Synektik S.A.
Company Overview
Synektik S.A. is a Polish medical technology company with a diversified business model covering medical equipment distribution, healthcare IT systems, and radiopharmaceutical manufacturing. The group is the exclusive distributor of Intuitive Surgical’s da Vinci robotic surgery systems in Poland, Czech Republic, Slovakia and the Baltic states, and the largest producer and supplier of radiopharmaceuticals in Poland. Its activities span oncology, cardiology, neurology and diagnostic imaging markets.
Business Segments
- Medical Equipment & IT Solutions – robotic surgery systems, diagnostic imaging devices, hospital IT systems, maintenance and training
- Radiopharmaceuticals – production and delivery of PET and other radioisotope tracers for diagnostic imaging
Key Drivers
- Unprecedented EU-funded hospital modernization programs (KPO) through 2026
- Rapid expansion of installed da Vinci robot base driving consumables and service revenue
- Strong growth in recurring revenues from service contracts, consumables and isotopes
- Rising adoption of minimally invasive and robotic surgery
- Healthcare automation and efficiency investments by hospitals
Key Risks
- Dependence on key suppliers, particularly Intuitive Surgical
- Lumpiness of revenues due to public tender timing
- Regulatory and reimbursement risk in healthcare systems
- Execution risk on large hospital contracts
- Clinical and regulatory risk related to cardiotracer development
What to Watch
- Number of da Vinci system installations per quarter
- Growth of recurring revenue share in total sales
- Order backlog and new tender wins under EU-funded programs
- Progress of cardiotracer Phase III clinical trials
- Completion and execution of the Syn2bio spin-off
Foundational Analysis
Business Model
Following the spin-off of its biotechnology and radiopharmaceutical R&D activities into Syn2bio S.A., Synektik operates as a focused medical technology and healthcare services company. The business model centers on the distribution of advanced medical equipment—most notably da Vinci robotic surgery systems—combined with recurring revenues from consumables, maintenance contracts, training services, and hospital IT solutions. This structure emphasizes predictable cash flows, reduced earnings volatility, and scalability driven by the expanding installed base of equipment across Central and Eastern Europe.
Competitive Positioning
Post spin-off, Synektik retains a dominant regional position as the exclusive distributor of Intuitive Surgical’s da Vinci robotic systems in Poland, Czech Republic, Slovakia and the Baltic states through 2029. The company benefits from a large installed base, long-term service relationships with public hospitals, and a well-established surgeon training and service ecosystem. With the higher-risk biotech activities removed, Synektik’s competitive profile is defined by execution capability, tender expertise, and deep integration into hospital procurement and modernization programs.
Economics & Capital Allocation
The separation of Syn2bio results in cleaner and more transparent economics. Synektik’s financial profile is driven by a high share of recurring revenues from consumables and service contracts, which carry structurally higher margins than equipment sales. The company operates a capital-light model with limited fixed assets, strong operating cash flow generation, and favorable working capital dynamics supported by advance payments on large public contracts. Profitability and margins are expected to be less volatile without the drag of R&D expenses.
As a standalone med-tech business, Synektik is positioned to allocate capital toward organic growth, working capital for contract execution, selective bolt-on acquisitions, and shareholder returns. The company maintains a conservative balance sheet with low leverage and targets a sustainable dividend policy supported by recurring cash flows. Capital previously absorbed by high-risk R&D is no longer required, improving free cash flow visibility and financial flexibility.
Long-term Risks
Key long-term risks for post-spin-off Synektik include dependence on exclusive supplier relationships, particularly with Intuitive Surgical; increased competition in robotic surgery and medical equipment markets; cyclicality of public healthcare investment tied to EU and national funding programs; and execution risk related to large hospital tenders and system installations.
What Would Break the Thesis
- Termination or non-renewal of the exclusive da Vinci distribution agreement
- Significant erosion of recurring revenue per installed system
- Structural decline in public healthcare capital expenditure in core markets
- Failure to maintain market leadership amid competing robotic platforms
Full Company Analysis
Synektik S.A. — Full Analysis
In-depth research for Synektik S.A. — the complete foundational analysis, valuation scenarios, and investment thesis, with live financials and charts that stay up to date.
