⚠ Nearly Half the Company Is Someone Else's ProductHigh threat

Synektik (SNT) — threat to the moat

Almost half of Synektik's revenue is a product it may sell only until 2031, at its supplier's discretion.

Every other risk at Synektik is small beside this one. In the year to September 2025 Intuitive Surgical's products were 44,9% of group revenue and 48,4% of the equipment segment's; Intuitive supplied 72,6% of the group's purchases1. Those shares rose from the year before2. The instrument and service revenue that follows the robots, 374,7 million złoty in the twelve months to June 20263, is also tied to Intuitive's system.

Intuitive share of Synektik group revenue (%)41,9FY202444,9FY2025Synektik annual management board reports
Rising with the robots.

The relationship is a contract, and the contract has an end date: 31 December 20314. Synektik's own risk section says it sees a dependence on the supplier and its terms, that cooperation could end for various reasons, and that it could then have to work with other suppliers on worse terms than today5.

Intuitive has shown both sides of its choice in 2026. It renewed Synektik in February6, and in March it paid about $533,1 million to take over its distributors in Italy, Spain and Portugal7.

The shares of revenue have moved one way. Intuitive was 41,9% of group revenue in the year to September 2024 and 44,9% a year later89, and the installed base behind it has grown every quarter since10.

A shareholder cannot hedge this. Intuitive's share of revenue rising means the franchise is working and the dependence deepening, at the same time.

The number that tests this threat
Reported
Intuitive share of group purchases
72,6% in the year to Sep 2025

The dependence on one supplier; revenue share was 44,9%.

Source: Synektik annual management board report, year to September 2025 ↗
References
  1. ReportedIn the year to September 2025 Intuitive Surgical's products were 44,9% of group revenue and 48,4% of the equipment segment's; Intuitive supplied 72,6% of the group's 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 ↗
  2. ReportedThose shares rose from 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 ↗
  3. ReportedThe instrument and service revenue that follows the robots, 374,7 million złoty in the twelve months to June 2026, is also tied to Intuitive's system.
    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 ↗
  4. ReportedThe relationship is a contract, and the contract has an end date: 31 December 2031.
    Synektik interim financial statements for 1 October - 31 December 2025 - including the annex extending the da Vinci distribution agreement to 31 December 2031 and adding Ukraine, and the 10,75 złoty dividend. — October - December 2025 · publ. February 2026 · source ↗
  5. ReportedSynektik's own risk section says it sees a dependence on the supplier and its terms, that cooperation could end for various reasons, and that it could then have to work with other suppliers on worse terms than today.
    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 ↗
  6. ReportedIt renewed Synektik in February, and in March it paid about $533,1 million to take over its distributors in Italy, Spain and Portugal.
    Synektik interim financial statements for 1 October - 31 December 2025 - including the annex extending the da Vinci distribution agreement to 31 December 2031 and adding Ukraine, and the 10,75 złoty dividend. — October - December 2025 · publ. February 2026 · source ↗
  7. ReportedIt renewed Synektik in February, and in March it paid about $533,1 million to take over its distributors in Italy, Spain and Portugal.
    Intuitive Surgical Form 10-Q, quarter ended June 30, 2026 (installed base 11 710 da Vinci systems up 12%; the 1 March 2026 acquisition of the da Vinci and Ion distribution businesses of ab medica, Abex and Excelencia Robótica for approximately $533,1 million in cash, with $279,8 million of intangible and other assets and $218,0 million of goodwill, making Intuitive the direct distributor in Italy, Spain and Portugal). Same document as Intuitive's own _IS_Q226 record. — Q2 2026 and the first six months · publ. July 21, 2026 · source ↗
  8. ReportedIntuitive was 41,9% of group revenue in the year to September 2024 and 44,9% a year later, and the installed base behind it has grown every quarter since.
    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 ↗
  9. ReportedIntuitive was 41,9% of group revenue in the year to September 2024 and 44,9% a year later, and the installed base behind it has grown every quarter since.
    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 ↗
  10. ReportedIntuitive was 41,9% of group revenue in the year to September 2024 and 44,9% a year later, and the installed base behind it has grown every quarter since.
    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