Delcath Systems (DCTH)
NASDAQ:DCTH
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Delcath Systems
(NASDAQ:DCTH)
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Rating:61Neutral
Price Target:
$11.50
▲(4.64% Upside)
Action:ReiteratedDate:03/04/26
The score is driven primarily by improved financial strength (stronger balance sheet and positive 2025 cash generation) and a generally positive outlook/catalyst backdrop (2026 revenue guidance and CHOPIN publication). These are offset by weak technical momentum and a demanding valuation (very high P/E), plus a key data-quality risk around the reported 2025 revenue figure and higher planned operating expenses.
Positive Factors
Balance Sheet Strength
The company ended 2025 with materially lower leverage, roughly zero debt and a stronger equity base, plus ~ $91M in cash and investments. This durable capital position increases financial flexibility to fund commercialization, clinical programs, or weather execution delays without near-term external financing.
Negative Factors
Top-line Data Quality Risk
Anomalous reporting (zero 2025 revenue yet sizable gross profit) creates uncertainty about revenue recognition and margin reliability. This undermines forecasting, could complicate partner or payer negotiations, and raises the risk that apparent profitability and growth are less durable than financial statements imply.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
The company ended 2025 with materially lower leverage, roughly zero debt and a stronger equity base, plus ~ $91M in cash and investments. This durable capital position increases financial flexibility to fund commercialization, clinical programs, or weather execution delays without near-term external financing.
Read all positive factors
Delcath Systems (DCTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$381.86M
Dividend YieldN/A
Average Volume (3M)340.14K
Price to Earnings (P/E)134.0
Beta (1Y)1.66
Revenue Growth251.54%
EPS GrowthN/A
CountryUS
Employees96
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.05
Shares Outstanding34,746,185
10 Day Avg. Volume252,183
30 Day Avg. Volume340,143
Financial Highlights & Ratios
PEG Ratio-1.24
Price to Book (P/B)3.25
Price to Sales (P/S)4.24
P/FCF Ratio17.25
Enterprise Value/Market Cap0.89
Enterprise Value/Revenue3.98
Enterprise Value/Gross Profit4.62
Enterprise Value/Ebitda132.14
Forecast
1Y Price Target
$25.25Price Target Upside129.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.61
Revenue Forecast (FY)$103.83M
Delcath Systems Business Overview & Revenue Model
Company Description
Delcath Systems, Inc., an interventional oncology company, focuses on the treatment of primary and metastatic liver cancers in the United States and Europe. The company's lead product candidate is HEPZATO KIT, a melphalan for injection/hepatic del...
How the Company Makes Money
Delcath primarily makes money by commercializing its liver-directed therapy system, generating revenue from sales of its proprietary product used in the PHP procedure. The company’s revenue model is centered on: (1) product sales of the HEPZATO KI...
Delcath Systems Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial trajectory: strong volume growth (>40%), record full-year revenue, full-year profitability and materially improved adjusted EBITDA, a healthy cash position and no debt. These positives are balanced against meaningful near-term challenges — notably substantial planned increases in R&D and SG&A spending, quarter-level adjusted EBITDA softness, seasonality and site-capacity variability, and uncertainty around the 340B pricing mix and clinical trial timelines. The company positions CHOPIN publication and expanded commercial/medical field teams as key catalysts expected to accelerate adoption in the back half of 2026, but timing and execution risks remain.Positive Updates
Strong Volume and Record Revenue
Over 40% procedure volume growth in 2025 and record full-year revenue of $85,200,000 (Hepzato $78.8M, ChemoSAT $6.4M). Q4 Hepzato revenue was $19.0M vs $13.7M prior-year quarter (+~39%).
Negative Updates
Rising Operating Expenses
Full-year SG&A increased to $43.0M from $29.6M in 2024 (+~45%). Full-year R&D rose to $29.2M from $13.9M in 2024 (+~111%). Company expects R&D to increase nearly 90% in 2026 and SG&A to increase nearly 50% in 2026 (Q1 alone +30%–40% vs Q4).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Volume and Record Revenue
Over 40% procedure volume growth in 2025 and record full-year revenue of $85,200,000 (Hepzato $78.8M, ChemoSAT $6.4M). Q4 Hepzato revenue was $19.0M vs $13.7M prior-year quarter (+~39%).
