Hello, everybody. Good morning or good afternoon, wherever you are. Depending on this is the discussion of the annual results of Eckert & Ziegler. Annual results of 2022. I'm Andreas Eckert, the CEO of the company. I'll lead you through these wonderful PowerPoint presentations. Following that, we will have a question and answer session, which will not be recorded, but this presentation will be recorded. I think then, Fabule will put it on the website as well as the charts which you're gonna see in a minute. Before I start, I put my glasses on. Checks. I know what it's like. Okay. For those, just what's the topic here, we're here in radiation, radioisotopes. Eckert & Ziegler is a specialist for radioactive applications.
Basically separated into columns, industrial applications, measurement applications, and medical applications. The third segment which we have, we call a holding or miscellaneous. That's normally where we put all our development things. We finished the year here with EUR 222 million in revenues and almost EUR 30 million in net income. The growth boxes were radiopharmaceuticals and to some extent, radiation sources. I'll show into that. At the end of last year, we were 980 employees, so roughly 1,000 people. 18 sites worldwide. Many of you who follow us are familiar with these charts. No big changes. If you look on the way how the revenues break down, you see our main business areas are Europe and the Americas.
Asia is catching up, de facto, we are, let's say, a Western Hemisphere company on that. We are in the middle of an expanding specialty pharma market. I'm not gonna go into that. We have all these projections that the growth will come, will be there in the coming years. Of course, we like that. You see that there's quite some ambitious predictions out there. As a final chart for the macroeconomic environment, we still have some exogenous challenges. They seem to be less than they were a few years ago. Corona is over, more or less. China is somewhat open. The Ukraine War, of course, still affects us, inflation is heating up or/and interest rates rising. These were the preconditions of 2022. Now let me just step into what I call the essentials.
The essential is always an issue, how deep do you wanna go, or what level of granularity do you wanna go. If you wanna start very much on the top two pictures, show it all. 2022 was a rather successful year for us. We upped the revenues by 23% up to this EUR 222 million. You see here the whole trajectory in the last 200 years, which we've come up there.
If you just look from the revenues to the net income side up here, you see that in 2022, we were with our almost these two to edit, EUR 30 million, not as successful as we had been last year, but you have to take into account that last year we had almost EUR 9.9 million from a one-off event, the sale of our HDR division. If you take it aside, you can put a pretty direct line here from our 2014 results of about meager EUR 7 million to now EUR 30 million. That's almost four times what we have up here. More than that, it's an annual growth rate on the net income side of 20% per year. If you're not the visual type, but more the analytics, here are some numbers.
For the last year, we have really spectacular revenue growth on a nominal base. The revenue is 23%. In important product categories, we come in isotope products, our industrial segment, 36%. Radiopharmaceuticals, including SPECT, we are up 37%. The revenues in the medical segment, as opposed to the isotope product segment are not up that much. I'm gonna come to the reasons very shortly. If you look at group profits, almost 20% more. If you adjust for the one-off net cash, we're still enjoying net cash about EUR 60 million. We also have a number of material progress events which are not reflected yet in the numbers, but which lay the foundations for future growth and future earnings. Strong growth revenue-wise at isotope. That's the IP we call isotope segment.
You sometimes refer to it as an industrial segment. You see up here 36%. It's a bounce back to some extent from corona and some other factors. Very spectacular. Everybody's envious for 36%. On the medical, we only have 7%. Now, the reason for that is medical device are still the sale of our HDR division has not been completed or was completed in 2022. Compared to the previous year, we have still some divesture. We basically lost revenue because we sold the business. All others, except for the HDR, look positive. That's the key behind the low growth, which we see on the medical division.
