Q3 FY2026
Filed Nov 9, 2026Delcath Q3 2026 revenue rose to $35.1 million from $20.6 million, net income reached $7.0 million, and the company increased its 2026 revenue guidance to $115 million to $117 million
Third-quarter total revenue, net income, non-GAAP adjusted EBITDA and cash provided by operations were all reported higher than in the third quarter of 2025, the company reports no debt and $104.3 million in cash and investments, and the release headline states that 2026 revenue guidance was increased. Nine-month non-GAAP adjusted EBITDA was slightly below the prior-year nine-month figure, and the release does not print a prior guidance range to compare against.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended Sept 30, 2026GAAP | $35.1M | – | – |
| HEPZATO KIT revenue, three months ended Sept 30, 2026other | $32.7M | – | – |
| CHEMOSAT revenue, three months ended Sept 30, 2026other | $2.4M | – | – |
| Product revenue, three months ended Sept 30, 2026GAAP | $35.10M | – | – |
| Cost of goods sold, three months ended Sept 30, 2026GAAP | −$3.92M | – | – |
| Gross profit, three months ended Sept 30, 2026GAAP | $31.18M | – | – |
| Gross margin, three months ended Sept 30, 2026other | 89% | – | – |
| Research and development expenses, three months ended Sept 30, 2026GAAP | $11M | – | – |
| Selling, general and administrative expenses, three months ended Sept 30, 2026GAAP | $13.1M | – | – |
| Total operating expenses, three months ended Sept 30, 2026GAAP | $24.07M | – | – |
| Operating income, three months ended Sept 30, 2026GAAP | $7.12M | – | – |
| Interest income, three months ended Sept 30, 2026GAAP | $852K | – | – |
| Other expense, three months ended Sept 30, 2026GAAP | −$1K | – | – |
| Income before income taxes, three months ended Sept 30, 2026GAAP | $7.97M | – | – |
| Income tax expense (benefit), three months ended Sept 30, 2026GAAP | $1.01M | – | – |
| Net income, three months ended Sept 30, 2026GAAP | $7M | – | – |
| Basic income per common share, three months ended Sept 30, 2026GAAP | $0.19 | – | – |
| Diluted income per common share, three months ended Sept 30, 2026GAAP | $0.17 | – | – |
| Adjusted EBITDA, three months ended Sept 30, 2026non-GAAP | $11.5M | – | – |
| Adjusted EBITDA (reconciliation), three months ended Sept 30, 2026non-GAAP | $11.50M | – | – |
| Cash provided by operations, three months ended Sept 30, 2026other | $8.2M | – | – |
| HEPZATO volume growth, three months ended Sept 30, 2026 vs. same period 2025other | approximately 72% | – | – |
| Active treatment centers, as of release dateother | 33 | – | – |
| Cash and investments, as of Sept 30, 2026other | $104.3M | – | – |
| Product revenue, nine months ended Sept 30, 2026GAAP | $89.23M | – | – |
| Cost of goods sold, nine months ended Sept 30, 2026GAAP | −$10.64M | – | – |
| Gross profit, nine months ended Sept 30, 2026GAAP | $78.59M | – | – |
| Research and development expenses, nine months ended Sept 30, 2026GAAP | $31.21M | – | – |
| Selling, general and administrative expenses, nine months ended Sept 30, 2026GAAP | $39.50M | – | – |
| Total operating expenses, nine months ended Sept 30, 2026GAAP | $70.72M | – | – |
| Operating income, nine months ended Sept 30, 2026GAAP | $7.87M | – | – |
| Interest income, nine months ended Sept 30, 2026GAAP | $2.42M | – | – |
| Other expense, nine months ended Sept 30, 2026GAAP | −$76K | – | – |
| Income before income taxes, nine months ended Sept 30, 2026GAAP | $10.22M | – | – |
| Income tax expense, nine months ended Sept 30, 2026GAAP | $1.67M | – | – |
| Net income, nine months ended Sept 30, 2026GAAP | $8.55M | – | – |
| Basic income per common share, nine months ended Sept 30, 2026GAAP | $0.24 | – | – |
| Diluted income per common share, nine months ended Sept 30, 2026GAAP | $0.21 | – | – |
| Adjusted EBITDA, nine months ended Sept 30, 2026non-GAAP | $22.46M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| HEPZATO KIT (United States)The release reports HEPZATO KIT revenue of $32.7 million compared with $19.3 million in the third quarter of 2025, and approximately 72% growth in HEPZATO volume. The release does not print a percentage change in revenue. | $32.7 million in Q3 2026 | – | – |
| CHEMOSAT (Europe)The release reports CHEMOSAT revenue of $2.4 million compared with $1.3 million in the third quarter of 2025. No explanation is given in the release. | $2.4 million in Q3 2026 | – | – |
FY2026 outlook
- Revenue$115 million to $117 million (HEPZATO KIT and CHEMOSAT revenue)
- Gross margin87% to 89%
- NoteIncrease in HEPZATO KIT volume of at least 41% over 2025
- NotePositive adjusted EBITDA
Capital returns
- The release does not report share repurchases or dividends.
