Executive Summary

SS Innovations furnished a Q4 2024 8‑K that provided preliminary FY 2024 results: revenue “just over $22 million” (approx. 4x 2023) and gross margin expansion to an estimated 36.90% from 12.30% in 2023, citing strong Mantra system sales and scaling efficiencies . FY 2023 revenue was $5.88 million after BDO’s re‑audit and restatement .
The company pre-announced Q1 2025 expectations of ~$6.4 million revenue and ~45% gross margin and installations rising from 64 to 78, highlighting momentum exiting Q4 2024 and into 2025 .
Strategic milestones in Q4 included first-ever robotic cardiac surgery in Indonesia and India’s first CDSCO approval for telesurgery/teleproctoring on a surgical robot, expanding clinical validation and regulatory positioning .
Governance and listing pathway improved: BDO completed re‑audits with restatements, and management pivoted from an S‑1 to an intended uplist to a national exchange; internal control remediation remains a focus following prior material weaknesses .

What Went Well and What Went Wrong

What Went Well

Rapid growth and margin expansion: FY 2024 revenue “just over $22 million” (nearly 4x 2023) and gross margin estimated at 36.90% vs. 12.30% in 2023, supported by higher system sales and scaling benefits .
Breakthrough clinical and regulatory milestones: Indonesia’s first robotic cardiac surgery using SSi Mantra; CDSCO approval for telesurgery and teleproctoring—the first and only in India—expands the solution’s addressable scope and reinforces leadership in cost-effective robotics .
Management confidence and pipeline: “We’re diligently working to secure regulatory approvals in the United States and Europe, which we expect to receive by the end of 2025 or early 2026…our momentum is clearly building” — Dr. Srivastava (CEO) .

What Went Wrong

Limited Q4 disclosure granularity: The Q4 8‑K furnished preliminary FY metrics but did not provide standalone Q4 revenue or EPS; no Q4 earnings call transcript was available, limiting quarter-specific detail and Search returned no Q4 transcript.
Ongoing losses and operating leverage: Q3 2024 net loss was $6.12 million (vs. $1.22 million in Q3 2023), reflecting stock comp and higher operating costs during scale-up .
Controls and financing reliance: Prior material weaknesses in internal controls were disclosed; operations relied on bank overdrafts and related-party and other short-term notes to support working capital in 2024 .

Financial Results

Note: SSII furnished preliminary FY 2024 results; quarterly Q4 2024 break-outs were not disclosed in the 8‑K. Below are quarterly comps for Q2 and Q3 to show trajectory.

Quarterly revenue and EPS (oldest → newest):

Metric	Q2 2023	Q3 2023	Q2 2024	Q3 2024
Revenue ($USD)	$1,575,306	$1,779,602	$4,386,051	$3,408,706
Net loss per share (basic & diluted)	$(0.00)	$(0.01)	$(0.02)	$(0.01)

Selected profitability context:

Metric	Q2 2024	Q3 2024
Gross Profit ($USD)	$1,040,491	$16,124
Net Loss ($USD)	$(2,931,834)	$(6,119,381)

Annual revenue and margin:

Metric	FY 2023	FY 2024 (Prelim)
Revenue ($USD)	$5.88M	“Just over” $22M (unaudited, subject to change)
Gross Margin %	12.30%	36.90% (est.)

KPIs and operating scale:

KPI	As of/Period	Value
Systems sold in 2024	FY 2024	37 units
Pay‑Per‑Use installations added	FY 2024	8 systems
Installed systems	Dec 2024	64
Installed systems (cumulative)	Mar 31, 2025 update	80 systems in 75 hospitals
Cumulative procedures	Through Mar 31, 2025 update	>3,500; includes >195 cardiac
Surgeon/staff training	Cumulative	>750 surgeons; >1,000 staff
Manufacturing capacity	Current	20 units/month; expandable to 35
Regulatory approvals	Ongoing	India, Nepal, Ecuador, Guatemala, Philippines, Indonesia, Ukraine

Segment reporting: Company operates one segment .

Vs. Estimates: Wall Street consensus for Q4 2024/FY 2024 was not available in S&P Global for SSII at the time of this analysis (GetEstimates returned no Q4/FY consensus fields). Values retrieved from S&P Global.*

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Q1 2025	n/a	~$6.4M (prelim, unaudited)	New
Gross Margin %	Q1 2025	n/a	~45%	New
Installations	Q1 2025	64 (Dec 2024 installed base)	78 expected	New
Regulatory approvals	US/EU	n/a	FDA and CE Mark expected late 2025 or early 2026	Timing indicated

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was found; themes below synthesize Q2–Q3 filings and Q4 press releases.

