The Baltic Blank SlateThin moat

Synektik (SNT) — moat facet

Synektik is building the Baltic da Vinci market from zero, and after two years it has two contracts.

The Baltic states show what Synektik does when it starts from nothing. The annex adding Lithuania, Latvia and Estonia was signed in October 20241, and SYNEKTIK Baltic SIA was founded in Riga in December 20242. The first da Vinci procedures in the region were performed in Riga in May 2026, with doctors from the hospital in Rzeszów taking part3.

Foreign share of Synektik revenue (%)27,0FY2025about 21Oct 2025-Jun 2026about 30Target in 2-3 yearsSynektik audited statements, year to September 2025; press release of 17 September 2026
Foreign sales fell as a share while Poland boomed.

The first sale came in July 2026, to Kaunas university hospital in Lithuania4, and the second in September: a robot for a hospital in Tallinn, with nine years of maintenance and ten years of consumables, for EUR 9,4 million, about 41 million złoty5. The company says it is in talks on three further installations in the Baltic states, in public and private hospitals6.

The model is the one that worked in Poland: train the first surgeons, win a public tender, then live on the service and instruments. Its value to shareholders is scale. Foreign markets were about 21% of revenue after nine months of the current year and management wants them to be around 30% within two to three years7.

The expansion follows a sequence Synektik has used before: first a legal entity, then training, then the first reference site. SYNEKTIK Baltic has operated in Lithuania and Latvia since 2025 and in Estonia since 20268. The Estonian robot is to be delivered within four months of the hospital asking for it9, so revenue will follow the contract by a quarter or two.

It will take more than two robots. Nearly two years after the annex, the Baltic states have produced two contracts.

Moat trajectory: Widening

The first two contracts were signed in July and September 2026.

The number that tests this moat
Reported
da Vinci contracts signed in the Baltic states
2 (Kaunas, Tallinn), with 3 more in talks

The first test of whether the Polish model travels.

Source: Synektik press release on the first Estonian contract ↗
⚠ Threats to the moat
⚠ THREAT 01
A Territory Measured in Single Robots
Synektik's Baltic business is two robots, and the foreign share of revenue fell to a fifth.
References
  1. ReportedThe annex adding Lithuania, Latvia and Estonia was signed in October 2024, and SYNEKTIK Baltic SIA was founded in Riga in December 2024.
    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 ↗
  2. ReportedThe annex adding Lithuania, Latvia and Estonia was signed in October 2024, and SYNEKTIK Baltic SIA was founded in Riga in December 2024.
    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 ↗
  3. ReportedThe first da Vinci procedures in the region were performed in Riga in May 2026, with doctors from the hospital in Rzeszów taking part.
    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 ↗
  4. ReportedThe first sale came in July 2026, to Kaunas university hospital in Lithuania, and the second in September: a robot for a hospital in Tallinn, with nine years of maintenance and ten years of consumables, for EUR 9,4 million, about 41 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) - management commentary: orders, backlog, da Vinci systems and procedures, recurring revenue, radiopharmaceutical sales and seasonality. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  5. ReportedThe first sale came in July 2026, to Kaunas university hospital in Lithuania, and the second in September: a robot for a hospital in Tallinn, with nine years of maintenance and ten years of consumables, for EUR 9,4 million, about 41 million złoty.
    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 ↗
  6. ReportedThe company says it is in talks on three further installations in the Baltic states, in public and private hospitals.
    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 ↗
  7. ReportedForeign markets were about 21% of revenue after nine months of the current year and management wants them to be around 30% within two to three years.
    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 ↗
  8. ReportedSYNEKTIK Baltic has operated in Lithuania and Latvia since 2025 and in Estonia since 2026.
    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 ↗
  9. ReportedThe Estonian robot is to be delivered within four months of the hospital asking for it, so revenue will follow the contract by a quarter or two.
    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 ↗
Sources
Generated September 24, 2026