olivLaw · US equity research
Delcath Systems, Inc. DCTH
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Delcath Systems is an interventional oncology company developing HEPZATO KIT, FDA-approved for liver-directed treatment of uveal melanoma metastases, and sells CHEMOSAT in Europe. Revenue grew sharply in fiscal 2025 and the 2026 guidance points to a further increase.
At the close of 02 Nov 2026, Delcath Systems, Inc. (DCTH) stock was 14.29 USD (+1.78% on the day), with market capitalisation 495.8 m USD, P/E 1,152.7 on diluted EPS of 0.01 USD over the last 12 months, beta 1.40, 52-week range 8.19–17.36 USD. Latest reported quarter (Q2 2026): revenue of 29.1 m USD (+20.6% YoY), net income of 2.7 m USD (−1.1% YoY), diluted EPS 0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.2
- weak (30–45)
- Bollinger (20, 2)
- 13.91 – 15.68
- in the lower half of the band · %B 0.22 · band width 12.0%
- SMA 50 / 200
- 15.60 / 12.36
- mixed trend
- MACD (12, 26, 9)
- -0.32 / -0.31
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.6% | −2.3% | −3.2 pp | — |
| 3 months | +9.6% | −0.8% | +10.4 pp | — |
| 6 months | +29.7% | +4.7% | +24.9 pp | — |
| Year to date | +41.5% | +10.2% | +31.3 pp | — |
| 1 year | +45.4% | +10.3% | +35.1 pp | −17.3% |
| 3 years | +358.0% | +73.0% | +285.0 pp | −16.9% |
| 5 years | +33.3% | +61.8% | −28.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.2 m | 15.1 m | 19.8 m | 24.2 m | 20.6 m | 20.7 m | 25.0 m | 29.1 m |
| Cost of revenue | 1.6 m | 2.1 m | 2.8 m | 3.3 m | 2.6 m | 3.0 m | 3.7 m | 3.0 m |
| Gross profit | 9.6 m | 13.0 m | 16.9 m | 20.8 m | 17.9 m | 17.7 m | 21.3 m | 26.1 m |
| Research & development | 3.9 m | 2.9 m | 5.0 m | 6.9 m | 8.0 m | 9.4 m | 9.8 m | 10.4 m |
| SG&A | 7.0 m | 7.0 m | 11.3 m | 11.4 m | 10.3 m | 10.5 m | 13.1 m | 13.4 m |
| Operating income | -1.3 m | 3.0 m | 642.0 k | 2.6 m | -388.0 k | -2.2 m | -1.6 m | 2.4 m |
| Pre-tax income | 1.9 m | -3.4 m | 1.3 m | 3.2 m | 375.0 k | -1.3 m | -908.0 k | 3.2 m |
| Income tax | 0 | 0 | 195.0 k | 508.0 k | -455.0 k | 562.0 k | 162.0 k | 491.0 k |
| Net income | 1.9 m | -3.4 m | 1.1 m | 2.7 m | 830.0 k | -1.9 m | -1.1 m | 2.7 m |
| Diluted EPS | 0.06 | -0.11 ≈ | 0.03 | 0.07 | 0.02 | -0.05 ≈ | -0.03 | 0.07 |
| Operating cash flow | -3.6 m ≈ | -1.0 m | 2.2 m | 7.3 m ≈ | 4.8 m ≈ | 8.2 m | 857.0 k | 5.7 m ≈ |
| Capex | 216.0 k ≈ | 229.0 k | 140.0 k | 398.0 k ≈ | 459.0 k ≈ | 550.0 k | 570.0 k | 503.0 k ≈ |
| Share repurchases | — | — | 0 | 0 ≈ | — | — | 3.0 m | 11.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 7-quarter history (min 60.6, median 486.0, max 1,015.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | 3.6 m | 2.7 m | 2.1 m | 37.2 m | 85.2 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | −23.5% | −24.1% | +1,701.7% | +129.1% |
| Net income | -19.2 m | -8.9 m | -24.2 m | -25.6 m | -36.5 m | -47.7 m | -26.4 m | 2.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.72 | -342.83 | -8.35 | -3.59 | -4.12 | -2.94 | -0.93 | 0.07 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | -721.5% | -1,342.7% | -2,308.9% | -70.9% | 3.2% |
| Free cash flow | -14.8 m | -23.7 m | -23.7 m | -22.7 m | -25.2 m | -31.3 m | -19.2 m | 21.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 43.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 111.2 m USD
- Total assets
- 123.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 10.92x
- ROE
- 3.0%
- ROA
- 2.7%
- FCF margin
