Delcath Systems (DCTH) Q2 2026 earnings summary

Executive summary

• Q2 2026 total revenue reached $29.1M, up from $24.2M in Q2 2025, driven by HEPZATO KIT sales of $27.1M and CHEMOSAT revenue of $2M.

• Net income was $2.7M for Q2 2026, unchanged from Q2 2025.

• 31 active treatment centers, with plans to reach 37 by year-end, and approximately 30% HEPZATO volume growth.

• Commercial execution in metastatic uveal melanoma is funding expansion into other liver-dominant cancers, with ongoing Phase 2 trials in colorectal and breast cancer.

• CHEMOSAT is approved and reimbursed in Europe, with recent MDR certification and positive clinical trial results.

Financial highlights

• Gross margin reached 90% in Q2 2026, up from 86% in Q2 2025; full-year guidance is 86%-89%.

• Adjusted EBITDA was $7.6M in Q2 2026, down from $9.8M in Q2 2025.

• Cash and investments totaled $95.9M as of June 30, 2026, with $5.7M cash provided by operations and no debt.

• Research & development expense was $10.4M in Q2 2026, up from $6.9M; SG&A expense was $13.4M, up from $11.4M.

• Basic and diluted EPS for Q2 2026 were $0.07.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $104M-$108M, reflecting at least 28% HEPZATO KIT volume growth over 2025.

• Positive adjusted EBITDA projected for the full year.

• Guidance reflects strong H1 performance and reduced expected seasonality in H2.

• Current cash, equivalents, and investments expected to support operations for at least 12 months.

• R&D expenses expected to increase as Phase 2 trials progress.