Delcath Systems (DCTH) Q2 2026 earnings summary

Executive summary

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

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

• 31 active treatment centers, with plans to reach 37 by year-end, focusing on leading academic and referral institutions.

• HEPZATO KIT commercial execution is self-funding expansion into additional liver-dominant cancer indications.

• Ongoing Phase 2 trials for HEPZATO in metastatic colorectal and breast cancer are underway in the US and Europe.

Financial highlights

• Q2 2026 revenue was $29.1M, up from $24.2M in Q2 2025; HEPZATO KIT revenue grew 30% in volume year-over-year and 17% sequentially.

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

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

• Ended Q2 with $95.9M in cash and investments; $5.7M cash provided by operations.

• Research & development expense: $10.4M in Q2 2026, up from $6.9M in Q2 2025.

Outlook and guidance

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

• Full-year gross margins expected in the range of 86%-89%.

• Expect to report positive adjusted EBITDA for the full year.

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

• Research and development expenses are expected to increase as Phase 2 trials progress.