⚠ Consumables Are Tendered TooLow threat

Synektik (SNT) — threat to the moat

Synektik's recurring revenue is re-tendered every few years, so it is sticky in volume and not in price.

Recurring revenue at a public hospital is not a subscription. Instruments and accessories are bought under their own procurement contracts: in 2024, for example, Synektik won a two-year contract to supply consumables for the da Vinci system at the Kopernik hospital in Łódź1. When the contract ends, it is tendered again.

Equipment and IT segment EBITDA margin (%)24,8FY202429,6FY202528,5Oct 2025-Jun 202627,3Apr-Jun 2026Synektik segment note and interim report; FY2024-25 calculated on segment revenue
Down from the FY2025 peak in the latest quarter.

Synektik is the only authorised source of da Vinci instruments in its territory, so the risk is not losing the business to another seller. It is price. Public procurement produced 85,5% of group revenue in the year to September 20252, and every renewal is a chance for a hospital under budget pressure to push for a lower price.

The NFZ's tariffs cap what the hospital earns per procedure: the average robotic cancer operation costs about 30 thousand złoty3. The instruments have to fit inside that.

The contract list shows how often this happens. In the year to September 2025 Synektik announced separate consumables contracts with the Kopernik oncology centre in Łódź, the Chopin university hospital in Rzeszów, the Łukaszczyk oncology centre in Bydgoszcz, the Masaryk institute in Brno, the hospital in Leszno and the Military Institute of Medicine in Warsaw4.

Renewals won on price would show as a steady decline in the equipment segment's EBITDA margin, 27,3% in the April-June 2026 quarter5, at a time when recurring revenue is still growing.

References
  1. ReportedInstruments and accessories are bought under their own procurement contracts: in 2024, for example, Synektik won a two-year contract to supply consumables for the da Vinci system at the Kopernik hospital in Łódź.
    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. ReportedPublic procurement produced 85,5% of group revenue in the year to September 2025, and every renewal is a chance for a hospital under budget pressure to push for a lower price.
    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 ↗
  3. ReportedThe NFZ's tariffs cap what the hospital earns per procedure: the average robotic cancer operation costs about 30 thousand złoty.
    Polityka Zdrowotna - NFZ spending on robotic cancer operations: 2 100 operations for 59 million złoty in 2022, 5 400 for 167 million złoty in 2023, about 300 million złoty on nearly 11 000 in 2024; only prostate, colorectal and uterine cancer reimbursed; average cost about 30 thousand złoty. — 2022-2024 · publ. 2025 · source ↗
  4. ReportedIn the year to September 2025 Synektik announced separate consumables contracts with the Kopernik oncology centre in Łódź, the Chopin university hospital in Rzeszów, the Łukaszczyk oncology centre in Bydgoszcz, the Masaryk institute in Brno, the hospital in Leszno and the Military Institute of Medicine in Warsaw.
    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 ↗
  5. ReportedRenewals won on price would show as a steady decline in the equipment segment's EBITDA margin, 27,3% in the April-June 2026 quarter, at a time when recurring revenue is still growing.
    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 ↗
Sources
Generated September 24, 2026