Glunektik AbroadThin moat
Synektik (SNT) — moat facet
Synektik has started licensing its tracer abroad, an asset-light experiment too small yet to measure.
Synektik has begun to earn from its products outside its own plants. In the year to September 2025 it licensed the Latvian company NUCLEO to manufacture and distribute Glunektik1, its glucose tracer, for Latvia and Estonia on terms of an upfront payment and quarterly royalties over three years. It is a way to sell a registered product where Synektik has no cyclotron.
The segment also depends on suppliers. Its largest, Eckert & Ziegler Radiopharma, provided 25,3% of the segment's purchases2, and Eckert & Ziegler is also among the equipment makers whose products Synektik distributes3.
The licence is small and its value undisclosed. Its interest is as a template: Synektik's products registered for foreign production, earning without capital.
The licence fits the strategy the company set out for this segment: growth in sales at a satisfactory margin and building a market for its advanced products4. Exporting the recipe rather than the product is the practical way for a tracer to reach a distant market.
Licences would add revenue without new plants; so far the segment's quarterly revenue went the other way, 13,4 million złoty in April-June 2026 against 14,8 million złoty5.
One licence, amounts undisclosed.
External segment revenue; licences add to it without new plants.
Source: Synektik interim report, nine months to June 2026 ↗- ReportedIn the year to September 2025 it licensed the Latvian company NUCLEO to manufacture and distribute Glunektik, its glucose tracer, for Latvia and Estonia on terms of an upfront payment and quarterly royalties over three years.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 ↗
- ReportedIts largest, Eckert & Ziegler Radiopharma, provided 25,3% of the segment's purchases, and Eckert & Ziegler is also among the equipment makers whose products Synektik distributes.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 ↗
- ReportedIts largest, Eckert & Ziegler Radiopharma, provided 25,3% of the segment's purchases, and Eckert & Ziegler is also among the equipment makers whose products Synektik distributes.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 licence fits the strategy the company set out for this segment: growth in sales at a satisfactory margin and building a market for its advanced products.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 ↗
- ReportedLicences would add revenue without new plants; so far the segment's quarterly revenue went the other way, 13,4 million złoty in April-June 2026 against 14,8 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 ↗