SS Innovations International, Inc. (Nasdaq: SSII) announced record first-quarter 2026 financial results on May 13, with revenue surging 116.8% to $11.1 million compared to $5.1 million in the same period last year. The growth was fueled by a 73.3% increase in installations of its SSi Mantra surgical robotic system, which reached 26 units in the quarter, up from 15 in Q1 2025.
The company's gross margin expanded significantly to 48.0% from 21.2%, while gross profit rose 390% to $5.3 million. Net loss narrowed to $3.6 million, or $(0.02) per diluted share, from $5.7 million, or $(0.03) per diluted share, in the prior year. As of March 31, 2026, SS Innovations had no long-term debt and cash and cash equivalents of $16.0 million, excluding restricted cash.
Dr. Sudhir Srivastava, Chairman and CEO, attributed the strong performance to robust adoption by hospitals and physicians, highlighting the SSi Mantra's cutting-edge technology, user friendliness, and cost efficiency. During the quarter, the company received regulatory approvals for the SSi Mantra in Sri Lanka and Kenya for multiple indications, and for telesurgery in Indonesia and the Philippines. Additionally, SS Innovations completed a private placement in March 2026, raising approximately $18.6 million in gross proceeds to support growth initiatives. The offering included shares sold to directors and officers at $4.00 per share and to non-affiliate investors at $3.00 per share.
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. Dr. Srivastava noted that the company aims to strengthen its position in the Indian market, expand in underserved countries, and secure entry into the United States and European Union markets. He expects the U.S. Food and Drug Administration to complete its review of the 510(k) premarket notification for the SSi Mantra this year, and the company continues to pursue CE marking certification in Europe, which it believes can also be obtained in 2026.
The results underscore SS Innovations' progress in democratizing access to advanced surgical robotic care, particularly in regions where such technology has been limited. With a focus on affordability and accessibility, the company's modular, multi-arm SSi Mantra system supports over 40 types of robotic instruments and has been clinically validated in more than 170 different surgical procedures in India. For more information, visit the company's website at ssinnovations.com.