The radiopharmaceuticals, which we define as bulk grade radioisotopes, Yttrium-90, Lutetium, Actinium-225, Gallium and Technetium, contract development service and contract manufacturing service, and radiopharmaceutical production equipment. We have a nice trajectory here. We had a real jump this year, mostly because we added here a Technetium producer in January 2020 to our group. Mostly, but not only. We see up here in the, in our core growth area exactly what we want to see. If you break it down a little bit, you see here the attributable radiopharmaceutical revenues attributable to the medical segment, the blue one. You see you have an increase in every year. Some of that revenues are also attributable to the isotope segment in orange, and they really make for the steep increase.
De facto, that's the addition of our Argentine acquisition Tecnonuclear in January. If you look just on the isotope revenues, you see that here again, there's the Tecnonuclear acquisition, which brings this spectacular from 140 to almost 140 up there. If you take away the corona gap, 2020, here you have the whole revenues of the industrial isotope segment. You see it came up here. That is actually, to us, the main reference point, 2020 and 2021, we saw the impact of corona. I think we're back now. There in our industrial business, we are back to normalcy. It is, as you say, it's not a very dynamic, has not been very dynamic in its core business. Only through acquisition have we been able to grow there.
On the core business itself, we're back to these 3%, 4%, 5% of average growth. Looking into profits, if you look at adjustments for the one-off, the sales of the HDR division in 2029, you would find that we do have quite a spectacular growth. Here you see the IP segment, EUR 12 million of 2021, EUR 15 million there. We have a growth in that. It's a rebound of corona, 25%. In the medical division, 14%. Others, we have increased, I'm afraid, the loss, so that should be a red one. Anyway, you see, if you just take the operative ones, we would argue that the core of our business here, operative, we have a strong growth in net income. If you adjust for the HDR one-off, which we had in 2021.
The long view here for everyone, we've come in here 10 years from 2010 or 11 years it is. You see that we, here EUR 3 million and EUR 6 million, EUR 9 million. Now to these numbers here, 15 and 16. If you exclude the holding segment, which carries a number of development activities, which unfortunately, in the beginning, only burned cash or only burned profits. The core business segments here, you have the industrial one, which is large and cash generating, but basically, on a low growth path. There you have our radiopharmaceutical-driven medical revenues coming up here after that peak in last year. Still higher than what we had in 2020. That's the overall development.
Not a surprise if you followed us through our quarterly results, but nevertheless, nice to see, I hope, in completion and in a long-term perspective. Coming to the balance sheet, you will see is actually strong balance sheet we call. We like to call it a strong balance sheet because we have a strong equity ratio and net cash or debt up here, EUR 22 million. You see our cash, EUR 83 million. That's the right balance we have up there. If you look at 2022 as a whole, and analyze the balance sheet, you will see that we have asset grow all across our segments. In the IP segment from EUR 185 million to EUR 210 million. Total balance sheet, EUR 124 million to EUR 151 million, and also others. The growth is across all segments and assets.
If you look a little bit more fine-tuning, you will find that the non-current asset are the ones who have been driving the growth in all these segments. We grew non-current assets there almost 40%. This is typical by buying companies, building buildings, intangible goods, and these kind of things. There is where the growth has been in this year. While current assets which are related to business volume itself, like liabilities and accounts receivable, accounts payable also, well, it's been stagnant. All the growth which you have seen on our balance sheet is basically driven by non-current asset. If you look now on not just this 2022 versus 2021, but go back one year, you see that we had this also the previous year. In fact, our non-current assets have doubled, pretty much.
EUR 116 million, EUR 170 million in two years. That's a spectacular development for a company. It means that we are investing very heavily in new facilities, in new projects, and we're kind of here in a transition period to make that companies from what it used to be three, four, five years ago into something new. The best place to visualize that development is, in my opinion, the balance sheet. We have announced that this non-current asset growth is part of our long-term strategy. I have here picked up the chart from last year's annual account discussion. There I already added that we will add another EUR 65 million by the end of 2022. Now it was it Yeah, could be EUR 50 million, EUR 53 million.
