Synektik_presentation_Q4_FY_2023_EN_final.pdf

1
Q4 FY 2023 Financial results | Investor presentation
SYNEKTIK SA
Investor Presentation
Q4 2023 FY
November 2024

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02.01.2023 02.04.2023 02.07.2023 02.10.2023 02.01.2024 02.04.2024 02.07.2024 02.10.2024
Synektik stock price (PLN)
Synektik in snapshot
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Company profile
 Integrator of innovative solutions for medicine
 Largest manufacturer and supplier of radiopharmaceuticals in Poland
 Research and Development Centre focused on developing innovative
molecules and radiopharmaceutical products
 Developer of special medical software and applications
 Leading supplier of advanced medical technologies
 Provider of maintenance and measurement services
Indexes
WIG, mWIG40,
WIGTECH, WIG-Poland
ISIN PLSNKTK0001
Number of shares 8 529 129
Capitalisation(1)
PLN 1.47bn
Enterprise value(2)
PLN 1.41bn
P/E(3)
13.9
EV/EBITDA(4)
9.8
1) Market capitalisation and ratios calculated as of 15 November 2024
2) Enterprise value = market capitalisation as of 15 November 2024 + net debt as of 30 September 2024
3) Net profit adjusted for one-off items
4) EBITDA adjusted for one-off items
PLN 625m
REVENUE FROM SALES,
Q1-Q4 FY2023
PLN 146m
AJDUSTED EBITDA
Q1-Q4 FY2023

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Highlights of Q4 FY2023
Sales of equipment and IT solutions – growing recurring revenue, expansion of the offer
 PLN 129,1 million in revenue in Q4 FY2023,; increase in recurring revenue by 73%, to PLN 56.5 milion
 Extension of the distribution agreement with Intuitive until at least the end of 2029 and expansion of its geographical scope to include the
markets of Lithuania, Latvia, and Estonia
 Establishment of a partnership with Hologic – since October this year, the Group has become the exclusive distributor in Poland for Hologic
diagnostic devices for mammography and biopsy
Radiopharmaceuticals – growth in revenues and profitability
 PLN 12.7 million in revenue (excluding intra-group transactions) in Q4 FY2023, up 28% y/y
 Sale increase of essential radiopharmaceuticals - PLN 6.1 million, up 20% y/y
R&D – Preparations to launch clinical trials in the USA
 Continuation of multicenter clinical trials in European Union countries.
 Preparations to launch clinical trials in the United States, technology transfer in progress

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Q4 FY 2023 Financial results | Investor presentation 4
 3% increase in total revenue from sales of equipment, IT solutions and the
provision of services (excluding intra-group transactions)
 28% increase in revenue of the radiopharmaceuticals segment,
excluding intra-group transactions
Financial performance in Q4 FY2023
136.7
141.8
Q4 FY2022
Q4 FY2023
Consolidated revenue (PLN million)
+4%
31.7
35.2
Q4 FY2022
Q4 FY2023
Adjusted EBITDA (PLN million)
20.9
26.6
Q4 FY2022
Q4 FY2023
Adjusted net result (PLN million)
+11%
+27%
 5% increase in EBITDA of the equipment, IT and services segment,
to PLN 35.7 million; EBITDA margin at 28%
 30% increase in EBITDA of the radiopharmaceuticals segment,
to PLN 4.4 million, EBITDA margin at 36%
 27% increase in adjusted net result

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35.2
35,2
29,7
29.7
(0.0)
(5.6)
Adjusted
EBITDA
Q4 FY2023
Other
R&D
EBITDA
Q4 FY2023
Q4 FY2023
PLN
+3.5m
+1.7 1,7
2,7
+1.0
+0.8
Medical device supply
and IT solutions
segment
Radiopharmaceuticals
segment
General costs
Change in EBITDA by segments
Change in adjusted EBITDA
31.7
31,7
26,9
26.9
0.0
(4.8)
Adjusted
EBITDA
Q4 FY2024
Other
R&D
EBITDA
Q4 FY2024
Q4 FY2022
PLN, million
PLN, million
PLN, million

