SS Innovations lists on Nasdaq; shares trade under 'SSII' ticker

SS Innovations International, the India-based manufacturer of indigenous surgical robotic systems, announced that it has listed on the United States (US) Nasdaq. 

 

The trading commences on April 25, with the company’s shares listed under the ticker symbol ‘SSII’.

 

The manufacturer of robotic assistance systems (RAS) expects the move will help in expanding its operations in the US, with SSII's robotic systems currently undergoing US Food and Drug Administration (USFDA) inspection.

 

Sudhir Srivastava, chairman of the board and chief executive officer of SS Innovations, said that the timing of SSII’s uplisting coincides with its global expansion beyond India into multiple countries worldwide.

 

“We are pursuing the European Union (EU)’s CE Mark and USFDA approval for our SSI Mantra surgical robotic system, which we expect to receive in late 2025 and early 2026, respectively,” he said.

 

Srivastava added that the uplisting to Nasdaq will enhance market awareness of its story, improve transparency, expand their potential investor base, and ultimately increase share liquidity.

 

The company stated that it has reported a 3.5-fold year-on-year increase in its revenue for the year ending December 31, 2024, at $20.6 million, compared to $5.9 million reported in the previous corresponding period.

 

“Gross margins also showed significant improvement, rising to 40.9 per cent from 12.3 per cent in 2023, highlighting the company’s robust financial performance and expanding market presence,” the company said.

 

Srivastava added the company is looking at an advantage in the US market through its affordability factor.

 

“In the US, the latest robotic system sells between $2.5 million to $3 million. Even with us exporting systems from India to the US, it will cost somewhere around $1.2 million at the most,” he added.

 

SSII adds that its surgical robotic systems have been installed in 80 hospitals across 75 locations in India. The company is also planning to expand its footprint to other countries including Nepal, Ecuador, Guatemala, the Philippines, Indonesia, Sri Lanka, and Ukraine.

 

With over 3,700 procedures performed using the SSI Mantra, which includes more than 200 robotic cardiac procedures, Srivastava said that the system has zero reported device-related mortality, injuries, or complications.