- 24.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 3.6 m | 2.7 m | 2.1 m | 37.2 m | 85.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 640.0 k | 671.0 k | 686.0 k | 635.0 k | 6.2 m | 11.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 1.0 m | 2.9 m | 2.0 m | 1.4 m | 31.0 m | 73.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 11.2 m | 13.8 m | 18.6 m | 17.5 m | 13.9 m | 29.2 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 11.1 m | 13.6 m | 17.3 m | 22.1 m | 29.6 m | 43.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -21.3 m | -24.5 m | -33.9 m | -38.2 m | -12.4 m | 660.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -24.2 m | -25.6 m | -36.5 m | -47.7 m | -26.4 m | 3.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 810.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -24.2 m | -25.6 m | -36.5 m | -47.7 m | -26.4 m | 2.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -8.35 | -3.59 | -4.12 | -2.94 | -0.93 | 0.07 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 2.9 m | 7.1 m | 8.9 m | 16.2 m | 28.5 m | 39.9 m | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 28.6 m | 22.8 m | 7.7 m | 12.6 m | 32.4 m | 43.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 57.0 k | 44.0 k | 366.0 k | 241.0 k | 10.9 m | 11.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 855.0 k | 1.4 m | 2.0 m | 3.3 m | 6.9 m | 10.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 32.3 m | 31.2 m | 16.2 m | 37.2 m | 73.8 m | 119.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 1.4 m | 1.3 m | 1.4 m | 1.4 m | 1.8 m | 3.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 34.6 m | 33.1 m | 17.9 m | 38.6 m | 76.6 m | 123.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 1.8 m | 638.0 k | 2.0 m | 1.0 m | 961.0 k | 2.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | — | — | 15.7 m | 10.2 m | 0 | — | SEC (XBRL)· 06 Mar 2025verified |
| Current liabilities | 10.0 m | 6.0 m | 14.7 m | 16.4 m | 6.1 m | 11.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 12.6 m | 21.2 m | 23.7 m | 22.8 m | 7.8 m | 12.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 22.1 m † | 12.0 m † | -5.9 m † | 15.8 m † | 68.7 m † | 111.2 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -22.9 m | -22.6 m | -25.0 m | -31.3 m | -18.7 m | 22.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 782.0 k | 143.0 k | 209.0 k | 58.0 k | 559.0 k | 1.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -23.7 m ≈ | -22.7 m ≈ | -25.2 m ≈ | -31.3 m ≈ | -19.2 m ≈ | 21.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -782.0 k | -143.0 k | -209.0 k | -19.7 m | -981.0 k | -26.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 42.4 m | 20.8 m | 10.1 m | 51.8 m | 39.4 m | 15.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | — | — | 0 | 6.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 495.8 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.23 – 0.35 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.23 – 0.35 (Mid 0.26)12 companies used · median multiple 21.4x · quartiles 18.2x – 28.1xBSX, BVS, DRIO, DXCM, MMM, NEPH, PDEX, RMD, SYK, TCMD, UTMD, WST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.6% | 58 (vs peers) | 13% |
| FCF conversion · Quality | 3,290.8% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 215.3% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 9.8x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 1,152.7x | 0 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns· partial26/100 · 1/2 factors with a value
- Valuation20/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DELCATH SYSTEMS, INC. (DCTH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 85.2 m USD in 2025; YoY growth 129.1%; net margin 0.6%; ROE 0.5%.
