Delcath Systems (DCTH) Stock Forecast & Price Target

Delcath Systems Inc. has demonstrated significant growth in its Hepzato procedure volume, increasing by 140% in 2025, which indicates enhanced physician utilization and successful commercial adoption of its Hepatic Delivery System. The company's year-end cash balance improved to $91.0 million, reflecting its operational efficiency and capacity to fund further growth initiatives, including potential salesforce expansion and new regional entries. Positive clinical data from the FOCUS trial and expected results from the CHOPIN study are anticipated to bolster treatment adoption, contributing to a robust outlook for future revenue generation within its focused oncology segment.

Delcath Systems Inc. has adjusted its full-year revenue expectations downwards from $93 million to a range of $83 million to $85 million, largely due to a slowdown in new site activations and a significant decrease in new patient starts, compounded by summer seasonality and competitive clinical trials. The company anticipates quarterly gross margins of 85-87%, slightly improved from previous projections, but has also noted a decline in average revenue per kit as a result of the Medicaid National Drug Rebate Agreement, leading to expected discounts of approximately 23% for many patients. Furthermore, Delcath is currently cash flow negative, raising concerns about its ability to generate the revenues necessary to meet future forecasts amid financing risks.