October 18, 2025 — Leads & Copy — Delcath Systems, Inc. (NASDAQ: DCTH) announced preliminary revenue and financial results for the quarter ended September 30, 2025, and updated its 2025 full-year revenue guidance.
The interventional oncology company, focused on liver cancer treatments, reported total CHEMOSAT and HEPZATO KIT revenue of approximately $20.5 million, with HEPZATO KIT revenue at $19.2 million and CHEMOSAT revenue at $1.3 million. Gross margins are expected to be 87%, with a net income of $0.8 million and positive adjusted EBITDA of $5.3 million.
As of September 30, 2025, Delcath Systems had approximately $88.9 million in cash, cash equivalents, and short-term investments, with no debt. The company projects total CHEMOSAT and HEPZATO KIT revenue of $83 million to $85 million for the full year, reflecting an approximate 150% increase in treatment volume over 2024, with quarterly gross margins between 85% and 87% and positive adjusted EBITDA and operating cash flow in each quarter.
Gerard Michel, CEO of Delcath Systems, noted that while third-quarter revenue was modestly lower than the second quarter due to NDRA discounts and unexpected summer seasonality, the company anticipates strong growth in 2026 and beyond, driven by the expansion of active treatment centers and the positive influence of the CHOPIN trial results.
Delcath Systems will host a conference call and webcast on October 20, 2025, at 8:45 a.m. Eastern Time to discuss the Phase 2 CHOPIN Trial results and provide a financial overview. Dr. Vincent T. Ma, Assistant Professor and Medical Oncologist at the University of Wisconsin Department of Medicine, will join the call.
To participate in the call, dial 1-877-407-3982 (toll-free) or 1-201-493-6780 (international). The webcast can be accessed at https://viavid.webcasts.com/starthere.jsp?ei=1738867&tp_key=6f3953dd75. A replay will be available on the company’s website.
Source: Delcath Systems, Inc.