All analyses, online — cancel anytime
Contracts Intelligence
Robot Deliveries Schedule
Delivery Schedule: Historical and planned robot deliveries by model type and calendar quarter based on ESPI announcements.
| Robot Model | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Total Robots | 4 | 7 | 9 | 10 | 9 | 7 | 3 | 30 | 19 |
| APOTECAchemo | - | - | - | 1 | 2 | - | - | 1 | 2 |
| BD Rowa Vmax | - | - | - | - | 1 | - | - | 0 | 1 |
| Hologic | - | 1 | - | - | - | - | - | 1 | 0 |
| Symani | - | - | - | 1 | - | - | - | 1 | 0 |
| da Vinci | 4 | 6 | 9 | 8 | 6 | 7 | 3 | 27 | 16 |
| Total da Vinci (Cumulative) | 100 | 105 | 113 | 122 | 128 | 135 | 138 | - | - |
AI-Generated: Robot deliveries are extracted using AI analysis of contract announcements and periodic reports.
Revenue Allocation by Quarter
Subscriber Content: Revenue allocations for future quarters are hidden. All contract allocations are available to subscribers. Subscribe or sign in to see the full data.
Currency Note: All amounts in PLN. Foreign currency contracts converted at announcement date rates.
| Contract | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | 2026 Q4 | 2027 Q1 | 2027 Q2 | 2027 Q3 | 2027 Q4 | 2028 Q1 | 2028 Q2 | 2028 Q3 | 2028 Q4 | 2029 Q1 | 2029 Q2 | 2029 Q3 | 2029 Q4 | 2030 Q1 | 2030 Q2 | 2030 Q3 | 2030 Q4 | 2031 Q1 | 2031 Q2 | 2031 Q3 | 2031 Q4 | 2032 Q1 | 2032 Q2 | 2032 Q3 | 2032 Q4 | 2033 Q1 | 2033 Q2 | 2033 Q3 | 2033 Q4 | 2034 Q1 | 2034 Q2 | 2034 Q3 | 2034 Q4 | 2035 Q1 | 2035 Q2 | 2035 Q3 | 2035 Q4 | 2036 Q1 | 2036 Q2 | 2036 Q3 | 2036 Q4 | 2037 Q1 | 2037 Q2 | 2037 Q3 | 2037 Q4 | 2038 Q1 | 2038 Q2 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue per Quarter | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 1,234,567.89 | 772,826,638.69 |
|
Sale, delivery, installation and post-warranty service of da Vinci surgical robotic system (including training and warranty service)
|
15,541,152.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale and installation of a da Vinci robotic surgical system with training and warranty service
|
10,972,747.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, Delivery, Installation and Maintenance of da Vinci Robotic Surgical System (Kauno Klinikos)
|
23,379,350.58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply, installation and commissioning of MRgFUS (Exablate Neuro) system with training and warranty service
|
11,403,154.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci 5 robotic surgical system with training, warranty service and consumables supply
|
21,201,352.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Framework agreement for ongoing supplies of consumables for da Vinci surgical robotic system
|
10,099,130.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply, installation, commissioning and servicing of two da Vinci surgical robotic systems with training and consumables
|
29,969,644.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci surgical system with adaptation works, personnel training and warranty service
|
12,884,425.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply, installation and commissioning of da Vinci surgical robotic system with training and warranty service
|
18,514,000.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of a da Vinci surgical robotic system with equipment, staff training and warranty service
|
13,069,826.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Distribution Agreement with Intuitive Surgical – territorial extension to Ukraine and term extended to 31 Dec 2031
|
- | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of a robotic surgical system (da Vinci) with training and warranty service
|
18,348,297.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci robotic surgical system with equipment, staff training and warranty service to the Provincial Hospital in Bielsko-Biała
|
12,320,891.91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, Installation and Commissioning of da Vinci Surgical Robotic System with Training and Warranty Service
|
20,829,999.91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exclusive distribution agreement for HistoSonics Edison histotripsy systems in Central and Eastern Europe
|
- | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Framework agreement for ongoing supplies of consumables for da Vinci surgical robot
|
14,952,586.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, delivery, installation and commissioning of da Vinci surgical robotic system with training and warranty service
|
9,251,585.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply, installation and commissioning of da Vinci robotic surgical system with staff training and warranty service
|
- | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci surgical robotic system with training and warranty service
|
15,735,000.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, Installation and Commissioning of Robotic Surgery System (Symani) with Training and Warranty Service
