Here are 1-2 brief analogies for SS Innovations International (SSII):

• The more affordable **Intuitive Surgical** for robotic surgery.
• **Intuitive Surgical** focused on democratizing access to robotic surgery, especially for emerging markets.

• SSI MANTRA System: A multi-port surgical robotic system designed to assist surgeons in performing complex, minimally invasive procedures across various specialties.

SS Innovations International (symbol: SSII) primarily sells its surgical robotic systems to other companies, specifically hospitals and healthcare systems.

Based on their reported installations and partnerships, major customer companies include:

• Medanta Hospitals (part of Global Health Limited, public company on NSE: MEDANTA)
• Max Healthcare Institute Ltd. (public company on NSE: MAXHEALTH)
• Apollo Hospitals Enterprise Ltd. (public company on NSE: APOLLOHOSP)

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Dr. Sudhir Srivastava, Founder, Chairman and Chief Executive Officer

Dr. Sudhir Srivastava is a globally acclaimed robotic cardiac surgeon and the founder of SS Innovations International. He previously co-founded Alliance Hospital LTD in Odessa, Texas, in July 2003, a center of excellence in cardiovascular disease treatment, where he served as chairman for four years. He is recognized for pioneering robotic cardiac procedures and holds the record for the most robotic Beating Heart Totally Endoscopic Coronary Artery Bypass (TECAB) surgeries. His vision led to the development of the SSi Mantra surgical robotic system, aiming to make advanced, affordable, and accessible surgical procedures available worldwide.

Naveen Kumar Amar, Chief Financial Officer

Naveen Kumar Amar was appointed Chief Financial Officer of SS Innovations International on September 24, 2025. He brings over 25 years of global finance leadership experience across various industries and geographies, specializing in financial accounting and reporting, planning and analysis, budgeting, forecasting, corporate finance, treasury operations, governance, and internal controls. His prior experience includes roles as Head of Finance & Commercial for SpiceXpress, Global CFO for Munch Ado India, and senior financial positions at MSD Wellcome Trust Hilleman Laboratories, EDirect Proprietary Ltd., and GE India. Before joining SS Innovations, he provided virtual CFO services to clients in the U.S., Canada, and the U.K.

Dr. Vishwa Srivastava, Chief Executive Officer - APAC

Dr. Vishwa Srivastava has been involved in the field of robotic-assisted surgery since 2008. He previously served as the interim Chief Financial Officer for the company.

Barry F. Cohen, Chief Operating Officer of Americas and Director

Barry F. Cohen founded Avra Medical Robotics Inc. and served as its Chief Executive Officer and director since February 4, 2015. Avra Medical Robotics Inc. later merged with SS Innovations. Between 2006 and 2008, he founded Avra Surgical, Inc., which was also a medical technology company.

Avinash Kumar, COO - India

Avinash Kumar is the Chief Operating Officer for SS Innovations in India, a seasoned executive with over 25 years of experience in science and engineering. His expertise includes managing manufacturing operations, vertical integrations, and medical product assemblies. He has led large teams and established manufacturing facilities in Asia, Africa, and the US.

The key risks to SS Innovations International (SSII) primarily revolve around its financial viability, intense competition in the surgical robotics market, and significant regulatory hurdles for its product expansion.

1. Financial Viability and Dependence on Financing: SS Innovations International faces substantial concerns regarding its financial health. The company reported an accumulated deficit of $43.66 million and a net loss of $19.15 million for the year ended December 31, 2024. There is explicit mention of "substantial doubt" about the company's ability to continue as a going concern in its latest 10-Q report. The business model's sustainability is questioned due to its reliance on external and related-party financing to fund operations and ongoing losses with negative net income and free cash flow. Analysts also estimate a very limited cash runway.
2. Intense Competition: SSII operates in a highly competitive medical device industry, facing significant threats from established players such as Intuitive Surgical, Inc., Medtronic plc, and Johnson & Johnson. These competitors possess greater financial resources and longer operating histories. Even with regulatory clearance, SSII would need to contend with Intuitive Surgical's extensive installed base of over 6,000 da Vinci systems, requiring substantial marketing and partnership efforts.
3. Regulatory Hurdles and Delays: The medical device industry is subject to stringent regulatory requirements, and SSII's success hinges on its ability to effectively navigate these regulations. The process for obtaining approvals, particularly the FDA's De Novo pathway for U.S. market entry, is described as uncertain and demanding rigorous proof of safety and efficacy. Regulatory delays or setbacks could significantly impede the company's progress and market expansion plans, especially for its anticipated submissions in the U.S. and EU markets.

