Investment Thesis
Adagio Medical is in severe financial distress with zero revenue, negative stockholders' equity of -$1.3M, and substantial operating losses of -$17.8M. The company is burning cash at an unsustainable rate with negative free cash flow of -$15.7M, while carrying $21.2M in long-term debt against only $4.7M in cash, indicating imminent liquidity crisis.
ADGM Strengths
- Maintains $4.7M cash position providing short-term runway
- Medical device sector has growth potential if company survives
- Recent insider activity suggests management engagement despite challenges
ADGM Risks
- Zero revenue indicates complete failure to commercialize products or generate market acceptance
- Negative stockholders' equity of -$1.3M represents technical insolvency
- Negative free cash flow of -$15.7M with only $4.7M cash means 3-4 months of runway at current burn rate
- Current ratio of 0.84x and quick ratio of 0.68x indicate inability to meet short-term obligations
- $21.2M long-term debt burden with no revenue stream to service debt
- ROA of -69% demonstrates severe asset inefficiency and value destruction
Key Metrics to Watch
- Cash burn rate and months of runway remaining
- Progress toward revenue generation or product commercialization
- Debt restructuring or refinancing activities
- Changes in stockholders' equity trajectory
- Operating expense reduction initiatives
ADGM Financial Metrics
ADGM Profitability Ratios
ADGM Balance Sheet & Liquidity
ADGM 5-Year Financial Trend
5-Year Trend Summary: Adagio Medical Holdings, Inc.'s revenue has remained relatively flat over the 5-year period, with a 0% decline. The most recent EPS of $-48.16 indicates the company is currently unprofitable.
ADGM Growth Metrics (YoY)
ADGM Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | N/A | $3.6M | $0.02 |
| Q2 2025 | $254.0K | -$3.9M | $-0.35 |
| Q1 2025 | $26.0K | -$7.7M | $-0.51 |
| Q3 2024 | $41.0K | $3.6M | $0.02 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ADGM Capital Allocation
ADGM SEC Filings
Access official SEC EDGAR filings for Adagio Medical Holdings, Inc. (CIK: 0002006986)