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 45% increase in EBITDA of the equipment, IT and services segment,
to PLN 144.0million
 45% increase in EBITDA of the radiopharmaceuticals segment,
to PLN 16.3 million
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Financial performance in Q1-Q4 FY2023
446.9
624.8
FY2022
Q1-Q4
FY2023
Consolidated revenue (PLN million)
+40%
97.3
146.3
FY2022
Q1-Q4
FY2023
Adjusted EBITDA (PLN million)
71.2
107.0
FY2022
Q1-Q4
FY2023
Adjusted net result (PLN million)
+50%
+50%
 41% increase in total revenue from sales of equipment, IT solutions and the
provision of services (excluding intra-group transactions), to PLN 579.7m
 23% increase in revenue of the radiopharmaceuticals segment,
excluding intra-group transactions, to PLN 45.1m
 50% increase of adjusted net results

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6.8 5.5
29.8
5.6 6.2
10.9
3.2
7.1
24.9
7.4
13.3
31.7
Q1 2020
FY
Q1 2021
FY
Q1 2022
FY
Q1 2023
FY
Q2 2020
FY
Q2 2021
FY
Q2 2022
FY
Q2 2023
FY
Q3 2020
FY
Q3 2021
FY
Q3 2022
FY
Q3 2023
FY
Q4 2020
FY
Q4 2021
FY
Q4 2022
FY
Q4 2023
FY
Adjusted EBITDA
(PLNm)
25.5
53.1
Group’s adjusted EBITDA in FY 2020-2023
22.6 22.5 21.7 23.0 21.7 22.4 26.3 32.2
56.4 61.1
78.9
97.3
120.7
135.3
142.8 146.3
31.12.
2020
31.03.
2021
30.06.
2021
30.09.
2021
31.12.
2021
31.03.
2022
30.06.
2022
30.09.
2022
31.12.
2022
31.03.
2023
30.06.
2023
30.09.
2023
31.12.
2023
31.03.
2024
30.06.
2024
30.09.
2024
Adjusted EBITDA for past 4 quarters (PLNm)
Summary
 EBITDA growth driven by:
 increase in sales of equipment used in
therapy
 growing scale of recurring sales in both
segments
 impact of operating leverage achieved
thanks to a significant increase in the scale
of the Group's activities
32.4
35.2

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Group’s recurring sales in FY 2020-2023
8.4 11.7 15.7 16.8 18.2 25.0
41.6
59.8
75.4
92.4
100.3
112.9
133.6
151.6
170.1
193.9
19.4 19.2
20.5 21.1 21.8
22.0
21.5
22.0
21.8
23.5
25.3
26.5
28.5
29.5
30.2
31.5
31.12.
2020
31.03.
2021
30.06.
2021
30.09.
2021
31.12.
2021
31.03.
2022
30.06.
2022
30.09.
2022
31.12.
2022
31.03.
2023
30.06.
2023
30.09.
2023
31.12.
2023
31.03.
2024
30.06.
2024
30.09.
2024
Recurring revenue for past 4 quarters
(PLNm)
Revenue from sales of radiopharmaceuticals
Revenue from sales of services and supplies of
instruments and accessories
Dynamic growth of recurring revenue
Drivers:
 Dynamically increasing demand for consumable
parts and accessories for therapy equipment sold
by the Synektik Group
 Increase in the value of post-warranty support
services for the offered medical equipment
 Increase in the value of IT and measurement
services provided
 Increase in demand for radiopharmaceuticals
used in PET/CT examinations

