Synektik Group, a publicly listed provider of advanced medical technologies and a manufacturer of radiopharmaceuticals, closed its 2024 financial year on a strong note. Between July and September, the Group increased its total revenue by 41% to PLN 199.2 million, while EBITDA from continuing operations rose 61% to PLN 54.6 million. For the full financial year ended 30 September, the Group delivered record revenue of PLN 681.3 million and EBITDA of PLN 177.1 million, driven by growing recurring revenues from both business segments.
In the fourth quarter, Synektik Group generated PLN 39.4 million in net profit (excluding the result of the Centre for New Molecules Research, which is planned to be spun off), 72% more than a year earlier. Total comprehensive income amounted to PLN 30.8 million, compared with PLN 18.9 million a year earlier. Over the 12 months of 2024, the Group’s net profit from continuing operations reached a record PLN 125.2 million.
Sales of medical equipment, IT solutions, and service offerings remain the Group’s main growth driver. In Q4, the segment’s revenues reached PLN 187.1 million (+46% y/y), while segment EBITDA amounted to PLN 60.1 million.
The radiopharmaceutical segment closed the quarter with sales close to last year’s level, reaching PLN 12.2 million in revenue. During the period, the Group increased sales of special radiopharmaceuticals by 37% to a record PLN 3.0 million, offsetting lower sales of complementary products. The segment’s EBITDA in Q4 2024 reached PLN 3.2 million.
Importantly, quarter by quarter, an increasing share of the Group’s revenues is generated under long-term contracts and business relationships in both segments and is of a recurring nature. The Group’s recurring revenues – generated from supplies of consumables and accessories, service provision, and radiopharmaceutical sales – rose by 43% in Q4 to PLN 92.4 million. For the entire 2024 financial year, they totalled nearly PLN 347 million, accounting for 51% of the company’s total revenue.
“We have every reason to be satisfied with both the past quarter and the entire 2024 year. We are dynamically increasing our scale of revenue, an ever-growing portion of which is recurring. Thanks to carefully building our product portfolio and leveraging operational efficiency – founded on cost discipline and organizational effectiveness – we have established durable foundations for further business development. Through the hard work of the entire Group, we have reached the position of a leading provider of innovative medical solutions, well-positioned to be at the forefront of the technological transformation of healthcare systems in the region’s countries. This exceptionally successful year is not the peak of our ambitions or capabilities, which we intend to demonstrate in the coming quarters,” says Cezary Kozanecki, President and Founder of Synektik.
One of the key drivers behind the growth of Synektik Group’s recurring revenues is its effective expansion in the therapeutic medical equipment market, where equipment sales generate demand for the consumables and accessories supplied by the Group. A significant contribution to achieving the Group’s strategic objectives comes from the development of robotic surgery. In Q4 2024 in Poland, the Czech Republic, and Slovakia, 8.7 thousand surgical procedures were performed using da Vinci systems (for which Synektik Group is the exclusive distributor in these countries), around 43% more than a year earlier. Over the past 12 months, the number of procedures exceeded 32.3 thousand (a 52% y/y increase). In the past financial year, the Group sold and installed 27 da Vinci systems in hospitals across Poland, the Czech Republic, and Slovakia (including 9 units in the last quarter), entering the new financial year with 113 da Vinci systems under its care (including service support).
The Group also continued to expand its product portfolio. Since September, the medical robotics division has added Intuitive’s innovative robotic bronchoscopy system. The Hologic product range -previously comprising mammography and breast biopsy systems – has been expanded to include densitometry solutions and minimally invasive gynecologic treatment systems for outpatient removal of polyps, fibroids, and endometrial overgrowth.
In total, during the last quarter, the Group generated PLN 103.6 million in revenue from medical equipment sales (a 43% y/y increase), and nearly PLN 320 million over the entire 2024 financial year. As emphasized by Synektik Vice President Dariusz Korecki, the Group has the potential to improve this result in the current financial year, driven both by the company’s broad product offering and market conditions related to tenders financed through the National Recovery and Resilience Plan (KPO). “We entered 2025 with a record PLN 275 million in backlog and so-called active offers. Of the latter – amounting to nearly PLN 200 million at the end of September – a significant portion has already been converted into contracts or successful tenders. Our consistent efforts to build market awareness of the key advantages offered by Synektik Group’s solutions are yielding strong demand for our product portfolio,” comments Korecki.
The new financial year will be breakthrough for the Group not only in business terms. Synektik Group is in the process of a corporate split in which the Group’s research and development activities in the area of innovative radiopharmaceuticals, including the cardiac-tracer project, will be spun off into a separate listed company – Syn2bio SA. In November this year, a prospectus related to the planned issuance of Syn2bio split-off shares – intended for allocation to Synektik shareholders – was submitted to the Polish Financial Supervision Authority.
