Here we go. The disclaimer is clear to everybody. I'm pretty sure you are aware with that. I would like to have the layout here of some new slides in the layout, but also in the format. You might be being used to it in the past, happy also to take your feedback later on your comments. What were the operational highlights of the last quarter? We received for Lutetium-177 non-carrier-added. We received GMP approval, which enables us to sell at any place in Europe, and also the DMF has been granted earlier on. With our company, PentixaPharm, we are moving forward, and I will come to that in a later stage, that we are moving now in phase II and phase III together for the imaging compound.
We have held in June, in Boston, an amazing, interesting network event for all the diagnostic companies in order to stress and demonstrate the possibilities of Eckert & Ziegler. We are also entering with PentixaTher into new areas of the therapy. Next slide. Should move on here. Eckert & Ziegler, in a nutshell, you are aware of all our products, as well as in the industry isotope product area, where we are selling all the radiation sources, service and others. Whereas in the medical business, and that is the main reason for our strong growth performance in the first half year, is made in the pharmaceuticals. Later on, we will also talk about Pentixa, PentixaPharm, PentixaTher and imaging. Last year's result, 50/50 in terms of sales, profitability, higher in medical.
You see, if you look to some ratios, then we have added here revenue per employee, and you see, that regarding the revenue per employee is strong in the medical business, as it is also for the EBIT, by based on last year's numbers. Having a look to the first half year of 2023, it is important to mention that in the first half year, we did not include the hyperinflation of Argentina based on IAS 29. That is why if you go to a deeper analysis of the comparison of this year and last year, you will see that we have restated last year's performance by the effect of the hyperinflation. That will lead us through all the upcoming slides, where we do compare our numbers of this year with last year's numbers based on restated areas.
Now, how does it look like in details? I will show you the overall group performance as well as the individual ones. On a group level, you have received today's press release, growing the company by 10% in terms of net sales, and particularly the radiopharmaceuticals, which I am going to show in more details, have a strong sales growth performance. That's why medical, as such, is the driving momentum for the first half year. Whereas in isotope products, due to lower oil well logging sources in the first half year, we were lacking some of the sales. If we look to EBIT and net income, I know you are aware with our presentation of net income, but we also want to move also and to demonstrate and present here the EBIT numbers.
You see that we are suffering in terms of EBIT compared to last year's performance. That is mainly due to the hyperinflation business. What you see here was an effect of $2 million compared to last year in terms of currency effects. If we compare dollar to dollar, last year and this year, we see it have a negative effect of $2 million. That is the main reason why the performance compared to last year is lower. In terms of the outlook for the Q3 and Q4, we still see an improvement, both in the medical area as well as the isotope business. Looking to the individual numbers.
Net sales in medical were growing by roughly 27%, mainly due to strong sales increase of our Gallium-68 generator business, which is not only getting approvals in more and more countries, but also the number of generators being sold in existing markets is increasing. We have had a one-time effect in last year of the divested HDR business, which we have sold, and that is why, if that is adjusted, then the sales would have been even bigger, up to 30%. In terms of EBIT, the EUR 2 million I mentioned is mainly here shown in the medical area. Out of EUR 2 million currency exchange losses, which we see compared to last year, EUR 1.7 million is here within the medical business. That is why we mainly the reason why we are suffering.
Here you see a decrease in the net income of EUR 6.9 compared to EUR 7.6. If that would have been adjusted, the net income would be much stronger compared to last year. Looking to the isotope business, there we have seen headwinds. FX adjusted, the sales would be slightly positive. Basically, it's a plus-minus performance. If you look to the EBIT number, we see a strong decrease in our EBIT because our oil well logging sources business were failing and missing in the first half year, that is being recovered in the second half year. If I come to the outlook later on, you will see that we do expect an increase in profitability also in the isotope business. Now, how does the overall net income look like?
EUR 10.9 million is the net income group as reported, adjusted by the currency exchange loss of EUR 2 million, that is then roughly EUR 13 million, compared to EUR 14.5 million of last year, is then a decrease of 11% compared to last year, which is then due to higher operative costs on the one side, and lower profitability of the mentioned oil well logging sources sales and revenues, which didn't show up as expected in the first half-year. Let's have a look to the regional split, what is worthwhile to mention is that Europe and basically, the Americas are sharing the world in two halves: 40% from Europe, 40% from Americas.
Interesting enough, that Asia is growing by 55% compared to last year, and we do expect that this is going to be continued. It's mainly coming from China, but also from other Asian countries, and that is likely to happen also in the years to come, and Asia will, by then, play a more important role. Now let's have a look to what we call radiopharmaceuticals. Radiopharmaceuticals, we do define as a composition of various products. That is the isotope products, Y-90, Yttrium code, lutetium, and later on, also actinium. We have the generators, and you know that we are selling the PET/CT generator, Gallium-68, as well as the Technetium generator 99. We have cold kits, our CMO activities, and other services.
If you look how this has been increased, and how the year 2023 will look like, then it's mainly an increase here by strongly, roughly 20%. Looking into more details, you will see that, here in EUR million, we have split it up in organic growth and inorganic growth because we acquired a company called Tecnonuclear, and by the end of 2021, so there was a very small share of inorganic growth in 2021, then something around EUR 11 million in 2022, and the same will pop up here as inorganic growth this year again. Also the organic growth is growing, and if you look to the numbers here, you see the percentages from Q1 to Q3.
It is growing, as mentioned, here in Q2 of last year, and this year, growth of 30%, and year-over-year, it's 35% growing, due to the performances of the individual products I just mentioned, and we are very optimistic that this is going to continue in the quarters and years to come. Having a look to the balance sheet, we remain cash rich, with 77 million of cash and stocks on the one side, but also we have slightly increased our loan liabilities, so the overall net liquidity is something around EUR 45 million-EUR 50 million. That is by intention, because we want to continue our investments. You are very well aware of, that is why we are using our existing cash for financing our investments.
