SS Innovations Reports Record Q1 Revenue, Driven by Robotic Surgery Growth
SS Innovations International reported a 117% increase in quarterly revenue to $11.1 million, driven by strong SSi Mantra installations and procedures, as the company pursues global expansion and FDA approval.
SS Innovations International (Nasdaq: SSII), a developer of surgical robotic technologies, reported record first-quarter 2026 revenue of $11.1 million, a 116.8% increase from $5.1 million in the same period last year, according to unaudited financial results released Wednesday. The company attributed the growth to robust adoption of its SSi Mantra surgical robotic system, with installations rising 73.3% to 26 units in the quarter.
Gross profit surged 390% to $5.3 million, with gross margin expanding to 48.0% from 21.2% a year earlier, reflecting improved operational efficiency. The company narrowed its net loss to $3.6 million, or $(0.02) per diluted share, compared to a net loss of $5.7 million, or $(0.03) per diluted share, in the first quarter of 2025. As of March 31, 2026, SS Innovations had no long-term debt and $16.0 million in cash and cash equivalents.
Dr. Sudhir Srivastava, Chairman and CEO, noted that strong adoption by hospitals and physicians underscores the SSi Mantra's advanced features, user-friendliness, and cost efficiency. “Among other developments in the quarter, we received regulatory approval for the SSi Mantra for multiple indications in Sri Lanka and Kenya and for telesurgery in Indonesia and the Philippines,” he said. The company also completed a private placement in March 2026, generating approximately $18.6 million in gross proceeds to fuel growth initiatives.
The company is now focusing on expanding its footprint in underserved markets and securing entry into the United States and European Union. “We expect the U.S. Food and Drug Administration to complete its review of our 510(k) premarket notification for the SSi Mantra this year,” Srivastava said, adding that the company is also pursuing CE marking certification in the EU in 2026. As of March 31, the cumulative installed base of SSi Mantra systems reached 194 across eleven countries, with cumulative surgeries totaling 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries.
The company's focus on democratizing access to robotic surgery is evident in its global expansion strategy. Regulatory milestones in the quarter included approvals from Sri Lanka's National Medicines Regulatory Authority and Kenya's Pharmacy and Poisons Board, as well as telesurgery approvals in Indonesia and the Philippines. The SSi Mantra system, which features modular robotic arms and a portable telesurgery console, has been clinically validated in over 170 different types of surgical procedures in India.
Investors reacted positively to the news, with the company's stock seeing increased activity. For more information, visit the company's newsroom at tinyurl.com/ssiinewsroom.