- Common shares issued and outstanding were 34,771,239 at Sept 30, 2026 and 34,691,671 at Dec 31, 2025, as printed on the balance sheet.
What drove it
- HEPZATO volume grew approximately 72% in the third quarter of 2026 compared with the third quarter of 2025, and the company reports 33 active treatment centers.
- The company states that research and development expenses increased primarily due to increased clinical headcount and increased clinical trial activity.
- The company states that selling, general and administrative expenses increased primarily due to continued commercial expansion activities.
- Gross margin was reported at 89% for the third quarter of 2026 compared with 87% in the third quarter of 2025, and the full-year 2026 gross margin range is 87% to 89%.
- Non-GAAP adjusted EBITDA reconciliation shows stock-based compensation expense of $4,233 thousand in the third quarter of 2026 compared with $5,648 thousand in the third quarter of 2025.
Concerns
- Nine-month non-GAAP adjusted EBITDA was $22,463 thousand compared with $22,659 thousand in the prior-year nine-month period, a slight decline even though the third quarter improved.
- Nine-month operating expenses rose to $70,716 thousand from $52,872 thousand, with R&D up to $31,215 thousand from $19,875 thousand and SG&A up to $39,501 thousand from $32,997 thousand.
- Income tax expense was $1,015 thousand in the third quarter of 2026, compared with a benefit of $(455) thousand in the third quarter of 2025.
- Accounts receivable increased to $20,214 thousand from $11,744 thousand at Dec 31, 2025.
- The safe harbor section lists risks including supply chain management for HEPZATO KIT components, FDA inspections of company and supplier facilities, and reimbursement.
What to watch
- Full-year 2026 revenue guidance of $115 million to $117 million against nine-month product revenue of $89,229 thousand, with the fourth-quarter figure not printed in the release.
- Gross margin trajectory against the 87% to 89% full-year range.
- Nine-month adjusted EBITDA trend and whether the expense increases reported for R&D and SG&A continue.
- Enrollment in the global Phase 2 DELUMA trial, designed to enroll approximately 90 patients at more than 20 U.S. and European sites.
- Planned IND submission for cholangiocarcinoma in early 2027.
- Completion of preclinical development of an oxaliplatin-based PHP product by mid-2027, pending FDA agreement.
- Accounts receivable growth relative to revenue growth.
Balance sheet and cash flow
- Cash and cash equivalents were $55,538 thousand at Sept 30, 2026, compared with $43,454 thousand at Dec 31, 2025.
- Short-term investments were $48,777 thousand at Sept 30, 2026, compared with $47,582 thousand at Dec 31, 2025.
- Accounts receivable were $20,214 thousand at Sept 30, 2026, compared with $11,744 thousand at Dec 31, 2025.
- Total assets were $149,090 thousand at Sept 30, 2026, compared with $123,632 thousand at Dec 31, 2025.