• The emergence and increasing adoption of single-port, miniaturized, or highly flexible robotic surgical systems by well-funded competitors could challenge SS Innovations International's multi-port SSI Mantra system. If these alternative technologies prove clinically superior (e.g., less invasiveness, faster recovery, reduced scarring) or offer comparable outcomes at a similar or lower cost, they could redefine the standard for minimally invasive surgery and shift market preferences.
• Aggressive market entry and pricing strategies by established global medical device companies (e.g., Medtronic, Johnson & Johnson) with their own robotic surgery platforms, specifically targeting affordability in SSII's key growth markets like India and other emerging economies. If these larger competitors leverage their extensive resources, distribution networks, and brand recognition to offer comparable or superior systems at competitive price points, it could erode SSII's primary cost-effectiveness advantage.

SS Innovations International (symbol: SSII) primarily operates in the global surgical robotics market with its flagship product, the SSi Mantra surgical robotic system, and its associated instrumentation and services. The SSi Mantra system is designed for multi-specialty usage, including cardiothoracic, head and neck, gynecological, urological, and general surgery.

The addressable market for SS Innovations International's main products and services, primarily the surgical robotics market, has various global market size estimations:

• The global surgical robots market size was estimated at USD 4.31 billion in 2024 and is projected to reach USD 9.60 billion by 2033, growing at a CAGR of 9.3% from 2025 to 2033.
• Another estimate values the global surgical robots market at USD 8.1 billion in 2024, with an expectation to reach USD 38.4 billion by 2034, growing at a CAGR of 17.2% during the forecast period.
• A separate report valued the global surgical robotics market at USD 11.1 billion in 2024, projected to hit USD 23.7 billion by 2029, with a CAGR of 16.5% from 2024 to 2029.
• Additionally, the surgical robotics sector is expected to grow to USD 15 billion by 2029.

SS Innovations also has a significant focus on cardiac surgery. The global market for cardiac surgery devices was valued at USD 17.1 billion.

SS Innovations International (symbol: SSII) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Increased Sales and Installations of the SSi Mantra 3 Surgical Robotic System: A primary driver of SSII's revenue growth is the continued increase in sales and installations of its SSi Mantra 3 surgical robotic system. Recent reports highlight significant quarterly revenue increases directly attributed to higher unit sales of this core product. The company has seen a substantial rise in installations, indicating strong market adoption of its technology.
2. Global Market Expansion: SS Innovations International is actively pursuing global expansion, with a strategic focus on entering new markets, particularly in Europe and the United States. The company is undertaking necessary regulatory submissions, such as planned FDA De Novo applications for the SSi Mantra 3, and pursuing European certifications to support this international growth.
3. Growth in Recurring Revenue from Consumables and Services: The company anticipates an increasing mix of recurring revenue from the sale of consumables (surgical instruments) and services (such as warranties and maintenance) associated with its installed SSi Mantra systems. This shift towards a higher proportion of recurring revenue is expected to contribute to more stable and predictable growth and expanding gross margins.
4. Technological Innovation and New Product Development: SSII is committed to continuous innovation and the development of new products and enhancements to its surgical robotics platform. This includes pioneering products like the NADI Automated Coronary Anastomotic Connector and the SSi Maya XR Pre-Operative Simulator, which utilize augmented and mixed reality for improved surgical precision, as well as AI- and XR-driven imaging, training, and simulation platforms. These innovations aim to differentiate its offerings and drive long-term growth.
5. Strategic Focus on Affordability and Accessibility: SS Innovations' business model emphasizes making advanced surgical robotics affordable and accessible to a wider global population. This strategic positioning, particularly in emerging markets like India where it currently generates the majority of its revenue, allows the company to penetrate largely untapped markets by offering cost-effective solutions. This approach aims to democratize robotic surgery and capture significant market share.

Share Issuance

• SS Innovations International experienced a substantial increase in its outstanding shares, rising from 5.389 million in 2022 to 170.724 million in 2023, marking a 3,068.13% increase, largely attributed to its merger in 2023.
• As of October 2025, the number of shares outstanding further increased by 9.71% year-over-year, reaching 193.62 million.
• The company initially filed plans for a $50 million initial public offering (IPO) on Nasdaq in February 2024 but subsequently withdrew these plans in December 2024.

Inbound Investments

• In 2023, SS Innovations International completed a merger with Avra Medical, a strategic move that led to Dr. Sudhir Srivastava becoming the principal and controlling shareholder and the assignment of crucial intellectual property to the company.
• The company's operations and expansion initiatives are significantly supported by equity and debt financing.
• There has been notable institutional interest, with 11 institutional investors increasing their holdings in SSII stock during Q2 2025, including major firms like Barclays Plc and UBS Group AG.

Capital Expenditures

• For the 12 months ending October 2025, SS Innovations International reported capital expenditures of $2.07 million.
• The company anticipates significant capital expenditures in the future to establish its own manufacturing facility, aimed at enhancing in-house machining and tooling capabilities.
• A primary focus of capital allocation is on Research and Development (R&D), with expenses increasing to $1.01 million in Q1 2025 to continuously improve the SSi Mantra system and expand its product portfolio.