SS Innovations International, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SS Innovations International, Inc. has filed its 2023 Form 10-K, detailing its operations and financial status.</b>

AI Summary

SS Innovations International, Inc. (SSII) filed a Annual Report (10-K) with the SEC on March 22, 2024. SS Innovations International, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Florida and its principal executive offices are located in Gurugram, Haryana, India. Its common stock, with a par value of $0.0001, is registered under Section 12(g) of the Act. The company was formerly known as AVRA Medical Robotics, Inc., with a name change date of June 1, 2016. SS Innovations International, Inc. is classified under SIC code 3841 for Surgical & Medical Instruments & Apparatus.

Why It Matters

For investors and stakeholders tracking SS Innovations International, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's performance and strategic direction for the fiscal year 2023, crucial for investors assessing its current standing. As a medical instruments and apparatus company, this report is vital for understanding its compliance with SEC regulations and its market positioning.

Risk Assessment

Risk Level: low — SS Innovations International, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, indicating routine disclosure rather than immediate significant events.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand SS Innovations International's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end date)
• 2024-03-22 — Filing Date (Date the 10-K was filed)
• 0001213900-24-025140 — Accession Number (Unique identifier for the filing)
• 000-56608 — SEC File Number (Commission file number)

Key Players & Entities

• SS Innovations International, Inc. (company) — Registrant
• AVRA Medical Robotics, Inc. (company) — Former company name
• Florida (location) — State of incorporation
• Gurugram, Haryana, India (location) — Address of Principal Executive Offices
• 3841 (SIC Code) — Standard Industrial Classification
• 000-56608 (SEC File Number) — Commission file number

FAQ

Industry Context

SS Innovations International, Inc. operates in the Surgical & Medical Instruments & Apparatus industry, a sector focused on the development and manufacturing of medical devices and equipment.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports (Form 10-K) detailing its financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and cash flow trends.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following the company's operational period.

Key Financial Figures

• $0.0001 — ction 12(g) of the Act: Common Stock, $0.0001 par value (Title of class) Indicate b

Filing Documents

• ea0201951-10k_ssinnova.htm (10-K) — 1137KB
• ea020195101ex21-1_ssinnova.htm (EX-21.1) — 5KB
• ea020195101ex31-1_ssinnova.htm (EX-31.1) — 12KB
• ea020195101ex31-2_ssinnova.htm (EX-31.2) — 12KB
• ea020195101ex32-1_ssinnova.htm (EX-32.1) — 5KB
• ea020195101ex32-2_ssinnova.htm (EX-32.2) — 5KB
• 0001213900-24-025140.txt (&nbsp;) — 4724KB
• ssii-20231231.xsd (EX-101.SCH) — 45KB
• ssii-20231231_cal.xml (EX-101.CAL) — 36KB
• ssii-20231231_def.xml (EX-101.DEF) — 225KB
• ssii-20231231_lab.xml (EX-101.LAB) — 373KB
• ssii-20231231_pre.xml (EX-101.PRE) — 219KB
• ea0201951-10k_ssinnova_htm.xml (XML) — 325KB

Risk Factors

Item 1A. Risk Factors 19

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 19

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20 PART II 21

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

[Reserved]

Item 6. [Reserved] 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 26

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 26

Change in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Change in and Disagreements with Accountants on Accounting and Financial Disclosure 27

Controls And Procedures

Item 9A. Controls And Procedures 27

Other Information

Item 9B. Other Information 27

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 27 PART III 28

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 28

Executive Compensation

Item 11. Executive Compensation 33

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 38

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 39 PART IV 40

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 40

Form 10-K Summary

Item 16. Form 10-K Summary 41

Signatures

Signatures 42 i Unless the context otherwise requires, the terms " SSi, " " the Company ," " we, " " us, " and " our " refer to SS Innovations International, Inc., and where appropriate, our subsidiaries.

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (this " Annual Report ") contains certain statements that constitute forward-looking statements. Any and all statements contained in this Annual Report that are not statements of historical fact may be deemed forward-looking statements. Terms such as " may ," " might ," " would ," " should ," " could ," " project ," " estimate ," " pro-forma ," " predict ," " potential, " " strateg y," " anticipate ," " attempt ," " develop ," " plan ," " help ," " believe ," " continue ," " intend ," " expect ," " future " and terms of similar import (including the negative of any of the foregoing) may be intended to identify forward-looking statements. However, not all forward-looking the intent, belief or current expectations of our Company and management that are subject to known and unknown risks, uncertainties and assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in " Item 1. Business " and " Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations ."

Forward-looking statements in this Annual Report

Forward-looking statements in this Annual Report may include, without limitation, statements regarding: (i) the plans and objectives of management for future operations, including plans or objectives relating to the marketing of our surgical robotic systems both in and out of India; (ii) the timing or likelihood of regulatory filing, approvals and required licenses for marketing our surgical robotic systems in the U.S., the European Union (the " EU ") and in other countries outside of India; (iii) our ability to adequately protect our intellectual property rights and enforce such rights to avoid violation of the intellectual property rights of others; (iv) the timing, costs and other aspects of our surgical robotic systems; (v) our estimates regarding the market opportunity, clinical utility, potential advantages and market acceptance of our surgical robotic systems; (vi) the impact of government laws and regulations; (vii) our ability to recruit and retain qualified research and development personnel; (viii) difficulties in maintaining commercial scale manufacturing capacity and capability and our ability to generate growth; (ix) uncertainty in industry demand; ii (x) general economic conditions and market conditions in our industry; (xi) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items; and (xii) our future financial performance, including any such statement contained in a discussion and analysis of financial condition by management or in the results of operations included pursuant to the rules and regulations of the Securities and Exchange Commission (the " SEC "). These statements are not guarantees of future performance and are subject to numerous risks, uncertainties, and assumptions that are difficult to predict. Because forward-looking statements are inherently

Business

Item 1. Business. Company Background Overview We design, develop, manufacture and market surgical robotic systems including the SSi Mantra Surgical Robotic System and its associated instruments and accessories. Our vision is to create new, technologically advanced systems that will surpass existing surgical robotic systems to provide cost effective surgical solutions to benefit greater numbers of patients around the world. Robotic surgical procedures have achieved acceptance globally over the past two decades because they generally offer a faster recovery period, result in less post-operative pain and discomfort, provide for greater precision, reduce the risk of infection, result in minimal blood loss and permit the use of smaller incisions. However, the global market penetration for surgical robotic systems has in large part been limited to developed countries due to the high costs and steep learning curve for the existing systems. The SSi Mantra was specifically developed from the ground up to address these issues by providing an advanced, affordable and accessible surgical robotic system. We commenced development of the SSi Mantra in 2014, received regulatory approval for its sale and use in India and commercially launched sales in August 2022. The SSi Mantra has been clinically validated for safety, efficacy and effectiveness for its intended use to perform robotically assisted surgeries in more than fifty different types of surgical procedures in India without any device related adverse events. As of December 31, 2023, we have installed 23 systems, of which twenty-one are located in India, one in Dubai and one at the Johns Hopkins Hospital in Baltimore, Maryland for clinical training and ongoing research and development. The SSi Mantra system installed in the Minimally Invasive Lab at Johns Hopkins Hospital in Baltimore, Maryland is being used for training and research purposes only and not for use in any clinical procedures on human patients and theref

View Full Filing

View this 10-K filing on SEC EDGAR