Let's start with the discussion of the results of Eckert & Ziegler here for the first quarter 2023. 3:00 P.M., we've given already out some information about it, actually some more than usual. We had an announcement there earlier this month, this morning the press release. In a nutshell, we have higher sales, lesser profits, and maintain our guidance. I'm gonna go through that. Here's a disclaimer. Netiquette. Please, all of you, mute your microphones. We record the presentation and the question-answer session which follows the presentation will not be recorded. You know what we are, the OS radioactive specialist. 970, 980 employees in head counts. 18 sites. EUR 225 million in revenues. EUR 30 million in net income at the last year.
In the middle of an attractive, rapidly growing market, we hope with steep growth projections. All in all, quite a pleasant situation to be in. Against this backdrop, I'm gonna say something about the Q1 2023 results. I start with sales and profits. It's the easiest. If one really breaks it down to three things there, we have a double-digit sales growth overall in the group, with obviously some segments being even better than that. We have an earnings decline year-over-year. If you take the Abbott Group weighted, we have a -16%. If you go for the isotope segment, it's even -30%, and Abbott Medical is about the same as last year, and obviously this is major subject of my discussion here.
Finally, we will confirm still we optimistic with our 2023 full year guidance. The double-digit sales growth breaks down like this. The isotope segment, we have 13% or EUR 4 million more, and that comes from EUR 3.6 million in low margin, high activity radiation sources. EUR 2.4 million in other products and basically EUR 1.9 million in high margin oil well logging or energy sources. This is what you add up for the EUR 4.1 million. In the medical segment, we see year-over-year, always compared quarter-to-quarter, 19% or EUR 3.1 million, which is EUR 4 million in generators, very important category. Half a million more in CDMO, contract development and manufacturing projects, and EUR 1.4 million less in HDR due to divesture.
In a way, you could argue that the sales growth in medical is even higher than what we saw before. If you take out the EUR 1.4 million, and you obviously see we have a medical growth here of 28% on that. We haven't done that, but this is we sold basically both medical division last year, and obviously these revenues are now missing. The Q1 sales, just as a note, they could have been even higher because we have operational issues at our Boston facility in the first quarter. We have supply chain issues. We're not getting enough raw material as we would like to. We had some regulatory issues. Some regulatory approvals came later than we anticipated.
All in all, if I compare year-over-year, we have EUR 1 million less in income just on the Boston facility. Now, we have, I think, a handle on most of the issues and expect a substantial turnaround there. From Q3 2023, we will see improvements there. Hence, in addition to of the things I've just mentioned, is one of the reasons why we're quite optimistic about our 2023 full year guidance. The radiopharmaceuticals, if you look at that's something, the core of the story. Everybody's interested in radiopharmaceuticals. On a, on a extrapolated, if I take the numbers for the first quarter, extrapolate them, compare them to the numbers which I had in the full year of 2022, it's an 8% growth, which would be disappointing.
If you look at it in a different perspective, year-over-year, you'll see here, this is our quarterly revenues we had up there. This is quite a step. Q1 was always here around EUR 13, now we have EUR 18. You see also that we do have quite a seasonal effect on that. Bear in mind that the radiopharmaceuticals are also in the Boston facility, which I mentioned before. Main issue for I wouldn't say disappointed growth, but why the growth has not been even more stellar is related to the fact that we have had difficulties ramping up. The dip in the earnings, if you look at that now, a different thing, is three factors only. We had in the isotope, the cost of goods increases due to the product mix is EUR 4.6 million.
We had a hyperinflation expenses for Argentina booked this year in the 1st quarter, while last year we booked in the last quarter. If you adjust for that, you see here the cost of goods adjustments of EUR 4.6 and the hyperinflation adjustment, and compare that to Vorjahr, which is German for previous year, you will see we're pretty much on the OPEX 3%, which is in line totally with plan. If you go on medical, you will see that we had a EUR 1 million currency exchange losses because we had to reevaluate several balance sheet items. If you take them out, you see they have a 20% cost increase. Bear in mind that if you take the sales up ramp, which I showed before, this looks pretty good.
Here that would be even, I think it's more material to look at that number. The main drawback for our current situation is the product mix in the isotope segment. You see it here in the net income. It's previous year, you see we're missing here EUR 2.5 million in the first quarter. That's about a 40% steep down. Medical, we're missing half a million EUR. In the others, we're doing fine. We're optimistic that the product mix in isotope segment will improve substantially because I've looked in the future, I've looked in the order book. If I adjust these things here, just for those who followed it there. These here are our Q1 net income, EUR 4.8 million.
If I adjust an isotope for the half a million of the hyperinflation in medical for the currency effects, then basically... I multiply what comes out, then I have this year as an adjusted result. If we multiply that by four, then I come to EUR 25 million. That's our net income guidance is about EUR 25 million there. It's a different composition than initially, we are comfortable with the guidance. If you see the backlog, so to say, which we have up here. I said already, we're pretty sure that the product mix will improve. In the isotope segment, we have an acceleration in medical expected in Q3. That's when we're gonna see the first results on the Boston facility. The other C-61 is of course good because we're spending less than what we had initially anticipated.
