Ladies and gentlemen, welcome to the conference call of Medios AG. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulties hearing the conference, please press star followed by zero for operator assistance. May I now hand you over to Claudia Nickolaus, Head of Investor and Public Relations at Medios.
Welcome everybody to our conference call on our results for the first half year of 2022. As always, all relevant documents can also be downloaded from our investor relations website. Additionally, this presentation can be followed in parallel via the internet link provided to you in the invitation. Today, with me is our CEO, Matthias Gärtner, and our CFO, Falk Neukirch. Matthias will start with an executive summary, followed by Falk, who will then provide details on the financials for the first half, as well as on the outlook for the current fiscal year. Finally, Matthias will comment on Medios' growth story. Both gentlemen will be then available to answer your questions. I would now like to hand over to Matthias.
Thank you, Claudia. Also, a warm welcome from my side. Thank you for attending this call and your interest in Medios. I'm proud to present a further set of excellent results today. The first six months of 2022 were by far the best ever for Medios, and Q2 was our sixth consecutive record quarter. Not only is our M&A strategy paying off, we also have delivered strong organic growth. Even more important, our margins are rising as planned. Let's go directly to slide three, providing an overview of the achievements and highlights for the first half of 2022. Our growth strategy is on track. We are successfully integrating the NewCo Pharma Group. This latest acquisition has significantly strengthened our market position in the manufacturing area.
The merger with NewCo Pharma enables us to expand our competence in the field of patient-specific therapies, and thus also significantly and sustainably increase the profit margin of the entire Medios group. We continue to leverage synergy potentials and cross-selling opportunities through the expanded network of compounding facilities as well as through the network of specialized partner pharmacies, which has increased to around 600 through the merger with NewCo Pharma. In our P&L, the acquisition is already paying off, as demonstrated by the positive development of our financial results. Strong inorganic growth and attractive organic growth. Adjusted for M&A effects, we grew organically at a rate of about 9% in the first six months of 2022, as well as in the second quarter, 2022. Total revenue climbed by 25%. Furthermore, in H1, we have strategically increased inventories in anticipation of further growth and rising prices.
We are already benefiting here as we have started to sell them off at now better margins due to inflation-related price adjustments. Finally, Medios is highly robust. So far, we do not see significant negative impact from the economic uncertainties. Our growth is currently hardly affected by the war in Ukraine, inflation, supply chain disruptions, or the general macroeconomic environment. I'm very proud to successfully lead our company through these challenging times, together with my fellow board members and the entire Medios team. The early extension of my contract as CEO, which was announced recently, will ensure consistency on the executive board as well as in the management of Medios. We are very happy to be back in the SDAX since June 2022. This gives us more attention in the market. Regarding ESG, we are making progress in implementing the measures of the Medios ESG strategy 2025.
In a nutshell, we are showing dynamic and profitable growth and are excellently positioned for the future. Our new labs in Berlin are currently going through the validation and qualification processes, and we expect to start compounding in Q4 this year. New partner pharmacies are adding cross-selling opportunities, and the digitalization of the healthcare system offers attractive growth potentials. Not to forget, there are M&A opportunities in the market for internationalization and to set up new businesses in the area of specialty pharma. Against the background of the very successful business development in the first half, we confirm our forecast for 2022, despite the ongoing global uncertainties. We expect our revenue to reach the upper range of our guidance. Falk will provide more details on our outlook later. How can the first months be summarized best? Again, record numbers. We continued the course and success story.
We have set ambitious targets. We confirm our forecast and expect revenue to reach the upper end of the range of EUR 1.45 billion-EUR 1.6 billion based on the excellent performance in the first half of this year. Now a short summary of the financials for the first half of 2022, illustrated on slides four to six. Slide four illustrates the impressive continuous quarterly growth of our two KPIs, revenue and EBITDA pre, again, reaching new records. Also compared to the second quarter of last year and the first quarter of this year, all KPIs have increased. This development clearly proves the positive effect of the most recent acquisitions, especially the remarkable increase of EBITDA pre and the respective margin. Following the corona-burdened second quarter 2020, we have seen eight quarters in a row of continuous growth of revenues as well as EBITDA pre.
Even more impressive, each of the last six quarters represented new record levels. The same picture on slide five. A record first half with substantial growth year-over-year, record sales and a strong disproportional increase of EBITDA pre. Falk will give you more details about this later. Let's move directly to slide six, providing a revenue and EBITDA pre-breakdown per segment for the first half of this year. This reflects the impact of the consolidation of NewCo Pharma since January. As Q1 already showed, we have also for the first six months, a remarkable increase of the share of PST business regarding EBITDA pre from 25% for the full year 2021, up to now 43%, already above the 40% share that we aimed for in full year 2022.
