Delcath Systems, Inc. (DCTH)
NASDAQ:DCTH
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Delcath Systems
(NASDAQ:DCTH)
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Rating:68Neutral
Price Target:
$12.50
▲(15.10% Upside)
Action:Downgraded
Date:05/14/26
The score is driven primarily by a strong financial turnaround (rapid revenue growth, positive and meaningful free cash flow, and a low-debt balance sheet). Technicals also support the rating with price above key moving averages and positive momentum. Offsetting these positives are weak valuation optics from a negative P/E and a mixed earnings-call picture where raised investment spending, slower site activation/enrollment, and a Q1 profitability step-down introduce execution risk despite maintained 2026 guidance.
Positive Factors
Rapid revenue growth & cash generation
The company converted a multi-year commercial ramp into meaningful cash flow: revenue scaled sharply 2023–2025 while operating and free cash flow turned positive in the TTM. Durable cash generation improves reinvestment capacity and reduces reliance on external financing over the next 2–6 months.
Negative Factors
Thin, volatile operating profitability
Although net income is marginally positive, persistent negative TTM EBIT signals operating profitability remains fragile. Narrow and inconsistent operating margins could constrain sustainable EBITDA improvement and make earnings sensitive to volume, pricing, or cost fluctuations over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth & cash generation
The company converted a multi-year commercial ramp into meaningful cash flow: revenue scaled sharply 2023–2025 while operating and free cash flow turned positive in the TTM. Durable cash generation improves reinvestment capacity and reduces reliance on external financing over the next 2–6 months.
Read all positive factors
Delcath Systems (DCTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$372.14M
Dividend YieldN/A
Average Volume (3M)422.62K
Price to Earnings (P/E)692.2
Beta (1Y)1.58
Revenue Growth67.95%
EPS GrowthN/A
CountryUS
Employees96
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.02
Shares Outstanding34,521,650
10 Day Avg. Volume441,544
30 Day Avg. Volume422,623
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/Revenue3.67
Enterprise Value/Gross Profit4.27
Enterprise Value/Ebitda1.02K
Forecast
1Y Price Target
$25.50Price Target Upside134.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.56
Revenue Forecast (FY)$102.69M
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 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
67
Positive
Balance Sheet
82
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 90.44M | 85.23M | 37.20M | 2.06M | 2.72M | 3.56M |
| Gross Profit | 77.75M | 73.43M | 31.02M | 1.43M | 2.03M | 2.88M |
| EBITDA | 324.00K | 3.86M | -12.18M | -37.78M | -33.69M | -24.32M |
| Net Income | 561.00K | 2.70M | -26.39M | -47.68M | -36.51M | -25.65M |
Balance Sheet | ||||||
| Total Assets | 124.84M | 123.63M | 76.59M | 38.61M | 17.86M | 33.12M |
| Cash, Cash Equivalents and Short-Term Investments | 89.30M | 91.04M | 53.23M | 32.45M | 7.67M | 22.80M |
| Total Debt | 907.00K | 936.00K | 1.04M | 10.19M | 15.87M | 16.25M |
| Total Liabilities | 12.13M | 12.41M | 7.84M | 22.84M | 23.72M | 21.17M |
| Stockholders Equity | 112.71M | 111.22M | 68.75M | 15.78M | -5.86M | 11.95M |
Cash Flow | ||||||
| Free Cash Flow | 19.19M | 20.97M | -19.24M | -31.31M | -25.16M | -22.75M |
| Operating Cash Flow | 21.17M | 22.52M | -18.68M | -31.25M | -24.95M | -22.60M |
| Investing Cash Flow | -2.01M | -26.59M | -981.00K | -19.71M | -209.00K | -143.00K |
| Financing Cash Flow | 9.41M | 15.05M | 39.41M | 51.78M | 10.14M | 20.82M |
Delcath Systems Technical Analysis
Positive
10.86
Price Trends
10.47
Positive
10.12
Positive
10.21
Positive
Market Momentum
0.09
Positive
47.76
Neutral
19.21
Positive
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 10.86 is below the 20-day moving average (MA) of 11.15, above the 50-day MA of 10.47, and above the 200-day MA of 10.21, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 47.76 is Neutral, neither overbought nor oversold. The STOCH value of 19.21 is Positive, 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $372.14M | 692.17 | 0.51% | ― | 67.95% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $379.97M | ― | -140.96% | ― | 25.99% | -33.84% | |
49 Neutral | $354.46M | ― | -130.00% | ― | 71.91% | 14.73% | |
48 Neutral | $224.46M | -3.66 | -69.50% | ― | -1.66% | -12.59% | |
47 Neutral | $133.61M | -1.72 | -47.09% | ― | 15.40% | -25.87% |
* Healthcare Sector Average
DCTH
Delcath Systems
10.78
-5.52
-33.87%
CLPT
ClearPoint Neuro
12.67
0.88
7.46%
SENS
Senseonics Holdings
6.79
-3.81
-35.93%
NNOX
Nano-X Imaging
1.92
-3.31
-63.29%
TMCI
Treace Medical Concepts
3.46
-2.28
-39.72%
Delcath Systems Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Delcath Shareholders Approve Expanded Equity Plan and Governance
Positive
May 14, 2026
At its annual meeting of stockholders on May 13, 2026, Delcath Systems’ shareholders approved an amendment to the 2020 Omnibus Equity Incentive Plan, increasing the pool of common shares available for equity awards by 1.8 million. Stockholde...
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.