⚠ The Other Brands Are Borrowed TooLow threat

Synektik (SNT) — threat to the moat

Beyond Intuitive, Synektik's catalogue is a series of shorter borrowed contracts.

Diversifying beyond Intuitive means depending on other manufacturers instead. Foreign suppliers provided 85,1% of the group's purchases in the year to September 20251. Each distribution agreement has its own term: the Hologic agreement runs three years from October 20242.

Share of group purchases, year to Sep 2025 (%)85,1Foreign suppliers72,6Intuitive SurgicalSynektik annual management board report
Almost everything is bought abroad.

The same logic that applies to Intuitive applies to each of them: a manufacturer whose product sells well in Poland can open its own office.

The one part of the equipment segment Synektik owns outright is its software, and it is too small to show in the accounts.

The agreements are also shorter than Intuitive's. Hologic's mammography and biopsy agreement was signed on 3 October 2024 for three years3, and HistoSonics' Edison agreement of January 2026 runs three years with an option for two more4. Synektik's risk section warns that the end of cooperation with its suppliers could weaken the group's finances5.

Foreign suppliers' share of purchases will stay high by nature; the warning would be the loss of a named agreement.

References
  1. ReportedForeign suppliers provided 85,1% of the group's purchases in the year to September 2025.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
  2. ReportedEach distribution agreement has its own term: the Hologic agreement runs three years from October 2024.
    Synektik annual management board report for the fiscal year to 30 September 2025 - operating review: da Vinci systems and procedures, orders, recurring revenue, radiopharmaceutical products and the Baltic expansion. — October 2024 - September 2025 · publ. December 2025 · source ↗
  3. ReportedHologic's mammography and biopsy agreement was signed on 3 October 2024 for three years, and HistoSonics' Edison agreement of January 2026 runs three years with an option for two more.
    Synektik annual management board report for the fiscal year to 30 September 2025 - operating review: da Vinci systems and procedures, orders, recurring revenue, radiopharmaceutical products and the Baltic expansion. — October 2024 - September 2025 · publ. December 2025 · source ↗
  4. ReportedHologic's mammography and biopsy agreement was signed on 3 October 2024 for three years, and HistoSonics' Edison agreement of January 2026 runs three years with an option for two more.
    Synektik management board report for the half-year 1 October 2025 - 31 March 2026 - including the HistoSonics Edison exclusive distribution agreement and the installed base at March 2026. — October 2025 - March 2026 · publ. June 2026 · source ↗
  5. ReportedSynektik's risk section warns that the end of cooperation with its suppliers could weaken the group's finances.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
Sources
Generated September 24, 2026