Delcath Systems, Inc.(DCTH), a medical technology compan y specializing in oncology treatments, has released its Condensed Consolidated Financial Statements for the second quarter of 2023. The company reported a net loss of $16.2 million for the quarter, accompanied by a decrease in revenue to $495 thousand.
Net Loss of $16.2 Million in Q2 2023
Delcath Systems faced a challenging second quarter of 2023 as it reported a net loss of $16.2 million. This significant loss reflects a challenging operating environment and ongoing expenses related to research, development, and general operations.
The company's revenue for the second quarter of 2023 dipped to $495 thousand, marking a decline compared to the same period in the previous year. This decrease in revenue can be attributed to various factors impacting the sales of its products.
Condensed Consolidated Balance Sheets
The company's assets saw a marginal increase, with total assets reaching $21.05 million at the end of June 2023. Current assets, including cash and cash equivalents, restricted cash, accounts receivable, inventory, and prepaid expenses, amounted to $19.47 million, showing a slight increase from the end of 2022.
Delcath Systems' liabilities decreased slightly to $21.29 million, indicating a reduction in overall financial obligations. The company's stockholders' equity, which stood at a deficit of $5.86 million at the end of 2022, improved to a deficit of $242 thousand by the end of June 2023.
Condensed Consolidated Statements of Operations and Comprehensive Loss
The company's product revenue for the three months ending June 30, 2023, amounted to $495 thousand, compared to $797 thousand in the same period of 2022. This decline in product revenue contributed to the company's operating loss of $7.99 million, an improvement from the $9.49 million operating loss reported in Q2 2022.
Delcath Systems reported a net cash outflow from operating activities, amounting to $13.91 million for the first six months of 2023. The company's financing activities, however, provided a net cash inflow of $16.70 million during the same period, largely driven by proceeds from a private placement.
Delcath Systems' financial performance in the second quarter of 2023 reflects the challenges it faces in a competitive market. The net loss of $16.2 million and a decline in revenue underscore the company's need to address its operational efficiency and sales strategies moving forward. Despite the financial difficulties, Delcath Systems remains committed to its mission of advancing oncology treatments and improving patient outcomes.