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Selected financial data
PLN 000s Q4 FY 2023 Q4 FY 2022 Q1-Q4 FY 2023 Q1-Q4 FY 2022
Sales revenue 141 819 135 688 624 797 446 872
- -
EBIT 25 168 23 016 107 818 67 862
EBIT margin 18% 17% 17% 15%
Adjusted EBITDA 35 225 31 736 146 267 97 316
EBITDA margin 25% 23% 23% 22%
Net profit 20 988 15 824 84 636 52 452
PLN 000s 30.09.2024 30.09.2023
Non-current assets, including: 162 936 131 291
Property, plant and equipment 59 356 37 663
Other intangible assets 42 215 50 345
Current assets, including: 214 790 168 624
Inventories 12 651 21 273
Trade receivables 114 274 79 659
Cash 84 332 62 663
Equity 192 113 134 201
Non-current liabilities 49 748 47 481
Liabilities under bank
loans and borrowings -
-
Lease liabilities 18 533 13 848
Trade and other liabilities 4 010 11 580
Current liabilities, including: 135 866 118 233
Liabilities under bank
loans and borrowings -
1 300
Lease liabilities 4 967 3 573
Trade and other liabilities 92 748 90 819
Net debt (60 832) (43 942)
Total cash flow, including: 21 668 16 283
Operating cash flow 88 079 48 094
 Surplus of cash over financial liabilities of PLN 61
million on 30 September 2024
 Increase in trade payables related to deferred
revenues increase, (PLN 39.9 million) related to the
settlement of service contracts and the supply of
consumables for therapeutic equipment.
 PLN 88.1 million in positive operating cash flow in
Q1-Q4 FY2023

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SYNEKTIK SA
Medical equipment and IT solutions

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Key information
Synektik is a leading provider of medical equipment and IT
solutions used in radiology, oncology, cardiology and
neurology
Core areas:
 Sale of medical equipment from several leading
manufacturers, used in radiology, therapy and nuclear
medicine
 Preparation and equipment for operating rooms (OR) and
diagnostic or radiology centres
 Development of medical software and sale of licenses in
the field of archiving and distribution of radiological
images, teleradiology and administrative data
 Supply of specialist diagnostic and maintenance stations
 Maintenance and measurement services for medical
equipment
 Innovative project: platform Zbadani.pl

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Dynamic revenue and profit growth
410.4
579.1
98.9
144.0
2022 FY 2023 FY
Financial results (million PLN )
Revenue EBITDA
+80%
CAGR
41.6
59.8
75.4 92.4
100.3
112.9
133.6
151.6
170.1
30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.202430.09.2024
Recurring revenue from the sale of services and
supply of instruments and accessories (over the last 12
months, million PLN)
 41% revenue growth year-over-year for the 12 months of the 2023
financial year, reaching 579.7 million PLN
 45% normalized EBITDA growth in Q1-Q4 of the 2023 financial year,
reaching 144.0 million PLN
 385.8 million PLN revenue from the sale of medical equipment in Q1-
Q4 of the 2023 financial year (compared to 297.5 milion PLN the
previous year)
 72% growth in recurring revenue from the sale of services (service,
warranty, IT) and the supply of consumable instruments and
accessories in Q1-Q4 of the 2023 financial year , reaching 193.9 million
PLN
 80% CAGR of recurring revenue (over the last 12 months ) in the last
two years

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Promising prospects for the coming quarters
297.5
385.5
310.4
360.0
75.0
36.1
122.4
141.5
1.10.2022-30.09.2023 1.10.2023-30.09.2024
Sales of medical equipment, orders for implementation
and active offers (in million PLN)
Sales revenue during the order period
Orders received for execution during the period
Orders to be executed (backlog) at the end of the period
Orders obtained for execution - the value of contracts, agreements concluded during the period; for execution in the given
period or after its conclusion.
The methodology for calculating the value of orders obtained for execution has been modified starting from the period from
October 1, 2023, to June 30, 2024.
Active offers - submitted offers; being the subject of tender proceedings; negotiations or technological dialogue with a
 Secured orders worth 360 million PLN in 12 months of the 2023 financial year
 The backlog value as of the end of September 2024 is approximately 36.1
million PLN, compared to 75 million PLN as of September 30, 2023
 The value of deferred revenues (resulting from the settlement of contract
components for equipment deliveries) was 39.9 million PLN as of the end of
June (compared to 14.7 million PLN as of September 30, 2023)
 The value of active offers as of the end of September 2024 is approximately
141.5 million PLN, compared to 122.4 million PLN as of September 30, 2023.
A significant portion of active offers has been converted into contracts

