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In this study, a stability analysis and performance are derived for the bilateral teleoperation systems with time-varying delay. A new model transformation is firstly applied by employing a three-term approximation for the delayed state with the scaled small-gain theorem (SSG). By using appropriate Lyapunov–Krasovskii functional (LKF) and a generalized free-matrix-based integral inequality, new stability analysis and performance criteria are proposed in terms of linear matrix inequalities. Finally, the engineering relevance of theory has been highlighted with different examples.