DCTHDelcath Systems, Inc.
Delcath Systems, Inc. (DCTH) sells interventional oncology devices for liver cancer treatment, specifically its HEPZATO system. The next catalyst is Oct 15, 2026 — Medicare / CMS Reimbursement Update, which will test the company’s ability to secure favorable reimbursement rates for its device in the U.S. healthcare system.
- Revenue grew 129.1% YoY to $98.85M in 2026, with net income of $1.36M and diluted EPS of $0.07.
- Net margin is 1.4% TTM, with debt-to-equity at 0x.
- Shareholders’ equity stands at $111.22M.
The Read
Delcath Systems (DCTH) has historically seen median absolute stock moves of about 8%.
The schedule
- Thu15Oct
The update tests whether CMS will approve reimbursement for Delcath's technology, which is critical for revenue visibility. This differs from the last print where the focus was on procedural clarity rather than financial impact.
- Tue3Nov
The earnings release will test the company's ability to meet or exceed guidance, particularly on revenue and cash flow. This is a critical test of the business model after the last print, which was more about cost control.
- Sun6Dec
The update will test the company's ability to communicate progress on its pipeline and manage capital raise expectations. This differs from the last print, which focused on clinical data rather than capital structure.
- Sun6Dec
The update will test the company's ability to align its clinical progress with capital strategy, which is critical for long-term value. This differs from the last print, which was more about clinical data than capital planning.
- Sun6Dec
The update will test the company's ability to demonstrate progress on expanded indications, which is critical for revenue growth. This differs from the last print, which focused on procedural clarity rather than financial impact.
- Tue5Jan
The readout will test the company's ability to differentiate its technology from competitors, which is critical for market share. This differs from the last print, which focused on clinical data rather than competitive positioning.
- Sun14Feb
The earnings release will test the company's ability to meet or exceed guidance, particularly on revenue and cash flow. This is a critical test of the business model after the last print, which was more about cost control.
- Thu6May
The earnings release will test the company's ability to meet or exceed guidance, particularly on revenue and cash flow. This is a critical test of the business model after the last print, which was more about cost control.
- Wed4Aug
The earnings release will test the company's ability to meet or exceed guidance, particularly on revenue and cash flow. This is a critical test of the business model after the last print, which was more about cost control.
Past
- Wed5Aug
Actual outcome: Bull · $17.36 at outcome
Delcath Systems reported strong Q2 2026 results, with revenue growing to $29.1 million from $24.2 million a year earlier, driven by robust HEPZATO KIT sales. The company also delivered an earnings beat, which, combined with continued commercial expansion and clinical program investments, fueled a 37.5% rally that easily surpassed the bull target.
Quarterly earnings report evaluating recent commercial adoption and cash burn trajectory.
- Wed1Jul
Actual outcome: Bull · $13.52 at outcome
Delcath Systems announced favorable updates regarding the commercial rollout and strategic partnerships for its HEPZATO kit. This demonstrated solid execution on its mid-2026 commercial milestones, reassuring investors of the therapy's market traction and driving a 4.1% rally in the stock.
Market anticipation for commercial execution and partnership updates for the HEPZATO kit.
- Thu7May
Actual outcome: Mixed · $11.06 at outcome
Delcath reported mixed Q1 2026 results, posting $25.0 million in total revenue alongside a net loss of $0.03 per share that missed some analyst estimates while matching others. The stock remained flat as the market weighed the revenue figures and new clinical data presentations against the lack of clear profitability, leaving the price caught between bull and bear targets.
Q1 2026 earnings will show whether Delcath can sustain its recent revenue ramp and move consistently into profitability while funding HEPZATO KIT commercialization.
- Thu26Feb
Actual outcome: Bull · $9.48 at outcome
Delcath Systems reported record results for 2025, meeting EPS estimates exactly at -$0.052. The stock rose 5.3% following the release, driven by management's strong commercial and clinical roadmap for 2026 and the subsequent publication of its CHOPIN Phase 2 clinical trial results in The Lancet Oncology.
Release of Q4 2025 financial results. This report provides critical initial clarity on the US commercial uptake of the HEPZATO KIT and sets the tone for full-year 2026 expectations. Sequential revenue acceleration is mandatory for a positive reaction.
