SS Innovations Reports First Quarter 2025 Financial Results

Yahoo

14-05-2025

Record Quarterly Revenue of $5.1 Million Driven by Higher SSi Mantra 3 Unit SalesOn Track for July 2025 De Novo Application to the FDA for SSi Mantra 3
FORT LAUDERDALE, Fla., May 14, 2025 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the 'Company' or 'SS Innovations') (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced unaudited financial results for the three months ended March 31, 2025. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, with the Securities and Exchange Commission on May 14, 2025.
First Quarter 2025 Overview
Revenue increased 40.8% to $5.1 million from $3.6 million in the first quarter of 2024.
Gross margin expanded 121 basis points to 21.23% from 20.02% in the first quarter of 2024.
Gross profit rose 49.3% to $1.1 million from $0.7 million in the first quarter of 2024.
Net loss of $5.7 million, or $(0.03) per diluted share, compared to net loss of $9.8 million, or $(0.06) per diluted share, in the first quarter of 2024.
SSi Mantra surgical robotic system installations totaled 15, up 66.7% from 9 installations in the first quarter of 2024.
As of March 31, 2025
Long-term debt of $0.
Cash and cash equivalents totaled $15.9 million, excluding restricted cash.
SSi Mantra cumulative installed base totaled 78 and cumulative surgeries reached 3,568.
Subsequent Events
On April 25, 2025, the Company's common stock uplisted to The Nasdaq Capital Market®.
CEO CommentaryDr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, 'In the first quarter of 2025, we achieved record quarterly revenue of $5.1 million, up 40.8% from $3.6 million in the first quarter of 2024, driven by higher unit sales of our innovative, cutting-edge SSi Mantra 3 surgical robotic system to leading healthcare facilities in India and abroad. Our gross margin also improved during the quarter, primarily reflecting a reduction in raw material prices. With an expanding installed base and growing utilization of SSi Mantra 3 by medical professionals globally, SS Innovations is well positioned for continued robust organic growth during the remainder of the year.'
Dr. Srivastava continued, 'After quarter end, we uplisted to Nasdaq, an exciting milestone that symbolizes a new chapter of global expansion for the Company. We intend to widen our presence beyond the seven countries where our SSi Mantra surgical robotic system has been cleared to market, with a focus on pursuing approval in the European Union and United States. We plan to submit a De Novo application for SSi Mantra to the U.S. Food and Drug Administration by the end of July 2025 for multiple indications and continue along the pathway towards a European Union CE Mark decision as soon as late 2025. Our vision is to decentralize and democratize robotic surgery by deploying our cost-effective, gold-standard SSi Mantra 3 devices across the globe for the benefit of a wider range of patients in need.'
Select Business Highlights in First Quarter 2025
The SSi Mantra 3 surgical robotic system enabled the world's first ever robotic cardiac telesurgery.
The Company's state-of-the-art mobile telesurgery unit debuted in India with the aim of improving remote surgical access.
The SSi Mantra 3 received medical device regulatory approvals in the Philippines and Ukraine.
Revenue Breakdown and Summary of Installations / Surgeries
Category
Q1 2024
Q1 2025
VarianceSystem sales
$3,494,759
$4,502,482
$1,007,723
28.8
%
Instrument sales
118,515
477,208
358,693
302.7
%
Warranty sales
9,407
122,504
113,097
1,202.3
%
Lease income
15,012
18,416
3,404
22.7
%
Total revenue
$3,637,693
$5,120,610
$1,482,917
40.8
%
SSi Mantra installations
9
15
6
67
%
Cumulative installed base1
24
78
54
225
%
SSi Mantra surgeries
361
787
426
118
%
Cumulative surgeries1
981
3,568
2,587
264
%
1 at period end
About SS Innovations SS Innovations International, Inc. (Nasdaq: SSII) develops innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The Company's product range includes its proprietary 'SSi Mantra' surgical robotic system and its comprehensive suite of 'SSi Mudra' surgical instruments, which support a variety of surgical procedures including robotic cardiac surgery. An American company headquartered in India, SS Innovations plans to expand the global presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Visit the Company's website at ssinnovations.com or LinkedIn for more information and updates.
About the SSi Mantra The SSi Mantra Surgical Robotic System is a user-friendly, modular, multi-arm system with many advanced technology features, including: 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, a touch panel monitor for all patient related information display, a virtual real-time image of the robotic patient side arm carts, and the ability for superimposition of 3D models of diagnostic imaging. A vision cart provides the table-side team with the same magnified 3D 4K view as the surgeon to provide better safety and efficiency. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery. The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures.
Forward-Looking Statements – Safe HarborThis press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words 'anticipate,' 'assume,' 'believe,' 'estimate,' 'expect,' 'will,' 'intend,' 'may,' 'plan,' 'project,' 'should,' 'could,' 'seek,' 'designed,' 'potential,' 'forecast,' 'target,' 'objective,' 'goal,' or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations International's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Investor Contact:The Equity Group Kalle Ahl, CFA T: [phone] [e-mail]
