Revenue growth remains robust at 26.3% year-over-year as of 2026Q1, yet operating leverage is constrained by SG&A expenses that prevent consistent profitability despite high gross margins of 85.1%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 90.44M | 85.23M | 37.2M | 2.06M | 2.72M | 3.56M | 1.65M | 1.58M | 3.41M | 2.71M | 1.99M | 1.75M | 1.07M | 790K | 346K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 67.95% | 129.08% | 1701.69% | -24.05% | -23.52% | 115.98% | 4.18% | -53.62% | 25.49% | 36.3% | 14.02% | 63.42% | 35.32% | 128.32% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 12.69M | 11.8M | 6.19M | 635K | 686K | 671K | 640K | 719K | 1.01M | 701K | 550K | 462K | 291K | 464K | 39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 13.84% | 16.63% | 30.75% | 25.23% | 18.87% | 38.88% | 45.51% | 29.62% | 25.82% | 27.61% | 26.45% | 27.22% | 58.73% | 11.27% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 77.75M | 73.43M | 31.02M | 1.43M | 2.03M | 2.88M | 1.01M | 861K | 2.4M | 2.01M | 1.44M | 1.28M | 778K | 326K | 307K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 85.97% | 86.16% | 83.37% | 69.25% | 74.77% | 81.13% | 61.12% | 54.49% | 70.38% | 74.18% | 72.39% | 73.55% | 72.78% | 41.27% | 88.73% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 136.75% | 2069.02% | -29.66% | -29.51% | 186.68% | 16.84% | -64.1% | 19.07% | 39.67% | 12.22% | 65.17% | 138.65% | 6.19% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 79.37M | 72.77M | 43.43M | 39.61M | 35.89M | 27.41M | 22.31M | 20.77M | 29.47M | 20.18M | 17.88M | 16.5M | 20.08M | 33.34M | 54.18M | 46.46M | 30.74M | 13.54M | 8.07M | 6.91M | 11.7M | 3.11M | 3.37M | 2.31M | 1.9M | 2.07M | 1.03M | 600K |
| OpEx % of Revenue | - | 85.38% | 116.72% | 1918.26% | 1319.82% | 771.17% | 1355.35% | 1314.49% | 864.95% | 743.24% | 897.69% | 944.19% | 1878.58% | 4220.89% | 15658.38% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 45.31M | 43.53M | 29.55M | 22.11M | 17.3M | 13.64M | 11.11M | 11.28M | 9.82M | 9.68M | 9.43M | 10.01M | 15.78M | 20.66M | 27.96M | 21.28M | 13.19M | 3.9M | 2.69M | 2.67M | 8.98M | 1.37M | 1.06M | 707.74K | 723.76K | 2.07M | 1.03M | 370K |
| SG&A % of Revenue | - | 51.07% | 79.43% | 1070.7% | 636.37% | 383.6% | 674.85% | 713.86% | 288.2% | 356.69% | 473.59% | 572.93% | 1476.43% | 2614.81% | 8081.79% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 34.06M | 29.25M | 13.87M | 17.5M | 18.58M | 13.78M | 11.2M | 9.49M | 19.65M | 10.49M | 8.45M | 6.49M | 4.3M | 12.69M | 26.21M | 25.17M | 17.56M | 9.64M | 5.38M | 4.24M | 2.72M | 1.74M | 2.31M | 1.6M | 1.17M | 0 | 0 | 0 |
| R&D % of Revenue | - | 34.31% | 37.29% | 847.55% | 683.45% | 387.57% | 680.5% | 600.63% | 576.75% | 386.56% | 424.1% | 371.26% | 402.15% | 1606.08% | 7576.59% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51K | -41K | 0 | -67K | -24K | -81K | -175K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 230K |
| Operating Income | -1.62M | 660K | -12.41M | -38.18M | -33.85M | -24.53M | -21.3M | -19.91M | -27.07M | -18.16M | -16.44M | -15.21M | -19.3M | -33.02M | -53.87M | -46.46M | -30.74M | -13.54M | -8.07M | -6.91M | -11.7M | -3.11M | -3.37M | -2.31M | -1.9M | -2.07M | -1.03M | -600K |
| Operating Margin % | -1.79% | 0.77% | -33.36% | -1849.01% | -1245.05% | -690.04% | -1294.23% | -1260% | -794.57% | -669.06% | -825.3% | -870.64% | -1805.8% | -4179.62% | -15569.65% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 105.32% | 67.5% | -12.79% | -38% | -15.15% | -7.01% | 26.46% | -49.03% | -10.49% | -8.09% | 21.21% | 41.54% | 38.71% | -15.96% | -51.11% | -127.12% | -67.81% | -16.67% | 40.9% | -275.97% | 7.57% | -45.97% | -21.58% | 8.3% | -100.51% | -71.95% | - |
| EBITDA | -1.29M | 1.01M | -12.18M | -37.78M | -33.72M | -24.39M | -21.14M | -19.66M | -26.63M | -17.86M | -16.14M | -14.59M | -18.35M | -31.89M | -52.54M | -45.42M | -30.27M | -13.53M | -8.06M | -6.91M | -11.69M | -3.11M | -3.36M | -2.3M | -1.89M | -2.06M | -1.03M | -540K |