Looking to the key figures you might be interested in, that's cash flow investments, loan liabilities, equity ratio, and headcounts. Our cash flow has increased in the first half year, from EUR 5 million to EUR 15 million. That is due, mainly due to two effects, and Julian Schröder, Head Finance and Controlling, who is with me, can give you more details if needed. That is tax-related and as well as also grant-related, which we received from governmental funds. Investments, same ratio than last year, basically, equity ratio about 50%, and headcount, we reached 1,000 employees now working for the company. Financial overview, you see here revenue, has grown. Cash flow, remains very strong. Adjusted net income, I reported about that. Cash balance, EUR 77 million. Equity ratio, 40%. How does the outlook look like?
Out, based on the first half year, where we have EUR 11 million as net income, we do expect a second half year with something around EUR 14 million. We do put our guidance here in, in repeating pace with EUR 25 million by the end of the year, based on the assumption that we will not get more headwinds from the FX ratios, US dollar, euro may be concerned. For those who are interested in the upcoming events, we have tried to list up all the upcoming events for this year as well as for last year, and Karolin Riehle, taking care of Investor Relations, also participating in today's call, is putting this presentation later on the Internet, so you can follow up on these numbers. Let's have a look to some focus topics.
This is a slide you might have seen in a lot of different variations. Basically, what this is demonstrating is that in our areas where Eckert & Ziegler is active, that is lutetium, actinium, and Y-90, there's a big range of companies who are developing medical drugs, compounds for imaging and therapy both. These are the ones for the therapeutics, some of them are already approved. The big wave, here you see preclinical phase I and II and III, is still to come. Of course, it's no surprise that it is Eckert & Ziegler's ambitious target to become a supplier to all of these companies, or to the majority of these companies, with our produced isotopes, lutetium, actinium, and Y-90, as we are already doing so.
We do this with our full range of products in our product portfolio, in isotope and services, contract manufacturing, and the production of hot cells. Lutetium, for those who are not so familiar with it, as I mentioned, we submitted here a DMF, and also we received GMP approval earlier in Q2 of this year. We do have increased our weekly production with an annual capacity of 15,000 patient doses, and by 2025, so I mentioned that the big wave is still to come, should be more than the 50,000 on a yearly basis. Actinium, that is the isotope still to come, because those companies who are active in that field are still producing small or are requesting small amounts of Actinium quantities because it's all non-commercial.
What we do expect, and that is important for our analysts, is here, that by 2028, we do expect something about a market of EUR 60 million, and then later on, EUR 150 million by 2030. That is, supposed to be the global demand, and Eckert & Ziegler should be one of the first companies producing actinium. We are going to sell actinium by the end of the year in GMP quality, and in less than a year's time, our own production will have started in producing actinium on our own production way. By that, we should be one of the leading companies doing so. The generator is familiar to everybody, I don't have to repeat that.
We are offering CMO contract manufacturing sites in Boston, in North America, as well as in Germany, here in Berlin and in Braunschweig, and we are also erecting a site in China. You are aware of our strategic alliances, which we have with our company, Tecnonuclear, as well as Atom Mines in North America. Here you see a picture of our facility in Boston, where we're offering 50,000 sq ft for offices, but more importantly, for production and warehousing of companies making use of our sites. China, Berlin, and Rossendorf and Braunschweig are the sites where we are continuing developing our new infrastructural sites for making more product and commercial sites available. PentixaPharm, that is our 100% subsidiary, and you know that we are active in both in imaging as well as in therapeutics.
For imaging, that is where we are most advanced in. That is based on Gallium. Our generator will play a major role in the imaging part for marginal zone lymphoma, and we are entering now phase III. First patients should be included in that study pretty soon, product is going to be marketed from 2026 onwards. That is our target. What is equally important is a new area which we have identified with Pentixa, is also imaging. That is a disease called primary hypertension, primary aldosteronism. That is a hypertension disease. What you see on the picture are the two kidneys you have, and if one of the two kidneys you have on the gland is producing too much of a hormone called aldosterone, then the blood pressure increases substantially.
With Pentixa, we will be able to demonstrate whether their disease is unilateral or bilateral. If it's unilateral, it's only one kidney who is suffering by producing too much aldosterone, then you can cure that disease, that hypertension, by surgery. In order to determine which of the two kidneys is the wrong one, the bad-producing gland, you use PentixaPharm, because that is locking on that gland, which is producing the too much aldosterone. The equity story, as you are all aware of, is basically revenues are growing. Net income, we have here the one-time effect because of our divested HDR business is growing. Employees is slightly above 1,000 and CapEx is increasing. Basically, what the remaining part is what we are doing for ESG.
We have now hired specific, dedicated eight people, taking care of making sure that we are fulfilling MSCI, ISS, and Sustainalytics, in order to match the ESG criteria. What is the reasons to be invested? We remain a market leader for isotopes, and there the entry barrier is extremely high. That is why, where we are positioned, and that is in established high price markets, Eckert & Ziegler plays a dominant role. Asia, as I mentioned, is growing to 55% in the first half year. Eckert & Ziegler remains both an international company on the one side, simultaneously, the Eckert family still owns 30% of the company, and that gives us guarantee that we can keep hierarchies flat and all communications very short and most efficient.
Profitability, our aim remains to achieve a EBITDA ratio of at least 20%, and that's why we want to continue growing in all relevant KPIs. Basically, ladies and gentlemen, this is, in a nutshell, the performance of the first half year.