Hello everybody. Good afternoon or good morning, wherever you are. This is a small video conference here discussing the 9-month results of Eckert & Ziegler, which you see up here. Let me actually do this, then I have a little laser pointer. There is a disclaimer because we're a public company, and then there is a netiquette rules here. Please mute your microphones. This presentation which I'm going to give will be recorded. The Q&A question, answer session afterwards will not be recorded. Which already gives you an idea about the structure of the coming 15, 20, 30 minutes. I'm going to say a few words to our results, which we published here this morning. Afterwards, you will have a chance to pose your questions. Okay, we are here in the empire of radioisotopes, Eckert & Ziegler.
In order to keep confusion low, we keep the presentation a little boring, always the same. It's a global specialist for radioactive applications with a whole range of main products. For the 9 months now, we booked EUR 164 million in revenues, Q1 to Q3 2022, EUR 23 million net income. Growth engines here are radiation sources. Oops. Somebody please mute himself. Thank you. Hello? Could you please mute your microphone? Okay. Thank you. I love it. I'm here in the radioisotopes, nothing will hinder me of going through this presentation. We are 945 employees here at the moment, 18 sites worldwide. We've eliminated here some sites because we sold our HDR business. Otherwise, we have no big changes compared to last year or last quarter. General story here there, we have a good run here in the last years.
We have increased our net income by a factor 2.4, our dividend shares by factor 2.5. In general, the Eckert & Ziegler here is in the middle of a developing, exploding specialty mark, despite all the problems which we have here in the world. You know, Corona is not yet over. The 20th Congress of the Communist Party has still closed China. Ukraine war continues to happen. However, the threat to our 2022 EBIT at least has evaporated. We had in the last quarters there delays with the rollout of important products here from Novartis, inflation heating up. All of these items are all familiar to most of you. I nevertheless want to pass them by. We have now here for the third quarter recorded a net income of EUR 23.3 million, which is pretty much 86% of our guidance for the full year.
We said we're going to do EUR 27 million. The first question is, ooh, why don't you raise your guidance and all that? That looks here a little silly. You know how things are. The end of the year for us is normally the time where we look at a few things here and see whether we have to bury some corpses. It's very likely that we will exceed the EUR 27 million net income. It's not that likely that we will be exceeded by more than 10%-15%. In general terms, anything which is in the range of 10% less or more is fudge. We're not going to change our guidance for fudge. Just for those who are new with us here, this is our last years, 9 years of earnings, starting here with a EUR 6.8 in 2014.
We've, of course, picked this so that this is the absolute nadir. With going up last year, we had a strong year with EUR 34 million of net income. This year, our guidance is EUR 27. As I say, it's a little higher there, but we'll be still within the range of 10%. This is the net income growth all in million EUR since 2014. Through the first nine months 2022, the essential. We have a strong growth and we have progressed materially with our pipeline. You saw it in the press release, the revenue growth on a nominal base, for the time period from January to September. Total group revenues up 25%. The revenues in the isotope product segment up 40%. Radiopharmaceuticals, which is kind of the hottest thing we have at the moment in our basket, including SPECT, up 29% year-over-year.
Revenues in the medical segment up 6%. That sounds a little meager. I will say a few words to that. For the record here, I just have it listed. The group profits are up 18% if you adjust for the fact that last year-- Why is there a comma? We had an HDR, one-off sale of a business of EUR 9.4 million, of course. I hope I haven't clicked up here now. That's the main messages. It's in line with what we had in the half years, and it's a general trust. The net cash adjusted for debt is constant here at EUR 60 million. We are, despite an ambitious investment program, see that we can conserve as much as possible given the clouds on the horizon. We have material progress on development pipeline.
The European Defense Fund, in this quarter we had a press release, has given us EUR 70 million in cash, non-dilutive for one of our associates there. We have the first patient dose in Pentixafor, phase II trial in Denmark. We have acquired global rights for CXCR4 Technetium-99 tracer. These would be the highlights of the third quarter. How do you interpret now the nominal results in the medical segment? We have things which mildly inflate our growth, and that is a foreign exchange rate effect. In the previous years, we had a much more favorable or less favorable exchange rate because the U.S. dollar was weaker. We're benefiting from the fact that we sell a lot into the U.S. and that the U.S. currency has appreciated. That makes us a little even more beautiful than we are.
