SS Innovations International, Inc. SSII
focused on transforming patient lives by democratizing access to advanced surgical robotics technologies. We design, manufacture and
market an advanced, next-generation and affordable surgical robotic system called the SSi Mantra Surgical Robotic System (the "SSi
Mantra") intended for use in urology, general, gynecology, colorectal, gastroenterology, head and neck, thoracic and cardiac
surgeries. While surgical robotic systems have gained acceptance globally in the past two decades for providing greater efficiency, better
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.5M | $20.6M | $5.9M | $1.4M | — | — | — | — | — | — |
| Cost of revenue | $22.9M | $12.2M | $5.1M | $1.4M | — | — | — | — | — | — |
| Gross profit | $19.5M | $8.5M | $725.5K | $60.6K | — | — | — | — | — | — |
| R&D | $3.7M | $2.5M | $1.1M | $987.4K | $1.0K | $3.0K | $60.9K | $27.1K | $71.2K | $127.6K |
| SG&A | $14.8M | $10.2M | $10.1M | $1.9M | $458.8K | $287.7K | $752.0K | $404.2K | $939.6K | $334.9K |
| Total operating expenses | $27.7M | $27.4M | $21.0M | $3.0M | $1.4M | $1.1M | $3.4M | $960.4K | $1.0M | $462.5K |
| Operating income | -$8.2M | -$19.0M | -$20.3M | -$3.0M | — | — | — | — | — | — |
| Interest expense | $1.1M | $973.2K | $894.6K | $265.5K | — | $1.1K | $19.7K | — | $27.0K | $22.5K |
| Pre-tax income | -$8.2M | -$19.2M | -$20.9M | -$3.2M | -$1.5M | -$1.1M | -$3.4M | -$960.3K | -$1.0M | -$485.0K |
| Income tax | $4.0M | — | — | — | — | — | — | — | — | — |
| Net income | -$12.1M | -$19.2M | -$20.9M | -$3.2M | -$1.5M | -$1.1M | -$3.4M | -$960.3K | -$1.0M | -$485.0K |
| EPS, basic | -0.06 | -0.11 | -0.14 | -0.03 | -0.05 | -0.05 | -0.16 | — | — | — |
| EPS, diluted | -0.06 | -0.11 | -0.14 | -0.03 | -0.05 | -0.05 | -0.16 | -0.05 | -0.05 | -0.03 |
| Shares, diluted (wtd. avg.) | $198.7M | $181.2M | $152.1M | $128.2M | $28.5M | $23.4M | $21.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.2M | $466.5K | $7.1M | $274.6K | $87.7K | $160.7K | $28.5K | $35.7K | $452.6K | $248.2K |
| Receivables | $12.4M | $4.5M | $1.9M | $156.9K | — | — | — | — | — | — |
| Inventory | $17.1M | $10.2M | $7.0M | $904.1K | — | — | — | — | — | — |
| Total current assets | $48.8M | $27.4M | $21.4M | $4.1M | $408.1K | $163.0K | $34.8K | $41.5K | $463.0K | $248.7K |
| Property, plant and equipment | $9.1M | $5.4M | $706.4K | $417.0K | $20.5K | $38.2K | $84.6K | $35.3K | $3.4K | — |
| Other intangibles | — | — | — | — | — | — | — | $43.5K | $43.5K | $43.5K |
| Total assets | $74.2M | $42.4M | $31.5M | $7.0M | $428.6K | $317.9K | $132.5K | $145.4K | $510.0K | $292.2K |
| Accounts payable | $5.1M | $2.3M | $901.6K | $165.5K | $124.6K | $131.7K | $141.4K | $10.0K | $6.1K | $54.8K |
| Short-term debt | — | — | $510.2K | $120.9K | — | — | — | — | — | — |
| Total current liabilities | $26.2M | $21.3M | $8.5M | $7.8M | $287.3K | $1.2M | $1.2M | $368.5K | $408.9K | $647.3K |
| Long-term debt | — | — | $510.2K | $469.0K | — | — | — | — | — | — |
| Total liabilities | $36.0M | $28.9M | $11.8M | $9.7M | — | — | — | — | — | — |
| Retained earnings | -$55.8M | -$43.7M | -$24.5M | -$3.6M | -$8.5M | -$7.0M | -$5.9M | -$2.5M | -$1.5M | -$485.0K |
| Total equity | $38.2M | $13.5M | $19.7M | -$2.7M | $585.6K | -$869.0K | -$1.1M | -$223.0K | $101.1K | -$355.1K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.5M | -$9.5M | -$15.4M | -$6.0M | -$363.0K | -$90.5K | -$424.1K | -$443.3K | -$446.9K | -$211.9K |
| Depreciation and amortisation | $1.1M | $436.0K | $162.6K | $128.9K | — | — | — | — | $789 | — |
| Stock-based compensation | $8.1M | $14.3M | $9.7M | $865.5K | $767.2K | $434.2K | $1.1M | $76.0K | $265.9K | $128.1K |
| Capital expenditure | $3.7M | $661.5K | $453.3K | $220.3K | — | — | — | — | — | — |
| Investing cash flow | -$3.7M | -$661.5K | -$453.3K | $240.8K | $38.1K | -$44.0K | -$50.1K | -$23.6K | -$4.2K | -$43.5K |
| Financing cash flow | $26.2M | $9.4M | $22.8M | $5.9M | $569.9K | $266.8K | $467.0K | $50.0K | $655.4K | $503.6K |
| Buybacks | — | — | — | — | $26.0K | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-036949.
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