Company Summary: SS Innovations International, Inc.

Overview

• Type: Surgical robotics company engaged in design, manufacturing, and marketing of robotic surgical systems.
• Core Product: SSi Mantra – a next-generation, affordable surgical robotic system designed to perform a wide range of minimally invasive surgeries.
• Mission: To democratize access to advanced surgical robotics, particularly targeting underserved regions of the world.

Development & Regulatory Milestones

• Development of SSi Mantra began in 2014.
• Received regulatory approval in India (by CDSCO) for sale and use.
• Commercial launch in India: August 2022.
• Introduced SSi Mantra 3 in June 2024.
• Receives approvals in Guatemala, Nepal, Ecuador, Indonesia, and Guatemala.
• Filed pre-Submission with FDA and is preparing for U.S. clinical trials via IDE pathway.
• Working on CE certification for Europe.
• Operates under ISO 13485 quality management system.

Production & Installation

• Facilities: Based in Gurugram, India (~70,000 sq. ft. manufacturing facility).
• Systems installed: As of December 31, 2024: 62 systems (58 in India, 4 overseas).
• Systems sold in 2024: 36 units.
• Systems installed in 2024: 47 units.
• Total surgeries performed: Over 3,500 procedures globally.
• Active Customers: 75 systems installed (indicating active hospital partnerships and clinical use).
• Global Reach & Installations: India, Indonesia, Guatemala, Nepal, Ecuador, Nepal, and USA (demonstrations and telesurgery).

Surgical Applications & Procedures

• Systems support over 80 types of surgical procedures.
• Procedure volume (as of Dec 2024):
  • Total: 2,759 surgeries
  • Major procedures include:
    • Cardiovascular, thoracic, head & neck, gynecological, urological, cancer surgeries, general surgeries.
  • Notable cases:
    • First infant pyeloplasty (April 2024).
    • Over 1,000 procedures in total.
    • More than 100 cardiac surgeries.
    • First robotic cardiac surgery in Indonesia (November 2024).
    • Telesurgery performed over distances up to 2,000 km in March 2025.

Employees & Workforce

• Total Employees (as of 2025): 378
  • 175 in manufacturing.
  • 76 in sales, clinical support, and field service.
  • 61 in research and development.
  • 26 in sourcing.
  • 5 in quality control.
  • 35 in administration.
• Key Management:
  • Sudhir Srivastava, MD – Chairman, CEO, and Director.
  • Anup Sethi – CFO.
  • Vishwajyoti P. Srivastava, MD – President and COO (South Asia).
  • Barry F. Cohen – COO (Americas) and Director.
  • Mylswamy Annadurai – Director.
  • S.P. Somashekhar – Director.
  • Tim Adams – Director.

Revenue & Financials (2024)

• Total Revenue: ~$20.65 million
  • System sales: ~$19.46 million
  • Instruments sales: ~$0.94 million
  • Warranty sales: ~$0.18 million
  • Lease income: ~$0.07 million
• 2023 Revenue: ~$5.88 million
• Net Loss (2024): ~$19.15 million
  • Slightly decreased from 2023 net loss of ~$20.88 million.
• Profitability: Not achieved; company is still in growth phase with ongoing R&D and market expansion.
• Operating Expenses: Significant investments in R&D, stock compensation, and SG&A.
• Liquidity: As of December 31, 2024:
  • Cash & equivalents: ~$466,500
  • Total assets: ~$42.39 million
  • Total liabilities: ~$28.93 million
  • Shareholders’ equity: ~$13.46 million

Business Focus & Strategy

• Focused on underserved markets, primarily India and other developing countries.
• Main strategy to promote cost-effective, accessible robotic surgery.
• Market push through large hospitals and thought leaders to expand adoption.
• Ongoing efforts to secure regulatory approvals globally, including the U.S. and EU.
• Developing new instruments and features such as telesurgery, augmented reality visualizations, and training simulators.

Market & Industry

• Global market size: Valued at $9.6 billion in 2023, projected to grow to $23.7 billion by 2029.
• Growth drivers: Increasing adoption of minimally invasive surgeries, technological advances, unmet needs in developing regions, aging populations, and broader procedural applications.
• Competitors include: Intuitive Surgical, CMR Surgical, Medtronic, Olympus, Samsung, and others.

Customers & Adoption

• Focused on large multi-specialty hospitals.
• Collaborations and training agreements with hospitals including Johns Hopkins (USA) and others.
• Utilizes various sales models: outright purchase, deferred payments, and pay-per-procedure.

Summary

SS Innovations International, Inc. is a growing medical robotic company that produces an affordable and versatile surgical robotic system, SSi Mantra, aiming to expand access to robotic surgery in underserved countries. It has achieved regulatory milestones in India and several other nations, performed over 3,500 surgeries, and installed 75 systems globally. The company continues to develop new features, expand regulatory approvals, and increase surgical volume, with a workforce of 378 employees and significant revenues, though it has not yet achieved profitability.