Read all positive updates
Company Guidance
The company guided to at least $100.0M in total 2026 revenue (implying >20% Hepzato Kit procedure volume growth and >10% ChemoSAT growth), with an expected average selling price of ~$175,000 per Hepzato kit (≈10% below published list price of $189,100) and forecast gross margins of 84–87% (Q4/2025 GM 85%, FY2025 GM 86%); key operational metrics used for modeling include 28 active REMS-certified treatment centers today (targeting ~40 by 2026), average treatments per patient ≈4, new patient starts per site/month averaging 0.5 in 2025 and ~0.75 in the first two months of 2026, an inter-treatment interval of roughly 7–8 weeks, and anticipated Q3 seasonality (flat to modest growth Q2→Q3 with stronger second-half activations). On the expense and liquidity side, management expects R&D to rise nearly 90% in 2026 (FY2025 R&D $29.2M vs $13.9M in 2024) and SG&A to increase nearly 50% (FY2025 SG&A $43.0M vs $29.6M in 2024; Q1 SG&A +30–40% vs Q4 then ~15% QoQ), while FY2025 results included record revenue of $85.2M, net income $2.7M (vs a $26.4M loss in 2024), adjusted EBITDA $25.1M (vs a $2.5M loss in 2024), Q4 adjusted EBITDA $2.4M, operating cash flow Q4 $8.3M and FY $22.5M, approximately $91M in cash & investments, no debt or outstanding warrants, and 628,572 shares repurchased for ~$6.0M under a $25.0M buyback program; clinical site targets include ~26 CRC trial sites by mid‑2026 and 15 mBC sites by late‑2026.Delcath Systems Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 85.23M | 37.20M | 2.06M | 2.72M | 3.56M |
| Gross Profit | 73.43M | 31.02M | 1.43M | 2.03M | 2.88M |
| EBITDA | 3.86M | -12.18M | -37.78M | -33.69M | -24.32M |
| Net Income | 2.70M | -26.39M | -47.68M | -36.51M | -25.65M |
Balance Sheet | |||||
| Total Assets | 123.63M | 76.59M | 38.61M | 17.86M | 33.12M |
| Cash, Cash Equivalents and Short-Term Investments | 91.04M | 53.23M | 32.45M | 7.67M | 22.80M |
| Total Debt | 936.00K | 1.04M | 10.19M | 15.87M | 16.25M |
| Total Liabilities | 12.41M | 7.84M | 22.84M | 23.72M | 21.17M |
| Stockholders Equity | 111.22M | 68.75M | 15.78M | -5.86M | 11.95M |
Cash Flow | |||||
| Free Cash Flow | 20.97M | -19.24M | -31.31M | -25.16M | -22.75M |
| Operating Cash Flow | 22.52M | -18.68M | -31.25M | -24.95M | -22.60M |
| Investing Cash Flow | -26.59M | -981.00K | -19.71M | -209.00K | -143.00K |
| Financing Cash Flow | 15.05M | 39.41M | 51.78M | 10.14M | 20.82M |
Delcath Systems Technical Analysis
Positive
10.99
Price Trends
9.51
Positive
9.75
Positive
10.28
Positive
Market Momentum
0.32
Negative
74.42
Negative
97.24
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DCTH, the sentiment is Positive. The current price of 10.99 is above the 20-day moving average (MA) of 9.60, above the 50-day MA of 9.51, and above the 200-day MA of 10.28, indicating a bullish trend. The MACD of 0.32 indicates Negative momentum. The RSI at 74.42 is Negative, neither overbought nor oversold. The STOCH value of 97.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DCTH.
Delcath Systems Risk Analysis
Delcath Systems disclosed 60 risk factors in its most recent earnings report. Delcath Systems reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Delcath Systems Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $381.86M | 134.00 | 2.63% | ― | 251.54% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $288.39M | -3.33 | -104.17% | ― | 31.94% | 36.59% | |
47 Neutral | $310.28M | -15.17 | -122.17% | ― | 12.83% | -19.53% | |
47 Neutral | $165.14M | -4.35 | -32.46% | ― | 15.19% | -3.32% | |
45 Neutral | $144.04M | -2.63 | -51.63% | ― | 7.90% | 19.92% |
* Healthcare Sector Average
DCTH
Delcath Systems
10.99
-0.56
-4.85%
CLPT
ClearPoint Neuro
10.46
-1.06
-9.20%
SENS
Senseonics Holdings
6.90
-4.98
-41.93%
NNOX
Nano-X Imaging
2.59
-1.91
-42.44%
TMCI
Treace Medical Concepts
2.23
-4.29
-65.80%
Delcath Systems Corporate Events
Business Operations and StrategyProduct-Related Announcements
Delcath Highlights CHOPIN Phase 2 Results in Uveal Melanoma
Positive
Mar 4, 2026
On March 3, 2026, Delcath Systems announced that full results from the investigator-initiated CHOPIN Phase 2 trial in metastatic uveal melanoma were published in The Lancet Oncology. The single-centre randomized study at Leiden University Medical ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.