The public radiopharmaceuticals producer and supplier of advanced medical solutions has completed another successful period. In the third quarter of the current financial year (April – June 2025) the Synektik Group dynamically grew revenue in its major operating segments, closing this period with 24% sales growth of PLN 154.2 million. The growing share of recurring revenue and its ever stronger operating leverage bore fruit in the form of higher earnings and profitability.
In the past quarter the Synektik Group earned PLN 41.6 million in terms of EBITDA (net of the result generated by the Center for Research into New Particles which is slated to be spun off) and profit of PLN 30.5 million on continuing activity. That is 31% and 36%, respectively, more than in the third quarter of the 2023 financial year. In the first nine months of 2024 the Group’s revenue totaled PLN 482.1 million (PLN 483.0 million one year ago), EBITDA on continuing activity increased by 12% (to PLN 122.5 million) and net profit on continuing activity rose 13% to PLN 85.7 million.
Both of the Group’s business segments can boast of dynamic revenue growth and higher earnings in the past quarter. The revenue posted by the segment consisting of supplying medical equipment and IT solutions and providing maintenance and measurement services shot up 22% to PLN 139.4 million in the third quarter of this year while the sales of radiopharmaceuticals (and the complementary assortment) expanded by more than half to PLN 14.8 million.
The growing recurring revenue posted by the segment consisting of supplying medical equipment and IT solutions is one of the pillars of the Group’s value growth. During the last quarter it surged upwards by 69% yoy to PLN 82.1 million. This growth in recurring revenue is dynamic, and critically, it is sound. It is the outcome of the unwavering execution of the segment’s growth strategy predicated on expanding into therapy from the medical devices market. The growing sales of therapeutic devices is creating an expanding market for the Synektik Group to sell the consumables and accessories it supplies. The rapid growth of the robotic surgery market in Poland, the Czech Republic and Slovakia is one of the driving forces underpinning recurring revenue growth. In the third quarter of the current financial year 8.5 thousand surgical procedures were conducted with the assistance of da Vinci systems (the Synektik Group is their sole distributor in these countries), up some 44% from one year ago. As at the end of June 2025, the Group provided maintenance care to 105 da Vinci systems, up 36% from one year ago.
In the last quarter the Group posted sales of medical devices worth PLN 57.4 million, including the delivery of 6 da Vinci robotic systems to clients in Poland and the Czech Republic. The total value of the contracts won in the past quarter is PLN 99.0 million (PLN 90.0 million one year ago), and the backlog that had not been completed by the end of the quarter is PLN 32.8 million (PLN 20.5 million as at 30 June 2024). This segment has promising sales prospects in the upcoming quarters associated with running the tenders financed using funds allocated from the National Recovery and Resilience Program (NRRP). The value of the open sales projects at the end of June 2025 is PLN 137.0 million.
The higher sales seen across the board in all of the business areas contributed to the robust growth in the revenue posted by the radiopharmaceuticals segment. Sales of the core radiopharmaceuticals have climbed by more than one-fourth yoy to the record-breaking level of PLN 7.1 million coupled with a 20% increase in the sales of special radiopharmaceuticals (to PLN 2.2 million). The highest rate of sales growth equal to 136% was recorded in turn in complementary products.
“The latter half of the 2024 financial year is just as intense as it is successful in business terms. We are participating in an unprecedented process measured by its sheer magnitude involving the technological transformation of the health care sector in Poland by offering innovative solutions in therapeutics and diagnostics. We are pleased with the interest in the products we offer, meaning not just our flagship technologies in surgical robotics but also IT systems and complementary solutions designed to enhance the efficiency of hospital-based pharmacies. Thanks to our diversified offering and strong financial and organizational foundations we intend to leverage market conditions to continue bolstering our market position and substantially grow the shareholder value of Synektik SA”, remarks Cezary Kozanecki, Synektik’s founder and CEO.
In parallel to its dynamic business growth the Group has continued to work in the last months on its spinoff project. As part of this process, the Group’s research and development activity in the field of research into new and innovative radiopharmaceuticals including the cardio marker project is to be spun off into a separate publicly listed company doing business as Syn2bio SA. On 23 July 2025 the management boards of Synektik SA and Syn2bio SA in organization agreed and adopted the spinoff plan according to which the shareholders of Synektik SA will receive shares in the new entity in exchange for a portion of the Group’s business spun off to Syn2bio SA (they will receive one share for each share held in Synektik SA). The value of the Synektik Group has been determined to be approximately PLN 2.11 billion for the purposes of the spinoff plan (PLN 247.54 per share), where the value of the assets to be transferred is roughly PLN 163 million (PLN 19.14 per share), in other words approximately 7.73% of the entirety.
“We would like for the Group’s spinoff process into two independent public companies to be completed in the first half of 2026. The spinoff of operations involving research into new pharmaceutical particles, including the cardio marker – our flagship research project – will not only augment the possibilities of securing funding for R&D activity as part of the new entity but it will also make a positive contribution to how the Group’s business is perceived by investors and it will facilitate the process of obtaining an accurate market valuation of the cardio marker project”, comments Dariusz Korecki, Vice-President of the Management Board of Synektik.