The estimated value range is 0.23–0.35 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.26 USD, the price of 14.29 USD leaves a potential of -98.1% (value / price − 1) and a margin of safety of -5,296.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 3,290.8%
- Revenue CAGR 3Y: 215.3%
- Current ratio: 9.8x
What contradicts it
- P/E (TTM): 1,152.7x
- Shareholder yield (distributions): 1.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 116.8 bn | 32.7 | 16.0% | 13.8% | +11.2% | −17% / +4% |
| MMM3m Company | 92.2 bn | 26.6 | 80.8% | 14.0% | +1.5% | +4% / +115% |
| BSXBoston Scientific Corporation | 64.2 bn | 18.8 | 14.3% | 16.6% | +19.9% | −56% / −21% |
| BDXBecton, Dickinson And Company | 54.1 bn | 60.0 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 32.8 bn | 21.2 | 26.4% | 27.8% | +9.9% | −9% / +48% |
| DXCMDexcom, Inc. | 31.6 bn | 33.4 | 37.7% | 19.4% | +15.6% | +34% / −27% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.8 | 21.2% | 18.8% | +6.3% | +47% / +16% |
| PENPenumbra, Inc | 12.7 bn | 80.9 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| HTFLHeartflow, Inc. | 4.7 bn | — | — | -55.8% | +39.9% | +69% / unavailable |
| ICUIIcu Medical Inc | 4.1 bn | 135.6 | 1.4% | 1.4% | −6.3% | +9% / +85% |
| PLSEPulse Biosciences, Inc. | 3.8 bn | — | -78.5% | -6,755.8% | unavailable | +286% / +486% |
| SKINSkinHealth Systems Inc. | 1.4 bn | — | -43.9% | -9.8% | −10.0% | +601% / +305% |
| PRCTPROCEPT BioRobotics Corporation | 1.1 bn | — | -30.2% | -32.5% | +37.2% | −39% / −48% |
| IARTIntegra Lifesciences Holdings Corp | 1.1 bn | 81.1 | 1.2% | 0.8% | +1.5% | +4% / −65% |
| BBNXBeta Bionics, Inc. | 864.4 m | — | -23.9% | -65.3% | +53.9% | −49% / unavailable |
| TCMDTactile Systems Technology, Inc. | 512.3 m | 22.3 | 11.0% | 6.7% | +12.5% | −11% / +72% |
| SGHTSight Sciences, Inc. | 504.1 m | — | -48.4% | -35.7% | −3.1% | +9% / +168% |
| DCTHDelcath Systems, Inc. | 495.8 m | 1,152.7 | 0.5% | 0.6% | +129.1% | +45% / +358% |
| CARLCarlsmed, Inc. | 410.1 m | — | -6,196.9% | -57.4% | +85.9% | −8% / unavailable |
| TMCITreace Medical Concepts, Inc. | 277.7 m | — | -72.0% | -29.0% | +1.6% | +43% / −51% |
| CTSOCytosorbents Corporation | 258.9 m | — | -336.2% | -48.9% | +4.1% | −75% / −83% |
| PROFProfound Medical Corp. | 245.9 m | — | -73.5% | -171.6% | +50.7% | +2% / −38% |
| UTMDUtah Medical Products, Inc. | 224.6 m | 21.5 | 8.8% | 29.0% | −5.8% | +25% / −16% |
| TLSITriSalus Life Sciences, Inc. | 223.5 m | — | — | -62.6% | +53.4% | −47% / −9% |
| PDEXPro-Dex, Inc. | 184.5 m | 15.9 | 26.5% | 15.1% | +16.5% | +58% / +257% |
1- and 3-year price returns: for DCTH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.55 Total return -19% · Per year -19% | 20.32 Total return 42% · Per year 42% | 30.49 Total return 113% · Per year 113% |
| 3 years | 13.70 Total return -4% · Per year -1% | 26.88 Total return 88% · Per year 23% | 43.90 Total return 207% · Per year 45% |
| 5 years | 16.25 Total return 14% · Per year 3% | 35.55 Total return 149% · Per year 20% | 63.22 Total return 342% · Per year 35% |
- Exit P/E± 6.72
- Net margin± 4.70
- Annual revenue growth± 3.51
- Annual dilution± 0.40
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Delcath Systems is an interventional oncology company developing HEPZATO KIT, FDA-approved for liver-directed treatment of uveal melanoma metastases, and sells CHEMOSAT in Europe. Revenue grew sharply in fiscal 2025 and the 2026 guidance points to a further increase.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Losses and capital needsmedium
The company has accumulated significant losses and could need additional capital if revenue growth falls short of expectations 1.
- Supply chainhigh
Dependence on third-party suppliers for melphalan and critical components could lead to production interruptions 12.
- Product liabilitymedium
Cancer treatments carry risks of death and adverse reactions, which could lead to liability claims or product recalls 1.
- Pricing pressuremedium
Rebate obligations to states and 340B pricing could reduce revenue per unit 1.
- Litigationlow
The company has been involved in litigation, including securities class actions, which could bring unexpected costs 1.