| EBITDA Margin % | -1.43% | 1.18% | -32.74% | -1829.69% | -1240.2% | -685.94% | -1284.08% | -1244.24% | -781.54% | -657.64% | -809.99% | -835.32% | -1716.18% | -4037.09% | -15184.97% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -4.29% | 108.28% | 67.76% | -12.05% | -38.29% | -15.37% | -7.51% | 26.17% | -49.13% | -10.66% | -10.57% | 20.46% | 42.48% | 39.3% | -15.67% | -50.05% | -123.77% | -67.84% | -16.66% | 40.92% | -276.57% | 7.6% | -46.04% | -21.72% | 8.38% | -100.6% | -90.5% | - |
| D&A (Non-Cash Add-back) | 330K | 349K | 229K | 399K | 132K | 146K | 167K | 249K | 444K | 310K | 305K | 617K | 958K | 1.13M | 1.33M | 1.03M | 472.29K | 7.98K | 5.86K | 4.32K | 3.83K | 6.05K | 5.53K | 4.99K | 6.41K | 5.01K | 3K | 60K |
| EBIT | -6K | 3.51M | -12.41M | -38.18M | -33.82M | -24.46M | -23.98M | -4.13M | -11.26M | -23.41M | -3.64M | -14.7M | -17.36M | -30.24M | -53.87M | -30.89M | -46.68M | -22.06M | -6.86M | -3.66M | -10.95M | -2.86M | -3.27M | -2.31M | -1.9M | -2.07M | -1.03M | -540K |
| Net Interest Income | 2.44M | 2.92M | 0 | -1.44M | -2.69M | -1.19M | -175K | -4.75M | -7.96M | -21.7M | -14.33M | -67K | -19K | -61K | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192.65K | 71.53K | 0 |
| Interest Income | 2.44M | 2.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 20K | 19K | 5K | 10.7K | 73.83K | 299.96K | 532.79K | 620.4K | 246.98K | 100.22K | 55.94K | 89.99K | 208.22K | 94.56K | 0 |
| Interest Expense | 0 | 0 | 0 | 1.44M | 2.69M | 1.19M | 175K | 4.75M | 7.96M | 21.7M | 14.33M | 67K | 24K | 81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.57K | 23.03K | 30K |
| Other Income/Expense | 2.96M | 2.85M | -13.98M | -9.5M | -2.65M | -1.12M | -2.85M | 11.03M | 7.85M | -26.95M | -1.53M | 506K | 1.92M | 2.69M | 2M | 15.57M | -15.94M | -8.52M | -6.86B | 3.25M | 126.5K | 246.98K | 100.22K | 0 | 0 | 0 | 0 | 30K |
| Pretax Income | 1.34M | 3.51M | -26.39M | -47.68M | -36.51M | -25.65M | -24.16M | -8.88M | -19.22M | -45.12M | -17.97M | -14.7M | -17.38M | -30.32M | -51.87M | -30.89M | -46.68B | -22.06B | -6.86B | -3.66B | -11.57M | 0 | 0 | 0 | 0 | 0 | 0 | -570K |
| Pretax Margin % | 1.48% | 4.12% | -70.92% | -2308.86% | -1342.7% | -721.49% | -1467.56% | -561.96% | -564.19% | -1661.77% | -902.16% | -841.67% | -1625.91% | -3838.48% | -14990.75% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 777K | 810K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 81K | 175K | 0 | 15.94M | 8.52M | -6.86B | -3.25M | -746.9K | -246.98K | -100.22K | -55.94K | -89.99K | -192.65K | -71.53K | 0 |
| Effective Tax Rate % | 58.07% | 23.08% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.27% | -0.34% | 0% | -0.03% | -0.04% | 99.9% | 0.09% | 6.45% | - | - | - | - | - | - | 0% |
| Net Income | 561K | 2.7M | -26.39M | -47.68M | -36.51M | -25.65M | -24.16M | -8.88M | -19.22M | -45.12M | -17.97M | -14.7M | -17.38M | -30.32M | -51.87M | -30.89M | -46.68M | -22.06M | -6.86M | -3.66M | -10.95M | -2.86M | -3.27M | -2.25M | -1.81M | -1.88M | -960.18K | -570K |
| Net Margin % | 0.62% | 3.17% | -70.92% | -2308.86% | -1342.7% | -721.49% | -1467.56% | -561.96% | -564.19% | -1661.77% | -902.16% | -841.67% | -1625.91% | -3838.48% | -14990.75% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 103.95% | 110.23% | 44.66% | -30.6% | -42.34% | -6.18% | -172.06% | 53.81% | 57.4% | -151.05% | -22.22% | 15.4% | 42.68% | 41.54% | -67.94% | 33.84% | -111.65% | -221.3% | -87.39% | 66.55% | -282.31% | 12.3% | -45.14% | -24.54% | 3.68% | -95.38% | -68.45% | - |
| Net Income (Continuing) | 561K | 2.7M | -26.39M | -47.68M | -36.51M | -25.65M | -24.16M | -8.88M | -19.22M | -45.12M | -17.97M | -14.7M | -17.38M | -30.32M | -51.87M | -30.89M | -46.68M | -22.06M | -6.86M | -3.66M | -10.95M | -2.86M | -3.27M | -2.25M | -1.81M | -1.88M | -960.18K | -570K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.02 | 0.07 | -0.93 | -2.94 | -4.12 | -3.59 | -8.35 | -342.82 | -503.85 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -20837.14 | -40156.58 | -43628.07 | -22329.88 | -7702.70 |
| EPS Growth % | 101.19% | 107.3% | 68.5% | 28.67% | -14.74% | 57.04% | 97.56% | 31.96% | 99.98% | 99.83% | 27.22% | 50.52% | 61.76% | 64.46% | -23.98% | 42.98% | -46.96% | -200.27% | -65.32% | 70.17% | -208.01% | 36.88% | -42569175.03% | 48.11% | 7.96% | -95.38% | -189.9% | - |
