SS Innovations International (NASDAQ: SSII) reported record second-quarter 2026 revenue of $13.9 million, a 39.4% increase from $10 million in the same period last year, driven by a 30.4% rise in installations of its SSi Mantra surgical robotic system to 30 units. The company's gross profit grew 20% to $7.1 million, with a gross margin of 50.9%, while net loss widened to $2.7 million, or $0.01 per diluted share, compared to a net loss of $0.3 million a year earlier.
The strong quarterly performance contributed to first-half revenue of $25 million, up 65.6% year-over-year, and SSi Mantra installations of 56, a 47.4% increase. As of June 30, SS Innovations held $13.6 million in cash and cash equivalents, with no long-term debt and a cumulative installed base of 224 SSi Mantra systems across 12 countries. The company also reported 12,272 cumulative procedures using the SSi Mantra, including 175 telesurgeries. Notably, SS Innovations recently completed a robotic telesurgery spanning more than 13,600 miles between Colombia and India, demonstrating the system's remote capabilities.
The company expects the U.S. Food and Drug Administration (FDA) to complete its review of the SSi Mantra's 510(k) premarket notification by the end of the first quarter of 2027. Additionally, SS Innovations believes it can obtain European Union CE marking certification by the end of 2026. These regulatory milestones are critical for expanding the system's availability in major markets and could significantly increase the company's addressable market.
The record revenue and installation growth highlight the increasing adoption of the SSi Mantra in emerging markets, where the demand for affordable robotic surgery is high. The company's focus on cost-effective solutions aligns with a global trend toward making advanced medical technology more accessible. With a robust cash position and no debt, SS Innovations is well-positioned to fund its regulatory pursuits and further commercial expansion.
The successful telesurgery between Colombia and India underscores the potential of robotic surgery to bridge geographical gaps in healthcare, enabling expert surgeons to operate on patients remotely. This capability could revolutionize surgical care in underserved regions, presenting a significant opportunity for SS Innovations to differentiate itself in the competitive robotic surgery market.
As the company awaits FDA clearance and CE marking, investors will be watching for continued growth in installations and procedures, as well as progress in regulatory approvals. The expansion of the installed base and the successful demonstration of telesurgery are strong indicators of the system's reliability and value proposition.
