Adagio Medical Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ADGM SEC filings page.
Adagio Medical (ADGM) reported $0 in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Development spending remains the operating engine while financing supplies cash and leverage rises against a still-precommercial revenue base.
Operating cash outflow narrowed from$25.7M in FY2023 to$19.0M in FY2025, indicating lower spending pressure across the period. Yet FY2025 financing supplied$16.1M , so the improvement reflects reduced cash use rather than internally funded operations.
FY2025 R&D and SG&A each approximated
Positive equity appeared in FY2024 and remained positive in FY2025, but leverage increased: debt-to-equity rose from 0.9x to 1.7x. Current ratio also eased from 3.3x to 2.4x, indicating less ample short-term coverage even though current assets still exceeded current liabilities.
Financial Health Signals
Adagio Medical does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Adagio Medical scores -4.21, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($11.4M) relative to total liabilities ($30.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Adagio Medical passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 3 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Adagio Medical reported a net loss of $25.1M while operations used $19.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Adagio Medical reported an operating loss of $21.9M against $2.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Adagio Medical generated $0 in revenue in Q2 2026.
Adagio Medical's EBITDA was -$4.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 5.1%.
Adagio Medical reported -$6.7M in net income in Q2 2026. This represents a decrease of 70.2% from the same quarter a year earlier. Against the prior quarter it is up 4.0%.
Adagio Medical earned -$0.30 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 3.2%.
Cash & Balance Sheet
Adagio Medical recorded an outflow of $5.3M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 12.9% from the same quarter a year earlier. Against the prior quarter it is down 27.6%.
Adagio Medical held $7.7M in cash against $24.8M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
None of these metrics is reported for Q2 2026.
Capital Allocation
Adagio Medical invested $2.5M in research and development in Q2 2026. This represents an increase of 24.3% from the same quarter a year earlier. Against the prior quarter it is down 10.6%.
Adagio Medical invested $6K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 40.0% from the same quarter a year earlier. Against the prior quarter it is up 200.0%.
Not reported for Q2 2026.
ADGM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | N/A | $0-100.0% | $0-100.0% | $0-100.0% | N/A | $132K+222.0% |
| Cost of Revenue | N/A | N/A | N/A | $31K-92.5% | $342K-49.9% | $253K-53.3% | N/A | $414K+63.6% |
| Gross Profit | N/A | N/A | N/A | -$31K+89.0% | -$342K+20.1% | -$253K+51.0% | N/A | -$282K-33.0% |
| R&D Expenses | $2.5M+24.3% | $2.7M-25.1% | N/A | $2.8M+127.9% | $2.0M-31.2% | $3.7M+5.5% | N/A | $1.2M-72.5% |
| SG&A Expenses | $2.5M+3.3% | $2.5M-29.4% | N/A | $2.9M-0.3% | $2.4M-28.6% | $3.5M-27.8% | N/A | $2.9M-34.3% |
| Operating Income | -$4.9M-4.6% | -$5.2M+29.7% | N/A | -$5.7M-29.3% | -$4.7M+29.2% | -$7.4M+16.1% | N/A | -$4.4M+51.3% |
| EBITDA | -$4.7M-4.8% | -$5.0M+30.0% | N/A | -$5.2M-27.1% | -$4.5M+29.0% | -$7.1M+16.0% | N/A | -$4.1M+54.2% |
| Interest Expense | $805K+11.8% | $778K+17.5% | N/A | $749K+72.2% | $720K-5.3% | $662K-12.2% | N/A | $435K-10.3% |
| Net Income | -$6.7M-70.2% | -$7.0M+9.3% | N/A | -$10.1M-380.6% | -$3.9M+31.2% | -$7.7M+3.8% | N/A | $3.6M+133.5% |
| EPS (Basic) | -$0.30-15.4% | -$0.31+38.0% | -$0.09 | -$0.66+92.1% | -$0.26+96.5% | -$0.50+95.1% | N/A | -$8.34+41.1% |
| EPS (Diluted) | -$0.30 | -$0.31+39.2% | -$0.09 | -$0.66 | -$0.35 | -$0.51 | N/A | $0.02 |
| Diluted Shares (Avg) | 22M | 22M+44.5% | N/A | 15M | 15M | 15M | N/A | 16M |
Not reported in any period shown, so not listed: Income Tax.
