DCTH DELCATH SYSTEMS, INC.
Price Chart
Executive Summary
Delcath Systems reported strong financial results for Q4 and full year 2025, with full-year revenue up 129% year-over-year to $85.2 million and full-year net income of $2.7 million. The company also issued 2026 guidance calling for at least $100 million in revenue, representing over 17% growth, driven by continued HEPZATO adoption and clinical momentum from positive trial data.
Key Financial Metrics
Actionable Insight
The combination of accelerating revenue growth, improved profitability, strong clinical data supporting HEPZATO, and an optimistic 2026 outlook suggests continued momentum. Traders should monitor procedure volume trends and the pace of new center activations as leading indicators of future revenue.
Key Facts
- Full year 2025 revenue was $85.2 million, up 129% from $37.2 million in 2024
- HEPZATO KIT revenue grew to $78.8 million in 2025 from $15.1 million in 2024
- Full year 2025 net income was $2.7 million vs. a net loss of $26.4 million in 2024
- Non-GAAP adjusted EBITDA was $25.1 million in 2025 vs. a loss of $2.5 million in 2024
- Company guided to at least $100 million in total revenue for 2026, implying >17% growth
Financial Impact
Revenue grew 129% YoY to $85.2M in 2025 with a dramatic swing from a $26.4M net loss in 2024 to $2.7M net income in 2025, and guidance points to continued strong growth with >$100M revenue expected in 2026
Segment Breakdown
| Segment | Revenue |
|---|---|
| HEPZATO KIT | $78.8M |
| CHEMOSAT | $6.4M |
Risk Factors
- R&D and SG&A expenses increased significantly in 2025, which could pressure margins if revenue growth slows
- The stock may already reflect positive expectations, making it vulnerable to any miss on the $100M+ 2026 revenue guidance
- Reliance on continued HEPZATO adoption and reimbursement stability
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-012004 |
| Document: dcth-20260226.htm | 0001628280-26-012004 |
| Document: 0001628280-26-012004-index-headers.html | 0001628280-26-012004 |
| Document: 0001628280-26-012004-index.html | 0001628280-26-012004 |
| Document: 0001628280-26-012004.txt | 0001628280-26-012004 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 14, 2026
26d ago
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8-K
| $11.46 $11.45 | ▼ −0.09% | ▲ +0.63% | $10.94 (−4.54%) |
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May 7, 2026
4w ago
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8-K
| $11.24 $11.61 | ▲ +3.29% | ▲ +1.79% | $10.94 (−2.67%) |
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Apr 2, 2026
9w ago
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DEFA14A
| $9.63 $10.04 | ▲ +4.26% | ▲ +0.64% | $10.94 (+13.60%) |
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Mar 2, 2026
14w ago
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Insider Cluster
| $8.93 $9.12 | ▲ +2.13% | ▲ +3.34% | $10.94 (+22.51%) |
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Feb 28, 2026
14w ago
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Institutional Cluster
| $8.93 $9.12 | ▲ +2.13% | ▲ +3.34% | $10.94 (+22.51%) |
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Feb 26, 2026
14w ago
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8-K
| $9.00 $9.08 | ▲ +0.89% | ▲ +2.02% | $10.94 (+21.56%) |
US Market Status
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