|
10,879,535.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Framework agreement for supply of consumables for da Vinci surgical robotic system
|
13,806,915.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci 5 surgical robotic system (with training and warranty service)
|
16,180,000.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Agreement for ongoing supply of consumables for the da Vinci surgical robotic system
|
9,851,541.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, delivery, installation and commissioning of da Vinci SP single‑port robotic surgical system with optional additional surgical console, personnel training, warranty and post‑warranty service and consumables supply
|
14,526,392.99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, delivery and installation of a single-port da Vinci SP surgical robotic system with service and training
|
17,956,393.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Lease of da Vinci robotic surgery system with equipment, delivery, installation and commissioning, consumables supply, staff training and service support (24-month lease)
|
10,479,003.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci robotic surgery system with training and warranty service
|
9,524,095.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply, installation and commissioning of da Vinci surgical robotic system including operating room adaptations, training and warranty service
|
19,131,798.99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci robotic surgical system (including equipment, personnel training and warranty service)
|
12,701,699.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci robotic surgery system (including training and warranty service)
|
11,140,781.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
License and Distribution Agreement for Glunektik (FDG) in Latvia and Estonia
|
- | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply, installation and commissioning of the da Vinci robotic surgery system (da Vinci) - University Hospital in Krakow
|
18,996,700.76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of robotic pharmacy systems (Robotic systems, additional equipment, software and training)
|
12,696,171.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Agreement for deliveries of instruments and accessories for the da Vinci surgical robotic system
|
20,116,234.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, delivery and commissioning of da Vinci robotic surgical system with simulator, training and long-term service
|
12,363,343.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Agreement for ongoing supply of consumables and sale of a data archiver for the da Vinci robotic surgery system
|
9,770,708.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale and installation of da Vinci surgical robotic system with training and 6-year service; framework supply of consumables
|
17,633,262.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery, installation and commissioning of da Vinci robotic surgery system (including equipment, consumables, room adaptation, training and warranty service)
|
15,020,607.93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply, installation and commissioning of da Vinci robotic surgery system with instruments, premises adaptation, staff training and warranty service
|
12,127,631.82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Delivery of da Vinci Surgical Robot with consumables, training and warranty service
|
6,805,471.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, delivery, installation and commissioning of da Vinci robotic surgical system, training and 8-year service agreement
|
43,615,984.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, delivery, installation and commissioning of a da Vinci robotic system with training and warranty service
|
2,622,677.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply agreement for consumables for the da Vinci robotic system
|
154,817,696.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply of consumables and accessories for da Vinci surgical system (framework agreement)
|
9,899,850.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, delivery, installation and commissioning of da Vinci robotic surgical system with training and 6-year service to University Hospital Plzeň
|
3,368,120.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Supply, installation and commissioning of da Vinci surgical robot and APOTECAchemo robotic compounding system with equipment, staff training and warranty service for Wojewódzki Szpital Zespolony in Elbląg
|
15,492,111.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Untitled Contract
|
- | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Untitled Contract
|
- | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale, delivery, installation and commissioning of a da Vinci surgical robotic system with training and warranty service
