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Jun 30, 2025
Delcath Q2 2025 Earnings Report
Delcath Systems reported its second quarter 2025 financial results, showcasing significant revenue growth and a return to net income and positive adjusted EBITDA.
Key Takeaways
Delcath Systems delivered a strong second quarter in 2025, with total revenue more than tripling year-over-year, driven primarily by robust HEPZATO KIT sales. The company achieved net income and positive adjusted EBITDA, a significant turnaround from losses in the prior year, and reported a healthy cash position.
Total revenue surged to $24.2 million, a substantial increase from $7.8 million in Q2 2024, primarily due to strong HEPZATO KIT sales.
The company reported a net income of $2.7 million, a significant improvement from a net loss of $13.7 million in the same period last year.
Non-GAAP adjusted EBITDA turned positive at $9.8 million, compared to a loss of $0.8 million in Q2 2024, indicating improved operational efficiency.
Cash provided by operations was $7.3 million, and the company held $81.0 million in cash and investments with no debt as of June 30, 2025.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Delcath Systems updated its full-year 2025 financial guidance, projecting significant revenue growth and continued positive adjusted EBITDA and cash flow.
Positive Outlook
- Total CHEMOSAT and HEPZATO KIT revenue is expected to be between $93 million and $96 million for the full year 2025.
- This revenue guidance represents an increase of over 150% compared to 2024.
- Gross margins are projected to be in the range of 83% to 85% for the full year.
- The company anticipates positive adjusted EBITDA in each quarter of 2025.
- Positive cash flow is also expected in each quarter of 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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