ADGM · Adagio Medical Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | - | $0 | $254.0K | $26.0K | - | $41.0K | - |
| Cost of Revenue | - | - | $31.0K | $682.0K | $542.0K | - | $253.0K | - |
| Gross Profit | - | - | ($31.0K) | ($428.0K) | ($516.0K) | - | ($212.0K) | - |
| R&D | $2.74M | - | $2.77M | $2.87M | $3.47M | - | $4.42M | - |
| SG&A | $2.46M | - | $2.92M | $2.40M | $4.83M | - | $4.45M | - |
| Total Operating Expenses | $5.20M | - | $5.72M | $4.72M | $8.84M | - | $9.12M | - |
| D&A | $210.0K | - | $500.0K | $200.0K | $330.0K | - | $316.0K | - |
| Operating Income | ($5.20M) | - | ($5.72M) | ($4.72M) | ($8.81M) | - | ($9.08M) | - |
| Interest Expense | $778.0K | - | $749.0K | $760.0K | $754.0K | - | $485.0K | - |
| Income Tax | - | - | - | - | - | - | - | - |
| Net Income | ($7.00M) | - | ($10.12M) | ($3.95M) | ($7.71M) | - | ($10.76M) | ($1.42M) |
| EPS - Basic | ($0.31) | - | ($0.66) | ($0.26) | ($10.28) | - | ($14.15) | ($713794.00) |
| EPS - Diluted | ($0.31) | - | ($0.66) | ($0.35) | ($10.28) | - | ($14.15) | ($713794.00) |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.91M | $17.11M | $4.67M | $8.20M | $12.96M | $20.59M | $28.26M | $0 |
| Accounts Receivable | - | - | - | - | $1.0K | $35.0K | $71.0K | - |
| Inventory | $1.60M | $1.67M | $1.55M | $1.84M | $2.31M | $2.57M | $3.32M | - |
| Accounts Payable | $1.22M | $1.08M | $1.02M | $1.31M | $2.65M | $2.84M | $4.42M | - |
| Current Assets | $15.86M | $20.08M | $8.14M | $12.23M | $17.37M | $25.35M | $35.03M | - |
| Total Assets | $39.31M | $43.25M | $31.55M | $35.88M | $41.34M | $48.45M | $107.20M | - |
| Current Liabilities | $8.57M | $8.23M | $9.70M | $4.88M | $6.01M | $7.76M | $7.92M | - |
| Long-term Debt | $22.87M | $21.04M | $21.19M | $16.95M | $17.65M | $16.08M | $13.75M | - |
| Total Liabilities | $33.58M | $30.85M | $32.86M | $27.21M | $28.94M | $28.54M | $30.64M | $5.0K |
| Stockholders' Equity | $5.72M | $12.40M | ($1.31M) | $8.67M | $12.40M | $19.91M | $76.56M | ($5.0K) |
| Retained Earnings | ($102.63M) | ($95.61M) | ($92.30M) | ($82.18M) | ($78.26M) | ($70.59M) | ($13.22M) | ($2.14M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($4.13M) | - | - | - | ($6.74M) | - | ($6.36M) | - |
| Investing Cash Flow | ($2.0K) | - | - | - | ($162.0K) | - | ($578.0K) | - |
| Financing Cash Flow | - | - | - | - | $9.57M | - | - | - |
| CapEx | $2.0K | - | - | - | $162.0K | - | $578.0K | - |
| Free Cash Flow | ($4.13M) | - | - | - | ($6.90M) | - | ($6.94M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 |
|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||
| Gross margin | - | - | - | -168.5% | -1984.6% | - | -517.1% | - |
| Operating margin | - | - | - | -1857.1% | -33903.8% | - | -22148.8% | - |
| EBITDA margin | - | - | - | -1778.3% | -32634.6% | - | -21378.0% | - |
| Net margin | - | - | - | -1553.9% | -29665.4% | - | -26246.3% | - |
| Free cash flow margin | - | - | - | - | -26542.3% | - | -16917.1% | - |
| FCF / Net income | 0.59 | - | - | - | 0.89 | - | 0.64 | - |
| R&D / Revenue | - | - | - | 1128.0% | 13342.3% | - | 10775.6% | - |
| SG&A / Revenue | - | - | - | 946.5% | 18576.9% | - | 10856.1% | - |
| Effective tax rate | - | - | - | - | - | - | - | - |
| Return on assets | -17.8% | - | -32.1% | -11.0% | -18.7% | - | -10.0% | - |
| Return on equity | -122.2% | - | 771.2% | -45.5% | -62.2% | - | -14.1% | 28408.1% |
| Return on invested capital | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||
| Current ratio | 1.85 | 2.44 | 0.84 | 2.50 | 2.89 | 3.27 | 4.42 | - |
| Quick ratio | 1.66 | 2.24 | 0.68 | 2.13 | 2.51 | 2.93 | 4.00 | - |
| Cash ratio | 1.51 | 2.08 | 0.48 | 1.68 | 2.16 | 2.65 | 3.57 | - |
| Leverage | ||||||||
| Debt / Equity | 4.00 | 1.70 | -16.15 | 1.96 | 1.42 | 0.81 | 0.18 | - |
| Debt / Assets | 0.58 | 0.49 | 0.67 | 0.47 | 0.43 | 0.33 | 0.13 | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - |
| Interest coverage | -6.7x | - | -7.6x | -6.2x | -11.7x | - | -18.7x | - |
| Equity multiplier | 6.87 | 3.49 | -24.04 | 4.14 | 3.33 | 2.43 | 1.40 | - |
| Liabilities / Assets | 0.85 | 0.71 | 1.04 | 0.76 | 0.70 | 0.59 | 0.29 | - |
| Efficiency | ||||||||
| Asset turnover | 0.00 | - | 0.00 | 0.01 | 0.00 | - | 0.00 | - |
| Inventory turnover | - | - | 0.02 | 0.37 | 0.23 | - | 0.08 | - |
| Days sales outstanding | - | - | - | - | 14d | - | 632d | - |
| Days inventory outstanding | - | - | 18226d | 985d | 1556d | - | 4793d | - |
| Days payable outstanding | - | - | 12057d | 704d | 1783d | - | 6375d | - |
| Cash conversion cycle | - | - | - | - | -213d | - | -951d | - |
| Valuation | ||||||||
| P / E | - | - | - | - | - | - | - | - |
| P / B | 4.5x | - | - | 2.3x | 1.0x | - | 0.5x | - |
| P / S | - | - | - | 78.7x | 476.0x | - | 1010.5x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - |
| Growth | ||||||||
| Revenue growth (YoY) | -100.0% | - | -100.0% | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | 85.4% | - | - | - | - | - |
| Operating income growth (YoY) | 41.0% | - | 37.0% | - | - | - | - | - |
| Net income growth (YoY) | 9.3% | - | 6.0% | -177.9% | - | - | - | - |
| EPS growth (YoY) | 97.0% | - | 95.3% | 100.0% | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 40.2% | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -53.8% | -37.7% | - | - | - | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Business segments
$269.0K totalSingle Reportable Segment$269.0K · 100.0%
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing Adagio Medical Holdings against the 5 most active filers in the same SIC group.