|
12,828,763.40 |
AI-Generated Revenue Allocation: Revenue allocations follow IFRS 15 principles with AI-derived timing assumptions. Verify with official financial statements.
Financial Performance
Quarterly Data
Click a metric row to chart it below. Click a second row to overlay it on a dual axis; click a selected row again to remove it.
| Metric | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 271.3M | 87.7M | 124.0M | 141.8M | 203.1M | 124.7M | 154.2M | 199.2M | 228.0M | 213.2M |
| Income Statement Gross Profit (Quarterly) | 64.7M | 34.4M | 43.0M | 48.8M | 62.5M | 45.6M | 58.2M | 76.2M | 77.6M | 78.2M |
| Income Statement EBITDA (Quarterly) | 49.3M | 20.6M | 24.6M | 29.7M | 46.4M | 34.5M | 41.6M | 54.6M | 59.8M | 58.2M |
| Income Statement EBIT (Quarterly) | 45.4M | 16.6M | 20.7M | 25.2M | 41.5M | 29.6M | 36.4M | 49.5M | 54.0M | 53.7M |
| Income Statement Net Income (Quarterly) | 34.7M | 12.2M | 16.7M | 21.0M | 33.1M | 14.4M | 23.7M | 30.9M | 35.0M | 296.4M |
| Costs Selling & Distribution Costs | 10.7M | 9.6M | 10.9M | 12.2M | 11.9M | 13.8M | 15.1M | 17.3M | 17.6M | 17.9M |
| Costs Administrative Expenses | 4.4M | 2.6M | 3.5M | 4.6M | 4.3M | 5.1M | 5.1M | 9.2M | 5.2M | 6.3M |
| Costs Administrative Expenses (LTM) | - | - | - | 15.2M | 15.1M | 17.5M | 19.1M | 23.6M | 24.5M | 25.8M |
| Cash Flow Operating Cash Flow | 122.0M | -73.2M | 16.2M | 29.1M | 109.7M | -63.4M | -5.0M | 46.8M | 97.1M | -19.0M |
| Cash Flow Capital Expenditure | -8.6M | -2.4M | -12.7M | 23.7M | -4.7M | -6.4M | -1.0M | -31.0M | -2.0M | -13.8M |
| Cash Flow Free Cash Flow | 113.4M | -75.6M | 3.5M | 52.8M | 105.0M | -69.8M | -6.0M | 15.8M | 95.1M | -32.8M |
| Cash Flow Depreciation & Amortization | 3.9M | 4.0M | 3.9M | 2.9M | 5.0M | 5.2M | 5.3M | 907.6K | 6.0M | 4.7M |
| LTM Metrics Revenue (LTM) | - | - | - | 624.8M | 556.6M | 593.6M | 623.9M | 681.3M | 706.1M | 794.6M |
| LTM Metrics EBITDA (LTM) | - | - | - | 124.2M | 121.3M | 135.2M | 152.2M | 177.1M | 190.5M | 214.2M |
| LTM Metrics Net Income (LTM) | - | - | - | 84.6M | 83.1M | 85.3M | 92.3M | 102.2M | 104.0M | 386.0M |
| LTM Metrics Net Profit Attributable (LTM) | - | - | - | 84.6M | 83.1M | 85.3M | 92.3M | 102.2M | 104.0M | 386.0M |
| LTM Metrics Operating Cash Flow (LTM) | - | - | - | 94.2M | 81.8M | 91.7M | 70.4M | 88.1M | 75.5M | 119.9M |
| Profitability Gross Margin | 23.9% | 39.2% | 34.7% | 34.4% | 30.8% | 36.6% | 37.8% | 38.3% | 34.0% | 36.7% |
| Profitability EBITDA Margin | 18.2% | 23.5% | 19.9% | 20.9% | 22.9% | 27.7% | 27.0% | 27.4% | 26.2% | 27.3% |
| Profitability EBIT Margin | 16.7% | 18.9% | 16.7% | 17.8% | 20.4% | 23.7% | 23.6% | 24.9% | 23.7% | 25.2% |
| Profitability Net Margin | 12.8% | 13.9% | 13.5% | 14.8% | 16.3% | 11.6% | 15.4% | 15.5% | 15.3% | 139.0% |
| Profitability ROIC | -834.2% | 104.8% | 100.1% | 89.5% | 74.8% | 80.5% | 81.4% | 85.5% | 82.3% | 89.5% |
| Profitability Cash Conversion | 352.0% | -599.0% | 97.0% | 139.0% | 331.0% | -439.0% | -21.0% | 151.0% | 278.0% | -6.0% |
| Balance Sheet Current Assets | 259.3M | 179.6M | 202.9M | 214.8M | 319.1M | 222.6M | 243.5M | 333.9M | 424.9M | 319.0M |
| Balance Sheet Current Liabilities | 189.8M | 126.1M | 137.1M | 135.9M | 209.3M | 160.0M | 153.7M | 203.0M | 278.4M | 259.7M |
| Balance Sheet Inventories | 17.6M | 31.6M | 27.2M | 12.7M | 40.6M | 41.3M | 48.3M | 48.6M | 98.2M | 73.8M |
| Balance Sheet Trade Receivables | 62.6M | 71.5M | 95.2M | 114.3M | 86.8M | 104.5M | 127.7M | 177.1M | 155.4M | 187.4M |
| Balance Sheet Trade Payables | 145.8M | 52.5M | 89.2M | 92.7M | 164.9M | 77.4M | 109.3M | 138.9M | 217.5M | 123.6M |
| Balance Sheet Total Equity | 168.9M | 154.4M | 171.4M | 192.1M | 223.1M | 167.1M | 191.2M | 222.8M | 258.3M | 158.7M |
| Balance Sheet Total Debt | 650.0K | 0 | 0 | 0 | 0 | 8.1M | 5.8M | 15.4M | 9.9M | 32.5M |
| Balance Sheet Cash & Equivalents | 173.9M | 71.6M | 76.7M | 84.3M | 187.5M | 55.5M | 45.4M | 84.3M | 166.2M | 36.1M |
| Balance Sheet Invested Capital | -4.4M | 82.7M | 94.7M | 107.8M | 35.6M | 119.6M | 151.6M | 153.9M | 102.0M | 155.0M |
| Balance Sheet Net Working Capital | -65.6M | 50.5M | 33.2M | 34.2M | -37.5M | 68.4M | 66.7M | 86.8M | 36.0M | 137.5M |
| Ratios Current Ratio | 1.37 | 1.42 | 1.48 | 1.58 | 1.52 | 1.39 | 1.58 | 1.65 | 1.53 | 1.23 |
| Ratios Net Working Capital to Revenue | -0.24 | 0.58 | 0.27 | 0.24 | -0.18 | 0.55 | 0.43 | 0.44 | 0.16 | 0.65 |
| Ratios Administrative Expenses as % of Revenue | - | - | - | 2.4% | 2.7% | 3.0% | 3.0% | 3.5% | 3.5% | 3.2% |
| Ratios Days Inventory Outstanding (DIO) | 24 | 32 | 21 | 7.40 | 27 | 25 | 28 | 26 | 51 | 34 |
| Ratios Days Sales Outstanding (DSO) | 84 | 73 | 72 | 67 | 57 | 64 | 75 | 95 | 80 | 86 |
| Ratios Days Payables Outstanding (DPO) | 196 | 53 | 67 | 54 | 108 | 48 | 64 | 74 | 112 | 57 |
| Ratios Cash Conversion Cycle (days) | -88 | 51 | 25 | 20 | -25 | 42 | 39 | 46 | 19 | 63 |
Revenue (Quarterly) - Visual Analysis
Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.
