Synektik (SNTP) Q2 2024 earnings summary

Executive summary

• Consolidated revenue rose 71% year-over-year to 359.0 mln PLN for the period from October 1, 2023, to March 31, 2024, driven by strong growth in medical equipment and IT solutions sales, as well as recurring service revenues.

• Normalized EBITDA nearly doubled to 78.7 mln PLN, with EBITDA margin improving to 21.9% from 19.4% year-over-year.

• Net income and total comprehensive income more than doubled, reflecting improved profitability across segments.

• The group maintained a strong cash position, ending the period with a 54.0 mln PLN net cash surplus over financial liabilities.

Financial highlights

• Operating profit (EBIT) increased 123% year-over-year to 62.0 mln PLN; normalized EBITDA up 93% to 78.7 mln PLN.

• Net cash from operating activities was 48.8 mln PLN, with total net cash flow of 9.0 mln PLN for the period.

• Total assets grew 34% year-over-year to 322.5 mln PLN; equity increased 46% to 154.4 mln PLN.

• EPS rose to 5.50 PLN from 2.71 PLN year-over-year.

Outlook and guidance

• Management expects continued growth in medical equipment, IT, and service sales, supported by new product introductions and expansion in robotic surgery.

• Key drivers include increased healthcare spending, EU funding, and new reimbursement policies for robotic procedures.

• Ongoing development of the proprietary cardiac radiotracer and expansion into new geographic markets are strategic priorities.