| EPS (Basic) | - | 0.08 | -0.93 | -2.94 | -4.12 | -3.59 | -8.35 | -342.82 | -503.85 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -20837.14 | -40156.58 | -43628.07 | -22329.88 | -7702.70 |
| Diluted Shares Outstanding | 36.02M | 39.92M | 28.51M | 16.23M | 8.86M | 7.15M | 2.9M | 25.9K | 38.15K | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 108 | 45 | 43 | 43 | 74 |
| Basic Shares Outstanding | 36.02M | 35.82M | 28.51M | 16.23M | 8.86M | 7.15M | 2.9M | 25.9K | 38.15K | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 108 | 45 | 43 | 43 | 74 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial adoption and execution
As reported in recent financial statements, Delcath Systems has achieved a significant revenue trajectory shift, evidenced by a 129% year-over-year growth rate that underscores the successful transition from clinical-stage development to the active commercialization of the HEPZATO KIT within the United States medical device market.
The rapid revenue expansion suggests that the company is successfully navigating the complex institutional adoption phase required for its liver-directed therapy. Investors should monitor whether this growth remains durable as the company moves beyond initial early-adopter centers and faces the logistical friction of standardizing the procedure across broader hospital networks.
Based on the latest quarterly filings, Delcath maintains a robust gross margin profile of approximately 86%, reflecting the high-value nature of its specialized filtration kits, though this structural advantage is currently offset by the substantial fixed costs associated with supporting a specialized interventional oncology sales force.
The consistency of these gross margins suggests strong pricing power and a favorable cost-of-goods structure for the core technology. However, the compression of operating margins indicates that the company has yet to achieve the necessary scale to fully leverage its commercial infrastructure, leaving profitability sensitive to volume fluctuations.
According to the income statement data, Delcath's operating leverage appears constrained, as SG&A expenses continue to track closely with revenue gains, preventing the company from consistently scaling operating income despite the significant improvement in gross profit margins observed over the last ten quarters of operations.
The current expense structure suggests that the company is in a high-intensity investment phase where every dollar of revenue growth requires proportional increases in medical affairs and training support. Future margin expansion will likely depend on the company's ability to increase procedure pull-through rates without a commensurate increase in headcount.
While the recent revenue growth is impressive, a critical analysis of the income statement suggests that the reliance on high-touch, multi-disciplinary procedures may create a ceiling on adoption, as evidenced by the volatility in quarterly operating income and the ongoing reliance on external capital to fund operations.
Short-term observers should be wary of potential channel stuffing or inventory build-ups that could artificially inflate revenue figures ahead of actual clinical utilization. The lack of consistent net profitability warrants further investigation into whether the current commercial model can achieve self-sustaining cash flow before the existing cash runway is exhausted.
Quick answers to the most common questions about buying DCTH stock.
For fiscal year 2025, Delcath Systems, Inc. (DCTH) reported total revenue of $85.2M.
Delcath Systems, Inc. (DCTH) is profitable, generating $2.7M in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.
Delcath Systems, Inc. (DCTH) reported an operating income of $0.7M, resulting in an operating profit margin of 0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Delcath Systems, Inc. (DCTH) generated $73.4M in gross profit for the year, representing a gross profit margin of 86.2%. This demonstrates the company's core pricing power and production efficiency.