Recent News & Developments
Sentiment Analysis (Last 6 Months)
| Positive | 65% |
| Neutral | 25% |
| Negative | 10% |
Based on 68 articles
Emerging Competitors in Robotic Surgery Market Challenge Industry Leaders
The recent Society of Robotic Surgery (SRS) conference showcased a wave of new entrants in the robotic surgery market, particularly from Asia, aiming to challenge the dominance of Intuitive Surgical's da Vinci system. Over 100 companies presented their innovations, including advanced robotic systems for soft tissue surgery, non-invasive procedures, and diagnostic tools. Among the notable players were:
- Agibot (China): A Shanghai-based company with a 4-arm surgical robot featuring a 4K 3D vision system and over 300 patents. Its robots have already facilitated over 2,000 surgeries in Chinese hospitals.
- Riverfield (Japan): Introduced the Saroa robot with a unique hydraulic drive system providing haptic feedback. The system is operational in Japanese hospitals and recently received certifications for Thailand and Malaysia.
- LivsMed Surgical (South Korea): Debuted the Stark system, a hybrid of columnar and modular robots, with highly flexible tools and plans to enter the U.S. market with FDA certification.
- Wynex and Carina (China): Wynex, developed by Kangjii Medical, features a 4-arm system with 30 tools, while Carina, by Ronovo Surgical, offers a columnar robot with up to 5 arms, already used in over 1,000 surgeries.
Additionally, European and American companies are targeting cost-effective solutions for ambulatory surgical centers (ASC). British firm CMR Surgical's Versius, Swiss company Distalmotion's Dexter, and U.S.-based Moon Surgical and Momentis Surgical are focusing on compact, modular, and affordable systems. Johnson & Johnson also unveiled its Ottava robot, designed for ergonomic integration into operating rooms.
The U.S. market, particularly ASCs, is becoming a hotspot for these new players, driven by demand for simpler, cost-efficient robotic systems for outpatient procedures.
Relevance to Synektik S.A.: The growing competition in the robotic surgery market underscores the importance of Synektik S.A.'s exclusive distribution of the da Vinci system in Poland, highlighting the need to maintain its competitive edge amidst emerging global players. This trend also aligns with Synektik's focus on advanced medical technologies and innovation in healthcare solutions.
Key Capital Market Events Scheduled for August 2026
The upcoming week on the Warsaw Stock Exchange (GPW) features several significant events for investors and stakeholders. Key highlights include:
- Monday, August 3: CEZ will distribute a dividend of 42.0 CZK per share, and MENTZEN will pay a dividend of 0.87 PLN per share.
- Tuesday, August 4: SECOGROUP will hold an extraordinary general meeting to discuss amendments to the remuneration policy for board members and the supervisory board.
- Wednesday, August 5: STALEXP will convene an extraordinary general meeting to deliberate on reducing share capital and amending its statute. MERCATOR will distribute a dividend of 1.64 PLN per share, while PKOBP will pay a dividend of 6.14 PLN per share.
- Thursday, August 6: AILLERON and PANOVA will hold extraordinary general meetings to address changes in their supervisory boards. TEXT will conduct its annual general meeting. Dividends will also be distributed by GPW (3.40 PLN per share) and UNIBEP (0.40 PLN per share).