Topic	Previous Mentions (Q-2 & Q-1)	Current Period (Q4 2024)	Trend
Regulatory pathway	Initiated US/EU process; approvals anticipated H2’25 in Q2 10‑Q	US/EU approvals expected late 2025/early 2026 reiterated	Consistent; timeline reaffirmed
Telesurgery	Early trials and ambition; no approval	CDSCO approval for telesurgery/teleproctoring (first in India)	Positive inflection; capability validated
Product execution (Mantra 3)	Showcased; sales scaling; Q2/Q3 installed base growth	Indonesia first robotic cardiac surgery; multiple complex procedures executed	Clinical breadth expanding
Regional expansion	Sales in India; exports to Nepal/Ecuador/Indonesia by Q3	Indonesia cardiac program launch; continued global momentum	International traction rising
Manufacturing & training	Capacity build-out; staffing ramp	Capacity 20 units/month (expandable to 35); >750 surgeons trained	Scaling to demand
Audit/internal controls	Material weaknesses; BDO re‑audit initiated	BDO completed re‑audit; restatements filed; uplisting plan updated	Governance progress; remediation ongoing

Management Commentary

“SS Innovations has built a strong foundation in 2024, laying the groundwork to achieve significant milestones in the years ahead…we’re diligently working to secure regulatory approvals in the United States and Europe, which we expect to receive by the end of 2025 or early 2026…our momentum is clearly building.” — Dr. Sudhir Srivastava, Chairman & CEO .
On telesurgery approval: “With the technology and bandwidth available now, we can truly decentralize and democratize surgical expertise, reaching patients and surgeons in the most remote parts of India and the world.” — Dr. Srivastava .
On Indonesia cardiac milestone: “Reaching this milestone with SSi Mantra is a testament to our vision of transforming surgical practices…This collaboration addresses the critical need for safe, timely, and affordable cardiac care.” — Dr. Srivastava .

Q&A Highlights

No Q4 2024 earnings call transcript was available; therefore, no Q&A themes or clarifications could be extracted (Search returned no SSII Q4 call transcript).

Estimates Context

S&P Global consensus for Q4 2024 and FY 2024 (Revenue, EPS) was not available for SSII at time of analysis; the company’s 8‑K furnished preliminary FY 2024 revenue “just over $22 million” and gross margin estimates but did not provide Q4‑specific EPS/revenue break-outs . Values retrieved from S&P Global.*

Key Takeaways for Investors

The core narrative is accelerating commercialization: FY 2024 revenue near $22M with gross margin ~37% on strong Mantra system sales; Q1 2025 guide implies continued top-line and margin momentum into 2025 .
Clinical and regulatory differentiation is building: first-in-India telesurgery approval and a high-profile Indonesian cardiac program should support adoption and international pipeline opportunities .
Execution focus in 2025: scaling manufacturing (20→35 units/month), surgeon training, and installed base growth appear central to maintaining margin progression through fixed-cost absorption .
Governance and listing trajectory improved post-BDO re‑audit and restatements; uplisting plan (post-S‑1 withdrawal) can broaden investor access and liquidity if achieved .
Risks: ongoing operating losses, reliance on short-term financing, and prior material control weaknesses; continued improvement in cash conversion and internal controls will be important de‑risking steps .
Catalysts: US/EU approvals (late 2025/early 2026), additional high‑visibility clinical programs, and sustained quarterly revenue/margin progression; absence/presence of quarterly detail and investor communications (calls) may influence near-term sentiment .

References:

Q4 2024 8‑K and press release (preliminary FY 2024 results and Q1 2025 outlook)
Q3 2024 10‑Q (quarterly financials, controls)
Q2 2024 10‑Q (quarterly financials, scaling)
Indonesia cardiac surgery (11/27/2024 8‑K)
CDSCO telesurgery approval (12/10/2024 8‑K)
Audit completion/uplisting update (12/11/2024 8‑K)

Footnote: *Values retrieved from S&P Global.

SS Innovations International, Inc. (SSII)·Q4 2024 Earnings Summary