Devin Sullivan, Managing Director T: (212) [e-mail]
Media Contact:[e-mail]: [phone]
SS INNOVATIONS INTERNATIONAL, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)
As of
March 31,2025
December 31,2024
ASSETS
Current Assets:
Cash and cash equivalents
$
15,873,217
$
466,500
Restricted cash
5,886,589
5,838,508
Accounts receivable, net
3,962,202
4,466,047
Inventory, net
14,295,141
10,206,898
Prepaids and other current assets
7,602,794
6,438,338
Total Current Assets
47,619,943
27,416,291
Non- Current Assets:
Property, plant, and equipment, net
7,044,307
5,385,955
Right of use asset
2,629,225
2,623,880
Accounts receivable, net
2,818,043
3,299,032
Restricted cash- Non current
318,982
318,527
Prepaids and other non current assets
3,026,461
3,341,528
Total Non-Current Assets
15,837,018
14,968,922
Total Assets
$
63,456,961
$
42,385,213
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
Bank overdraft facility
$
7,682,411
$
7,994,906
Notes payable
-
7,450,000
Current portion of operating lease liabilities
368,309
409,518
Accounts payable
3,641,410
2,312,382
Deferred revenue
1,871,275
1,278,602
Accrued expenses & other current liabilities
1,433,308
1,884,814
Total Current Liabilities
14,996,713
21,330,222
Non- Current Liabilities
Operating lease liabilities, less current portion
2,402,653
2,349,118
Deferred Revenue- Non Current
5,405,227
5,173,953
Other non current liabilities
98,078
74,817
Total Non-Current Liabilities
7,905,958
7,597,888
Total Liabilities
$
22,902,671
$
28,928,110
Stockholders' equity:
Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $0.0001 par value per share; 1,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024
1
1
Common stock, 250,000,000 shares authorized, $0.0001 par value, 193,556,177 shares and 171,579,284 shares issued and outstanding as of March 31, 2025 and December 31, 2024 respectively
19,354
17,157
Accumulated other comprehensive income (loss)
(726,911
)
(749,625
)
Additional paid in capital
89,705,829
56,952,200
Capital reserve
899,917
899,917
Accumulated deficit
(49,343,900
)
(43,662,547
)
Total stockholders' equity
40,554,290
13,457,103
Total liabilities and stockholders' equity
$
63,456,961
$
42,385,213
SS INNOVATIONS INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Unaudited)
For The Three months ended
March 31,2025
March 31,2024
REVENUES
System sales
4,502,482
3,494,759
Instruments sale
477,208
118,515
Warranty sale
122,504
9,407
Lease income
18,416
15,012
Total revenue
$
5,120,610
$
3,637,693
Cost of revenue
(4,033,402
)
(2,909,511
)
GROSS PROFIT
1,087,208
728,182
OPERATING EXPENSES:
Research & development expense
1,010,095
527,991
Stock compensation expense
2,379,212
7,108,750
Depreciation and amortization expense
208,882
80,101
Selling, general and administrative expense
3,410,872
2,843,659
TOTAL OPERATING EXPENSES
7,009,061
10,560,501
Loss from operations
(5,921,853
)
(9,832,319
)
OTHER INCOME (EXPENSE):
Interest Expense
(379,905
)
(190,088
)
Interest and other income, net
620,405
180,654
TOTAL OTHER INCOME (EXPENSE), NET
240,500
(9,434
)
LOSS BEFORE INCOME TAXES
(5,681,353
)
(9,841,753
)
Income tax expense
-
-
NET LOSS
$
(5,681,353
)
$
(9,841,753
)
Net loss per share - basic and diluted
$
(0.03
)
$
(0.06
)
Weighted average- basic shares
178,836,342
170,729,490
Weighted average- diluted shares
188,599,859
181,609,691
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS
NET LOSS
$
(5,681,353
)
$
(9,841,753
)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation gain/(loss)
6,876
(79,314
)
Retirement Benefit (net of tax)
15,838
8,507
TOTAL COMPREHENSIVE LOSS
$
(5,658,639
)
$
(9,912,560
)
SS INNOVATIONS INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
For The Three months ended
March 31,2025
March 31,2024
Cash flows from operating activities:
Net loss
$
(5,681,353
)
$
(9,841,753
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
208,882
80,101
Operating lease expense
205,275
178,871
Interest Expense
155,015
283,868
Interest and other income, net
(140,928
)
(168,746
)
(Reversal of) / Provision for credit loss reserve
(422,711
)
389,330
Stock compensation expense
2,379,212
7,108,750
Changes in operating assets and liabilities:
Accounts receivable, net
1,275,750
(3,186,108
)
Inventory, net
(5,082,673
)
(1,326,859
)
Deferred revenue
823,947
2,290,417
Prepaids and other assets
(1,003,604
)
56,511
Accounts payable
1,329,028
926,083
Accrued expenses & other liabilities
48,331
705,455
Operating lease payment
(197,545
)
(167,838
)
Net cash used in operating activities
(6,103,374
)
(2,671,918
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(872,804
)
(127,255
)
Net cash used in investing activities
(872,804
)
(127,255
)
Cash flows from financing activities:
Proceeds from bank overdraft facility (net)
(312,495
)
188,259
Proceeds from issuance of convertible notes to principal shareholder
28,000,000
1,000,000
Proceeds from issuance of convertible notes to other investors
-
1,450,000
Repayment of convertible notes to principal shareholder, including interest
(4,212,637
)
-
Repayment of convertible notes to other investors, including interest
(1,068,849
)
-
Net cash provided by financing activities
22,406,019
2,638,259
Net change in cash
15,429,841
(160,914
)
Effect of exchange rate on cash
25,412
(31,351
)
Cash and cash equivalents at the beginning of the period
6,623,535
7,087,845
Cash and cash equivalents at end of the period
$
22,078,788
$
6,895,580
Supplemental disclosure of cash flow information:
Conversion of convertible notes into common stock, including interest
$
30,645,360
$
-
Transfer of systems from inventory to property, plant and equipment
$
994,430
$
1,422,880