These events highlight the dynamic nature of the Polish capital market, offering opportunities for investors to engage with various companies across industries.
Relevance to Synektik S.A.: As a publicly listed company on the GPW, Synektik S.A. operates in a competitive market environment. Monitoring capital market activities is crucial for understanding industry trends and positioning the company strategically among its peers.
Key Events on NewConnect Market Calendar for August 2026
The NewConnect market calendar for the week of August 3, 2026, highlights several significant corporate events. On Tuesday, August 4, SUNNET will hold its Ordinary General Meeting at 9:00 AM. On Wednesday, August 5, BASEIG will convene an Extraordinary General Meeting at 12:00 PM to discuss the appointment of a new supervisory board member and amendments to the company's statute. On the same day, VOOLT will also hold its Ordinary General Meeting at 12:00 PM. Lastly, on Thursday, August 6, LTGAMES will continue its Ordinary General Meeting, which began on July 8, 2026. Additionally, EDITELPL has announced a dividend payout of 0.44 PLN per share, with the dividend day set for August 6.
Relevance to Synektik S.A.: The NewConnect market calendar provides insights into the broader financial and corporate environment in which Synektik S.A. operates, offering potential opportunities for strategic partnerships or market positioning within the medical technology sector.
Key Events on the Warsaw Stock Exchange Calendar for July 31, 2026
The Warsaw Stock Exchange (GPW) has announced a series of significant events scheduled for the week starting July 31, 2026. These include extraordinary general meetings, dividend payouts, and corporate decisions impacting various companies. Notable events include:
- July 31: Extraordinary general meetings for CRQUANTUM and ENEA, focusing on share buybacks and company restructuring. Dividend payouts are scheduled for ARCHICOM (1.80 PLN per share), FEERUM (0.50 PLN per share), ODLEWNIE (0.45 PLN per share), PANOVA (1.00 PLN per share), and ZABKA (0.12 EUR per share).
- August 3: CEZ will distribute a dividend of 42.0 CZK per share, while MENTZEN will pay 0.87 PLN per share.
- August 4: SECOGROUP will hold an extraordinary general meeting to revise executive compensation policies.
- August 5: STALEXP will discuss capital reduction, and MERCATOR will pay a dividend of 1.64 PLN per share. PKOBP will distribute 6.14 PLN per share as dividends.
- August 6: AILLERON and PANOVA will hold extraordinary general meetings to address board changes. GPW will pay a dividend of 3.40 PLN per share, and UNIBEP will distribute 0.40 PLN per share.
These events reflect ongoing corporate governance activities and financial distributions across various sectors, showcasing the dynamic nature of the Polish capital market.
Relevance to Synektik S.A.: While Synektik S.A. is not directly mentioned, the focus on dividend payouts and corporate governance highlights the importance of financial stability and strategic decision-making, which are critical for companies like Synektik operating in the competitive medical technology sector.
Key Events on NewConnect Market Calendar for July 31, 2026
The NewConnect market calendar for July 31, 2026, highlights several significant events for investors. Among the key updates:
- Balticon: Dividend payout of 0.22 PLN per share.
- BSH: Dividend payout of 1.00 PLN per share.
- Klepsydra: Dividend payout of 0.04 PLN per share.
Additionally, upcoming shareholder meetings include:
- Sunnet: Ordinary General Meeting on August 4 at 9:00 AM.
- Baseig: Extraordinary General Meeting on August 5 at 12:00 PM to discuss board member appointments and statute changes.
- Voolt: Ordinary General Meeting on August 5 at 12:00 PM.
- LTGames: Continuation of the General Meeting from July 8, scheduled for August 6 at 12:00 PM.
- EditelPL: Dividend payout of 0.44 PLN per share on August 6.
These updates provide a snapshot of key financial and governance activities within the NewConnect market.
Relevance to Synektik S.A.: While Synektik S.A. is not directly mentioned in this calendar, the financial and governance updates on the NewConnect market are relevant as they reflect the broader investment environment in Poland, which could influence investor sentiment and market dynamics for companies like Synektik S.A.
Synektik S.A. Announces Q3 FY2025 Financial Results Conference
Synektik S.A., a leading Polish medical technology company specializing in radiopharmaceutical production, medical equipment distribution, and healthcare IT solutions, has scheduled a financial results conference for the third quarter of FY2025. The event will take place on Thursday, August 6, 2026, at 11:30 AM. The company is expected to present its financial performance and provide updates on its key business segments, including its exclusive distribution of the da Vinci robotic surgical systems, production of PET radiopharmaceuticals, and advancements in medical imaging and IT solutions.
