Delcath Systems reports preliminary Q3 adjusted EBITDA $4.8M

On Saturday, Delcath provided preliminary results for Q3, including total CHEMOSAT and HEPZATO KIT revenue of approximately $20.5M, HEPZATO KIT revenue of $19.2M, CHEMOSAT revenue of $1.3M, and said gross margins expected to be 87%. Delcath also sees Q3 positive operating cash flow of approximately $4.8M and net income of $0.8M. As of September 30, 2025, the company had approximately $88.9M of cash, cash equivalents and short-term investments and no debt. Looking ahead, Delcath sees total 2025 CHEMOSAT and HEPZATO KIT revenue of $83M-$85M, reflecting an approximate 150% increase in treatment volume over 2024, with quarterly gross margins 85%-87%, and positive adjusted EBITDA and operating cashflow in each quarter of 2025. “Although our third quarter revenue was modestly lower than the second quarter, this decline was primarily due to the NDRA discounts and unexpected summer seasonality which impacted the scheduling of new patient starts,” said Gerard Michel, CEO of Delcath Systems (DCTH). “We are confident that we will achieve strong growth in 2026 and beyond. This expectation is based on our ongoing expansion of active treatment centers and the positive influence of the CHOPIN trial results, which have demonstrated impressive efficacy and offer practical advantages for initiating patients on systemic therapy, while preparing for PHP therapy.” Shares of Delcath Systems are down nearly 5% to $11.39 in late morning trading.