Major ClientsNarrow moat

Synektik (SNT) — moat facet

Synektik has 800 customers and none that matters alone, but most of them answer to the same public payer.

Synektik's customer list looks as safe as a customer list can. The equipment segment has more than 800 customers and in the year to September 2025 none of them bought more than 10% of its sales1. The radiopharmaceutical segment is more concentrated, with Affidea at 29,0% of its sales, but that is only 2,5% of the group2.

Concentration at Synektik, year to Sep 2025 (%)below 10Largest equipmentcustomer2,5Affidea, group revenue85,5Public tenders,group revenue72,6Intuitive, group purchasesSynektik annual management board report; largest customer shown at the 10% disclosure threshold
Diffuse by customer, concentrated by payer and supplier.

The concentration is elsewhere. It is in who the customers are: public hospitals, reached through tenders, produced 85,5% of revenue3. It is in who pays them: for robotic surgery, the National Health Fund, which spent about 300 million złoty on nearly 11 000 robotic cancer operations in 20244, and only for three cancers5. And it is on the other side of the ledger: Intuitive supplied 72,6% of everything the group bought6.

So Synektik's revenue is diversified by name and concentrated by kind. Eight hundred hospitals and clinics make their own decisions, but most of them work under the same public procurement law, depend on the same payer and follow the same reimbursement rules. A decision by the Ministry of Health to add an indication, as it did in August 20237, lifts all of them at once. A tightening of hospital budgets would lower them at once.

Revenue concentration and purchase concentration also disagree sharply. No customer is above 10% of the equipment segment; one supplier is 80,2% of its purchases8. For a distributor that is the natural shape: the customers are many because the product is scarce.

Abroad the picture is similar. The Estonian contract was awarded through a public tender under Estonian procurement law9, and the Czech and Slovak customers are mostly hospitals too.

The contract list for the year to September 2025 shows who these customers are: military hospitals in Wrocław, Szczecin, Bydgoszcz and Kraków, oncology centres in Lublin, Białystok, Bydgoszcz and Wrocław, university hospitals in Łódź, Kraków, Białystok, Lublin and Rzeszów, and in Czechia and Slovakia university hospitals and oncology institutes10. Almost all are public institutions buying through procurement law.

The rating is narrow. No customer can hurt Synektik alone; the public system as a whole can. Public procurement's share of revenue, 85,5%11, says how much of the business answers to one set of rules.

Moat trajectory: Holding steady

Customer count broad; public share slightly lower.

The number that tests this moat
Reported
Public procurement share of revenue, year to Sep 2025
85,5% (87,8% a year earlier)

How much revenue answers to one set of procurement rules and budgets.

Source: Synektik annual management board report, year to September 2025 ↗
Dig deeper
DIG DEEPER 01
The Public Hospital, Through a Tender
Synektik's customers are hundreds of public hospitals, each small and all bound by the same procurement law.
DIG DEEPER 02
The NFZ: The Payer Who Never Signs
The NFZ never buys anything from Synektik, and it decides how much Synektik sells.
DIG DEEPER 03
Affidea: Nearly a Third of the Tracers
Synektik's tracer business sells nearly a third of its output to one diagnostic chain.
DIG DEEPER 04
The Concentration Is on the Other Side
Synektik's customers are many and small; its supplier is one and large.
References
  1. ReportedThe equipment segment has more than 800 customers and in the year to September 2025 none of them bought more than 10% of its sales.
    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. ReportedThe radiopharmaceutical segment is more concentrated, with Affidea at 29,0% of its sales, but that is only 2,5% of the group.
    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. ReportedIt is in who the customers are: public hospitals, reached through tenders, produced 85,5% of revenue.
    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 ↗
  4. ReportedIt is in who pays them: for robotic surgery, the National Health Fund, which spent about 300 million złoty on nearly 11 000 robotic cancer operations in 2024, and only for three cancers.
    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 ↗
  5. ReportedIt is in who pays them: for robotic surgery, the National Health Fund, which spent about 300 million złoty on nearly 11 000 robotic cancer operations in 2024, and only for three cancers.
    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 ↗
  6. ReportedAnd it is on the other side of the ledger: Intuitive supplied 72,6% of everything the group bought.
    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 ↗
  7. ReportedA decision by the Ministry of Health to add an indication, as it did in August 2023, lifts all of them at once.
    Synektik quarterly report for the fourth quarter of the fiscal year to 30 September 2023 - revenue up 168%, order intake, recurring revenue, installed base and procedures. — October 2022 - September 2023 · publ. November 2023 · source ↗
  8. ReportedNo customer is above 10% of the equipment segment; one supplier is 80,2% of its purchases.
    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 ↗
  9. ReportedThe Estonian contract was awarded through a public tender under Estonian procurement law, and the Czech and Slovak customers are mostly hospitals too.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
  10. ReportedThe contract list for the year to September 2025 shows who these customers are: military hospitals in Wrocław, Szczecin, Bydgoszcz and Kraków, oncology centres in Lublin, Białystok, Bydgoszcz and Wrocław, university hospitals in Łódź, Kraków, Białystok, Lublin and Rzeszów, and in Czechia and Slovakia university hospitals and oncology institutes.
    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 ↗
  11. ReportedPublic procurement's share of revenue, 85,5%, says how much of the business answers to one set of rules.
    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