The conference will offer insights into Synektik's ongoing initiatives, including its role as a major supplier of cutting-edge medical technologies and services to hospitals and clinics, as well as its efforts to maintain a competitive edge in the rapidly evolving healthcare technology market.
Relevance to Synektik S.A.: This announcement is directly tied to Synektik's business profile as it highlights the company's financial performance and strategic developments in its core areas of expertise, including robotic surgery systems and radiopharmaceuticals.
CBA Investigates Public Procurement in Mazovian Hospitals
The Central Anti-Corruption Bureau (CBA) has conducted searches in six hospitals across the Mazovian Voivodeship as part of an investigation into alleged irregularities in public procurement processes within healthcare facilities. The operation, supervised by the District Prosecutor's Office in Sieradz, focused on potential financial misconduct and the misuse of local government funds allocated for medical staff training and qualification enhancement during 2020–2021. Authorities have already detained three individuals and filed charges, with further procedural actions anticipated following the analysis of seized documents and data carriers.
Relevance to Synektik S.A.: As a key player in the medical technology and healthcare solutions market, Synektik S.A. operates in a sector where public procurement processes are critical. Investigations like this highlight the importance of transparency and compliance in securing contracts for advanced medical equipment and services, such as those provided by Synektik.
Synektik S.A. Loses Tender for Medical Equipment Supply Due to Higher Bid
Synektik S.A., a leading Polish medical technology company, has failed to secure a key tender for the supply of advanced medical equipment to a major healthcare institution. The tender was awarded to a competing firm that submitted the lowest bid, significantly undercutting Synektik's offer. Despite Synektik's reputation for providing cutting-edge medical solutions, including the da Vinci robotic surgical systems and radioisotope markers for diagnostic imaging, the company's higher pricing strategy proved to be a disadvantage in this competitive bidding process.
The loss of this tender highlights the growing competition in the medical technology market, particularly from lower-cost providers. This outcome could impact Synektik's market share and underscores the challenges the company faces in maintaining its leadership position amidst increasing price pressures.
Relevance to Synektik S.A.: This development is directly relevant to Synektik S.A.'s business profile as it reflects the competitive dynamics in the medical technology sector and the challenges the company faces in securing contracts against lower-cost competitors.
Synektik S.A. Reports Estimated 89% Revenue Growth in Q3 FY2025
Synektik S.A., a leading Polish medical technology company, has announced estimated consolidated revenues of approximately PLN 292.3 million for the third quarter of the 2025 financial year, marking an 89% year-on-year increase. For the first nine months of the fiscal year ending June 30, 2026, the company projects revenues of around PLN 733.4 million, reflecting a 52% growth compared to the same period last year.
The financial data, which remains preliminary, will be finalized and disclosed in the interim consolidated financial report scheduled for release on August 5, 2026. These results underscore Synektik's strong performance across its core business segments, including medical equipment distribution, IT solutions for healthcare, and radiopharmaceutical production.
Relevance: The article highlights Synektik S.A.'s robust financial growth, which aligns with its strategic focus on expanding its market presence in advanced medical technologies, including robotic surgical systems and radiopharmaceuticals.
Prof. Mariusz Kuśmierczyk Resigns as National Consultant in Cardiac Surgery Amid Heart Transplant Program Dispute
Prof. Dr. Hab. N. Med. Mariusz Kuśmierczyk has announced his resignation as the National Consultant in Cardiac Surgery and his departure from the National Transplant Council. The decision follows the Ministry of Health's approval to launch a third heart transplant program in Warsaw at the State Medical Institute of the Ministry of Internal Affairs and Administration (MSWiA), led by Prof. Piotr Suwalski. This marks the return of heart transplant procedures to the institute after a 21-year hiatus.
Prof. Kuśmierczyk, who also heads the Department of Cardiac Surgery, Thoracic Surgery, and Transplantology at the Medical University of Warsaw Clinical Center (UCK WUM), expressed concerns over prioritizing less experienced centers for such critical procedures. He stated, "If one has no influence, then why hold the position?" in his social media post explaining his resignation. Prof. Kuśmierczyk has held numerous prestigious roles, including President of the Polish Society of Cardio-Thoracic Surgeons (2018-2021), and was awarded the Knight's Cross of the Order of Polonia Restituta in 2016 for his contributions to heart transplantation.
National consultants play a crucial role in shaping healthcare policies, including initiating and evaluating epidemiological studies, forecasting medical needs, and advising on patient referrals for international treatments. The controversy surrounding the new transplant program highlights the complexities of healthcare decision-making in Poland.