It's not really the 65, but you see this is, what we set out two years ago to really change the company. We did the 2021. We have it here, 2022. I'm back to that. Basically to complete a global infrastructure for the delivery of radiopharmaceuticals. Many of you have followed us and know the topics which we have up there. We have this Chinese buildup. We're building up here, the Wäsche-Reihe, as it's called here in Germany. We have actually also Berlin investment things. We bought Tecnonuclear as a spec. We up in the States with the small suppliers, technology-driven suppliers of raw materials for and, and. I think we're making good progress in that field. 2022 has been a year where on the surface you don't see much.
You get a bill here and there, and then you cut a ribbon. We're progressing well, I think. One issue which comes with the growth of your asset base in such a dramatic speed, I mean, doubling your non-current assets in two years, is that you're not just blowing up your balance sheet, but there is a lot of expenses which you cannot capitalize, and you have to have additional staff. In our cases, we're building in China, in Boston, in Berlin, Wäsche-Reihe, and I probably lost or forgot something, and you just add people which you cannot capitalize there. You have contingency costs because you need staff to be trained, so you have to have a whole team, for example, in Boston there, and they can't start, like, on the first day when you have revenues.
They will start, of course, before because they have to practice and train and validate and blah, blah. We also have a non-capitalized growth here on Pentixapharm, our clinical development arm. Now that is not unusual, but I wanna point it out if someone asks, "Why aren't you there in the middle of a growing market? And why do profits or things not come up like this and that?" One answer is also that we do have a lot of additional expenses associated with the asset, non-current asset growth. Our estimate, at least in terms of net income, they're at least EUR 3 million in 2022. Also in 2023, coming forward, we expect these implementation costs to hit us hard, even to a larger extent.
Which explains a little bit the thing which everybody is interested in, not what has been, but what will be. Que sera, que sera. Let's hear our guidance for 2023. The motto has been here, careful as we are not worse core than 2022. You see our core business this year, we'd made EUR 31. Next year, we said we're gonna do also EUR 31. The reason why we are stagnant up here is hidden in the industrial segment. Up there, while the medical segment there, that's the usual thing. The careful, not too much, and so far thing. The industrial segment, that is the one here where I think I will find some avid listeners here in our presentation.
The holding and the other things, we have green lights now from regulatory agencies to start our clinical trials. Until now, we could capitalize some of these things because we have product categories where the likelihood of success is for pharmaceuticals, rather large. It concerns the diagnostic. Once you do the couple of patients and the thing glows, you're pretty sure that glows also for the others. It may be different for therapeutics, but for diagnostics, and therefore we have been able in the past to capitalize it. We won't be able to do that next year, therefore we anticipating that our loss in the holding or other segments will increase, and that's the usual thing, which brings then down our total, if you want, our total profitability.
The core business here is pretty confident that we will do at least what we did last year. We do have some industrial issues, and that's the typical German angst thing. One thing which caught us also this year is that we have a very nice business in SPECT on Argentina, but the IAS 29 adjustments which we have to account for add another EUR 1.1 million to the hyperinflation. It's a problematic questions because we are subject to these rules, but we're not really sure what it means because formally we need to do it, but our actually cash position in Argentine pesos is low because we bill mostly in Brazilian real and US dollars.
Nevertheless, if you don't know what's coming, you better a little bit more cautious, and that's why I put the item into our guidance. The same is that we do have an interest rate timing effect with raising interest. If you look up here, EUR 2.2 million on non-cash items are included into 2023 guidance in the industrial segment. That basically makes us a little more cautious to say, "Okay, we may not be as successful as we have been in 2022." There's also on the industrial side contingency costs, which we have in the 2023 guidance. We're building a new building in São Paulo, and we're building in Dresden Rossendorf, a place where my colleague Harald at the moment is sitting and watching us here.
Apart from all kinds of inflationary pressures because we see, yes, we grow, but we also see costs growing. In a nutshell, that's the basis for our guidance. It's a conservative guidance, but at the moment, that's all which I can offer. Liquidity to put up the EUR 60 million could be more but isn't bad. That concludes more or less my discussion of numbers. Before I stop and give you the floor for questions and answers, some material highlights which I find is important. 2022, we have this big, big topic. One can spend hours talking about them, but at least I wanna touch on them. One of them is here. Argentina, our spec specialist, has really added to our technology base.
