The producer of radiopharmaceuticals and supplier of advanced medical solutions generated PLN 359 million in revenue in H1 2023 (October 2023 – March 2024), up 70% from one year ago. The Synektik Group’s EBIT climbed 123% yoy to PLN 62 million, while comprehensive income totaled PLN 46.9 million versus PLN 23.1 million in H1 2022.
The Synektik Group’s Q2 2023 and entire first half of the year witnessed growth in sales and income in both operating segments. The segment spanning the sales of medical devices and IT solutions and the provision of maintenance and measurement services wrapped up the past quarter with 37% revenue growth to PLN 75.1 million and 140% growth in recurring EBITDA, which totaled PLN 23.4 million. Overall, in the last half year the segment’s revenue totaled PLN 336.5 million (76% growth yoy) and recurring EBITDA totaled PLN 76.6 million (91% growth yoy). The radiopharmaceuticals segment generated 17% sales growth in the past quarter to PLN 12.6 million (net of intragroup transactions), bringing EBITDA up 34% to PLN 4.4 million. The Group’s radiopharmaceutical business completed H1 2023 with 23% sales growth rising to PLN 22.5 million and 80% EBITDA growth surpassing PLN 8.5 million.
The recurring revenue generated by the medical device and service segment involving the supply of products and services as part of long-term contracts has exerted a greater and greater impact on the quality of the Synektik Group’s results. In the past half year, the segment’s recurring revenue shot up 77% to PLN 89.0 million. The driving forces behind the development of this part of the Group’s business are the growing sales of advanced diagnostic and therapeutic devices as part of the Group’s offering and the ever more effective usage by users, which is generating greater demand for consumable instruments and parts for these devices.
The bulk of the Group’s recurring revenue is generated by the sales of instruments and accessories and services for the therapeutic devices used in Poland, the Czech Republic and Slovakia. Its growth is stimulated by the dynamic development of robotic surgery in these countries. In the last half year 4.9 thousand surgical procedures were performed in Poland using da Vinci (95% growth yoy), while nearly 4.4 thousand procedures were performed in the Czech Republic and Slovakia, representing one-third more than a year ago.
“We are unwaveringly following the growth path outlined in the Group’s strategy, boldly choosing to provide clients with innovative therapeutical devices. In parallel, we are working on popularizing the technologies already present in the Group’s portfolio and adding new products to our offering. In the most recent quarter, we tightened our collaboration with Insightec, among others, by expanding the scope thereof to include the distribution of products for non-invasive neurosurgery in additional countries. In turn, a mere few weeks ago we became a partner of Medical Microinstruments, a manufacturer of innovative microsurgery robotic systems, while becoming the sole distributor of the Symani microsurgery robotic systems in Poland, the Czech Republic, Slovakia, Lithuania, Latvia and Estonia. We want to continue expanding and diversifying our business in this area, while becoming a leading advocate of the technological revolution transpiring in health care in Central Europe”, remarks Cezary Kozanecki, founder and CEO of Synektik.
In April of last year, the company also signed a contract by whose power it became the sole distributor of the global company doing business as Qure.ai in Poland, the Czech Republic and Slovakia, which is a provider of artificial intelligence solutions to detect irregularities and evaluate x-ray tests, computed tomography and mammography. “The launch of our collaboration regarding the distribution of Qure.ai’s artificial intelligence solutions to assess imaging tests does more than just wonderfully complementing the Group’s catalogue of services offered on the Zbadani.pl platform. It also represents a milestone in the transformation of how the imaging diagnostics market functions, where we jointly enable clinicists to provide a timely and precise diagnosis and thereby raise the bar for the standard of care offered to patients”, adds Cezary Kozanecki.
The last half year was the best one in the history of the Group’s radiopharmaceutical business. The sales revenue on fundamental radiopharmaceuticals forming the basis for PET-CT diagnostics climbed 35% in this period to PLN 11.6 million. The sales of special radiopharmaceuticals grew in the last half year by 12% to PLN 4.1 million. “The radiopharmaceutical business plays an important role in building the Synektik Group’s value, among other things, on account of the recurring nature of the sales generated. The growing scale of the business segment coupled with the invariably high level of cost discipline and the care shown for the sales margin translates into a satisfactory increase in business profitability. The segment’s EBITDA margin moved up 12% to 38%, while our objective for subsequent periods is to at least remain at the same level”, remarks Dariusz Korecki, Vice-President of Synektik.
