⚠ Hospitals Pay SlowlyLow threat
Synektik (SNT) — threat to the moat
Synektik's hospital customers took a month longer to pay in 2025.
Public hospitals are reliable payers and slow ones. Synektik's trade receivables were 179,1 million złoty at September 2025, against 111,7 million złoty a year earlier1, and 246,0 million złoty at June 20262. The receivables cycle was 95,9 days in the year to September 2025, up from 65,43.
Heavy year-end deliveries explain part of it. Hospitals spend at the end of the calendar year, and the company describes the resulting seasonality as a liquidity risk4. In the April-June 2025 quarter operating cash flow was negative, minus 5,0 million złoty5.
Synektik funds the gap partly with its suppliers' money: trade and other payables were 201,1 million złoty at June 20266. The arrangement works while Intuitive and the others extend credit on today's terms.
The cycle is visible in the quarterly cash flow. Nine-month operating cash flow was 141,4 million złoty to June 2026 against 41,3 million złoty a year earlier7, so the current year is converting profit to cash better than the last.
Receivable days staying near 100 as revenue grows would tie up cash that would otherwise be paid out.
- ReportedSynektik's trade receivables were 179,1 million złoty at September 2025, against 111,7 million złoty a year earlier, and 246,0 million złoty at June 2026.Synektik annual management board report for the fiscal year to 30 September 2025 - financial review: margins, net debt, return on equity, working capital and deferred income. — October 2024 - September 2025 · publ. December 2025 · source ↗
- ReportedSynektik's trade receivables were 179,1 million złoty at September 2025, against 111,7 million złoty a year earlier, and 246,0 million złoty at June 2026.Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - income statement, segment note, cash flow and balance sheet. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedThe receivables cycle was 95,9 days in the year to September 2025, up from 65,4.Synektik annual management board report for the fiscal year to 30 September 2025 - financial review: margins, net debt, return on equity, working capital and deferred income. — October 2024 - September 2025 · publ. December 2025 · source ↗
- ReportedHospitals spend at the end of the calendar year, and the company describes the resulting seasonality as a liquidity risk.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 ↗
- ReportedIn the April-June 2025 quarter operating cash flow was negative, minus 5,0 million złoty.Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - income statement, segment note, cash flow and balance sheet. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedSynektik funds the gap partly with its suppliers' money: trade and other payables were 201,1 million złoty at June 2026.Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - income statement, segment note, cash flow and balance sheet. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedNine-month operating cash flow was 141,4 million złoty to June 2026 against 41,3 million złoty a year earlier, so the current year is converting profit to cash better than the last.Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - income statement, segment note, cash flow and balance sheet. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