Delcath Systems, Inc. (NASDAQ: DCTH) approved a $25 million share‑repurchase program on November 20, 2025. The board granted the company the discretion to repurchase shares at any time, with no set expiration date and subject to market conditions.
The decision follows a strong liquidity position: as of September 30, 2025, Delcath held $88.9 million in cash and investments and had no debt. This financial cushion gives the company flexibility to return capital to shareholders while still funding growth initiatives.
The share‑repurchase announcement came after the company’s Q3 2025 earnings, in which revenue rose 84% to $20.6 million, largely driven by $19.3 million in HEPZATO KIT sales. Gross margin expanded to 87% from 85% in the same quarter last year, and earnings per share of $0.02 beat consensus expectations of $0.01, a result of disciplined cost management and a high‑margin product mix.
Although the earnings beat was welcomed, revenue fell short of the analyst consensus of $23.83 million, which prompted a modest market reaction. The share‑repurchase announcement was viewed as a confidence signal, and it did not trigger a significant immediate market movement.
CEO Gerard Michel said the program reflects confidence in Delcath’s long‑term growth prospects and a commitment to creating shareholder value. He added that the current share price does not fully reflect the company’s commercial progress, future development potential, and strong balance sheet.
The program will likely be executed through open‑market purchases, and the lack of an expiration date provides Delcath with the flexibility to deploy capital as opportunities arise.
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