Synektik (SNTP) Q4 2024 earnings summary

Executive summary

• Achieved ambitious financial and operational goals for FY2024, with record revenues and EBITDA, driven by recurring revenues and expansion in medical equipment and radio-pharmaceuticals.

• Expanded presence in Poland, Czechia, Slovakia, and the Baltics, delivering 27 da Vinci robotic systems and launching new products and services.

• Initiated the process to spin off the innovative R&D segment (cardio-tracer and new molecules) into Syn2bio, aiming to enhance financial efficiency and market perception.

Financial highlights

• Consolidated revenue rose 9% year-over-year to 681.6 mln PLN; EBITDA from continuing operations up 24% to 177.8 mln PLN.

• Net profit reached 102.9 mln PLN, up 25% year-over-year; operating margin improved to 23%, EBITDA margin to 26%.

• Segment medical equipment/IT/services revenue up 9% to 631.1 mln PLN; segment EBITDA up 30% to 187.2 mln PLN.

• Radio-pharmaceuticals segment revenue up 12% to 50.5 mln PLN; EBITDA at 16.1 mln PLN.

• Strong liquidity: cash position at 84.3 mln PLN; net cash position of 43.4 mln PLN.

Outlook and guidance

• Anticipates continued growth in medical equipment, IT, and recurring service revenues, supported by public healthcare investments and EU funds.

• Expects further expansion in robotic surgery in Poland, Czechia, Slovakia, and the Baltics.

• Plans to grow radio-pharmaceutical sales and improve segment profitability post-modernization.

• Ongoing clinical trials and commercialization efforts for the innovative cardio-tracer project.