Ss Innovations International (SSII 5.98%), a surgical robotics company focusing on emerging markets, reported its Q2 2025 financial results on August 7, 2025. The standout news is revenue more than doubling year over year to $10.0 million (GAAP), compared to Q2 2024, driven by a spike in installations of its SSi Mantra 3 surgical robotic system. Gross margin (GAAP) leapt to 59.1%, up from 31.9% in Q2 2024. The company's net loss shrank sharply to just $(0.00) per share (GAAP), versus $(0.02) per share (GAAP) in Q2 2024. There were no analyst estimates for the quarter, but the period saw material improvement across revenue, margins, and operational efficiency. This quarter signals meaningful traction for the company as it approaches regulatory milestones and expands its installed base, though achieving consistent profitability remains a key hurdle.
| Metric | Q2 2025 | Q2 2024 | Y/Y Change |
|---|---|---|---|
| Revenue | $10.0 million | $4.5 million | 121.8 % |
| Gross Margin | 59.1 % | 31.9 % | 27.2 pp |
| Gross Profit | $5.9 million | $1.4 million | 321.4 % |
| EPS (diluted) | $(0.00) | $(0.02) | Improved |
| SSi Mantra surgical system installations | 23 | 10 | 130.0 % |
About Ss Innovations International: Business and Recent Focus
Ss Innovations International designs and manufactures surgical robotic systems, emphasizing solutions for underserved healthcare markets. Its flagship product is the SSi Mantra, a multi-arm surgical robot for minimally invasive procedures. The company's model aims to provide accessible and affordable robotic surgery, especially in countries where such technology is rare.
Lately, the company has focused on rapid expansion in India and surrounding regions, increasing its installed base and driving up the number of robotic surgeries performed. To support this, securing regulatory approvals in major markets and building strategic partnerships with key hospitals are central to its growth. The main success factors include boosting system installations, growing recurring revenues from instruments and warranties, and reaching regulatory milestones in new markets.
Quarter in Review: Key Highlights and Results
Revenue leapt by 121.8% year over year, reaching $10.0 million (GAAP) in Q2 2025, as SSi Mantra systems—surgical robots for multiple types of minimally invasive procedures—saw growing demand. The company installed 23 SSi Mantra systems in Q2 2025, a 130% increase from the same period last year. The cumulative installed base climbed to 105 systems spanning seven countries as of June 30, 2025, up from 37 one year ago. Revenue from accompanying surgical instruments and service items, which form a critical source of recurring income, grew even faster (GAAP), with instrument sales increasing by 393.7% and warranty sales by 571.5% year-over-year.
Gross margin (GAAP) widened to 59.1%, up from 31.9%, indicating much higher profitability on each sale. The margin increase resulted from lower production costs. As a result, gross profit (GAAP) more than tripled versus last year.
Expenses ticked up modestly to $5.8 million from $5.5 million (GAAP). However, showing early signs of improving operating leverage. Stock compensation charges (GAAP) decreased to $1.6 million. Net loss shrank substantially to near break-even at $(0.3) million, compared to a $4.1 million loss last year, both on a GAAP basis, with the year-ago period including higher stock issuance and compensation expenses.
The SSi Mantra platform enables surgeons to perform a range of complex operations, such as cardiac and gastrointestinal surgeries, either remotely or in person. Its technical features include robotic arms, advanced 3D imaging, and telesurgery capability, allowing real-time operations at a distance. The company completed several notable procedures during the quarter, including what it describes as “world first” telesurgeries in the Western Hemisphere and in Indian public sector hospitals. Cumulative surgical cases using the SSi Mantra reached 4,657 as of June 30, 2025, including 40 remotely performed operations and 273 cardiac procedures as of July 31, 2025, with no reported device-related adverse events as of July 31, 2025.
Progress toward regulatory milestones was another key point in the quarter. After fresh discussions with the U.S. Food and Drug Administration (FDA), the company plans to pursue a faster 510(k) pathway for clearance of the SSi Mantra 3, with a target of submitting its application by the end of September 2025. The European Union CE Marking process is also ongoing, with certification possible by late 2025. This shift, if achieved, will allow access to much larger and more stable healthcare markets, supplementing the company’s core base in India and emerging economies.
No new dividends were declared or adjusted during the quarter. SSII does not currently pay a dividend.
Looking Ahead: Guidance and What to Watch
Management expects to file for U.S. regulatory clearance of the SSi Mantra 3 by the end of September 2025 and continues pursuit of European certification. The leadership team forecasts strong organic growth for the rest of fiscal 2025, based on increased installations and surgical counts. However, no specific financial guidance for revenue, profit, or cash flow was provided for upcoming quarters or the full year.
Investors should track the trend in recurring revenue, such as instrument and service sales per system, as this reflects underlying business model quality. Watch for developments tied to regulatory approvals in the U.S. and Europe, which would expand addressable markets. Operating cash burn, inventory levels, and the company’s ability to sustain profitability improvements without further diluting shareholders remain important risks. SSII does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
