⚠ The Basic Product Pays the BillsLow threat
Synektik (SNT) — threat to the moat
Half of Synektik's radiopharmaceutical sales is a tracer any licensed producer can make.
The special products get the attention; the basic tracer pays most of the costs. Basic radiopharmaceuticals were 25,8 million złoty of about 50,5 million złoty of external segment sales in the year to September 20251, and 7,2 million złoty in the April-June 2026 quarter, up only 0,1 million złoty2.
That product is the one any licensed producer, private or public, can make. Its price is set by what the NFZ pays for a PET study and by the number of producers within delivery range.
Complementary products, the goods Synektik resells alongside its own tracers, are the volatile part: 2,2 million złoty in the latest quarter against nearly 5,5 million złoty3.
The quarterly figures show how flat it is. Basic radiopharmaceutical sales have ranged between about 5,7 million złoty and 7,4 million złoty a quarter over the last two years, while special ones rose from about 1,8 million złoty to 4,1 million złoty45. The half-year to March 2026 was a record for basic sales, at 14,5 million złoty, up 15%6.
Basic tracer revenue flat while PET studies grow would mean the price is falling.
- ReportedBasic radiopharmaceuticals were 25,8 million złoty of about 50,5 million złoty of external segment sales in the year to September 2025, and 7,2 million złoty in the April-June 2026 quarter, up only 0,1 million złoty.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 ↗
- ReportedBasic radiopharmaceuticals were 25,8 million złoty of about 50,5 million złoty of external segment sales in the year to September 2025, and 7,2 million złoty in the April-June 2026 quarter, up only 0,1 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) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedComplementary products, the goods Synektik resells alongside its own tracers, are the volatile part: 2,2 million złoty in the latest quarter against nearly 5,5 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) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedBasic radiopharmaceutical sales have ranged between about 5,7 million złoty and 7,4 million złoty a quarter over the last two years, while special ones rose from about 1,8 million złoty to 4,1 million złoty.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 ↗
- ReportedBasic radiopharmaceutical sales have ranged between about 5,7 million złoty and 7,4 million złoty a quarter over the last two years, while special ones rose from about 1,8 million złoty to 4,1 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) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedThe half-year to March 2026 was a record for basic sales, at 14,5 million złoty, up 15%.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 ↗