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Delcath Systems
(NASDAQ:DCTH)
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Rating:70Outperform
Price Target:
$18.50
▲(51.39% Upside)
Action:Reiterated
Date:08/17/26
The score is supported primarily by improving fundamentals (scaled revenues, very high gross margins, strong cash generation, and a low-leverage balance sheet) and a strong upward technical trend. These positives are tempered by very expensive valuation (extremely high P/E), and earnings-call risks around execution (site activation and enrollment) and profitability durability given rising operating spend and recent EBITDA/net income deterioration.
Positive Factors
Revenue scale and high gross margins
HEPZATO-driven growth and gross margins above 85% indicate strong product economics as utilization expands. Sustained volume growth could improve operating leverage and support a durable transition from commercialization investment toward consistent profitability.
Negative Factors
Profitability remains fragile
The return to a quarterly loss and sharp EBITDA decline show that revenue growth has not yet translated into durable earnings. Higher operating costs and possible spending volatility could delay sustained profitability even with strong gross margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scale and high gross margins
HEPZATO-driven growth and gross margins above 85% indicate strong product economics as utilization expands. Sustained volume growth could improve operating leverage and support a durable transition from commercialization investment toward consistent profitability.
Read all positive factors
Delcath Systems Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where Delcath earns its sales across countries and regions, highlighting reliance on specific markets. Geographic splits reveal exposure to local reimbursement and regulatory rules, where clinical adoption is growing or stalled, and the concentration risk that can make results volatile if a key market weakens.
Shows where Delcath earns its sales across countries and regions, highlighting reliance on specific markets. Geographic splits reveal exposure to local reimbursement and regulatory rules, where clinical adoption is growing or stalled, and the concentration risk that can make results volatile if a key market weakens.
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The Fly
The FlyDelcath Systems (DCTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$591.61M
Dividend YieldN/A
Average Volume (3M)415.04K
Price to Earnings (P/E)1550.0
Beta (1Y)1.63
Revenue Growth35.85%
EPS Growth-76.27%
CountryUS
Employees156
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.01
Shares Outstanding34,698,795
10 Day Avg. Volume319,378
30 Day Avg. Volume415,038
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)3.25
Price to Sales (P/S)4.24
P/FCF Ratio17.25
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$23.50Price Target Upside92.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.15
Revenue Forecast (FY)$106.44M
Delcath Systems Business Overview & Revenue Model
Company Description
Delcath Systems, Inc. is an interventional oncology firm operating in the United States and Europe, dedicated to developing treatments for both primary and secondary liver cancers. Its leading investigational product is the HEPZATO KIT, a unique h...
How the Company Makes Money
Delcath makes money primarily by commercializing the HEPZATO KIT in the United States. Revenue is generated from sales of the kit used to perform the PHP procedure, which includes components of Delcath’s hepatic delivery and extracorporeal filtrat...
Delcath Systems Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The call presents a balanced mix of positive commercial and clinical momentum (record new patient starts, robust volume growth, encouraging CHOPIN data driving adoption, solid revenue growth and strong cash balance) alongside meaningful near-term operational and financial headwinds (slower-than-expected site activations and trial enrollment, higher R&D and SG&A spend, a quarter-over-quarter decline in adjusted EBITDA and a small net loss, plus European reimbursement constraints and seasonality risks). Management remains optimistic about hitting at least $100M in revenue for 2026 and returning to positive adjusted EBITDA for the year, but several execution and enrollment risks temper the outlook.Positive Updates
Top-Line Revenue Growth
Total revenue for Q1 2026 was $25.0M vs $19.8M in Q1 2025, an increase of approximately 26.3% year-over-year. HEPZATO KIT revenue was $23.3M and CHEMOSAT revenue was $1.7M.
Negative Updates
Slower Site Activation Pace
Company reduced its year-end active center target to 37 activated centers (with 40 active center treatment centers expected by Q1 2027), citing visibility limitations and slower-than-expected short-term site openings.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-Line Revenue Growth
Total revenue for Q1 2026 was $25.0M vs $19.8M in Q1 2025, an increase of approximately 26.3% year-over-year. HEPZATO KIT revenue was $23.3M and CHEMOSAT revenue was $1.7M.