Relevance to Synektik S.A.: The development of advanced cardiac surgery programs, such as heart transplants, aligns with Synektik S.A.'s focus on providing cutting-edge medical technologies, including robotic surgical systems like the da Vinci platform, which can enhance precision and outcomes in complex procedures.
Results Call Transcripts
Summaries of Synektik S.A.'s results conference calls are free. Full transcripts are available to subscribers.
Synektik S.A.
Key takeaways
- The group achieved record-high consolidated sales of PLN 441 million in the first half of the financial year, with an EBIT from continuing operations of PLN 118 million.
- The dominant segment, comprising medical devices and IT solutions with recurring activities, grew by 36% to nearly PLN 414 million in sales, with EBIT increasing by 46% to over PLN 121 million.
- The radioisotopes segment experienced a 17% growth in sales, with a 13% increase in EBIT.
- The company completed a spin-off of its R&D activities, resulting in a one-time, non-cash profit of PLN 261 million, which is excluded from recurring results.
Key financial figures
- Consolidated sales (H1): PLN 441 million (+35% YoY)
- Medical devices and IT solutions segment sales: PLN 414 million (+36% YoY)
- Radioisotopes segment sales: PLN 27.5 million (+17% YoY)
- EBIT (H1): PLN 118 million (+46% YoY)
- Medical devices and IT solutions segment EBIT: PLN 121 million (+46% YoY)
- Radioisotopes segment EBIT: +13% YoY
- Backlog (as of March 31): PLN 280 million
- Contracted agreements (H1): PLN 311 million
- Recurring revenues: 50% of total sales, with a target of 60% in 2-3 years.
Guidance & outlook
- The company expects continued strong growth in the second half of the financial year, with potential for even higher dynamics than in the first half.
- The group aims to achieve 60% recurring revenues within 2-3 years, driven by increasing demand for IT solutions and medical technologies.
- The company anticipates further growth in the medical devices segment, particularly in recurring revenues, which grew by 43% in H1.
- The radioisotopes segment is expected to maintain its growth trajectory, with a focus on special markers and licensing agreements for production outside Poland.
- The company remains optimistic about the commercialization of new products like the Edison system for non-invasive cancer treatment.
Strategic highlights
- Extended collaboration agreement with Intuitive Surgical until 2031, with plans to expand into the Ukrainian market.
- Introduction of the Edison system in partnership with HistoSonics for non-invasive treatment of soft tissue cancers, with potential for European market entry pending CE certification.
- Significant growth in the IT solutions segment, with sales doubling in H1. The company is actively participating in government tenders for AI-based diagnostic systems.
- Continued focus on expanding the installed base of robotic systems, with 18 new installations in H1, bringing the total to 132 systems.
- The company is preparing for increased demand driven by demographic changes and the need for advanced medical technologies.
Q&A highlights
- Future profitability trends: Management expects continued growth in profitability, driven by increasing recurring revenues, which could reach 60% of total sales in 2-3 years.
- Impact of currency fluctuations: The company employs a conservative hedging policy to mitigate the impact of currency fluctuations, with no significant effect on financial results unless there are extreme short-term changes.
- Strategic importance of IT solutions: The IT solutions segment is a key growth area, with significant potential for long-term recurring revenues from maintenance, updates, and development of software solutions.
- Impact of KPO funding: Management does not foresee a significant drop in robotic system sales post-2026, as new markets (e.g., Baltic countries, Ukraine) and recurring revenues from installed systems will drive growth.
- Barriers to growth: Key challenges include regulatory hurdles and a shortage of trained medical personnel. However, the company is optimistic about overcoming these challenges through investments in training and technology.
- Da Vinci systems: The company expects to sell over 30 Da Vinci systems in the current financial year, with continued growth in installations and procedures.
- Potential for last-minute KPO orders: While a "last-minute" surge in orders is possible, it will depend on the Ministry of Health's assessment of unspent funds and subsequent decisions.
2026 EPS Estimates
Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.
Key Metrics
Company-specific performance indicators tailored to Synektik S.A.'s business model.
Recurring Revenue (PLN)
Recurring Revenue LTM (PLN)
Recurring Revenue LTM % of Revenue LTM (%)
Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.
Periodic Report Publication Calendar
| Quarter | Publication date |
|---|---|
| Q1 | 2026-02-26 |
| H1 | 2026-06-11 |
| Q3 | 2026-08-27 |
| FY | 2026-12-18 |
Schedule reflects the most recent ESPI announcement for each fiscal year. Past publication dates are shown in grey.
