ADGM

MKT CAP:$22M

Adagio Medical Holdings, Inc.

Market Cap

$22M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$1.52+$0.44 (+40.74%)

Apr 22, 2026

Company Details

Adagio Medical Holdings, Inc., a developmental stage medical device company, focuses on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. It offers treatment for cardiac arrhythmias, in...

CEO

Todd Usen

IPO Date

Jul 23, 2024

Website

adagiomedical.com

Key Metrics TTM

Revenue

$185.0K

-9.8% YoY

Net Income

-$26M

EPS (Diluted)

-$1.83

Free Cash Flow

-$25M

Revenue / Share

$0.01

Gross Margin

-547.0%

Operating Margin

-15387.0%

Net Margin

-14274.1%

FCF Margin

-13521.1%

P/S

121.4x

P/E

—

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Nov 12, 2025

$0-100.0%EPS -$0.66

Q2 2025

Aug 13, 2025

$0EPS -$0.35

Q1 2025

May 15, 2025

$0-100.0%EPS -$0.50

Q3 2024

Nov 14, 2024

$185.0K+351.2%EPS -$0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$60.0K	-$258.0K	-$7M
Q3 23	$41.0K	-$212.0K	-$9M
Q4 23	$78.0K	-$256.0K	-$5M
Q1 24	$26.0K	-$516.0K	-$9M
Q3 24	$185.0K	-$386.0K	-$11M
Q1 25	$0	-$253.0K	-$7M
Q2 25	$0	-$342.0K	-$5M
Q3 25	$0	-$31.0K	-$6M

Valuation

Quarter	P/S	P/E
Q1 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	220.4x	—
Q3 24	59.9x	—
Q1 25	40.5x	—
Q2 25	94.7x	—
Q3 25	168.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$6M	-$6M
Q3 23	-$6M	-$7M
Q4 23	-$7M	-$7M
Q1 24	-$7M	-$7M
Q3 24	-$9M	-$9M
Q1 25	-$7M	-$8M
Q2 25	-$5M	-$5M
Q3 25	-$3M	-$4M

Capital Expenditures

Quarter	CapEx
Q1 23	$65.0K
Q3 23	$118.0K
Q4 23	$20.0K
Q1 24	$162.0K
Q3 24	$609.0K
Q1 25	$335.0K
Q2 25	$10.0K
Q3 25	$520.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 24	+208.3%	+61.1%
Q1 25	-100.0%	-18.9%
Q2 25	-100.0%	-12.8%
Q3 25	-100.0%	-35.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$99.0K	165.0%
Q3 23	$126.0K	307.3%
Q4 23	$113.0K	144.9%
Q1 24	$110.0K	423.1%
Q3 24	$0	0.0%
Q1 25	$218.0K	—
Q2 25	$234.0K	—
Q3 25	$0	—

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	$5M	$2M
Q3 23	$4M	$4M
Q4 23	$2M	$3M
Q1 24	$3M	$5M
Q3 24	$2M	$8M
Q1 25	$4M	—
Q2 25	$2M	—
Q3 25	$3M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$6M	$0	$6M
Q1 23	$60.0K	$0	$60.0K
Q2 23	$18.0K	$0	$18.0K
Q3 23	$2M	$0	$2M
Q4 23	$1M	$0	$1M
Q1 24	$4M	$0	$4M
Q2 24	$2M	$0	$2M
Q3 24	$28M	$0	$28M
Q4 24	$21M	$0	$21M
Q1 25	$13M	$0	$13M
Q2 25	$8M	$0	$8M
Q3 25	$5M	$0	$5M
Q4 25	$17M	$0	$17M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 23	15M	—	—
Q3 23	13M	-11.1%	—
Q4 23	8M	-40.8%	—
Q1 24	8M	-1.8%	—
Q3 24	15M	+86.7%	-3.5%
Q1 25	15M	+5.8%	+14.8%
Q2 25	15M	+0.0%	+94.0%
Q3 25	15M	0.0%	+97.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q3 24	—	—
Q1 25	$0	80
Q2 25	$0	80
Q3 25	$0	80

Revenue / Employee