DELCATH SYSTEMS, INC. DCTH
We are an interventional oncology company focused on the treatment of cancers primary or metastatic to the liver. Our lead product, the HEPZATOTM KIT (melphalan for Injection/Hepatic Delivery System), a drug/device combination product ("HEPZATO" or "HEPZATO KIT"), was approved by the US Food and Drug Administration (the "FDA") on August 14, 2023, indicated as a liver-directed treatment for adult patients with uveal melanoma with unresectable hepatic metastases affecting less than 50% of the liver and no extrahepatic disease, or extrahepatic disease limited to the bone, lymph nodes, subcutaneous tissues, or lung that is amenable to resection, or radiation. The first commercial use of the HEPZATO for the treatment of metastatic hepatic dominant uveal melanoma ("mUM") took place in January 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $85.2M | $37.2M | $2.1M | $2.7M | $3.6M | — | — | — | $2.7M | $2.0M |
| Cost of revenue | $11.8M | $6.2M | $635.0K | $686.0K | $671.0K | $640.0K | $719.0K | $1.0M | $701.0K | $550.0K |
| Gross profit | $73.4M | $31.0M | $1.4M | $2.0M | $2.9M | $1.0M | $861.0K | $2.4M | $2.0M | $1.4M |
| R&D | $29.2M | $13.9M | $17.5M | $18.6M | $13.8M | $11.2M | $9.5M | $19.6M | $10.5M | $8.4M |
| SG&A | $43.5M | $29.6M | $22.1M | $17.3M | $13.6M | $11.1M | $11.3M | $9.8M | $9.7M | $9.4M |
| Total operating expenses | $72.8M | $43.4M | $39.6M | $35.9M | $27.4M | $22.3M | $20.8M | $29.5M | $20.2M | $17.9M |
| Operating income | $660.0K | -$12.4M | -$38.2M | -$33.9M | -$24.5M | -$21.3M | -$19.9M | -$27.1M | -$18.2M | -$16.4M |
| Interest expense | — | — | — | — | — | — | — | — | $21.7M | $14.3M |
| Pre-tax income | $3.5M | -$26.4M | -$47.7M | -$36.5M | -$25.6M | -$24.2M | -$8.9M | -$19.2M | -$45.1M | -$18.0M |
| Income tax | $810.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | $2.7M | -$26.4M | -$47.7M | -$36.5M | -$25.6M | -$24.2M | -$8.9M | -$19.2M | -$45.1M | -$18.0M |
| EPS, basic | 0.08 | -0.93 | -2.94 | -4.12 | -3.59 | -8.35 | -342.83 | -0.72 | -3,250.00 | — |
| EPS, diluted | 0.07 | -0.93 | -2.94 | -4.12 | -3.59 | -8.35 | -342.83 | -504.00 | -3,250.00 | -3,707.00 |
| Shares, diluted (wtd. avg.) | $39.9M | $28.5M | $16.2M | $8.9M | $7.1M | $2.9M | $25.9K | $26.7M | $14.0K | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $43.5M | $32.4M | $12.6M | $7.7M | $22.8M | $28.6M | $10.0M | $2.5M | $4.0M | $4.4M |
| Short-term investments | $47.6M | $20.8M | $19.8M | $0 | — | — | — | — | — | — |
| Receivables | $11.7M | $10.9M | $241.0K | $366.0K | $44.0K | $57.0K | $21.0K | $585.0K | $317.0K | $403.0K |
| Inventory | $10.3M | $6.9M | $3.3M | $2.0M | $1.4M | $855.0K | $654.0K | $858.0K | $1.2M | $660.0K |
| Total current assets | $119.5M | $73.8M | $37.2M | $16.2M | $31.2M | $32.3M | $12.6M | $5.9M | $7.6M | $34.2M |
| Property, plant and equipment | $3.2M | $1.8M | $1.4M | $1.4M | $1.3M | $1.4M | $735.0K | $925.0K | $1.3M | $1.1M |
| Total assets | $123.6M | $76.6M | $38.6M | $17.9M | $33.1M | $34.6M | $14.2M | $6.8M | $8.9M | $35.2M |
| Accounts payable | $2.7M | $961.0K | $1.0M | $2.0M | $638.0K | $1.8M | $4.5M | $7.7M | $3.8M | $594.0K |
| Total current liabilities | $10.9M | $6.1M | $16.4M | $14.7M | $6.0M | $10.0M | $16.0M | $17.8M | $7.8M | $36.1M |
| Long-term debt | — | $0 | $10.2M | $15.7M | — | — | — | — | — | — |
| Total liabilities | $12.4M | $7.8M | $22.8M | $23.7M | $21.2M | $12.6M | $20.6M | $21.8M | $8.2M | $36.7M |
| Retained earnings | -$528.8M | -$531.5M | -$505.2M | -$457.5M | -$421.0M | -$395.3M | -$371.2M | -$344.1M | -$324.8M | -$279.2M |
| Total equity | $111.2M | $68.7M | $15.8M | -$5.9M | $12.0M | $22.1M | -$6.4M | -$14.9M | $678.0K | -$1.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $22.5M | -$18.7M | -$31.3M | -$24.9M | -$22.6M | -$22.9M | -$23.7M | -$14.7M | -$15.4M | -$14.2M |
| Depreciation and amortisation | $238.0K | $134.0K | $128.0K | $132.0K | $146.0K | $167.0K | $212.0K | $444.0K | $310.0K | $305.0K |
| Capital expenditure | $1.5M | $559.0K | $58.0K | $209.0K | $143.0K | $782.0K | $24.0K | $76.0K | $524.0K | $258.0K |
| Investing cash flow | -$26.6M | -$981.0K | -$19.7M | -$209.0K | -$143.0K | -$782.0K | -$24.0K | -$76.0K | -$524.0K | -$1.3M |
| Financing cash flow | $15.0M | $39.4M | $51.8M | $10.1M | $20.8M | $42.4M | $30.3M | $13.2M | -$10.5M | $7.4M |
| Buybacks | $6.0M | $0 | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012019.
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