Delcath Systems, Inc., an interventional oncology company specializing in the treatment of primary and metastatic liver cancers, has announced its financial guidance for the full year 2025. The company projects total revenue from its CHEMOSAT and HEPZATO KIT products to be between $94 and $98 million, marking an increase of more than 150% compared to 2024. Delcath also anticipates gross margins in the range of 83% to 85% and expects to achieve positive adjusted EBITDA and cash flow in each quarter of the year. Furthermore, Delcath plans to enhance patient access by entering into a National Medicaid Drug Rebate Agreement $(NDRA)$, which will include participation in the Medicaid Drug Rebate Program. This agreement is expected to take effect at the beginning of the third quarter of 2025, allowing eligible hospitals to benefit from 340B drug pricing and expanding treatment availability. According to Gerard Michel, CEO of Delcath, this move is expected to significantly increase the adoption of HEPZATO in the U.S., with treatment volumes projected to rise by at least 200% compared to 2024.
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