ADGM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $33.9M-5.6% | $39.3M-4.9% | $43.3M-10.7% | $31.5M-70.6% | $35.9M+125.5% | $41.3M | $48.4M+609.9% | $107.2M |
| Current Assets | $10.7M-12.6% | $15.9M-8.7% | $20.1M-20.8% | $8.1M-76.8% | $12.2M | $17.4M | $25.3M+388.9% | $35.0M |
| Cash & Equivalents | $7.7M-5.6% | $12.9M-0.4% | $17.1M-16.9% | $4.7M-83.5% | $8.2M+301.0% | $13.0M+217.5% | $20.6M+1388.5% | $28.3M+1326.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $2.0M+7.9% | $1.6M-30.6% | $1.7M-34.8% | $1.5M-62.6% | $1.8M | $2.3M | $2.6M-22.8% | $4.1M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $1K | $35K-50.7% | $90K |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $14.0M0.0% | $14.0M0.0% | $14.0M0.0% | $14.0M-68.5% | $14.0M | $14.0M | $14.0M | $44.3M |
| Total Liabilities | $34.3M+26.1% | $33.6M+16.0% | $30.9M+8.1% | $32.9M+7.3% | $27.2M+544100.0% | $28.9M | $28.5M-79.4% | $30.6M |
| Current Liabilities | $7.6M+54.8% | $8.6M+42.7% | $8.2M+6.1% | $9.7M+22.5% | $4.9M | $6.0M | $7.8M-83.5% | $7.9M |
| Non-Current Liabilities | $26.7M+19.8% | $25.0M+9.1% | $22.6M+8.9% | $23.2M+1.9% | $22.3M | $22.9M | $20.8M-77.3% | $22.7M |
| Long-Term Debt | $24.8M+46.6% | $22.9M+29.6% | $21.0M+22.5% | $21.2M+54.1% | $16.9M | $17.7M | $17.2M-55.1% | $13.8M |
| Total Equity | -$415K-104.8% | $5.7M-53.8% | $12.4M-37.7% | -$1.3M-101.7% | $8.7M+106.2% | $12.4M+108.9% | $19.9M+115.1% | $76.6M+162.0% |
| Retained Earnings | -$109.4M-33.1% | -$102.6M-31.1% | -$95.6M-35.5% | -$92.3M-598.4% | -$82.2M-3741.8% | -$78.3M | -$70.6M+47.2% | -$13.2M |
ADGM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.3M-13.0% | -$4.1M+42.8% | -$4.1M+41.8% | -$3.0M+52.7% | -$4.7M+49.7% | -$7.2M-7.0% | -$7.1M-0.3% | -$6.4M |
| Depreciation & Amortization | $200K0.0% | $210K-22.5% | $237K-44.1% | $500K+58.2% | $200K-33.3% | $271K-17.9% | $424K+218.8% | $316K+216.0% |
| Stock-Based Compensation | $479K+104.7% | $389K+78.4% | N/A | $137K | $234K+110.8% | $218K+98.2% | N/A | N/A |
| Capital Expenditures | $6K-40.0% | $2K-99.4% | -$491K-30.1% | $520K-10.0% | $10K-95.1% | $335K+106.8% | $702K+3410.0% | $578K |
| Free Cash Flow | -$5.3M-12.9% | -$4.1M+45.3% | -$4.6M+40.8% | -$3.5M+49.1% | -$4.7M+50.7% | -$7.5M-9.3% | -$7.8M-9.9% | -$6.9M |
| Investing Cash Flow | -$6K+40.0% | -$2K+99.4% | $491K+169.9% | -$520K+10.0% | -$10K+95.1% | -$335K-106.8% | -$702K-3410.0% | -$578K |
Not reported in any period shown, so not listed: Financing Cash Flow, Dividends Paid, Share Buybacks.
ADGM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -213.6% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -3352.3% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2731.8% |
| Return on Equity | N/A | -122.2%-60.0pp | N/A | N/A | -45.6% | -62.2% | N/A | 4.7% |
| Return on Assets | -19.8%-8.8pp | -17.8%+0.9pp | N/A | -32.1%-35.4pp | -11.0%-15.1pp | -18.7% | N/A | 3.4% |
| Current Ratio | 1.41-1.1x | 1.85-1.0x | 2.44-0.8x | 0.84-3.6x | 2.50 | 2.89 | 3.27+3.2x | 4.42 |
| Debt-to-Equity | N/A | 4.00+2.6x | 1.70+0.8x | N/A | 1.96 | 1.42 | 0.86 | 0.18 |
| Asset Turnover | 0.000.0x | 0.000.0x | N/A | 0.000.0x | 0.000.0x | 0.00 | N/A | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -5254.5% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Adagio Medical ADGM | FY2025 | $0 | -$25.1M | N/A | $11.4M | — |
| Vivos Therapeutics Inc VVOS | FY2025 | $17.4M | -$21.2M | N/A | $3.4M | 21/100 |
| Nortech Sys Inc NSYS | FY2025 | $118.4M | -$252K | -0.2% | $33.0M | 38/100 |
| Iridex IRIX | FY2025 | $52.7M | -$4.4M | -8.4% | $12.7M | 50/100 |
| Trinity Biotech Plc TRIB | FY2025 | $43.8M | $1.9M | 4.4% | $7.9M | 25/100 |
| Myomo MYO | FY2025 | $40.9M | -$15.6M | -38.1% | $56.6M | 44/100 |
Where Adagio Medical Ranks
Frequently Asked Questions
What is Adagio Medical's annual revenue?
Adagio Medical (ADGM) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
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 $17.1M in cash and equivalents against $21.0M 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) recorded an outflow of $19.4M in free cash flow during fiscal year 2025. 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) recorded an outflow of $19.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Adagio Medical's total assets?
Adagio Medical (ADGM) had $43.3M 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 2.44 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 1.70 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 P/E ratio?
Adagio Medical (ADGM) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $11.4M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Adagio Medical's price-to-sales ratio?
Adagio Medical (ADGM) has no price-to-sales ratio at the moment: revenue is not positive (FY2025). The market capitalization is $11.4M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Adagio Medical's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Adagio Medical (ADGM) held $17.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $19.0M over that year. Dividing the one by the other, the reported balance equals about 11 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Adagio Medical's Altman Z-Score?
Adagio Medical (ADGM) has an Altman Z-Score of -4.21, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Adagio Medical's Piotroski F-Score?
Adagio Medical (ADGM) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $25.1M while operations used $19.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $21.9M against $2.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.