Read all positive updates
Company Guidance
Management guided to at least $100 million in total 2026 revenue (driven by an expected 20% increase in HEPZATO kit volume vs. 2025), with gross margins forecast at 85–87% and the company expecting to report positive adjusted EBITDA for the remainder of the year; Q1 results supporting guidance included $25.0M total revenue (HEPZATO kit $23.3M, CHEMOSAT $1.7M), Q1 gross margin 85% (vs. 86% a year ago), Q1 adjusted EBITDA $3.4M (vs. $7.6M YA), $89.3M cash and investments with no debt, $0.9M cash from operations, and ~300k shares bought for ~$3M in Q1 ( ~$9M repurchased to date under a $25M buyback); operational assumptions include seasonality similar to 2025 (Q3/Q4 softness), a revised site activation plan of 37 active centers in 2026 (40 by Q1 2027), Q1 new patient starts ~0.7 per site per month, Q1 volume growth +36% YoY (mid‑20% Q1 over Q4), R&D spending now expected to rise ~70–75% YoY (previously guided ~90%) with Q2 R&D ≈20% above Q1 and ~10% above thereafter, and SG&A ~60% higher vs. 2025 with Q2 SG&A ≈10–15% above Q1.Delcath Systems Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 95.42M | 85.23M | 37.20M | 2.06M | 2.72M | 3.56M |
| Gross Profit | 83.06M | 73.43M | 31.02M | 1.43M | 2.03M | 2.88M |
| EBITDA | 1.70M | 3.86M | -26.16M | -45.84M | -33.69M | -24.32M |
| Net Income | 532.00K | 2.70M | -26.39M | -47.68M | -36.51M | -25.65M |
Balance Sheet | ||||||
| Total Assets | 137.02M | 123.63M | 76.59M | 38.61M | 17.86M | 33.12M |
| Cash, Cash Equivalents and Short-Term Investments | 95.90M | 91.04M | 53.23M | 32.45M | 7.67M | 22.80M |
| Total Debt | 2.46M | 936.00K | 1.04M | 10.19M | 15.87M | 16.25M |
| Total Liabilities | 15.87M | 12.41M | 7.84M | 22.84M | 23.72M | 21.17M |
| Stockholders Equity | 121.14M | 111.22M | 68.75M | 15.78M | -5.86M | 11.95M |
Cash Flow | ||||||
| Free Cash Flow | 17.51M | 20.97M | -19.24M | -31.31M | -25.16M | -22.75M |
| Operating Cash Flow | 19.59M | 22.52M | -18.68M | -31.25M | -24.95M | -22.60M |
| Investing Cash Flow | -2.10M | -26.59M | -981.00K | -19.71M | -209.00K | -143.00K |
| Financing Cash Flow | -4.26M | 15.05M | 39.41M | 51.78M | 10.14M | 20.82M |
Delcath Systems Technical Analysis
Positive
12.22
Price Trends
13.18
Positive
11.90
Positive
10.76
Positive
Market Momentum
1.26
Negative
69.18
Neutral
87.46
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 12.22 is below the 20-day moving average (MA) of 14.24, below the 50-day MA of 13.18, and above the 200-day MA of 10.76, indicating a bullish trend. The MACD of 1.26 indicates Negative momentum. The RSI at 69.18 is Neutral, neither overbought nor oversold. The STOCH value of 87.46 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.06B | 19.99 | 32.97% | ― | 25.82% | 108.84% | |
70 Outperform | $591.61M | 1,550.00 | 0.46% | ― | 35.85% | -76.27% | |
70 Outperform | $12.89B | 79.99 | 11.09% | ― | 17.55% | 7.09% | |
58 Neutral | $2.04B | -13.48 | -44.00% | ― | 10.95% | 16.12% | |
55 Neutral | $324.50M | -4.05 | 273.71% | ― | 25.25% | -9.85% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $47.74M | -3.09 | -34.09% | ― | -53.40% | -1719.88% |
* Healthcare Sector Average
DCTH
Delcath Systems
16.86
6.53
63.21%
PEN
Penumbra
324.75
69.03
26.99%
NVCR
NovoCure
17.24
5.46
46.35%
SRTS
Sensus Healthcare
3.00
-0.24
-7.41%
TMDX
TransMedics Group
90.69
-31.19
-25.59%
TLSI
TriSalus Life Sciences
5.40
0.28
5.47%
Delcath Systems Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Delcath Systems Updates Corporate Bylaws and Governance Framework
Positive
Aug 14, 2026
On August 12, 2026, Delcath Systems, Inc.’s Board of Directors, following a recommendation from its Nominating and Corporate Governance Committee, approved amendments to and a restatement of the company’s bylaws, effective immediately....
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.