The publicly-listed radiopharmaceuticals producer and supplier of advanced medical solutions wrapped up Q1 of the new financial year (October – December 2024) with consolidated sales of PLN 203.1 million, normalized EBITDA of PLN 51.0 million and net profit of PLN 33.1 million. The Group’s EBITDA climbed 5.5 percentage points to 25.1%, which was driven by 62% growth in recurring revenue in the segment responsible for equipment supplies and services.
The segment consisting of supplying medical equipment and IT solutions and providing maintenance and measurement services posted revenue of PLN 191.1 million in Q1 2024 generating EBITDA of PLN 50.6 million. The segment’s EBITDA was 26.4% versus 20.2% in Q1 2023. The segment’s recurring revenue generated on the sales of services (maintenance, warranty and IT) and supplies of consumable materials and accessories shot up 62% yoy to PLN 68.1 million in the past quarter.
The revenue generated by the radiopharmaceuticals segment climbed 22% yoy to PLN 12.1 million (net of intragroup transactions). This dynamic top line growth was driven by higher sales in every one of the main product groups with the complementary assortment leading the way (88% growth yoy to PLN 3.8 million). The segment’s recurring revenue generated on the performance of long-term contracts to supply the radiopharmaceuticals produced by the Group rose 5% yoy. The segment’s EBITDA was PLN 3.9 million in Q1 of this year.
“We have made a strong and successful start this year forming a very good forecast for our full-year operational and financial results. The demand for the medical equipment offered by the Group continues to be high on all our markets, which ensues from market conditions and the execution of our growth strategy. We are working meticulously on extending our product portfolio, expanding our geographic reach in the region and, no less importantly, promulgating knowledge regarding the unique advantages related to the advanced technologies offered by the Synektik Group. Fastidious product selection and the focus on cultivating sustainable long-term business relations with our partners are producing fruit in the form of the Group’s recurring revenue, which translates into the overall firm’s growing value. We assume that the upcoming quarters will be marked by sales growth on international markets and a strong commitment to the process of modernizing the Polish health care sector, also by leveraging funds in the National Recovery and Resilience Program”, remarks Cezary Kozanecki, Synektik’s founder and CEO.
The driving force underpinning the Group’s recurring revenue growth is the higher demand for consumable materials and accessories for the medical equipment supplied to clients by the Synektik Group. More than 6.9 thousand surgical procedures with the assistance of da Vinci (65% growth yoy) were performed in the last quarter in the territory where the Group operates. In total, as at the end of December 2024, the Group provided maintenance care to 96 da Vinci systems in Poland, the Czech Republic and Slovakia.
Dariusz Korecki, Vice-President of Synektik draws attention to the Group’s rising potential in the sales of services and proprietary products, including IT services. Among other things, the Group is a supplier of proprietary PACS solutions, i.e. software for a picture archiving and communication system in diagnostic devices. It is also developing the Zbadani.pl medical platform and the SynDose app to monitor dosages. “The IT business is of great significance for the Group’s long-term value growth and we intend to continue investing in its development. The acquisition completed last month of IT4KAN sp. z o.o., which is active in implementing and integrating medical IT systems will not only strengthen our market position but also enable us to offer even better solutions that are aligned to client expectations to an even greater degree”, believes Dariusz Korecki.
