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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 delivery system to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. Its clinical development program for HEPZATO is the FOCUS clinical trial for patients with metastatic hepatic dominant Uveal Melanoma to investigate objective response rate in metastatic uveal melanoma. The company also provides HEPZATO as a stand-alone medical device under the CHEMOSAT Hepatic Delivery System trade name for Melphalan or CHEMOSAT for medical centers to treat a range of liver cancers in Europe. The company was founded in 1988 and is headquartered in Queensbury, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $85M | $1M | $3M | $21M | 2.4% | 129.1% | - |
| 2024 | $37M | $-12M | $-26M | $-19M | -38.4% | 1701.7% | - |
| 2023 | $2M | $-38M | $-48M | $-31M | -302.2% | -24.1% | - |
| 2022 | $3M | $-34M | $-37M | $-25M | 623.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2.72 | 2.06 | 37.20 | 85.23 |
| Cost Of Revenue | 0.69 | 0.64 | 6.19 | 11.80 |
| Gross Profit | 2.03 | 1.43 | 31.02 | 73.43 |
| Operating Expense | 35.89 | 39.61 | 43.43 | 72.77 |
| Operating Income | -33.85 | -38.18 | -12.41 | 0.66 |
| EBITDA | -33.69 | -37.78 | -12.18 | 1.01 |
| EBIT | -33.82 | -38.18 | -12.41 | 0.66 |
| Pretax Income | -36.51 | -47.68 | -26.39 | 3.51 |
| Tax Provision | 0 | 0 | 0 | 0.81 |
| Net Income | -36.51 | -47.68 | -26.39 | 2.70 |
| Net Income Common Stockholders | -36.51 | -47.68 | -26.39 | 2.70 |
| Total Expenses | 36.57 | 40.25 | 49.62 | 84.57 |
| Interest Expense | 2.69 | 1.44 | 0 | 0 |
| Research And Development | 18.58 | 17.50 | 13.87 | 29.25 |
| Selling General And Administration | 17.30 | 22.11 | 29.55 | 43.53 |
| Normalized EBITDA | -33.69 | -29.79 | 1.89 | 1.01 |
| Normalized Income | -36.51 | -39.68 | -12.31 | 2.70 |
| Basic EPS | -4.12 | -2.94 | -0.93 | 0.08 |
| Diluted EPS | -4.12 | -2.94 | -0.93 | 0.07 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0.23 |
| Total Unusual Items | 0 | -8 | -14.07 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | -8 | -14.07 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -36.51 | -47.68 | -26.39 | 2.70 |
| Reconciled Depreciation | 0.13 | 0.40 | 0.23 | 0.35 |
| Reconciled Cost Of Revenue | 0.69 | 0.64 | 6.19 | 11.80 |
| Net Interest Income | -2.69 | -1.44 | 0.12 | 2.92 |
| Net Income From Continuing And Discontinued Operation | -36.51 | -47.68 | -26.39 | 2.70 |
| Total Operating Income As Reported | -33.85 | -38.18 | -12.41 | 0.66 |
| Diluted Average Shares | 16.23 | 16.23 | 28.51 | 39.92 |
| Basic Average Shares | 16.23 | 16.23 | 28.51 | 35.82 |
| Diluted NI Availto Com Stockholders | -36.51 | -47.68 | -26.39 | 2.70 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -36.51 | -47.68 | -26.39 | 2.70 |
| Net Income Continuous Operations | -36.51 | -47.68 | -26.39 | 2.70 |
| Other Income Expense | 0.03 | -8.06 | -14.10 | -0.07 |
| Other Non Operating Income Expenses | 0.03 | -0.06 | -0.03 | -0.07 |
| Gain On Sale Of Security | 0 | -8 | -14.07 | 0 |
| Net Non Operating Interest Income Expense | -2.69 | -1.44 | 0.12 | 2.92 |
| Total Other Finance Cost | 0 | 1.44 | -0.12 | -2.92 |
| Interest Expense Non Operating | 2.69 | 1.44 | 0 | 0 |
| Operating Revenue | 2.55 | 2.06 | 37.20 | 85.23 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Delcath Systems, Inc.this co. | DCTH | $355M | 145.86↑ premium | 3.18 | 2.4% | 294.72 |
| OrthoPediatrics Corp. | KIDS | $376M | - | 1.06 | -11.4% | -53.45 |
| NRC Health | NRC | $373M | 42.41 | 26.76 | 82.9% | 12.41 |
| The Oncology Institute, Inc. | TOI | $367M | - | -23.33 | 385.5% | -14.99 |
| Akebia Therapeutics, Inc. | AKBA | $365M |
| - |
| 11.06 |
| -16.4% |
| 13.87 |
| Standard BioTools Inc. | LAB | $346M | - | 0.81 | -17.7% | -2.30 |
| Evolus, Inc. | EOLS | $337M | - | -14.59 | 223.5% | -14.56 |
| Monopar Therapeutics Inc. | MNPR | $335M | - | 2.43 | -10.0% | - |
| Cross Country Healthcare, Inc. | CCRN | $331M | - | 1.01 | -29.4% | 12.17 |
| Peer Median | - | 42.41 | 1.03 | -10.7% | -2.30 | |