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Jun 30
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.
Delcath
Delcath
Delcath Revenue by Segment
Delcath Revenue by Geographic Location
Revenue by Segment
HEPZATO KIT Revenue
CapyFin.comCHEMOSAT Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.com 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