Adagio Medical Holdings, Inc. ADGM
We are a medical device company focused on developing and commercializing products for the treatment of cardiac arrhythmias with our novel, proprietary, catheter-based Ultra-Low Temperature Ablation ("ULTA") technology, formerly known as Ultra-Low Temperature Cryoablation ("ULTC") technology. Our initial focus is on the treatment of ventricular tachycardia ("VT"). VT is a rapid, abnormal heart rhythm, or arrhythmia, that originates in the heart's lower chambers, or ventricles, potentially leading to impaired blood flow and, if sustained, VT can be fatal. In the United States, VT-associated sudden cardiac death ("SCD") accounts for approximately 300,000 deaths each year. Radio Frequency ("RF") ablation catheters currently used to treat VT were primarily designed and approved for the treatment of atrial fibrillation ("AF") and are therefore not designed to optimally treat the specifics of the ventricular anatomy and disease. As a result, VT procedures performed with current devices can be overly complex, with sub-optimal outcomes, a factor that has potentially led to limited growth in the market for VT ablations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $0 | — | $300.0K | — |
| Cost of revenue | $684.0K | — | $1.3M | — |
| Gross profit | -$684.0K | — | -$1.0M | — |
| R&D | $10.6M | — | $15.4M | — |
| SG&A | $10.6M | — | $11.5M | — |
| Total operating expenses | $21.9M | — | $28.2M | — |
| Operating income | -$21.9M | — | -$27.9M | — |
| Interest expense | $2.9M | — | $1.7M | — |
| Pre-tax income | -$25.3M | — | -$36.6M | — |
| Income tax | $0 | $0 | $0 | — |
| Net income | -$25.1M | — | -$36.6M | — |
| EPS, basic | -1.51 | — | -48.16 | — |
| EPS, diluted | -1.51 | — | -48.16 | — |
| Shares, diluted (wtd. avg.) | 16.6M | — | 759,814 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $17.1M | $20.6M | $1.4M | $5.5M |
| Receivables | — | $35.0K | $71.0K | — |
| Inventory | $1.7M | $2.6M | $3.3M | — |
| Total current assets | $20.1M | $25.3M | $5.2M | — |
| Property, plant and equipment | $1.5M | $2.0M | $1.5M | — |
| Goodwill | $14.0M | $14.0M | $0 | — |
| Other intangibles | $7.0M | $7.0M | $0 | — |
| Total assets | $43.3M | $48.4M | $6.8M | — |
| Accounts payable | $1.1M | $2.8M | $3.8M | — |
| Total current liabilities | $8.2M | $7.8M | $47.2M | — |
| Long-term debt | $21.0M | $17.2M | $38.3M | — |
| Total liabilities | $30.9M | $28.5M | $47.4M | — |
| Retained earnings | -$95.6M | -$70.6M | -$133.6M | — |
| Total equity | $12.4M | -$148.3M | -$132.0M | -$95.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$19.0M | — | -$25.7M | — |
| Depreciation and amortisation | $970.0K | — | $532.0K | — |
| Stock-based compensation | $1.5M | — | $442.0K | — |
| Capital expenditure | $374.0K | — | $333.0K | — |
| Investing cash flow | -$374.0K | — | -$340.0K | — |
| Financing cash flow | $16.1M | — | $21.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-082769.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $300.0K | — | $0 |
| Gross profit | — | -$1.0M | — | -$684.0K |
| Net income | — | -$36.6M | — | -$25.1M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Delisting notice Item 3.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Other event Item 8.01
- Director nominations Dates and mechanics for shareholders proposing directors. Item 5.08
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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