You won't see it at the moment. What we do is we extend the portfolio. Building up an export business there from Argentina, basically on spec sales. What we very much like that the due to the macroeconomic situation, Argentina, they have to be very autonomous. They have a broad portfolio of cold kits, more broader than anything else we have seen so far because they, in Argentina you can't import that easily, so you build everything by yourself. We are using that to build the technology to basically go after, since we're from Argentina, after exports markets. That brings us fine there. We have a big project here to get into alpha. It's converting Radium-226 into Actinium-225. It's usual stuff you do.
You announce, you cut the ribbon, then for years nothing happens, but builds a pile up. I can just report it's progressing well. We have encapsulation tests now run successful. The first hot runs are imminent at these. We're starting the GMP seats. It will take us for a while, but just for anyone who's following us, that is actually working fine. In China, just for you, we have these pictures here, these usual pictures, Chinese there. Those who followed us couple of months ago, it was a greenfield. Now the greenfield, the basement has been built. We have some key government approvals, very important. The corona travel restrictions have receded. We're quite happy about it. In fact, Jutta Ludwig, my colleague, is now here for the first time again touring China and seeing what.
to catch up with the development there. The construction site goes. We have finally amazing progress also with Pentixapharm. Amazing in such a way as we have started last year there to focus on getting a clearance for the pivotal Phase III study with Gallium CXCR4. It's a diagnostic. We have this clearance received now. It is for Marginal Zone Lymphoma. That's a long-announced thing, but those of you who follow have also seen that what we kind of discovered a different continent, and that different continent is away from oncology into an almost surprising opportunity that is hypertension.
Some of you who followed that may have seen here just a few weeks ago, we had a key came out here, a large study of accuracy of Gallium-68 Pentixafor, it's our compound, for the subtyping of Primary Aldosteronism. That is a Chinese study with more than 100 patients. In conclusion, they say that the Gallium-68 CXCR4 is a perfect diagnostics to stratify aldosterone patients. That is important for us because it shows some absolutely fine thing that the focus oncology is superseded by a much larger and more interesting opportunity in hypertension. You know, hypertension is a disease. It's a mass disease.
While on the oncology side, we're more or less into specialties in kind of lymphomas and leukemias nobody really knows and which are more on the Orphan Drug side. Here we have a mass market with basically billion of potential patients because we've billion of millions, hundred of millions because you could always come to the point where it affects 1% of a population. I saved you going through all of that, but once you follow us, you've seen it. I mean, it's problem is hypertension. You can cure it if one origin is the malfunctioning of the adrenal glands. They secrete too much adrenal, and that gets you out of the equilibrium.
You could, in many instances, help these patients if you just took out one gland, because not always both glands are malfunctioning, but only one. You need to know, is it both malfunctioning or one? Doing that today is a very bloody complicated procedure. It comes out more and more that we do have a non-invasive diagnostic here which may save it. We are optimistic that this is a big opportunity for us here. The total addressable market is, it's a billion-dollar market, definitely. We have clinical assets there, which are really Phase III-ready in about 12 months. The study which you've seen there, the Chinese one, we are also supplied some of the compounds there. It's an investigator-initiated studies. We have more investigator-initiated studies running in the indication of Primary Aldosteronism.
One very famous one in Holland, the Kerstens study. There's also in France studies running on that. We have the CMC part and supply chain for the commercial phase established, and we have a ready-to-go lights for the same compound, this Gallium CXCR4 in the lymphoma area. That's what we have meant here with up chap complementary clinical study because this year is the same as that. We just change here the indication. In a nutshell, are we looking for co-investment on there? We probably will try to develop that together with somebody. We're all very excited and therefore 2022 has been a great year. Thank you all for your attention. I look at the clock. Spoken too long and, yes, I open the discussion. Thank you.