Delcath Systems, Inc.

Total revenue in Q1 2026 was $25 million, up from $19.8 million in Q1 2025. Revenue included $23.3 million of HEPZATO KIT revenue and $1.7 million of CHEMOSAT revenue. Gross margin was 85% versus 86% in the prior-year quarter. Net loss was $1.1 million versus net income of $1.1 million a year ago, and adjusted EBITDA was $3.4 million versus $7.6 million. Cash and investments ended at $89.3 million with no debt, and cash provided by operations was $0.9 million. The company bought back about 300,000 shares for about $3 million in the quarter, bringing total repurchases to $9 million under the $25 million authorization. For 2026, management reaffirmed at least $100 million in revenue, 85% to 87% gross margin, and positive adjusted EBITDA for the remainder of the year.

Gerard Michel framed the quarter as successful, pointing to 4-center activations and record new patient starts as evidence that the business is still gaining traction. He emphasized building three growth drivers at once: center activations, higher utilization at existing centers, and referral networks that can connect eligible patients more quickly. His tone was constructive and operationally focused, but he also stressed pacing uncertainty and said the company is being more conservative on site activation timing.

Sandra Pennell said Q1 revenue was $25 million, gross margin was 85%, and the company ended with $89.3 million in cash and investments and no debt. She noted R&D was $9.8 million versus $5 million in the prior quarter, while SG&A was $13.1 million versus $11.3 million in the prior-year quarter, reflecting clinical and commercial expansion. She also said 2026 R&D is now expected to be up about 70% to 75% versus 2025, SG&A about 60% higher, and that full-year adjusted EBITDA should be positive for the remainder of the year.

Analysts focused on whether CHOPIN was driving higher volume per site, and management said it appears to be the main factor, alongside newer sites increasing volume as they see results in practice. Questions also addressed the revised site-activation outlook; Gerard said the pipeline remains full but management is only counting sites as likely when there is clearer near-term treatment visibility. On guidance, management said the $100 million revenue floor assumes seasonal slowing in the third and fourth quarters similar to last year, though they acknowledged that could prove conservative.