and our total equity position, +13%. A very healthy position. We continue to work through a number of different M&A targets to kind of utilize out our cash position that we have, and you can see there that of the $150 million cash proceeds, we have only spent $16 million of it. There are a number of ongoing projects in the background to further grow the business that are aligned with the strategic objectives of the group. Looking forward for an outlook. You will have noticed from the press release that we have tightened the guidance from $170 million-$190 million to $175 million-$185 million. All you shrewd analysts out there would note that the midpoint is still very much the same. We are still very comfortable with what we projected at the starting point of the year.
Our net margin, we expect to remain broadly stable at about 45%. As you will have seen from the announcement of the dividend, that we continue and are committed to returning shareholder value through continued semi-annual dividends and a number of share buyback programs that we initiated during the first half of the year. Thank you.
Thank you, Eamon. With that, we have come to the end of the results presentation. We would like to open the floor to questions. You can either type in your questions, or if you could just raise your hand and turn on your mic. Any questions? Amanda?
Yeah. Hi, thank you for the presentation. My first question is, given the strong Q- on- Q volume sales in 2Q, do you see potential to raise ASPs further in the second half, and in which markets? The second question is, on a sequential basis, do you expect second half to be driven mainly by ASPs or volume? Thank you.
Eamon?
Amanda, thank you for your question. We have always committed our first priority will always be volume growth and penetration of the market. That has always been our key focus. We have always focused on driving this product to a standard of care from which you can then onwards drive your yield. We will continue to review our ASP across the regions. Some of it will grow organically, but we have no major commitment at the minute to increase prices at any point in time in the second, at this point. I think maybe as we go down through the year, later on in the year, we can update the team if there are any yield increases. But nothing planned or nothing concrete at the minute. As I say, as we tighten the guidance and would continue back to the 180, that is primarily driven by volume.
Actually, the one key point, I suppose, that as we discussed with the commercial team and as we were reviewing the tightening of the guidance, the revenue figure is $87.87 million. At the last day of the year, there were five shipping Tuesdays in the U.S. in June. On the fifth Tuesday, on the June 3rd, we shipped 10,000 vials through our GPO distributor network. But they were FOB, and we could only recognize the revenue in July. There is another $1.7 million of revenue that if shifted a day or two earlier, would have been recognized in the H1.
We've had a bumper July, but that just kind of reflects that if you extrapolate out the first half of the year onto the second half of the year, we could have beat that $89 million, which would have been very close to doubling to $180 million. We're very comfortable with the tightening of the guidance. We've reviewed it with our commercial team, and we're on track to achieve what we said at the start of the year.
Thank you. I'll go back to the queue.
Thank you, Amanda. Zoe?
Hi. Thank you, management, for taking my questions. According to your reported U.S. revenue and also the number of vials sold, the ASP for ICG in the U.S. is around $170. But you already raised your price to $200 in September last year. May I know why there is a difference?
No, I am not sure the revenue figure of $200 per vial is correct in 2025. The average price in the U.S. in 2025 was in the kind of $140 region. I will be honest, I am kind of slow due to competitive measures to discuss ASP in too much detail. But the average, I am not sure that the $200 figure that you are referring to of average price per vial is accurate.
I mean, you raised the ICG price to around $200 in September. I guess from September, the ASP of the vials sold should be around $200, right?
Yeah. Our average price per vial in the U.S. is about 180, and that reflects the price increase that we had in 2025.
Oh, okay. Sure. My second question is on the first half results is very strong for sure, but it looks more driven by out of the U.S. market. The U.S. volume growth is about 4% year-on-year. What kind of growth would you expect for the second half and also for 2027, given the demand in the U.S. market? What kind of academic promotion are you conducting right now?
Yeah. So you know the U.S. is obviously a key market. It represents about 2/3 of our business. While it grew 4%, it is still on track. As I said, there was a shipment on the last Tuesday of the month of 10,000 vials. Both markets, all markets effectively, but both territories remain on track for the target. That is why I do not see any particularly huge or material deviation from the guidance that we have. The growth that we have in both the U.S. and non-U.S. are in line with where we thought they would be, where we expect them to be. That is why there is no major deviation from our guidance. From a demand perspective in the second half of the year, there will be nominal increases half- on- half, because obviously we are working towards our midpoint guidance of $ 180 million.
Thank you. For the rest of the year, can you give us more color? Which countries are growing fast? Are you going to get more approvals in the second half and also 2027?
Yeah. So I think definitely for the rest of the world outside the U.S., we are growing definitely at a very fast rate. Actually our volume, you mentioned the U.S. first half of the year, we are up 26%, 27% in volume outside, across Europe, so the main European countries. We continue to see very strong growth across all the regions we are in within Europe and then expanding in Asia, where that growth is continuing.
As for that, I am also outlined in updates. We are at 43 countries registered now, where ICG is approved and registered, and that is a big motor on our business. We have 20 more in plan. Again, that is strategically in line with our object as well, growing the Asia market and supporting that and expanding that area and into the Middle East as well. So we are definitely seeing very strong growth outside the U.S. as well.
Definitely the product has for that one through updating all the education and training programs we have in place, working with the key societies, working with the key KOLs in the business. If you look at the TAM and the size of the market, we still have a small percentage of that penetrated today. So there is a lot more opportunity ahead and a lot more revenue and volumes to be sold across the business. So we are very confident, as Eamon says, in the guidance we are giving to meet the target for the global business overall.
With regard to 2027, it's probably a little bit early to We're just beginning the process internally to begin to prepare our forecast and budget for 2027. That'll occur probably from September onwards. It's probably a little bit premature to speak about that at this point in time.
Thank you, management. I don't have any other questions.
Thanks, Zoe. Amanda?
Yeah, just a few follow-up questions. You had some employee stock option plans this year. Can I check how much are we expecting on a recurring basis? On the tax front, there was an $8.5 million tax provision last year. Do you see any potential for reversal this year?
Okay. Just with regards to ESOP, yes, there have been two grants that have been issued in the first half of the year. One in March and the second one just in early July. The expected cost will be about $6 million in 2026, and it will be recurring. They are vesting over a three-year period. With regard to the tax provision-
Working here.
Pardon me. Hold on one second.
Somebody else. Oh, sorry.
With regards to the tax provision, yes, that is an ongoing dialogue with the IRAS. We have been in numerous communication with them. It is still ongoing. Our next advised decision would be in the next fortnight or so. With regards to the communication so far, I really don't want to preempt anything, but all of the communication and clarification has been pretty routine. I don't want to preempt the decision by MAS or IRAS, but yeah, we're expecting a decision in the next fortnight.
Maybe to clarify something. Earlier, Eamon said $6 million. That $6 million is for the full year, of which $1.5 million has been recognized in the first half.
Yes.
Just to highlight that because we were interrupted by someone earlier. Any other questions from the floor? Otherwise, I guess with that, we'll close our briefing. Thank you for dialing in. Feel free to reach out to us if you have any follow-up questions.
Thank you.
Thank you, everyone. Bye-bye.