SS Innovations International (SSII) Q2 2024 earnings summary

Executive summary

• Commercial-stage surgical robotics company focused on affordable, next-generation systems, with the SSi Mantra system gaining regulatory approvals in India, Indonesia, Nepal, Guatemala, and Ecuador, and regulatory processes underway in the US and EU.

• As of June 30, 2024, 40 systems installed globally, with over 1,400 procedures performed, and recurring revenues from instruments and accessories increasing as installed base grows.

Financial highlights

• Revenues for Q2 2024 were $4.39M, up from $1.58M in Q2 2023; six-month revenues reached $11.62M, up from $3.09M year-over-year.

• Net loss for Q2 2024 was $2.93M, compared to $1.85M in Q2 2023; six-month net loss was $5.58M, compared to $2.84M year-over-year.

• Gross profit for Q2 2024 was $1.54M, up from a loss of $3.35M in Q2 2023.

• Selling, general, and administrative expenses increased to $3.78M in Q2 2024 from $1.98M in Q2 2023, reflecting expanded operations and marketing.

Outlook and guidance

• Management is pursuing additional funding to scale operations, expand manufacturing, and meet regulatory and market expansion goals.

• No committed funding sources exist; inability to secure additional capital may impact expansion and going concern status.