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4
8
13
32
41
69
0
1000
2000
3000
4000
5000
6000
7000
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Da Vinci assisted surgical procedures in Poland, Czech Republic and Slovakia
(number)
da Vinci-assisted surgical procedures in the Czech Republic and Slovakia (number)
da Vinci-assisted surgical procedures in Poland (number)
Installed and authorized da Vinci systems by the Synektik Group, at the end of the period (number)
Da Vinci in Poland, Czech Republic
and Slovakia
 Approximately 3.7 thousand surgeries with the assistance of
Da Vinci in the fourth quarter of 2023 FY in Poland (up 96%
y/y), 11.8 thousand in the last 4 quarters (up 100% y/y)
 Approximately 2.4 thousand surgeries with the assistance of
Da Vinci in the fourth quarter of 2023 FY in the Czech
Republic and Slovakia (up 41% y/y), 9.4 thousand in the last 4
quarters (+36% y/y)
 29 installations in the 12 months of 2023 (27 systems bought
by hospitals)
 9 installations in the fourth quarter of 2023 FY (all in Poland, 7
systems bought, 2 - leased )

15
30
Q3 2024
56
Q3 2024
Da Vinci serviced by GK Synektik
*Being serviced by Synektik, including systems leased
from Synektik
da Vinci systems in Czech
Republic and Slovakia*
da Vinci systems
in Poland*
86
Da Vinci systems serviced
by GK Synektik Warszawa
Wrocław
Białystok
Poznań
Kraków
Siedlce
Wieliszew
Szczecin
Gdańsk
Gorzów Wlkp.
Lublin
Gdynia
Katowice
Bydgoszcz
Rzeszów
Łódź
Toruń
Usti
nad Labem
Pilzno
Ceske
Budejovice
Hradec
Kralove
Velke
Meziricí
Brno
Novy Jicin
Ołomuniec
Banska Bystrica
Ostrava
Praga
Martin
Jihlawa
Liberec
Bratysława
Koszyce
Kielce
Leszno
Zlin
Częstochowa
Słupsk
Zielona
Góra
Olsztyn
Pardubice
Havirov
Piaseczno
Nowa Sól
Zabrze Radom

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Strengthening cooperation with Intuitive
 Extension of the cooperation agreement with Intuitive until December
31, 2029:
 Medium-term plans to add new systems from the da Vinci family to
the Synektik Group's portfolio – da Vinci SP and da Vinci 5.
 Expansion of the territorial scope of the agreement with Intuitive to
include Lithuania, Latvia, and Estonia:
 The Group has become the sole distributor of da Vinci systems in
these countries (with responsibilities similar to those for the
markets of Poland, the Czech Republic, and Slovakia).
 The official start of operational activities in the Baltic countries is
planned for January 2025; educational and sales activities have
been conducted since Q4 2024.
 The Synektik Group is in the process of launching its office
operations and finalizing the development of sales and customer
service structures (an international team supported by the Polish
back office).
Lithuania,
Latvia, Estonia
Bulgaria
Population
(million)*
6.1 6.4
GDP
(USD bln )*
162 101.6
PKB per capita
(USDk)*
28.1 16.1
Number of cancer cases
diagnosed annually
(thousands)**
35.9 32.8
Installed da Vinci systems* - 11
* Data for 2023
** Data for 2022
Baltic States – market potencial

