The Public Hospital, Through a TenderNarrow moat

Synektik (SNT) — moat facet

Synektik's customers are hundreds of public hospitals, each small and all bound by the same procurement law.

Synektik's typical customer is a Polish public hospital buying through a tender. The group has more than 800 customers in the equipment segment, none above 10% of its sales1, and 85,5% of group revenue came from public procurement contracts in the year to September 2025, 87,8% the year before23.

Group revenue by contract type, year to Sep 2025Public procurement — 86%Other contracts — 14%Synektik annual management board report; other = 100 less the public share
Still more than five-sixths of revenue.

The contracts are large and specific. In the year to September 2022 they included a da Vinci with consumables for the naval hospital in Gdynia worth 7,8 million złoty4. Many of them also fix a price for two or three years of instruments as well as the equipment5.

Public hospitals are good customers in one way: they do not disappear. They are demanding in others. They buy at the end of the calendar year, which makes Synektik's revenue seasonal6; they pay slowly, with receivables at 95,9 days in the year to September 20257; and every new purchase is a new competition.

Many of the buyers are military hospitals. In the year to September 2025 Synektik announced material da Vinci contracts with the 4th Military Clinical Hospital in Wrocław, the 109th Military Hospital in Szczecin, the 10th Military Clinical Hospital in Bydgoszcz and the 5th Military Clinical Hospital in Kraków, and a consumables contract with the Military Institute of Medicine in Warsaw8.

More than 800 customers with none above 10% means no single hospital's decision moves the group. What moves it is the budget they all share.

Moat trajectory: Holding steady

Public share edged down from 87,8% to 85,5%.

The number that tests this moat
Reported
Equipment segment customers
more than 800, none above 10% of segment sales

Diversification by name; a customer above 10% would be new.

Source: Synektik annual management board report, year to September 2025 ↗
References
  1. ReportedThe group has more than 800 customers in the equipment segment, none above 10% of its sales, and 85,5% of group revenue came from public procurement contracts in the year to September 2025, 87,8% the year before.
    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 group has more than 800 customers in the equipment segment, none above 10% of its sales, and 85,5% of group revenue came from public procurement contracts in the year to September 2025, 87,8% the year before.
    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 group has more than 800 customers in the equipment segment, none above 10% of its sales, and 85,5% of group revenue came from public procurement contracts in the year to September 2025, 87,8% the year before.
    Synektik annual management board report for the fiscal year to 30 September 2024 - Intuitive's share of revenue, public procurement share, installed base and procedures. — October 2023 - September 2024 · publ. December 2024 · source ↗
  4. ReportedIn the year to September 2022 they included a da Vinci with consumables for the naval hospital in Gdynia worth 7,8 million złoty.
    Synektik interim report for the fiscal year to 30 September 2022 - revenue, segments, installed base in Poland, Czechia and Slovakia, the first dedicated reimbursement and example tenders. — October 2021 - September 2022 · publ. November 2022 · source ↗
  5. ReportedMany of them also fix a price for two or three years of instruments as well as the equipment.
    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 ↗
  6. ReportedThey buy at the end of the calendar year, which makes Synektik's revenue seasonal; they pay slowly, with receivables at 95,9 days in the year to September 2025; and every new purchase is a new competition.
    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 ↗
  7. ReportedThey buy at the end of the calendar year, which makes Synektik's revenue seasonal; they pay slowly, with receivables at 95,9 days in the year to September 2025; and every new purchase is a new competition.
    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 ↗
  8. ReportedIn the year to September 2025 Synektik announced material da Vinci contracts with the 4th Military Clinical Hospital in Wrocław, the 109th Military Hospital in Szczecin, the 10th Military Clinical Hospital in Bydgoszcz and the 5th Military Clinical Hospital in Kraków, and a consumables contract with 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 ↗
Sources
Generated September 24, 2026