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Dec 31, 2025
Delcath Q4 2025 Earnings Report
Delcath reported strong revenue growth in the fourth quarter of 2025, achieving high gross margins and positive non-GAAP adjusted EBITDA despite a net loss.
Key Takeaways
Fourth quarter revenue increased to 20728000 driven by HEPZATO KIT sales in the U.S., with gross margins of 85% and positive adjusted EBITDA of 2401000, while reporting a net loss of 1896000.
Total revenue grew to 20728000, up from 15100000 in the prior year quarter.
HEPZATO KIT generated 19000000 in U.S. revenue, while CHEMOSAT contributed 1700000 in Europe.
Gross margin remained strong at 85% for the quarter.
Non-GAAP adjusted EBITDA was positive at 2401000 despite a net loss of 1896000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For fiscal year 2026, Delcath expects total CHEMOSAT and HEPZATO KIT revenue of at least 100000000 and gross margins between 84% and 87%.
Positive Outlook
- Revenue expected to be at least 100000000 in fiscal 2026.
- HEPZATO KIT volume projected to increase at least 20% over 2025.
- Gross margins guided in the range of 84% to 87%.
- Expansion of active treatment centers supporting growth.
- Continued commercial expansion and physician awareness.
Challenges Ahead
- Guidance subject to commercialization execution risks.
- Dependence on continued HEPZATO KIT adoption.
- Potential variability in procedure volumes.
- Ongoing investment in commercial and clinical expansion.
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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