Filing Flows › Delcath Systems (DCTH) › Q2 2025
Delcath Systems (DCTH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Delcath Systems (DCTH) reported revenue of $24.2M for the second quarter 2025 (Q2 2025), +211% from a year earlier and +22% from the quarter before. Operating margin was 10.7%, net earnings $2.7M (11.2% of revenue).
Delcath Systems, Q2 2025: revenue $24.2M (+211% year over year), operating margin 10.7%, net earnings $2.7M, operating cash flow $7.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $24.2M | +22% | +211% |
| Gross profit | $20.8M | +23% | +234% |
| Operating profit | $2.6M | +303% | — |
| Net earnings | $2.7M | +152% | — |
| Operating cash flow | $7.3M | +231% | — |
| Free cash flow | $6.9M | +234% | — |
What changed
Revenue was $24.2M in Q2 2025, up 211% year over year and up 22% from the previous quarter. HEPZATO KIT was the largest line at 93% of revenue. HEPZATO KIT added $15.9M year over year (up 242%), 97% of the total change.
Gross margin was 86.3%, up 5.8 points from a year earlier. Operating profit was $2.6M, a 10.7% margin (up 61.1 points year over year). Operating expenses grew 80% against revenue growth of 211%. The fastest-growing cost line was Research & development (+103%). Net earnings were $2.7M. The effective tax rate was 15.9%.
Operating cash flow was $7.3M, 270% of net earnings. Non-cash charges added back $100K of depreciation and $7.2M of share-based compensation. Working capital and other items used $2.7M. Capital expenditures of $398K left free cash flow of $6.9M.
Questions
What was Delcath Systems' revenue in the second quarter 2025?
Delcath Systems (DCTH) reported revenue of $24.2M for the second quarter 2025 (Q2 2025), +211% from a year earlier and +22% from the quarter before.
Was Delcath Systems profitable in the second quarter 2025?
Operating profit was $2.6M (10.7% of revenue) and net earnings $2.7M.
Source: Delcath Systems 10-Q on SEC EDGAR.