This development is fully in line with our strategy and goal to increase the share of the higher margin PST business. On slide seven, we can see the strong network that we can build on with the integration of NewCo Pharma Group. This is also the driver of strong share of PST regarding our profits. Let me briefly summarize the main benefits of the acquisition. We complement each other, especially regarding the regional coverage. Together, we ensure an almost nationwide supply to our partner network of specialized pharmacies within the shortest possible time. Together with the additional labs of our new building in Berlin, we will reach compounding capacities of 500,000-600,000 preparations per annum, and we have clear plans on how to use these capacities.
The combination of Medios and NewCo offers significant growth potential through combining our partner networks of meanwhile around 600 specialized pharmacies, expanding our product and service portfolio as well as synergies and cross-selling. In a nutshell, this is remarkable strengthening of our attractive higher margin segment patient-specific therapies. I'm very blessed that this is clearly reflected in our half year results, leading to a significant increase of our group EBITDA pre-margin up to 3.6%. We have already realized synergy effects that result from the recent merger with Cranach and NewCo Pharma, mainly in the purchasing and logistics, but also from cross-selling opportunities within our extended partner network. This is all from my side for the moment. I now hand over to Falk to provide more details on the financials for the first half of 2022 and on the guidance for 2022.
Thank you, Matthias. Also welcome from my side. Now I will give you an overview on the numbers and other common figures for the first half of 2022. Unless I explicitly refer to different reporting periods. The full set of financial figures can be found in the financial statement on our website. Let's start with slide nine, showing relevant KPIs. The full consolidation of NewCo Pharma since January 1, 2022 is reflected in the financials. Revenue increased by 24.8%, thereof 8.6% organic, and 16.1% inorganic. We also see a disproportionate rise of earnings proportions compared to the prior year. The gross margin increased from 5.1% - 6.7%, due to the higher share of the PST business resulting from NewCo Pharma acquisition.
EBITDA pre rose by 55.9%, and the EBITDA pre-margin reached 3.6% compared to 2.9% in the previous year period. The revenue and profitability reached new levels, as Matthias said already. Personnel costs followed the higher number of headcount with 517 as of June 30, 2022, the increase of personnel costs by EUR 7 million - EUR 16.3 million is caused with EUR 4.8 million by NewCo and with EUR 0.8 million from stock option programs. The increase of other operating expenses by EUR 4.7 million - EUR 10.3 million was mainly driven by the integration of NewCo Group, followed by rising rental costs, mainly due to increased rental space need and new manufacturing site. Further cost increase resulted from higher consulting and integration costs.
Despite these higher expenses, EBITDA pre outperformed revenue growth considerably, driven by the consolidation of the NewCo Pharma Group. The acquisition is already paying off. EBITDA pre was adjusted by extraordinary expenses in the amount of EUR 1.7 million for stock options, EUR 1.4 million, and M&A transaction costs, which made EUR 0.3 million. Depreciation and amortization climbed from EUR 7.7 million - EUR 10.7 million, mainly due to the amortization of customer-related intangible assets attributable to NewCo Pharma. Of the EUR 10.7 million, roughly EUR 3 million reside from non-PPA acquisitions, thereof EUR 1.5 million IFRS 16 driven, and almost EUR 8 million reside from former PPA effects from acquisitions.
Operating cash flow amounted to almost EUR 10 million, thereof EUR 12.5 million in the second quarter of 2022, compared to almost EUR 30 million in the first six months last year. This development is caused by two extraordinary effects in 2022. One, the payment of retained taxes and social contributions for stock option plans of almost EUR 8 million in the first quarter of 2022. Second, the temporary increase in inventories to prepare for expected price increases. We expect these inventories build up to be offset in the course of the financial year with positive operational cash flow effects for the second half of the fiscal year 2022.
Cash flow from investing activities were especially impacted by effects in connection with the acquisition of NewCo Pharma, the cash component of the purchase price for NewCo acquisition of EUR 88 million and investment in the new labs in Berlin of EUR 1.4 million. The financing cash flow of -EUR 15.6 million resulted primarily from the scheduled repayment of a former shareholder loan of NewCo Pharma Group in the amount of EUR 9.8 million in the first quarter and the scheduled repayments for the syndicated loan of EUR 3.2 million. The syndicated loan amounts to EUR 22.1 million as of June 30, 2022. Cash and cash equivalents amounted to EUR 78.3 million at the end of the reporting period. The equity ratio decreased from 75%, sorry, 75.2% by end of 2021 to a still very solid level of 70.8%.
