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 are 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 zero followed by the hash key for operator assistance. May I now hand over to Claudia Nickolaus, Head of Investor and Public Relations and ESG Communications at Medios.
Ladies and gentlemen, welcome to our conference call on the results for the full fiscal year 2022. As in the past, all relevant documents can 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. The call today is hosted by our CEO, Matthias Gärtner, and our CFO, Falk Neukirch. Matthias will start with a summary, followed by Falk, who will then provide details on the financials for the fiscal year 2022, as well as on the guidance for 2023. Finally, Matthias will comment on Medios growth stories. Both Matthias and Falk will be available to answer your questions afterwards. I would now like to hand over to Matthias.
Thank you, Claudia. A warm welcome from my side. Thank you for joining this call and your interest in Medios. Overall, 2022 was a very successful year, by far the best for Medios, and this against the background of the global crisis and uncertainty. We are proud to present a further set of excellent results today. Let's go directly to slide three, providing an overview, what were the highlights for 2022. First, we substantially strengthened our Patient-Specific Therapies segment, abbreviated PST, through the acquisition of NewCo Pharma. The integration is on track, we continue to realize good synergies and cross-selling effects. This is what we also expect for the agreement on the sterile manufacturing collaboration with Apotheken für Spezialversorgungen OHG as part of the acquisition of DDW as of January 2023.
It is also worth to mention that the manufacturing in our new GMP lab in Berlin has commenced after receiving the permit last year. This was a significant step towards increasing our compounding capacity in the higher-margin segment Patient-Specific Therapy. Furthermore, we will be able to prepare for compounding for next-generation medicines. For example, in the field of personalized therapy. Those who attended our Capital Markets Day on November 24th got a first-hand look of our new cutting-edge lab. Second, we have achieved the best financials in our company history. EUR 1.6 billion in sales, and a disproportionately higher EBITDA pre, representing the substantial increase of the group margin to 3.4%, driven by the integration of NewCo Pharma and to a lower extent, also by organic growth. Furthermore, we posted strong operating cash flows and a more than doubled EPS.
For 23, we expect growth with a revenue of up to EUR 1.8 billion and an EBITDA pre of up to EUR 63 million. Third, we started the implementation of our expanded growth strategy 25, presented at our Capital Markets Day in November 2022. We are particularly blessed that we have been able to recruit an internationally experienced senior manager who will drive forward internationalization as part of the extended strategy. Heading this new department, I will come back to this later in more detail. In line with our growth strategy, we recently extended our operational activities by providing parenteral nutrition for prematurely born babies, a quite challenging and complex service. Our ESG strategy is well embedded in the overall Medios strategy, and we continue to successfully implement this strategy as well as further improving our ESG rating. In a nutshell, we achieved our targets for 2022.
We were impacted by the changed reimbursement scheme in our PST segment and the general economic uncertainties. We expect ongoing growth in 2023. Falk will provide more details on our outlook later. Our mid- and long-term strategy, including internationalization, will help us to mitigate further the potential negative effects of the general economic and regulatory environment. We are working on additional measures which will also help us to offset the potential effects. We are very confident to successfully continue our growth story. Let me share a short summary on the financials for the fourth quarter and full year 2022, as illustrated on slide four, please. Slide four shows the strong continuous quarterly growth of our two KPIs, revenue and EBITDA pre, until third quarter 2022, with the fourth quarter reflecting the negative impact of the regulatory changes which became effective on September 1, 2022.
The full year figures on slide five highlight the disproportionate EBITDA pre-growth of almost 43% to almost EUR 55 million, also leading to higher margin. We have further expanded the share of the compounding business within the major portfolio, as illustrated on slide six. This demonstrates the impact of the consolidation of NewCo Pharma since January 2022, a remarkable increase of the share of PST business. Compared to last year, we increased the revenue share for PST from 5% up to 14%, and for EBITDA pre, we more than doubled the PST share, coming from 21% up to now 43%. This development is fully in line with our strategy and goal to increase the share of the higher margin PST business. Now let's move to my favorite slide seven, which we have already shown in the past.
It describes our strong network of meanwhile around 700 specialized partner pharmacies, an excellent basis for our German expansion. The start of the compounding at our new GMP lab in Berlin helps to increase the major group's manufacturing capacity in the higher margin PST segment to up to 600,000 preparations per year. This new GMP lab is one of the most modern, safe, and effective GMP laboratories in Germany, it will enable us to work even more efficiently, make processes even safer, and increase profitability at the same time. Based on our increased capacity and the agreement of manufacturing for AfS that we mentioned before, we target to compound more than 400,000 preparations in 2023. On slide eight, please find an update on our ESG activities. In terms of ESG, we have built a good foundation over the past two years.
The ESG strategy provides us with the framework up to 2025. Through the ESG committee, sustainability is an integral part of all management levels. With the help of ESG software implemented in 22, we have been able to expand the depth and breadth of our ESG database. 2022, thus, becomes our baseline year. Based on this, we can manage the targets and measures in 2023. The focus will be on increasing energy efficiency, maintaining a female quota of over 50% in leadership positions, and implementing the supplier code of conduct, among other things. This is all from my side for the moment. I now hand over to Falk to provide more details on the financials for the full year 2022 and on the guidance for 2023.
