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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% | -110.2% |
| 2024 | $37M | $-12M | $-26M | $-19M | -38.4% | 1701.7% | -44.7% |
| 2023 | $2M | $-38M | $-48M | $-31M | -302.2% | -24.1% | 30.6% |
| 2022 | $3M | $-34M | $-37M | $-25M | 623.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2.72 | 2.06 | 37.20 | 85.23 |
| Operating Revenue | - | 2.55 | 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 |
| Research And Development | - | 18.58 | 17.50 | 13.87 | 29.25 |
| Selling General And Administration | - | 17.30 | 22.11 | 29.55 | 43.53 |
| Total Expenses | - | 36.57 | 40.25 | 49.62 | 84.57 |
| Operating Income | - | -33.85 | -38.18 | -12.41 | 0.66 |
| Total Operating Income As Reported | - | -33.85 | -38.18 | -12.41 | 0.66 |
| EBITDA | - | -33.69 | -37.78 | -12.18 | 1.01 |
| Normalized EBITDA | - | -33.69 | -29.78 | 1.89 | 1.01 |
| EBIT | - | -33.82 | -38.18 | -12.41 | 0.66 |
| Interest Expense | 1.19 | 2.68 | 1.44 | - | - |
| Net Interest Income | - | -2.68 | -1.44 | 0.12 | 2.92 |
| Other Non Operating Income Expenses | - | 0.03 | -0.06 | -0.03 | -0.07 |
| Other Income Expense | - | 0.03 | -8.06 | -14.10 | -0.07 |
| Interest Expense Non Operating | 1.19 | 2.68 | 1.44 | - | - |
| Net Non Operating Interest Income Expense | - | -2.68 | -1.44 | 0.12 | 2.92 |
| Pretax Income | - | -36.51 | -47.68 | -26.39 | 3.51 |
| Tax Provision | - | - | - | 0 | 0.81 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -36.51 | -47.68 | -26.39 | 2.70 |
| Net Income From Continuing And Discontinued Operation | - | -36.51 | -47.68 | -26.39 | 2.70 |
| Net Income From Continuing Operation Net Minority Interest | - | -36.51 | -47.68 | -26.39 | 2.70 |
| Net Income | - | -36.51 | -47.68 | -26.39 | 2.70 |
| Net Income Common Stockholders | - | -36.51 | -47.68 | -26.39 | 2.70 |
| Net Income Including Noncontrolling Interests | - | -36.51 | -47.68 | -26.39 | 2.70 |
| Normalized Income | - | -36.51 | -39.68 | -12.32 | 2.70 |
| Diluted NI Availto Com Stockholders | - | -36.51 | -47.68 | -26.39 | 2.70 |
| Basic Average Shares | - | 16.23 | 16.23 | 28.51 | 35.82 |
| Diluted Average Shares | - | 16.23 | 16.23 | 28.51 | 35.82 |
| Reconciled Depreciation | - | 0.13 | 0.40 | 0.23 | 0.35 |
| Reconciled Cost Of Revenue | - | 0.69 | 0.64 | 6.19 | 11.80 |
| Total Unusual Items | - | - | -8 | -14.07 | - |
| Total Unusual Items Excluding Goodwill | - | - | -8 | -14.07 | - |
| Gain On Sale Of Security | - | - | -8 | -14.07 | - |
| Total Other Finance Cost | - | - | 1.44 | -0.12 | -2.92 |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Delcath Systems, Inc.this co. | DCTH | $372M | 137.96 | 3.35 | 2.4% | 327.03 |
| OmniAb, Inc. | OABI | $386M | -5.95 | 1.44 | -24.3% | -8.06 |
| Compass Therapeutics, Inc. | CMPX | $384M | -5.77 | 1.95 | -33.8% | -5.08 |
| Benitec Biopharma Inc. | BNTC | $380M | -10.01 | 3.90 | -39.0% | -6.83 |
| Viemed Healthcare, Inc. | VMD | $377M | 25.26 |
| - |
| - |
| - |
| - |
| - |
| 2.67 |
| 10.6% |
| 7.36 |
| CapsoVision, Inc. | CV | $377M | -14.88 | 28.41 | -190.9% | -14.73 |
| Vanda Pharmaceuticals Inc. | VNDA | $376M | - | 1.15 | -67.4% | - |
| Lexeo Therapeutics, Inc. | LXEO | $375M | -3.75 | 1.52 | -40.5% | -3.28 |
| Perspective Therapeutics, Inc. | CATX | $371M | -3.59 | 1.79 | -49.8% | -3.41 |
| Peer Median | - | -5.77 | 1.87 | -39.7% | -5.08 | |