Delcath Systems Reports Record 2025 Results

Company outlines commercial and clinical roadmap to support continued growth in 2026

Published on Feb. 26, 2026

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Delcath Systems (NASDAQ:DCTH) reported record revenue of $85.2 million in 2025, including $20.7 million in the fourth quarter. The company ended the year with 28 active treatment centers and outlined plans to expand to 40 active sites by the end of 2026. Delcath also discussed expected seasonality, pricing dynamics tied to 340B eligibility, and plans to broaden its U.S. commercial footprint.

Why it matters

Delcath's performance and growth plans are significant for the company as it looks to expand access to its proprietary Hepatic CHEMOSAT® Delivery System, which enables the delivery of high-dose chemotherapy directly to the liver. The company's ability to activate new treatment sites, increase patient starts, and strengthen referral networks will be key to driving continued adoption of its technology.

The details

Delcath reported that it tracked three key performance indicators (KPIs) tied to its commercial strategy: site activations, the rate of new patient starts per site per month, and the average number of treatments per patient. The company said it brought three new sites online in 2025, including MD Anderson, UT Southwestern, and Mayo Clinic Scottsdale, bringing the total to 28 REMS-certified treatment sites. Delcath is targeting 40 active treatment centers by the end of 2026. On utilization, the company said it treated new patients per site per month at approximately 0.75 during the first two months of 2026, similar to the pace in the first quarter of 2025. For the full year 2025, the average was 0.5 new patients per site per month, with 'significant seasonality.' Delcath also discussed its efforts to build referral networks to ensure eligible patients are identified early and referred to treating centers.

  • Delcath brought three new sites online earlier in 2025.
  • Delcath is targeting 40 active treatment centers by the end of 2026.
  • In the first two months of 2026, Delcath treated new patients per site per month at approximately 0.75, similar to the pace in the first quarter of 2025.
  • For the full year 2025, Delcath's average was 0.5 new patients per site per month, with 'significant seasonality.'

The players

Delcath Systems

A specialty pharmaceutical and medical technology company focused on the development and commercialization of its proprietary Hepatic CHEMOSAT® Delivery System, designed to deliver high-dose chemotherapeutic agents directly to the liver while minimizing systemic exposure.

Gerard Michel

Chief Executive Officer of Delcath Systems.

Sandra Pennell

Chief Financial Officer of Delcath Systems.

MD Anderson

A cancer treatment and research center that became an active Delcath treatment site in 2025.

UT Southwestern

A medical center that became an active Delcath treatment site in 2025.

Mayo Clinic Scottsdale

A medical center that became an active Delcath treatment site in 2025.

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What they’re saying

“2025 was a 'pivotal year,' citing 'over 40% volume growth' and record revenue of $85.2 million, including $20.7 million in the fourth quarter.”

— Gerard Michel, Chief Executive Officer (Delcath Systems earnings call)

“Delcath tracks three internal key performance indicators (KPIs) tied to its commercial strategy: site activations, the rate of new patient starts per site per month, and the average number of treatments per patient.”

— Gerard Michel, Chief Executive Officer (Delcath Systems earnings call)

What’s next

Delcath is engaging key opinion leaders to support potential updates to NCCN guidelines following the publication of the CHOPIN Phase 2 trial data, which the company expects to be published 'within the next month or so'.

The takeaway

Delcath's record 2025 results and plans to expand its commercial footprint and clinical pipeline demonstrate the company's momentum as it works to increase access to its innovative liver-directed therapy technology. The focus on driving new patient starts, strengthening referral networks, and advancing clinical research could position Delcath for continued growth in the coming year.