Thank you, Matthias. Welcome also from my side. I will now give you a more detailed overview on the numbers, focusing on the full figures of 2022. The full set of financial figures can be found in the annual report on our website. Let's start with slide 10, showing relevant key financials. As Matthias already said, the financial year 2022 was a very successful one for Medios. Revenue increased by 18.7%, thereof 3.4% organically and 15.3% inorganically, resulting from Medios Pharma acquisition. Even better, gross profit outperformed revenue growth significantly with +55.4%. Gross margin increased from 5.2%- 6.8% due to the higher share of PST business, also resulting mainly from the Medios Pharma acquisition. Personnel costs follow their higher headcount.
The increase of personnel costs by EUR 11.7 million- EUR 33.7 million is in the amount of EUR 10.2 million attributable to NewCo Pharma acquisition, followed by the development of central functions and increased variable board remuneration. The increase of other operating expenses by EUR 10.6 million- EUR 24 million was in the amount of EUR 7.2 million, driven by the integration of NewCo Pharma Group, followed by rising rental costs due to the increase in rented space for the new manufacturing site in Berlin. Further cost increases resulted from higher energy prices, consulting for strategy, and post-merger integration projects. Despite these higher expenses, EBITDA pre grew by 42.8% and thus outperformed revenue growth considerably. EBITDA pre-margin reached 3.4% compared to 2.8% in the previous year.
The higher level of profitability is also reflected in the development of earnings per share, which more than doubled from EUR 0.37- EUR 0.77 in 2022. For your explanation, the Adjusted EBITDA pre was adjusted by extraordinary expenses in the amount of EUR 3.7 million, thereof for stock options, EUR 2.9 million, and for M&A transaction costs, EUR 4.8 million. Depreciation and amortization climbed from EUR 19.4 million- EUR 22.2 million, mainly due to the amortization of customer-related intangible assets attributable to NewCo Pharma. Of the EUR 22.2 million, almost EUR 14.8 million resides from TTAs.
Roughly EUR 7.4 million resides from non-TTA acquisitions and sale of EUR 2.9 million from IFRS 16 amortization. Operating cash flow reached very sound EUR 37 million despite extraordinary cash outflows for tax and social contribution payments for stock options of almost EUR 8 million in the first quarter of 2022. Previous year operating cash flow was positively influenced by scheduled stock reduction in hemophilia products, which were built up end of 2020 in the PS segment. The cash flow from investing activity was mainly impacted by two aspects. The net cash component of the purchase price for NewCo acquisition of EUR 82 million and further operational investments of approximately EUR 5 million.
The financing cash flow of EUR -40 million resulted primarily from the repayment of a syn loan in the amount of EUR 25.2 million and a scheduled repayment of former shareholder loans in the amount of EUR 99.8 million. By end of 2020, Medios arranged a new revolving syndicated loan of EUR 75 million, of which EUR 25 million were drawn in January of 2023 to finance the latest acquisition of BBW. Cash and cash equivalents amounted to EUR 79.2 million at the end of the reporting period, down from EUR 168 million. The decrease is mainly a result of the cash component for NewCo Pharma acquisition, the repayment of former shareholder loans, and the repayment of the former syn loan.
The equity ratio, meanwhile, increased to, sorry, 77.8% from 75.2% in the previous year. Let's go to slide 11 and 12. There we did provide a breakdown of the organic and inorganic growth by segment for fiscal year 2022. Let's start with the slide 11. Revenue grew organically by EUR 46 million or +3.4%. The inorganic growth amounted to EUR 207.4 million or +15.3%, driven by the acquisition of NewCo Pharma. Around 73% of the inorganic revenue growth was generated in the PST segment and the remainder in the PS segment. The organic growth of EUR 46 million occurred almost entirely in the PS segment, however, the organic growth of PST reached 10%. Slide 12 shows the EBITDA pre-breakdown by segment for financial year 2022.
EBITDA pre grew inorganically by EUR 19.1 million, driven by the NewCo Pharma integration. Thereof EUR 15.2 million were allocated to our PC segment and the remainder to PS. The increased demand for headquarter function, post-merger integration efforts, and strategic consulting costs increased cost levels in the segment service. Let's now switch to slide 13. As just explained, organic sales growth was almost 10% in the segment patient-specific therapies and overall segment revenue climbed because 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 NewCo's PST business with lower margins due to a different product mix and regulatory price reduction effective since September 2022 for compounding of cytostatic drugs.
As already highlighted by Matthias, the share of this segment, PST in EBITDA pre of the group is above the target level of 40%, while PST revenue is at 14% of group revenue. This led to a higher group margin in total. Slide 14 provides an overview of our financing power ready to be used for our growth plans, which will be specified in more detail by Matthias shortly. Overall, we have more than EUR 100 million of free funds available, resulting from available cash and free funds from our new revolving credit facility. On top of that, we will ask for a potential 10% capital increase to be approved at our forthcoming AGM in June, which would even strengthen our financing power for future growth. Let's now switch to slide 16 and 17. Our guidance for 2023 has been communicated.
