The December HospitalThin moat
Synektik (SNT) — moat facet
Synektik's quarters swing with Polish hospital budgets, and recurring revenue is flattening them.
Synektik's quarters look erratic because its customers' budgets are annual. Public hospitals spend at the end of the calendar year, and the company reports that the April-June quarter's share of annual revenue was about 12%, 13%, 18%, 22% and 22% in 2021 to 20251. The October-December quarter, the first of Synektik's fiscal year, carries the year-end rush.
The factsheet shows the swings. Quarterly revenue was 203,1 million złoty in October-December 2024, 124,7 million złoty in the next quarter and 154,2 million złoty in the one after; in the latest three quarters it was 228,0 million złoty, 213,2 million złoty and 292,3 million złoty2. The rising April-June share shows the pattern softening as recurring revenue grows.
Cash follows the same pattern. Operating cash flow was minus 5,0 million złoty in April-June 2025 and plus 63,3 million złoty in April-June 20263.
The pattern is visible in the order book too. At March 2026, after the year-end buying, the backlog of contracts to deliver was 114,3 million złoty4; by June it had been worked down to 44,2 million złoty5.
A shareholder should judge the business on trailing twelve months, not quarters. Operating cash flow of 63,3 million złoty in the latest quarter shows the cycle turning.
The seasonal pattern is softening.
Seasonality in cash; a positive spring quarter is new.
Source: Synektik interim report, nine months to June 2026 ↗- ReportedPublic hospitals spend at the end of the calendar year, and the company reports that the April-June quarter's share of annual revenue was about 12%, 13%, 18%, 22% and 22% in 2021 to 2025.Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - management commentary: orders, backlog, da Vinci systems and procedures, recurring revenue, radiopharmaceutical sales and seasonality. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedQuarterly revenue was 203,1 million złoty in October-December 2024, 124,7 million złoty in the next quarter and 154,2 million złoty in the one after; in the latest three quarters it was 228,0 million złoty, 213,2 million złoty and 292,3 million złoty.Synektik factsheet for the third quarter of the 2025 fiscal year - revenue by quarter, the split between contract equipment sales and recurring revenue, Poland against abroad, market value, P/E and free float at 31 July 2026. — Quarter to June 2026 · publ. August 2026 · source ↗
- ReportedOperating cash flow was minus 5,0 million złoty in April-June 2025 and plus 63,3 million złoty in April-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 ↗
- ReportedAt March 2026, after the year-end buying, the backlog of contracts to deliver was 114,3 million złoty; by June it had been worked down to 44,2 million złoty.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 ↗
- ReportedAt March 2026, after the year-end buying, the backlog of contracts to deliver was 114,3 million złoty; by June it had been worked down to 44,2 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) - management commentary: orders, backlog, da Vinci systems and procedures, recurring revenue, radiopharmaceutical sales and seasonality. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