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A strong start of 2024 FY
 In the first quarter of the 2024 fiscal year, the following agreements were signed:
 Five contracts for the delivery of da Vinci systems, with a total value of
PLN 74.7 million.
 Two significant contracts for the supply of consumable instruments for
da Vinci systems, valued at PLN 25 million, which will impact the Group's
results in the 2024 and 2025 fiscal years.
 Contracts for the delivery of an angiograph along with an operating
table and a contrast injector, with a net value of PLN 8.6 million.
 Establishment of a partnership with Hologic:
 The Synektik Group has become the sole distributor in Poland of
diagnostic devices for mammography and biopsy produced by Hologic,
including advanced digital mammography systems offering 3D
tomosynthesis capabilities, as well as consumables for these devices.
 The cooperation agreement came into effect at the beginning of
October and was signed for a duration of three years.
Photo: 3Dimensions system by Hologic

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SYNEKTIK SA
18

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Key information
50+
Number of
employees
Synektik Group products by diagnostic application
Wide spectrum of tumours
Prostate tumours
Bladder tumours
Parkinson's disease,
neuroendocrine tumours
Brain and extracranial
tumours
Breast and reproductive
organ tumours
Bone tumours
Cholina
FDG FLT
PSMA
Cholina
FES
FET
DOPA
Metaflu
 Synektik is the largest producer and supplier of PET/CT radiopharmaceuticals in Poland
 Major producer of special radiopharmaceuticals
3
Production sites together
with R&D Centre
Location of cyclotrons for the production of
radiopharmaceuticals used in PET studies
Owned by
Synektik
Public Private
Source: Own compilation based on data from the Supreme Audit Office,
https://www.nik.gov.pl/aktualnosci/niecertyfikowane-radiofarmaceutyki.html (30.11.2021)

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Growing revenues and margins
36.5
45.1
11.2
16.3
2022 FY 2023 FY
Financial results (million PLN )
Przychody EBITDA
3.53
5.72 5.05
5.89
5.01 5.67 5.12
6.12
1.86
2.19
1.84
1.94
1.70
1.83
1.89
2.17
Σ 7.61
Σ 9.91
Σ 10.77
Σ 12.61
Σ 8.11
Σ 9.81 Σ 9.99
Σ 12.72
Q1
FY2022
Q1
FY2023
Q2
FY2022
Q2
FY2023
Q3
FY2022
Q3
FY2023
Q4
FY2022
Q4
FY2023
Revenue from sales of radiopharmaceuticals (PLN million)
Basic radiopharmaceuticals Special radiopharmaceuticals Other Σ Total
 23% increase in sales (year-over-year) in the 12 months of 2023, up to 45.1
million PLN
 25%, increase in sales of basic markers, up to 23.4 million PLN, resulting
from the increase in the number of studies and changes in sales.
 11% increase in sales of special markers, up to 8.1 million PLN
 45% increase in EBITDA, up to 16.3 million PLN
 Increase in EBITDA segment profitability from 31% in 2022 to 36% in the
12 months of 2023)

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SYNEKTIK SA
Cardiotracer
21

22
Cardiotracer
Continuation of the process of publishing the results of Phase I and II clinical trials:
EANM - Hamburg, 10/2024
CONCLUSIONS:
 Based on the safety profile of the cardiac marker SYN2, its
dosimetry, and biodistribution, SYN2 can be considered a
promising marker for clinical PET imaging studies of
myocardial perfusion.
 Further clinical studies of the marker under stress conditions
and its performance in patients suspected of coronary artery
disease are therefore justified.
CONCLUSIONS:
 The use of the cardiac marker SYN2 for PET/CT imaging
in patients suspected of coronary artery disease has
proven to be safe and feasible.
 The good diagnostic capabilities of the cardiac marker
in the second phase of this project justify continuing the
research into Phase III.
Prof. Juhani Knuuti, Turku University Hospital, Finland Prof. Mirosław Dziuk, WIM, Warsaw
Both presentations were recognized as Top Rated Oral Presentations within the scientific program of EANM'24.

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SYNEKTIK SA
Q&A SESSION
23

Thank You!
Cezary Kozanecki
President of the Management Board, CEO
ckozanecki@synektik.com.pl
Dariusz Korecki
Vice-President of the Management Board, CFO
dkorecki@synektik.com.pl

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