Procedures, Not PlacementsNarrow moat

Synektik (SNT) — moat facet

Synektik is paid by the operation, and Polish operations rose more than six-fold in three years.

The number that drives Synektik is not how many robots it sells but how often they are used. In Poland da Vinci procedures went from about 3 thousand in the year to September 20221 to about 6 thousand in the year to September 20232, 11,8 thousand a year later3 and 19,8 thousand in the year to September 2025, up 67%4. In the April-June 2026 quarter alone Polish surgeons performed 6,9 thousand, 35% more than a year earlier5.

da Vinci procedures in Poland (thousand, years to September)about 3FY2022about 6FY202311,8FY202419,8FY2025Synektik annual and quarterly reports
More than six-fold in three years.

Every procedure consumes instruments and accessories and adds to the case for the next service contract. Across Poland, Czechia and Slovakia more than 32 thousand procedures were performed in the year to September 20256.

Utilisation still has room. On the year-end base, each Polish robot performed about 264 procedures in the year to September 20257. A report on the Polish market in 2022 cited foreign estimates that a robot pays for itself for a hospital at about 400 operations a year8.

The quarterly pattern is steady. Polish procedures grew 38% in the October-December 2025 quarter to 5,7 thousand9, 33% in the half-year to March 2026 to 12,1 thousand10 and 35% in April-June to 6,9 thousand11. The installed base grew 29 systems in the nine months to June 20261213, so procedure growth is coming from both more robots and more use of each.

This is the most important operating figure in the company. Placements fill the base; procedures pay for everything.

Moat trajectory: Widening

Polish procedures up 67% last year and 35% in the latest quarter.

The number that tests this moat
Reported
da Vinci procedures in Poland, latest quarter
6,9 thousand in Apr-Jun 2026 (+35%)

The driver of instrument and service revenue.