- Total liabilities were $15,553 thousand at Sept 30, 2026, compared with $12,413 thousand at Dec 31, 2025.
- Total stockholders' equity was $133,537 thousand at Sept 30, 2026, compared with $111,219 thousand at Dec 31, 2025.
- The company reports no debt as of Sept 30, 2026.
- Cash provided by operations was $8.2 million in the third quarter of 2026, compared with $4.8 million in the third quarter of 2025. The release does not print a cash flow statement, free cash flow, or nine-month operating cash flow.
Analysis
Delcath reported third-quarter 2026 total revenue of $35.1 million, against $20.6 million in the third quarter of 2025. HEPZATO KIT contributed $32.7 million and CHEMOSAT $2.4 million, against $19.3 million and $1.3 million a year earlier. The release states that HEPZATO volume grew approximately 72% over the same period, and that the company operates 33 active treatment centers. The release does not print a percentage change for total revenue, so none is given here. Product revenue for the nine months was $89,229 thousand, against $64,503 thousand in the prior-year nine months.
Gross margin was 89% in the third quarter, compared with 87% a year earlier, and gross profit rose to $31,184 thousand from $17,939 thousand. Operating expenses rose more slowly than revenue in absolute terms for the quarter only in the sense that both are printed: R&D increased to $11.0 million from $8.0 million, and SG&A to $13.1 million from $10.3 million. The company attributes the R&D increase primarily to increased clinical headcount and increased clinical trial activity, and the SG&A increase primarily to continued commercial expansion activities. Operating income moved to $7,116 thousand from $(388) thousand, and net income to $7.0 million from $0.8 million, with diluted EPS of $0.17 against $0.02.
Non-GAAP adjusted EBITDA was $11.5 million in the quarter against $5.3 million. For the nine months, the printed adjusted EBITDA was $22,463 thousand against $22,659 thousand, so the year-to-date figure is slightly lower than the prior year even though the third quarter improved. Net income for the nine months was $8,550 thousand against $4,596 thousand, and nine-month diluted EPS was $0.21 against $0.12. Income tax expense was $1,015 thousand in the quarter, against a benefit of $(455) thousand a year earlier.
Cash provided by operations was $8.2 million in the quarter, against $4.8 million. The balance sheet shows cash and cash equivalents of $55,538 thousand and short-term investments of $48,777 thousand, a total of $104.3 million as printed in the release, with no debt. Total assets rose to $149,090 thousand from $123,632 thousand at December 31, 2025, and stockholders' equity to $133,537 thousand from $111,219 thousand. Accounts receivable rose to $20,214 thousand from $11,744 thousand over the same period. The release does not report share repurchases or dividends.
The headline states that the company increased its 2026 revenue guidance to a range of $115 million to $117 million, with HEPZATO KIT volume growth of at least 41% over 2025, full-year gross margin of 87% to 89%, and positive adjusted EBITDA. The prior guidance range is not included in the documents, so the size of the change cannot be verified. The release also describes the DELUMA Phase 2 trial, first patient dosed July 9, 2026, and a planned cholangiocarcinoma IND in early 2027.
Management, verbatim
We are pleased with the continued momentum in our business, with meaningful progress across both commercial operations and clinical development
Gerard Michel, Chief Executive Officer
Not in the filing
stated, not guessed- Year-over-year percentage change for total revenue, HEPZATO KIT revenue, and CHEMOSAT revenue
- Prior-quarter (Q2 2026) figures for all metrics
- Prior guidance range for 2026 revenue, gross margin and adjusted EBITDA
- Nine-month year-over-year percentage changes for revenue, operating income, net income and EPS
- Nine-month gross margin percentage
- Absolute HEPZATO volume figures; the release gives only approximately 72% growth
- Cash flow statement, free cash flow, and nine-month cash provided by operations
- Full-year 2025 results
- Analyst consensus, price targets and share price reaction, which are not in the documents
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.