The countervailing tendencies are a number of factors which reduce the growth, and one of them is, as I said, the EUR 9.4 million net income one-off last year. If you take them off, then you have the 18% growth in the profits. We also have here EUR 1.4 million still in missing revenues associated with the HDR business in this year. Previous year, we booked some of that. We have start-up costs in China and Boston, which accumulated up to EUR 2.5 million for the whole year there, which we didn't have in previous year. It's not really big swing, but worth mentioning. On a material basis, why is in the medical segment, why aren't we even better than we are? Because we have less revenues in contract development services. It's a category we have in our radiopharmaceuticals, where we develop for other companies their compounds.
Last year, we had a very strong year in that. We had a lot of bookings of that. EUR 2.5 million are missing. That's the only product category really in the pharmaceutical space where we have a decline compared to last year. In the isotope segments, where we have industrial products, of course, we have a big tailwind through foreign exchange rates effects and also a base effect because last year we did not have Tecnonuclear in the fold. This would be the comments of what is unusual and remarkable, and there is all kinds of tidbits and small stuff, but these are the big things. Radiopharmaceuticals, just to give you an idea how it worked. Here again, the radiopharmaceutical product categories. It's bulk radioisotopes, it's generators, contract development service, contract manufacturing services, and equipment. You see here you have our trajectory over the years.
This year is the extrapolation. We've taken the 9 months here, divided by three and multiplied it by four to have a standard to these one full year things. You see we're going to see here actually quite a jump in the radiopharmaceuticals. The group balance sheet is, we still think it's solid. Net liquidity here, EUR 83 million we have in cash and stocks. Not much stocks, so I think it's more cash. Here we have EUR 23 million now in loan liabilities. That makes a net liquidity of EUR 60 million. Equity ratio is still a comfortable 52%. A view on the cash flow situation, of course, here we have full year or we have end-of-year dates. Here we have the Q3. That is somewhat comparing apples and pears, but nevertheless, you see we're going up here. The green is our cash from EUR 80 million.
It's down somewhat here, EUR 15 million. Of course, the loans here increased also about, I would say, EUR 15 million, giving us a net liquidity of EUR 30 million less. Okay. This is going business, which we got up there. Select a topic. Our clinical pipeline is worth a few words here. Here you have the EasyJet version of that. What are we doing here? The plan is really for us to get cash flow with radiopharmaceuticals, with proprietary radiopharmaceuticals going with a quick phase III diagnostics. This is product we're trying to register. It's called Pentixafor. Initially, we thought about 600 patients. We thought the study should cost us less than EUR 50 million and should be feasible, actually, which we announced like half a year ago, maybe even 2024. Well, we were a little over-optimistic. You see here we have to push it out into 2024. Study costs are still the same.
The indication, which we've learned now from some interaction, will most likely be less of a basket and more focused on myelomas. The cost, though, therefore, will be likely less, somewhat less, not really significantly less, because we probably don't need 600 patients. An EMA decision, which will give the details to when can we start with the phase III, is expected still within this year. The compound itself, Pentixafor, are already making headlines. Some of you have maybe seen it already. There's a Journal of Nuclear Medicine. That's where all these nuclear medicine practitioners die for being published. They took the Pentixafor here, the CXCR4 chemokine receptor in Pentixafor for PET, made it to the cover. That is enough to make people switch. We're quite happy. There's a lot of activities going on. We're very happy with the compound, just passes here as a surrogate indicator.
We have started in Denmark now a phase II supportive trial, which will eventually cover more than six sites. What's the story there? We have here the normal for myeloma patients. Patients are admitted, case hip relapse, and then because it's a very aggressive tumor, you just go week one, chemo, week two, chemo, week three, chemo, ta ta ta, ba ba ba. You have to act quickly because it's an aggressive tumor. That is also a problem because you don't have much time to see whether it actually works. What we are doing in this medical supportive phase II trial in Denmark is we're going to have an arm where after a week, we're going to have a response checking with CXCR4, and that should really tell you whether this works.