On slide 10 and 11, we provide a breakdown of the organic and inorganic growth by segment for the first half of 2022. Let's start with slide 10. Revenue grew organically by EUR 54.9 million or +8.6%. The inorganic growth amounted to EUR 102.4 million, or +16.1%, driven by the acquisition of NewCo Pharma. Around 74% of the inorganic revenue growth were allocated to our PST segment and the remainder to PS segment. Organic growth of EUR 54.9 million occurred almost entirely in the PS segment. The slight organic sales increase of the compounding business for the first half of 2022 is again strategically driven by focusing on higher margins, but usually lower revenue. Slide 11 shows the EBITDA pre-breakdown by segment for the first six months of 2022.
EBITDA pre grew inorganically by EUR 11 million as a result of the NewCo Pharma integration, thereof EUR 9 million were allocated to our PST segment and the remainder to pharmaceutical supply. The increased demand for headquarter functions following the inorganic growth path of the company, plus the development of board remunerations, are reflected in higher costs in the service segment. Let's now switch to slide 12. As just explained, organic sales development was almost flat in the segment, at patient-specific therapies and overall segment revenue climbed as a result of the NewCo Pharma acquisition. EBITDA pre rose respectively.
This is fully in line with our strategy to focus on higher margin products and to increase the share of the compounding business. The EBITDA pre-margin decrease is a result of the NewCo PST business with lower margins due to a different product mix. The EBITDA pre-margins given on slide 12 are calculated on overall segment revenue, including internal revenue. Related to external revenue only, EBITDA pre-margins PST is 12.05% for the reporting period. Related to 12.9% in the previous year period. As already highlighted by Matthias, the share of the segment PST in EBITDA pre of the group is meanwhile above the target level of 40%, while PST revenue is at 14% of group revenue. Let's now switch to slide 14 and 15. Despite ongoing economic and regulatory uncertainties, Medios confirms the guidance for 2022.
The company expects revenue to reach the upper end of the range of EUR 1.45 billion-EUR 1.6 billion. EBITDA pre continues to be expected to fall within the range of EUR 52 million-EUR 58 million. Global uncertainties, as outlined on slide 15, do still exist, such as rising inflation and supply chain bottlenecks. Our growth course is currently not affected, but we are cautious and are monitoring the situation closely. In addition, we must include possible regulatory risks in our consideration. Ladies and gentlemen, the numbers demonstrate the sustainable and profitable growth story of Medios. A summary of our growth initiatives, both organic and via M&A, is outlined on slide 16 and will now be presented by Matthias.
Thank you, Falk. Our growth strategy remains unchanged, and its implementation will further advance. With eight consecutive quarters of growth behind us, we are on track and well-positioned for further growth in 2022 and beyond. During our previous earnings calls, I highlighted the various activities to achieve growth. Today, I only want to stress our efforts relating to M&A, in particular in the fields of the compounding business, which will help to leverage our additional compounding capacities. Also, geographically, we would be interested in expanding our partner network, especially in Bavaria and/or Eastern Germany. As we want to further increase our EBITDA pre, we want to test further opportunities which will enable us to achieve our objective, international expansion of our activities. We still benefit from the high market potential in Germany with the consolidating market.
However, we want to internationalize our business in the future and are considering launching new segments, respectively, new services and/or products within the field of specialty pharma. We are looking forward to presenting more details of our strategy at our Capital Markets Day that we have scheduled for November here in Berlin. We will then present more details of our mid- and long-term strategy. We will elaborate on our plans about internationalization and diversification. Before I conclude the presentation, I will now provide a short update on our ESG strategy and what has been done so far, illustrated on slide 17. First of all, we made progress in implementing the ESG software tool, which will simplify and improve the data collection and transparency. After software training, we will be able to already use the software for this year's ESG data collection.
Furthermore, we held a successful annual general meeting in June. Among other things, the shareholders voted in favor of modernizing the articles of association about corporate governance. As part of the sustainability strategy, we established a digital whistleblower hotline and initiated a project to improve the transport logistics. This includes various targeted measures at the different sites through Germany, ranging from material savings for packaging, the shift to more local suppliers for laboratory protective clothing or testing alternative sustainable packaging. Ladies and gentlemen, this concludes our presentation. Thank you for your attention. Falk and I am now available to answer your questions.