Delcath Systems (Nasdaq: DCTH) boosts 2026 outlook after Q2 gains
Rhea-AI Filing Summary
Delcath Systems, Inc. reported second quarter 2026 results, with total revenue of $29.1 million, up from $24.2 million a year earlier, driven by HEPZATO KIT revenue of $27.1 million and CHEMOSAT revenue of $2.0 million. Gross margin rose to 90% from 86%, while net income was $2.7 million in both periods.
Non-GAAP adjusted EBITDA was $7.6 million, compared with $9.8 million in the prior-year quarter, and operating cash flow was $5.7 million. Cash and investments totaled $95.9 million as of June 30, 2026, with no debt, supporting expansion to 31 active treatment centers and ongoing clinical trials.
For full-year 2026, Delcath increased its revenue guidance for HEPZATO KIT and CHEMOSAT to $104–$108 million, targeting gross margins of 86–89% and positive adjusted EBITDA, and highlighted approximately 30% growth in HEPZATO volume and new data and trials across uveal melanoma and metastatic breast cancer.
Positive
- Raises 2026 revenue guidance to $104–$108 million with targeted 86–89% gross margin and positive adjusted EBITDA, reflecting expectations for continued HEPZATO KIT and CHEMOSAT growth.
Negative
- None.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 total revenue: $29.1 million
Q2 2026 gross margin: 90%
Q2 2026 net income: $2.7 million
+5 more
8 metrics
Q2 2026 total revenue
$29.1 million
Quarter ended June 30, 2026; up from $24.2 million in Q2 2025
Q2 2026 gross margin
90%
Compared with 86% in the second quarter of 2025
Q2 2026 net income
$2.7 million
Net income for the quarter; same as Q2 2025
Q2 2026 adjusted EBITDA
$7.6 million
Non-GAAP adjusted EBITDA; compared with $9.8 million in Q2 2025
Q2 2026 operating cash flow
$5.7 million
Cash provided by operations during the quarter
Cash and investments
$95.9 million
Balance as of June 30, 2026; company reports no debt
2026 revenue guidance
$104–$108 million
Full-year HEPZATO KIT and CHEMOSAT revenue outlook
2026 gross margin guidance
86–89%
Targeted full-year gross margin range for 2026
Key Terms
adjusted EBITDA, percutaneous hepatic perfusion, Risk Evaluation and Mitigation Strategy, interventional oncology, +1 more
5 terms
adjusted EBITDA financial
"Non-GAAP adjusted EBITDA for the quarter ended June 30, 2026 was $7.6 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
percutaneous hepatic perfusion medical
"CHEMOSAT Hepatic Delivery System for Melphalan percutaneous hepatic perfusion (PHP)"
Percutaneous hepatic perfusion is a medical procedure that delivers high doses of cancer-fighting medicine directly to the liver through a small tube inserted into a blood vessel. It matters because it targets liver tumors more precisely, often with fewer side effects, helping to control cancer that has spread to the liver.
Risk Evaluation and Mitigation Strategy regulatory
"implementation and management of the HEPZATO KIT Risk Evaluation and Mitigation Strategy"
A risk evaluation and mitigation strategy is the process a company uses to identify potential problems that could hurt its finances or operations, estimate how likely and severe those problems are, and put practical steps in place to reduce their chance or impact. For investors, it matters because a clear, credible plan is like good insurance and brakes on a car — it lowers the chance of sudden losses, improves predictability, and can make a business a safer, more attractive investment.
interventional oncology medical
"an interventional oncology company focused on the treatment of primary and metastatic liver cancers"
Interventional oncology is a branch of medicine that uses image-guided, minimally invasive procedures to treat cancer by targeting tumors directly—through techniques such as precise heat, cold, chemical delivery, or blocking a tumor's blood supply. Investors care because it drives demand for specialized devices, hospital services and repeatable outpatient procedures, and can change treatment costs and patient outcomes much like a targeted tool that removes a weed without digging up the whole garden.
hepatic partial response rate medical
"showing a 60% hepatic partial response rate with percutaneous hepatic perfusion"
The hepatic partial response rate is the percentage of patients in a clinical trial whose liver tumors shrink by a predefined amount but are not completely gone, according to the study’s measurement rules. For investors, it signals how well a liver-directed therapy is working in reducing tumor size—like measuring how many trees in an orchard have visibly trimmed canopies after treatment—and helps gauge potential clinical value and market impact.
Earnings Snapshot
Total revenue: $29.1 million · Guidance included
quarter ended June 30, 2026
Total revenue
$29.1 million
up from $24.2 million in the second quarter of 2025
Gross margin
90%
up from 86% in the second quarter of 2025
Net income
$2.7 million
in line with $2.7 million in the second quarter of 2025
Adjusted EBITDA (non-GAAP)
$7.6 million
down from $9.8 million in the second quarter of 2025
Guidance
For 2026, Delcath forecasts HEPZATO KIT and CHEMOSAT revenue of $104–$108 million, full-year gross margins of 86–89%, at least 28% HEPZATO KIT volume growth over 2025, and positive adjusted EBITDA.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Delcath Systems (DCTH) Q2 2026 revenues and year-over-year growth?
Delcath reported Q2 2026 revenue of $29.1 million, up from $24.2 million in Q2 2025. HEPZATO KIT contributed $27.1 million versus $22.5 million, and CHEMOSAT contributed $2.0 million versus $1.7 million a year earlier.
How profitable was Delcath Systems (DCTH) in the second quarter of 2026?
Delcath generated net income of $2.7 million in Q2 2026, matching the prior-year quarter. Basic and diluted EPS were $0.07, and non-GAAP adjusted EBITDA was $7.6 million compared with $9.8 million in Q2 2025.
What 2026 financial guidance did Delcath Systems (DCTH) provide?
Delcath now expects 2026 HEPZATO KIT and CHEMOSAT revenue of $104–$108 million. The outlook includes at least 28% HEPZATO KIT volume growth over 2025, full-year gross margins of 86–89%, and positive adjusted EBITDA for the year.
What is Delcath Systems (DCTH) cash and debt position as of June 30, 2026?
As of June 30, 2026, Delcath held $95.9 million in cash and investments and reported no debt. This balance sheet position supports continued commercial expansion and clinical trial activity across its interventional oncology programs.
What operational and clinical highlights did Delcath Systems (DCTH) report for Q2 2026?
Delcath reported 31 active treatment centers and about 30% HEPZATO volume growth versus Q2 2025. Investigators showed a 60% hepatic partial response rate in metastatic breast cancer and initiated a global Phase 2 HEPZATO combination trial in liver-dominant HER2-negative metastatic breast cancer.
How did Delcath Systems (DCTH) operating expenses change in Q2 2026?
In Q2 2026, R&D expenses were $10.4 million versus $6.9 million a year earlier, mainly from added clinical headcount and trial activity. Selling, general and administrative expenses rose to $13.4 million from $11.4 million, reflecting ongoing commercial expansion.