Adagio Medical Financials
This page shows Adagio Medical (ADGM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Adagio Medical passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Adagio Medical generates $0.76 in operating cash flow (-$19.0M OCF vs -$25.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Adagio Medical earns $-7.5 in operating income for every $1 of interest expense (-$21.9M vs $2.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Adagio Medical's EBITDA was -$20.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 23.7% from the prior year.
Adagio Medical reported -$25.1M in net income in fiscal year 2025. This represents an increase of 31.4% from the prior year.
Adagio Medical earned $-1.51 per diluted share (EPS) in fiscal year 2025. This represents an increase of 96.9% from the prior year.
Cash & Balance Sheet
Adagio Medical generated -$19.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 25.4% from the prior year.
Adagio Medical held $20.6M in cash against $17.2M in long-term debt as of fiscal year 2025.
Adagio Medical had 15M shares outstanding in fiscal year 2025. This represents an increase of 1848.7% from the prior year.
Margins & Returns
Adagio Medical's ROE was -202.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Adagio Medical invested $10.6M in research and development in fiscal year 2025. This represents a decrease of 30.9% from the prior year.
Adagio Medical invested $374K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 12.3% from the prior year.
ADGM Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | N/A | N/A | N/A | $132K-48.0% | $254K+876.9% | $26K | N/A |
| Cost of Revenue | $31K-90.9% | $342K+35.2% | $253K | N/A | $414K-39.3% | $682K+25.8% | $542K | N/A |
| Gross Profit | -$31K | N/A | N/A | N/A | -$282K+34.1% | -$428K+17.1% | -$516K | N/A |
| R&D Expenses | $2.8M+40.7% | $2.0M-46.1% | $3.7M | N/A | $1.2M-57.5% | $2.9M-17.4% | $3.5M | N/A |
| SG&A Expenses | $2.9M+21.3% | $2.4M-31.0% | $3.5M | N/A | $2.9M-13.1% | $3.4M-30.3% | $4.8M | N/A |
| Operating Income | -$5.7M-21.3% | -$4.7M+36.2% | -$7.4M | N/A | -$4.4M+33.5% | -$6.7M+24.5% | -$8.8M | N/A |
| Interest Expense | $749K+4.0% | $720K+8.8% | $662K | N/A | $435K-42.8% | $760K+0.8% | $754K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$10.1M-156.3% | -$3.9M+48.8% | -$7.7M | N/A | $3.6M+162.9% | -$5.7M+28.5% | -$8.0M | N/A |
| EPS (Diluted) | $-0.66-88.6% | $-0.35+31.4% | $-0.51 | N/A | $0.02+100.3% | $-7.35+28.5% | $-10.28 | N/A |
ADGM Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $31.5M-12.1% | $35.9M-13.2% | $41.3M-14.7% | $48.4M-54.8% | $107.2M+176.3% | -$140.5M | N/A | $6.8M |
| Current Assets | $8.1M-33.4% | $12.2M-29.6% | $17.4M-31.5% | $25.3M-27.6% | $35.0M | N/A | N/A | $5.2M |
| Cash & Equivalents | $4.7M-43.0% | $8.2M-36.7% | $13.0M-37.0% | $20.6M-27.2% | $28.3M+1281.9% | $2.0M-49.9% | $4.1M+195.2% | $1.4M |
| Inventory | $1.5M-15.9% | $1.8M-20.3% | $2.3M-10.0% | $2.6M-38.0% | $4.1M | N/A | N/A | $3.3M |
| Accounts Receivable | N/A | N/A | $1K-97.1% | $35K-61.1% | $90K | N/A | N/A | $71K |
| Goodwill | $14.0M0.0% | $14.0M0.0% | $14.0M0.0% | $14.0M-68.5% | $44.3M | N/A | N/A | $0 |
| Total Liabilities | $32.9M+20.8% | $27.2M-6.0% | $28.9M+1.4% | $28.5M-6.9% | $30.6M+612600.0% | $5K | N/A | $138.8M |
| Current Liabilities | $9.7M+98.6% | $4.9M-18.7% | $6.0M-22.6% | $7.8M-2.0% | $7.9M | N/A | N/A | $47.2M |
| Long-Term Debt | $21.2M+25.1% | $16.9M-4.0% | $17.7M+2.7% | $17.2M+24.9% | $13.8M | N/A | N/A | $38.3M |
| Total Equity | -$1.3M-115.1% | $8.7M-30.1% | $12.4M-37.7% | $19.9M-74.0% | $76.6M+154.5% | -$140.5M-0.9% | -$139.2M-5.4% | -$132.0M |
| Retained Earnings | -$92.3M-12.3% | -$82.2M-5.0% | -$78.3M-10.9% | -$70.6M-434.1% | -$13.2M-517.8% | -$2.1M | N/A | -$133.6M |