If it doesn't work, then you can change regimen. If it does work, then you would double. This doesn't sound like a real big progress, but is enormous progress for hematological oncologists because they would be able to direct their patients in a much more rational way and react quicker if something doesn't work, find out. That's the diagnostic we're developing. Of course, there's also then at later stages, therapeutic to that, but that is not as soon on the horizon as all these diagnostics are. The core of our clinical program here is focused around the therapeutic, diagnostic area, gallium-68, phase I, phase II. This is what we're going for. We have an yttrium-based therapeutics. There, we will not be able to jump right away into phase III. We have to go through all of the kind of things. It will take a little longer.
This is the core of our clinical pipeline. We are preparing an additional SPECT branch. I'm happy to announce that for the CXCR4, we have gotten the global rights for Technetium-99. We're looking at other things as well. The rationale to that is our recent acquisition, Tecnonuclear, which happens to be, as the name says, a technetium generator producer, is very well-versed to support that, not just with the product, but also with the expertise up there. On the therapeutic side, we are reviewing here additional alpha therapeutics. Our hope is, in the end, to get a sustainable pipeline with an economic appeal, which includes, for our small world, as many options and as many opportunities as possible, which together, we hope to add another EUR 100 million in additional EBIT by 2027. There are many ways of how to look at this little scheme.
One scheme would be by financial independence, all of the diagnostics area, phase I, phase II, phase III. That is something which we can be doing with non-dilutive funding. Given that you have diagnostics and you see very early in the phase whether it works, you just need two or three patients. We're talking here EUR 10 million, EUR 15 million per shot. That is something which is doable for Eckert & Ziegler, and in the therapeutic side, where the patient requirements are much larger. We are able to start phase I dose finding and initial things, but there, we most likely will look for partners in the future. Here on the diagnostic side, we are in many instances here, for example, already aiming at the phase III. We think that here for the technetium, we should also very quickly get in phase III. Here, it will take longer.
If you don't look by financial independence, but by time to market, all of this should go quick. Now, quick and pharmaceuticals, of course, I know is an oxymoron, but relatively quick there. We're hoping to have first product sales in 2025. You can also look at it in a risk management thing. We're using 4 radioisotopes. We're using technetium, we're using gallium, yttrium, and actinium, all of which we manufacture or intend to manufacture. We're having the CXCR4 compound as a motive, which we're developing as a therapeutic and as a diagnostic in various things. We're reviewing other ones, which we've put nicely in here, which would still be within our budget so that we have, I say, an interesting, attractive, sustainable, risk manageable, self-financing pipeline.
Many eggs, many baskets, which fits in nicely together with our existing world market position as a supplier of radiopharmaceuticals. Just here, this is a chart from somebody very knowledgeable about the things, saying that what counts really in radioisotopes can be understood like that. Research applications, commercial applications, and here you see 10,000 clinical doses annually. That's where the wheat is separate from the chaff. Here, you do research, and here, you're a real guy. Short half-times and long half-times, there's all kind of things. If you look at it, the main radioisotopes is gallium. We're pretty strong world market-wise on that. F-18, we're no longer there. We sold our cyclotron chain. We have a good idea really on what is there. Technetium, we are there with Tecnonuclear.
Lutetium, we're working on our Drug Master File, and I'm optimistic that it will come. Yttrium, we are definitely number 1 or 2 in the world market. Actinium here, that's an ongoing project we have with the Prague Academy of Science. We reported about it already in previous sessions, maybe I will revisit that topic later when there's something to report. Coming soon here, EMA feedback on a start of phase III, Pentixafor, likely before the end of 2022. We're expecting additional production capacity in Boston for our yttrium-90 franchise. The regulatory approvals are pending. Lutetium-177 in Braunschweig, also their regulatory approvals. Anything which happens on our alpha front, we will report when progress happens. Thank you for your attention. Financial calendar, this would end the recording session of our little presentation, would now switch into the question and answer mode.