These adjustments, these considerations, when we're sitting here and biting our nails, is that all? Are we meeting our guidance? In the end, yes. A few words to cash flow and the balance sheet. Nothing there, but it's equity ratio 42%. On the net liquidity, you see our line here, we've invested, and we've been now down to EUR 45 million. We've increased slightly here in the quarter our loans from EUR 22 million to EUR 25 million. Liquidity is now at EUR 80 million, EUR 82 million. We have kind of here net liquidity by minus EUR 6 million. What affects us here is some networking capital effect. If you look in the detailed segmental numbers, you will find it out.
The main driver, of course, which affects the liquidity is CapEx. Here you see we have. Just to give you an idea, what I wanna show is here our CapEx spending in 2021 was actually something about EUR 22 million. Our CapEx in last year, 2022, was over EUR 40 million. If you extrapolate the first quarter CapEx spending, then you see we're coming here now to minus EUR 30 million. We're cutting back a little bit. We're eyeballing CapEx. CapEx very, very important. That costs us liquidity. At the same time, due to the step back in our operational profits, we have a less of an operational capital. This would be an analytic view on the situation. Please take in mind, we have 17 more EUR than usual in accounts receivable.
Driver here is a reclassification of POC receivables. In a way, in the balance sheet, what I wanna say is in that, take this, we are very, very aware of liquidity positions and CapEx management, in terms of at once liquidity, maintaining enough liquidity, but on the other also to getting those investment projects going and operation ready. This, in a way, brings me to the qualitative issues or global infrastructure topics. We have number of building progress. You know, China is on one of them. We're building up in Berlin, a big facility. We also have in Rossendorf an investment program. In addition to that, we're investing in Latin America in a higher tech site. Then there's, of course, Boston.
Currently, in terms of management attention, I would say more is on managing balance sheet items than on profit and loss items. Some of that you have already seen in the last quarter or first quarter there. We've been able to obtain a U.S. Drug Master File, a GMP manufacturing authorization, and that's on our long path to opening our contract development manufacturing site and the Lutetium-177 capabilities. As we progress this very long and hard, arduous road, we line up customers. Some of them we have published. You've seen it in the last three months or the first quarter. Telix is with us now, Alpha Nine, RCM in Germany here, Precirix in Belgium, POINT Biopharma, and the usual group of those who remain in the dark for their strategic reasons.
We're very happy that we have maintained here the Drug Master File. We see that the interest is there, that we're not too late for that there's excitement about another player, an established player for Lutetium-177 in the market. We all look for the EMA drug approval because that piece is not yet in. On the clinical side, we've just given out here also a few weeks ago here that the Monash in Melbourne is starting a clinical study on primary aldosteronism. The important thing about this map here is supposed to show that the world is covered with people who are excited about CXCR4 and who are starting clinical trials. Not preclinical trials and not about rabbits, it's about patients.
In a number of indications, I've given here one prominent indication in orange that is primary aldosteronism. It's basically hypertension-related projects. You see we have three , one, two, three, four Monash is just highlighted because we had the announcement a few days ago. Academic centers who on their own, on their own expense, but supported by PentixaPharm, of course, do studies here. Very encouraging studies which show us that that may be a real interesting game-changing diagnostic for hypertension. Not just that you know more, but that you can cure more, because at the moment in the hypertension field, we see there is a situation quite remarkable, quite unique, where if you don't know, you can't cure. If you know, you can cure.
That's what we're shooting up. Not to forget, we have other things here, other studies which are more or less in the hemato-oncological area and keeping track of where all that is quite a task, but they're all progressing fine and we're very happy about that, what we see happening with PentixaPharm. We also will start our own clinical trial. We have a phase III ready from the EMA, and we expecting the first patients in the third quarter of this year. We have a little personnel changes. We have not announced much.
We had an announcement that here in the, in the beginning of the year there, couple of people, Lutz, me and Claudia Goulart will kind of leave either the Vorstand or the executive group executive committee, and we're gonna have a smaller group executive committee. For those of you who follow us closely, these are the seven or eight people who, is the core of our company. We will have an announcement later to that, who goes where and what. I just wanna use the opportunity here 'cause Art's actually after 250 quarterly analyst calls, you are lucky all through it. Next thing would come from Harald Hasselmann. I wanna use this opportunity to say thanks for all of you who have kind of followed me.
I will not go to the cave right away, but, moving to the board of supervisors and look forward to many more happy quarterly reports which I can watch in that time. That is basically concludes my presentation. For a view, I put up the financial calendar here. We've updated things where we are. Now I would basically invite you all to put your questions and answers. Thank you.