Delcath Systems Inc
DCTH—
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Delcath Systems Inc AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin 86.3% TTM vs industry median 43.7% - 2x advantage signals pricing power in specialized medical device niche[Gross Margin TTM]
- Revenue 84% YoY growth (79.6M TTM) with 3Y CAGR of 183% - rare hypergrowth phase in medical devices[Total Revenue 1Y Growth]
- FCF 12M TTM (15% of revenue) with near-zero debt (0.8% D/E) - self-funding growth without dilution[Free Cash Flow TTM]
Watch Triggers
- Operating Margin TTM: Falls below 5% or fails to reach 12% within 4 quarters — Operating leverage thesis requires margin expansion as revenue scales
- Total Revenue 1Y Growth: Decelerates below 40% — Premium valuation requires hypergrowth; deceleration compresses multiples
- R&D as % of Revenue: Remains above 25% for 2+ quarters — Signals inability to leverage fixed R&D costs against revenue growth
Bull Case
86% gross margin + 84% revenue growth = rare combo. If opex grows at 30% while revenue grows 50%, operating margin could triple to 20%+ within 2 years
Gross Margin TTMTotal Revenue 1Y GrowthOperating Margin TTM
112.6M working capital with 0.8% D/E and 12M FCF - no financing risk, can fund growth organically for 3+ years
Working CapitalDebt to EquityFree Cash Flow TTM
Bear Case
P/E 58.8x vs industry 35x and P/S 5x vs 1.5x median - growth premium leaves no margin for execution misses
PE RatioPS Ratio
Net margin only 1.5% despite 86% gross margin - 62.8M opex (79% of revenue) must scale or profitability stalls
Net Margin TTMOperating Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Operating leverage inflection: R&D (29% of revenue) should decline as % while revenue scales
1-3ymed
- R&D 22.8M is fixed-cost heavy
- Gross margin 86% provides expansion runway
- Operating margin 7.4% up from negative
Operating income 5.9M TTM vs losses priorRevenue 84% growth outpacing opexFCF positive 12M despite heavy R&D
Valuation Context
Caveats
DCTH Fundamentals
Health Care and Social Assistance → Ambulatory Health Care Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$443.6M | — | ||
$403.2M | — | ||
1,285 | — | ||
$90.44M | +67.9% | — | |
$0.01 | — | ||
-1.79% | +1.0% | — | |
0.62% | +27.0% | — | |
$19.19M | — | ||
0.58% | +30.5% | — | |
Beta 5Y (Monthly) | unknown | — |
DCTH Dividend History
No dividends
DCTH Stock Splits
5 stock splits
12/24/19700:1 split
05/02/18500:1 split
11/06/17350:1 split
07/21/1616:1 split
04/09/1416:1 split
DCTH SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/26/26 | 12/31/25 | 10-K | |
11/04/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
03/06/25 | 12/31/24 | 10-K | |
11/08/24 | 09/30/24 | 10-Q | |
08/05/24 | 06/30/24 | 10-Q | |
05/14/24 | 03/31/24 | 10-Q | |
03/26/24 | 12/31/23 | 10-K | |
11/13/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/22/23 | 03/31/23 | 10-Q | |
03/27/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/08/22 | 06/30/22 | 10-Q | |
05/11/22 | 03/31/22 | 10-Q | |
03/31/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/10/21 | 06/30/21 | 10-Q | |
05/11/21 | 03/31/21 | 10-Q | |
03/31/21 | 12/31/20 | 10-K | |
11/12/20 | 09/30/20 | 10-Q | |
08/13/20 | 06/30/20 | 10-Q | |
05/14/20 | 03/31/20 | 10-Q | |
03/25/20 | 12/31/19 | 10-K | |
11/14/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
07/17/19 | 03/31/19 | 10-Q | |
06/14/19 | 12/31/18 | 10-K | |
11/13/18 | 09/30/18 | 10-Q | |
08/14/18 | 06/30/18 | 10-Q | |
05/10/18 | 03/31/18 | 10-Q | |
03/16/18 | 12/31/17 | 10-K | |
11/14/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
03/29/17 | 12/31/16 | 10-K | |
11/10/16 | 09/30/16 | 10-Q | |
08/15/16 | 06/30/16 | 10-Q | |
05/04/16 | 03/31/16 | 10-Q | |
03/18/16 | 12/31/15 | 10-K | |
11/10/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
03/11/15 | 12/31/14 | 10-K | |
11/05/14 | 09/30/14 | 10-Q | |
08/06/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
03/12/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
03/13/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/09/12 | 03/31/12 | 10-Q | |
03/06/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/04/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
03/08/11 | 12/31/10 | 10-K | |
11/02/10 | 09/30/10 | 10-Q | |
07/29/10 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
10/23/09 | 09/30/09 | 10-Q | |
07/28/09 | 06/30/09 | 10-Q | |
04/24/09 | 03/30/09 | 10-Q | |
03/03/09 | 12/31/08 | 10-K | |
10/24/08 | 09/30/08 | 10-Q | |
07/25/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
03/12/08 | 12/31/07 | 10-K | |
11/08/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
03/16/07 | 12/31/06 | 10-K | |
09/30/06 | 09/30/06 | 10QSB | |
06/30/06 | 06/30/06 | 10QSB | |
03/31/06 | 03/30/06 | Unknown | -- |
12/31/05 | 12/31/05 | 10KSB | |
09/30/05 | 09/30/05 | 10QSB | |
06/30/05 | 06/30/05 | 10QSB | |
03/31/05 | 03/30/05 | Unknown | -- |
12/31/04 | 12/31/04 | 10KSB | |
09/30/04 | 09/30/04 | 8-K | |
06/30/04 | 06/30/04 | 10QSB | |
03/31/04 | 03/30/04 | Unknown | -- |
12/31/03 | 12/31/03 | 10KSB | |
09/30/03 | 09/30/03 | 10QSB | |
06/30/03 | 06/30/03 | 10QSB | |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | 10KSB | |
09/30/02 | 09/30/02 | 10QSB | |
06/30/02 | 06/30/02 | 10QSB | |
03/31/02 | 03/30/02 | Unknown | -- |
12/31/01 | 12/31/01 | 10KSB | |
09/30/01 | 09/30/01 | 10QSB | |
06/30/01 | 06/30/01 | 10QSB | |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | 10KSB40 | |
12/04/00 | 09/30/00 | 10-Q |