Delcath Systems Posts Strong 2025 Revenue Growth, Eyes $100M Target in 2026
Event summary
- Delcath Systems reported $85.2M in full-year 2025 revenue, up from $37.2M in 2024, driven by 140% growth in HEPZATO procedure volume.
- HEPZATO KIT revenue reached $78.8M in 2025, while CHEMOSAT revenue was $6.4M.
- The company achieved non-GAAP positive adjusted EBITDA of $25.1M for the full year 2025.
- Delcath repurchased 628,572 common shares for $6.0M under its $25M share buyback program.
- The company announced positive results from the Phase 2 CHOPIN trial and other independent studies.
The big picture
Delcath Systems' strong 2025 financial performance highlights its growing market presence in interventional oncology, particularly for liver cancer treatments. The company's focus on expanding its treatment centers and leveraging positive clinical data positions it for continued growth in a competitive oncology market. With a robust cash position and no debt, Delcath is well-positioned to invest in its commercial expansion and clinical validation efforts.
What we're watching
- Revenue Growth
- Whether Delcath can sustain its 140% growth in HEPZATO procedure volume and meet its $100M revenue target for 2026.
- Clinical Validation
- How the positive results from the CHOPIN trial and other studies will impact physician adoption and patient awareness.
- Commercial Expansion
- The pace at which Delcath can activate new treatment centers and expand its commercial reach.
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