Investment thesis
What would need to be true (bull case)
- If HEPZATO volume growth is sustained and the 2026 guidance holds, the company could reach consistent profitability.
- CHOPIN results and new breast cancer data could widen the addressable market and support reimbursement.
- High gross margins and solid liquidity give the company room to invest in new indications.
What would break the thesis
- If revenue remains concentrated in one product, a supply delay could affect results materially.
- Pricing pressure from federal programs could compress margins, especially if volume growth does not offset it.
- Clinical and commercial spending is rising, and profitability could remain dependent on the pace of adoption.
What to watch
- Delivery against the 2026 revenue guidanceQ4 2026
- Growth in active treatment centers and HEPZATO volumeQ3 2026
- Results of the Phase 2 colorectal cancer trial2027
- Liquidity position and use of the share repurchase programnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Delcath Systems, Inc. (Nasdaq: DCTH) is an interventional oncology company focused on cancers primary or metastatic to the liver. Its lead product, HEPZATO KIT, combines melphalan with a proprietary hepatic delivery system and was approved by the FDA on August 14, 2023 for uveal melanoma with unresectable liver metastases 1. In Europe the device is sold as CHEMOSAT, and the company has handled sales and distribution directly since March 2022 1.
Revenue rose from 37.2 million USD in 2024 to 85.2 million USD in 2025, driven by commercial expansion of HEPZATO in the US and CHEMOSAT in Europe 1. In the second quarter of 2026 total revenue was 29.1 million USD, of which 27.1 million USD came from HEPZATO 3. The company reports one operating segment 1.
Beyond uveal melanoma, Delcath is running Phase 2 trials for metastatic colorectal and breast cancer with liver-dominant disease 1. The breast cancer trial dosed its first patient in 2026, and results are expected later 23.
Segments
CHEMOSAT (Europe)
The CHEMOSAT device, MDR-certified since February 2022, generated 2.0 million USD in the second quarter of 2026 versus 1.7 million USD a year earlier 3.
Market context
The company estimates the total potential addressable market for liver cancer in the US at about 200,000 cases per year 1, and the annual addressable market for uveal melanoma in the US and Europe at about 600 million USD per year 1. These are company estimates based on its own commissioned research and do not confirm future sales.
Actual uptake depends on treatment acceptance, reimbursement and the ability of centers to perform the procedure. The 2026 guidance assumes HEPZATO KIT volume grows by at least 28% over 2025 3.
Trends
- Expansion of treatment centerstailwind
A rising number of active centers and procedure volume supports near-term revenue if physician adoption continues 3.
- Clinical data in new indicationstailwind
Results from the CHOPIN and FOCUS trials and recent ESMO and ASCO presentations could support reimbursement and adoption across several cancers 13.
- Pricing and reimbursement policyheadwind
The National Drug Rebate Agreement, 340B pricing and VA ceiling price could compress unit margins, and reimbursement remains uncertain in some jurisdictions 1.
- Melphalan supply chainmixed
Reliance on melphalan and critical components from several suppliers could affect production if compliance problems or delays arise 13.
Competitive position
The analysed sources do not name direct competitors explicitly. For uveal melanoma, the only approved systemic therapy the company mentions is KIMMTRAK, which it describes as the existing standard option rather than a direct rival 1.
Other liver-directed procedures, including transarterial chemoembolization, radioembolization and surgical resection, are presented as alternatives for patients 1.
- KIMMTRAK (tebentafusp)
Approved systemic therapy for uveal melanoma, described by the company as the only approved systemic option in this indication 1.
- Transarterial chemoembolization (TACE)
Liver-directed interventional procedure cited as an alternative treatment for liver cancers 1.
- Radioembolization (SIRT/TARE/Y90)
Liver-directed treatment cited in the sources as an interventional alternative 1.
- Systemic chemotherapy and immunotherapy
Systemic treatments, including chemotherapy and immunotherapy, presented as options for patients with metastases 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Delcath’s (DCTH) Liver Cancer Device Keeps Growing, But At A CostYahoo Finance — News · 11 Sept 2026 · EN
SEC filings
- Current report14 Aug 2026Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report14 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement02 Apr 2026
- Current report03 Mar 2026Other events · Financial statements and exhibits
- Annual report26 Feb 2026
- Current report26 Feb 2026Results of operations
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Delcath Systems, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Delcath Systems, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Delcath Systems, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.