Source: Synektik interim report, nine months to June 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Growth Is Halving
Synektik's Polish operations are still growing a third a year, half the pace of a year ago.
References
  1. ReportedIn Poland da Vinci procedures went from about 3 thousand in the year to September 2022 to about 6 thousand in the year to September 2023, 11,8 thousand a year later and 19,8 thousand in the year to September 2025, up 67%.
    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 ↗
  2. ReportedIn Poland da Vinci procedures went from about 3 thousand in the year to September 2022 to about 6 thousand in the year to September 2023, 11,8 thousand a year later and 19,8 thousand in the year to September 2025, up 67%.
    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 ↗
  3. ReportedIn Poland da Vinci procedures went from about 3 thousand in the year to September 2022 to about 6 thousand in the year to September 2023, 11,8 thousand a year later and 19,8 thousand in the year to September 2025, up 67%.
    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 Poland da Vinci procedures went from about 3 thousand in the year to September 2022 to about 6 thousand in the year to September 2023, 11,8 thousand a year later and 19,8 thousand in the year to September 2025, up 67%.
    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 ↗
  5. ReportedIn the April-June 2026 quarter alone Polish surgeons performed 6,9 thousand, 35% more than a year earlier.
    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 ↗
  6. ReportedAcross Poland, Czechia and Slovakia more than 32 thousand procedures were performed in the year to September 2025.
    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 ↗
  7. Moat Explorer calcOn the year-end base, each Polish robot performed about 264 procedures in the year to September 2025.
    Moat Explorer calculation from Synektik's reported figures (thousands of złoty unless stated). Market value: 352,60 złoty x 8 529 129 shares = 3 007,4 million złoty (about 3,0 billion złoty); at the NBP rate of 3,8570 = $779,7 million (about $780 million). Trailing revenue to June 2026: 681 598,6 - 482 060,1 + 733 427,1 = 932 965,6 (about 933 million złoty). Trailing continuing net profit: 126 019,2 - 85 705,2 + 137 952,7 = 178 266,7; over 8 529 129 shares = 20,90 złoty; P/E 352,60 / 20,90 = 16,9. Equipment and IT segment EBITDA over segment revenue: 187 190,7 / 631 915,5 = 29,6% (FY2025); 143 577,5 / 579 299,1 = 24,8% (FY2024); 98 943,8 / 410 834,1 = 24,1% (FY2023); 29 865,3 / 139 272,7 = 21,4% (FY2022); 18 636,4 / 100 878,6 = 18,5% (FY2021); 19 605,9 / 112 126,1 = 17,5% (FY2019). Radiopharmaceutical segment EBITDA margin: 16 061,3 / 52 937,4 = 30,3% (FY2025); 16 276,6 / 46 615,7 = 34,9% (FY2024). Recurring revenue, trailing: 374,7 / 59,8 = 6,3 times (September 2022 to June 2026); installed base 142 / 37 = 3,8 times. Recurring revenue per year-end robot: 311,3 / 113 = 2,75 million złoty (FY2025); 193,9 / 86 = 2,25 million złoty (FY2024). Procedures per year-end robot, FY2025: Poland 19 800 / 75 = 264; Czechia and Slovakia 12 500 / 38 = 329. Revenue per average employee: 681,6 / 221 = 3,08 million złoty. Export share: 183,7 / 681,6 = 27,0%. Equipment segment share of revenue excluding intragroup sales: 631,1 / 681,6 = 92,6% (about 93%). Intuitive products: 44,9% x 681,6 = 306,0 million złoty; other equipment, IT and service 681,6 - 306,0 - 50,5 = 325,1 million złoty. Synektik market value over the Estonian contract: 3 007,4 / 41 = 73 (roughly seventy). Dividend paid February 2026: 10,75 x 8 529 129 = 91,7 million złoty; dividend per share 10,75 / 0,45 = 23,9 times since 2021. Free cash flow: FY2025 78,3 - 17,4 = 60,9 million złoty; FY2024 89,6 - 44,9 = 44,7 million złoty. IT4KAN price over market value: 4,15 / 3 007,4 = 0,14%. Recurring revenue, April-June 2025: 103,6 / 1,26 = 82,2 million złoty. Backlog plus active offers at June 2026: 44,2 + 160,8 = 205,0 million złoty. NFZ spending per robotic operation: 59 / 2,1 = 28 thousand złoty (2022); 167 / 5,4 = 31 thousand złoty (2023); 300 / 11 = 27 thousand złoty (2024). NFZ-funded PET studies: 96,1 / 89,3 - 1 = 7,6% (about 8%); per scanner 96 100 / 37 = about 2 600. Affidea: 29,0% x 52,9 = 15,3 million złoty, against segment EBITDA of 16,1 million złoty. Synektik's installed base as a share of Intuitive's: 142 / 11 710 = 1,2%. Czech and Slovak installed base: 42 / 16 = 2,6 times. Equipment segment purchases from others: 100 - 80,2 - 6,8 = 13,0%. Years of exclusivity from September 2026 to 31 December 2031: about 5,3. Year-end P/E and P/S (market value at 30 September over net profit and revenue; continuing profit from FY2024): 122,8 / 9,136 = 13,4 and 122,8 / 134,8 = 0,91 (FY2019); 190,2 / 8,811 = 21,6 and 1,52 (FY2020); 252,5 / 8,384 = 30,1 and 1,96 (FY2021); 237,5 / 10,709 = 22,2 and 1,42 (FY2022); 516,9 / 52,452 = 9,9 and 1,16 (FY2023); 1 635,9 / 98,909 = 16,5 and 2,62 (FY2024); 2 149,3 / 126,019 = 17,1 and 3,15 (FY2025); market values from closing prices of 14,40 złoty, 22,30, 29,60, 27,85, 60,60, 191,80 and 252,00 x 8 529 129. — October 2018 - June 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Synektik's financial statements, management board reports, factsheet and market data; operands shown in the source line.
  8. ReportedA report on the Polish market in 2022 cited foreign estimates that a robot pays for itself for a hospital at about 400 operations a year.
    Rynek Zdrowia - report on robotic surgery in Poland in the first half of 2022: five Versius robots against two new da Vinci sites, leasing and pay-per-procedure removing a minimum 10 million złoty outlay, the robotic prostatectomy tariff twice the laparoscopic one, 17 hospitals in three months. — First half of 2022 · publ. 2022 · source ↗
  9. ReportedPolish procedures grew 38% in the October-December 2025 quarter to 5,7 thousand, 33% in the half-year to March 2026 to 12,1 thousand and 35% in April-June to 6,9 thousand.
    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 ↗
  10. ReportedPolish procedures grew 38% in the October-December 2025 quarter to 5,7 thousand, 33% in the half-year to March 2026 to 12,1 thousand and 35% in April-June to 6,9 thousand.
    Synektik management board report for the half-year 1 October 2025 - 31 March 2026 - including the HistoSonics Edison exclusive distribution agreement and the installed base at March 2026. — October 2025 - March 2026 · publ. June 2026 · source ↗
  11. ReportedPolish procedures grew 38% in the October-December 2025 quarter to 5,7 thousand, 33% in the half-year to March 2026 to 12,1 thousand and 35% in April-June to 6,9 thousand.
    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 ↗
  12. ReportedThe installed base grew 29 systems in the nine months to June 2026, so procedure growth is coming from both more robots and more use of each.
    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 ↗
  13. ReportedThe installed base grew 29 systems in the nine months to June 2026, so procedure growth is coming from both more robots and more use of each.
    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