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DCTH earnings analysis

10-Q · Filed November 9, 2026 · Our reading of the company's report

The latest report

Delcath reported a substantially stronger Q3, with revenue of $35.1 million and diluted EPS of $0.17 versus consensus revenue of $25.798 million and an expected $0.08 loss. Revenue increased from $29 million in Q2 and…

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Delcath reported a substantially stronger Q3, with revenue of $35.1 million and diluted EPS of $0.17 versus consensus revenue of $25.798 million and an expected $0.08 loss. Revenue increased from $29 million in Q2 and $21 million a year earlier, while operating income reached $7.1 million and gross margin was 89%. Management raised 2026 revenue guidance to $115 million-$117 million, supported by expected HEPZATO volume growth of at least 41% over 2025, although execution and reimbursement remain key risks.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

89% Gross margin Operating margin May 2025 Nov 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $11 Operating expenses $69 Left as operating profit $20

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish May 2025 Nov 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$0.17
Segment
HEPZATO drove Q3 growth; management's outlook calls for HEPZATO volume growth of at least 41% over 2025. No separate segment revenue amounts were disclosed in the supplied filing text.

What stood out

  • Revenue materially exceeded consensus

    Q3 revenue was $35.1 million, up from $29 million in Q2 2026 and $21 million in Q3 2025, and exceeded the $25.798 million consensus estimate by $9.302 million.

  • Strong EPS beat and improvement

    Diluted EPS was $0.17 versus $0.07 in Q2 2026, $0.02 in Q3 2025, and the expected loss of $0.08, representing a $0.25 positive surprise versus consensus.

  • Operating profitability expanded

    Gross margin was 89%, up from 87.2% in Q3 2025 but modestly below 89.8% in Q2 2026. Operating income was $7.1 million, implying an operating margin of approximately 20.2% versus an operating loss margin of 1.9% in Q3 2025.

  • 2026 revenue outlook raised

    Management raised 2026 revenue guidance to $115 million-$117 million and expects HEPZATO volume growth of at least 41% over 2025.

  • Repurchase capacity remains available

    The company had $16.008 million remaining under its $25 million share repurchase authorization as of September 30, 2026, with no shares repurchased during the quarter.

What to watch

  • HEPZATO execution remains critical

    The filing states there were no material changes to previously disclosed risk factors, but the raised outlook depends on HEPZATO volume growth of at least 41% over 2025; any commercialization or reimbursement shortfall could pressure the $115 million-$117 million revenue target.

  • Margin and EBITDA execution risk

    The company is targeting full-year gross margin of 87%-89% and positive adjusted EBITDA; failure to sustain the 89% Q3 gross margin or achieve positive adjusted EBITDA could weaken profitability expectations.

  • Capital allocation could affect liquidity

    Although no shares were repurchased in Q3, $16.008 million remained available under the $25 million authorization, representing a potential use of liquidity during commercialization.

Management's outlook

2026 revenue guidance was raised to $115 million-$117 million, including HEPZATO volume growth of at least 41% over 2025. Full-year gross margin guidance is 87%-89% with positive adjusted EBITDA.

Earlier filings 4

10-Q · May 7, 2026

Delcath Systems, Inc. reported strong Q1 2026 results, with revenue increasing to $24.994 million from $19.784 million in Q1 2025, primarily driven by the continued demand for its HEPZATO KIT. The company recorded a net…

10-K · February 26, 2026

Delcath Systems Inc. reported significant growth in revenue for 2025, driven by sales of HEPZATO and CHEMOSAT, achieving a record total revenue of $85.2 million compared to $37.2 million in 2024. Despite operating…

10-Q · November 4, 2025

Delcath Systems, Inc. reported substantial revenue growth for Q3 2025, with total revenue reaching $20.6 million, a 83.6% increase from $11.2 million in Q3 2024. Despite a decrease in operating income, the company…

10-Q · August 6, 2025

Delcath Systems, Inc. reported significant financial improvements in Q2 2025, highlighted by a revenue increase of 209% year-over-year to $24.2 million and a positive diluted EPS of $0.07. The company's expanding…

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