ADGM Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M+35.4% | -$4.7M+35.4% | -$7.2M-1.4% | -$7.1M-11.8% | -$6.4M+31.3% | -$9.3M-37.3% | -$6.7M+5.0% | -$7.1M |
| Capital Expenditures | $520K+5100.0% | $10K-97.0% | $335K-52.3% | $702K+21.5% | $578K+180.6% | $206K+27.2% | $162K+710.0% | $20K |
| Free Cash Flow | -$3.5M+24.4% | -$4.7M+38.2% | -$7.5M+3.4% | -$7.8M-12.6% | -$6.9M+26.7% | -$9.5M-37.0% | -$6.9M+3.0% | -$7.1M |
| Investing Cash Flow | -$520K-5100.0% | -$10K+97.0% | -$335K+52.3% | -$702K-21.5% | -$578K-180.6% | -$206K-27.2% | -$162K-710.0% | -$20K |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | $6.1M-36.7% | $9.6M+45.5% | $6.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ADGM Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | -213.6%-45.1pp | -168.5%+1816.1pp | -1984.6% | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | -3352.3%-730.6pp | -2621.7%+31282.2pp | -33903.8% | N/A |
| Net Margin | N/A | N/A | N/A | N/A | 2731.8%+4989.3pp | -2257.5%+28581.0pp | -30838.5% | N/A |
| Return on Equity | N/A | -45.6%+16.7pp | -62.2% | N/A | 4.7% | N/A | N/A | N/A |
| Return on Assets | -32.1%-21.1pp | -11.0%+7.7pp | -18.7% | N/A | 3.4%-0.7pp | 4.1% | N/A | N/A |
| Current Ratio | 0.84-1.7 | 2.50-0.4 | 2.89-0.4 | 3.27-1.2 | 4.42 | N/A | N/A | 0.11 |
| Debt-to-Equity | -16.15-18.1 | 1.96+0.5 | 1.42+0.6 | 0.86+0.7 | 0.18+0.2 | 0.00 | N/A | -0.29 |
| FCF Margin | N/A | N/A | N/A | N/A | -5254.5%-1531.3pp | -3723.2%+22819.1pp | -26542.3% | N/A |
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Frequently Asked Questions
Is Adagio Medical profitable?
No, Adagio Medical (ADGM) reported a net income of -$25.1M in fiscal year 2025.
What is Adagio Medical's EBITDA?
Adagio Medical (ADGM) had EBITDA of -$20.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Adagio Medical have?
As of fiscal year 2025, Adagio Medical (ADGM) had $20.6M in cash and equivalents against $17.2M in long-term debt.
What is Adagio Medical's return on equity (ROE)?
Adagio Medical (ADGM) has a return on equity of -202.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Adagio Medical's free cash flow?
Adagio Medical (ADGM) generated -$19.4M in free cash flow during fiscal year 2025. This represents a 25.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Adagio Medical's operating cash flow?
Adagio Medical (ADGM) generated -$19.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Adagio Medical's total assets?
Adagio Medical (ADGM) had $48.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Adagio Medical's capital expenditures?
Adagio Medical (ADGM) invested $374K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Adagio Medical spend on research and development?
Adagio Medical (ADGM) invested $10.6M in research and development during fiscal year 2025.
What is Adagio Medical's current ratio?
Adagio Medical (ADGM) had a current ratio of 3.27 as of fiscal year 2025, which is generally considered healthy.
What is Adagio Medical's debt-to-equity ratio?
Adagio Medical (ADGM) had a debt-to-equity ratio of 0.86 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Adagio Medical's return on assets (ROA)?
Adagio Medical (ADGM) had a return on assets of -58.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Adagio Medical's cash runway?
Based on fiscal year 2025 data, Adagio Medical (ADGM) had $20.6M in cash against an annual operating cash burn of $19.0M. This gives an estimated cash runway of approximately 13 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Adagio Medical's Piotroski F-Score?
Adagio Medical (ADGM) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Adagio Medical's earnings high quality?
Adagio Medical (ADGM) has an earnings quality ratio of 0.76x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Adagio Medical cover its interest payments?
Adagio Medical (ADGM) has an interest coverage ratio of -7.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.