Despite economic and regulatory uncertainties, we expect revenue to reach the range of EUR 1.6 billion-EUR 1.8 billion. EBITDA pre is expected to rise to EUR 56 million-EUR 63 million. As a consequence, the group EBITDA pre-margin is again expected to improve. The guidance takes into consideration assumptions as outlined on slide 17. Global uncertainties do still exist, such as rising inflation and supply chain bottlenecks. The impact from last year's regulatory price changes is considered in this guidance. The key message remains the same. Our growth course will continue in 2023. A summary of our strategic priorities is outlined on slide 18. For this, I hand over to Matthias.
Okay. Thank you, Falk. Some words to our extended growth strategy 2025, presented in November last year. Our adjusted growth strategy is based on three pillars. First Developing and growing our business in Germany. Second Expanding our compounding business into selected European countries. Third, diversifying into a prospective new business segment, namely manufacturing of advanced therapy. Let me first make some comments on how we will push forward our manufacturing business in Germany. By closing the white spots in our geographic coverage of our partner network, especially in Bavaria and/or Eastern Germany. Remember the map of Germany. For example, by acquiring respective labs and/or conclude cooperation agreements, as well as by rolling out MediosConnect, our innovative digital platform for the CSP business. By increasing the number of doctors and surgeries behind our partner pharmacy. By diversifying and expanding Medios' indication area.
The most recent example is that we started to provide parenteral nutrition for prematurely born babies. We offer highly specialized and very sophisticated services, and help the German health system to prevent a gap in care. We once again expanded our product range and diversified our customer group, namely to include hospital pharmacies. We are already extremely well-positioned in Germany, the next logical step is the expansion into European countries with higher margins and attractive growth rate. Let's go to slide 19, which provides an overview of the four countries we selected, namely U.K., the Netherlands, Belgium, and Switzerland. The reason for which they were selected out of 12 screened European countries. The cumulative Specialty Pharma spend of these four prioritized countries is around EUR 17 billion, hence the same size of the total Specialty Pharma spend in Germany, which will double our potential market.
What is our preferred plan for the expansion into other European countries? It would be ideal to acquire sterile GMP labs to manufacture patient-specific therapies in these countries. We already demonstrated our abilities to successfully operate and integrate sterile GMP labs. We are very pleased to inform you that we will strengthen our international team with a highly experienced executive in the European specialty pharma market. As from April 1, Constantijn van Rietschoten will join Medios as Head of International Business Development. I'm sure some of you will already know Constantijn. He's Dutch nationality, has 15 years pharma experience, and has an extensive knowledge of, and network in, the European specialty pharma market. We are focused to accelerate our geographical expansion as part of our strategy.
By internationalizing our business, we can further strengthen our market position and, at the same time, diversify our customer group to become more independent of German healthcare regulations. Slide 20 provides some information on the third and last pillar of our extended growth strategy. Entering the groundbreaking personalized medicine market, summarized under the term advanced therapy, meaning medicines based on genes, tissues or cells, all expensive and complex therapies. This fits well, as we are already a trusted partner for high value and complex products in Germany. Advanced therapies are a rapidly growing market, with annual growth rates of around 18% until 2025, and a market volume of globally EUR 13 billion, excluding COVID mRNA vaccine. Some of the advanced therapies require patient-specific approach, and we bring extensive experience in this field.
Due to the increasing number of small and medium-sized pharmaceutical companies and the increasing number of products at the commercial stage, a higher degree of outsourcing is expected, and this can be conducted by Medios. There are already widespread capacity shortages in the manufacturing of novel therapies, and market experts expect capacity to lag demand in the future. All these trends support our strategy of complementing the manufacture of patient-specific drugs with the manufacturing of personalized therapies. In other words, this is the logical next step in the Medios growth strategy. We can achieve these objectives both through organic growth, for example, by adapting and using existing laboratories to produce personalized therapies, and by acquiring other companies. Currently, we are reviewing our list of potential M&A targets, including European countries.
As outlined by Falk, we have a strong financial basis that enables the financing of our extended growth strategy. Before I conclude the presentation, let's switch to slide 21. At our Capital Markets Day, we presented our group midterm target 2025-2027 for the first time. One of our main goals is to further increase our EBITDA pre-margin. We want to tap further opportunities which will enable us to achieve our objectives, by internationalizing our business and by potentially launching new segments, respectively new services, all within the field of specialty pharma. By implementing our extended strategy 2025, we aim to achieve a medium-term target of EUR 2 billion in revenue and an EBITDA pre-margin in the mid-single digit area. Ladies and gentlemen, this concludes our presentation.
We hope to see you in person at the conference soon, or to hear you at our next earnings call on May eleventh. Thank you for your attention. As Falk and I am now available to answer your questions.