SS Innovations International, Inc. (SSi) reported significant financial growth in its latest 10-K filing, with revenues reaching $20.6 million for the year ended December 31, 2024, compared to $5.9 million in the previous year. This increase is attributed to the sale of 36 surgical robotic systems, including 7 sold on a deferred payment basis, and 11 installed on a pay-per-use model. The company also noted a gross profit of $8.5 million, reflecting a substantial rise in demand for its SSi Mantra surgical robotic systems, which are designed to enhance surgical outcomes and reduce costs.
The company experienced a net loss of $19.2 million in 2024, a slight improvement from the $20.9 million loss reported in 2023. This reduction in losses was primarily due to increased revenues, although it was offset by higher stock compensation expenses, which rose to $14.3 million from $9.7 million the previous year. Research and development expenses also increased to $2.5 million, reflecting SSi's commitment to enhancing its product offerings and technological capabilities.
Strategically, SSi has made notable advancements, including the introduction of the next-generation SSi Mantra 3 system in June 2024 and the successful installation of its systems in new markets such as Nepal and Ecuador. The company has also received regulatory approvals for its products in several countries, including Indonesia and Guatemala, and is in the process of seeking FDA approval for the U.S. market. As of December 31, 2024, SSi had installed a total of 62 systems globally, with 58 located in India and 4 in international markets.
Operationally, SSi has reported that its systems have been utilized in over 3,500 surgical procedures across various specialties, including cardiovascular and gynecological surgeries. The company has also focused on expanding its customer base and enhancing user engagement through training programs and partnerships with leading hospitals. As of the end of 2024, SSi employed 378 individuals, with a significant portion dedicated to manufacturing and clinical support.
Looking ahead, SSi aims to continue its expansion into underserved markets, leveraging its cost-effective surgical robotic systems to increase accessibility to advanced surgical technologies. The company plans to raise additional capital to support its growth initiatives and is optimistic about the future demand for robotic-assisted surgeries, particularly in emerging markets where healthcare needs are rapidly evolving.
About SS Innovations International, Inc.
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