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 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).
Cash burn, not customer revenue, still defines the model, even after a recapitalized balance sheet eased FY2023's acute liquidity strain.
FY2025 looks sturdier because cash was$17.1M and the current ratio was 2.4x. But annual free cash burn of-$19.4M still ran ahead of year-end cash, so the recapitalization mainly moved the company from FY2023's 0.1x liquidity profile to a funding-runway question rather than a self-funding model. Net loss of-$25.1M staying close to operating cash outflow of-$19.0M shows the losses are mostly cash-based, not just accounting noise.
Spending has narrowed without evidence of commercial scale. Operating cash flow improved from
This is not a capital-intensive cash drain. Capital spending was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Adagio Medical's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Adagio Medical carries a low D/E ratio of 1.70, meaning only $1.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.
Adagio Medical's current ratio of 2.44 indicates adequate short-term liquidity, earning a score of 46/100. The company can meet its near-term obligations, though with limited headroom.
Adagio Medical generates a -202.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Adagio Medical passes 1 of 9 financial strength tests. 1 of 3 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
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 generated $0 in revenue in fiscal year 2025.
Adagio Medical's EBITDA was -$20.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Adagio Medical reported -$25.1M in net income in fiscal year 2025.
Cash & Balance Sheet
Adagio Medical generated -$19.4M in free cash flow in fiscal year 2025, representing cash available after capex.
Adagio Medical held $17.1M in cash against $21.0M in long-term debt as of fiscal year 2025.
Adagio Medical had 22M shares outstanding in fiscal year 2025. This represents an increase of 46.1% 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.
Adagio Medical invested $374K in capex in fiscal year 2025, funding long-term assets and infrastructure.
ADGM Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | N/A | $0 | N/A | $0 | N/A | $132K-48.0% | $254K |
| Cost of Revenue | $253K | N/A | $31K-90.9% | $342K+35.2% | $253K | N/A | $414K-39.3% | $682K |
| Gross Profit | N/A | N/A | -$31K | N/A | -$253K | N/A | -$282K+34.1% | -$428K |
| R&D Expenses | $2.7M | N/A | $2.8M+40.7% | $2.0M-46.1% | $3.7M | N/A | $1.2M-57.5% | $2.9M |
| SG&A Expenses | $2.5M | N/A | $2.9M+21.3% | $2.4M-31.0% | $3.5M | N/A | $2.9M-13.1% | $3.4M |
| Operating Income | -$5.2M | N/A | -$5.7M-21.3% | -$4.7M+36.2% | -$7.4M | N/A | -$4.4M+33.5% | -$6.7M |
| Interest Expense | $778K | N/A | $749K+4.0% | $720K+8.8% | $662K | N/A | $435K-42.8% | $760K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$7.0M | N/A | -$10.1M-156.3% | -$3.9M+48.8% | -$7.7M | N/A | $3.6M+162.9% | -$5.7M |
| EPS (Diluted) | $-0.31 | N/A | $-0.66-88.6% | $-0.35+31.4% | $-0.51 | N/A | $0.02 | $-7.35 |
ADGM Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $39.3M-9.1% | $43.3M+37.1% | $31.5M-12.1% | $35.9M-13.2% | $41.3M-14.7% | $48.4M-54.8% | $107.2M+176.3% | -$140.5M |
| Current Assets | $15.9M-21.0% | $20.1M+146.6% | $8.1M-33.4% | $12.2M-29.6% | $17.4M-31.5% | $25.3M-27.6% | $35.0M | N/A |
| Cash & Equivalents | $12.9M-24.5% | $17.1M+266.0% | $4.7M-43.0% | $8.2M-36.7% | $13.0M-37.0% | $20.6M-27.2% | $28.3M+1281.9% | $2.0M |
| Inventory | $1.6M-4.1% | $1.7M+8.0% | $1.5M-15.9% | $1.8M-20.3% | $2.3M-10.0% | $2.6M-38.0% | $4.1M | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | $1K-97.1% | $35K-61.1% | $90K | N/A |
| Goodwill | $14.0M0.0% | $14.0M0.0% | $14.0M0.0% | $14.0M0.0% | $14.0M0.0% | $14.0M-68.5% | $44.3M | N/A |
| Total Liabilities | $33.6M+8.9% | $30.9M-6.1% | $32.9M+20.8% | $27.2M-6.0% | $28.9M+1.4% | $28.5M-6.9% | $30.6M+612600.0% | $5K |
| Current Liabilities | $8.6M+4.1% | $8.2M-15.1% | $9.7M+98.6% | $4.9M-18.7% | $6.0M-22.6% | $7.8M-2.0% | $7.9M | N/A |
| Long-Term Debt | $22.9M+8.7% | $21.0M-0.7% | $21.2M+25.1% | $16.9M-4.0% | $17.7M+2.7% | $17.2M+24.9% | $13.8M | N/A |
| Total Equity | $5.7M-53.8% | $12.4M+1045.3% | -$1.3M-115.1% | $8.7M-30.1% | $12.4M-37.7% | $19.9M-74.0% | $76.6M+154.5% | -$140.5M |
| Retained Earnings | -$102.6M-7.3% | -$95.6M-3.6% | -$92.3M-12.3% | -$82.2M-5.0% | -$78.3M-10.9% | -$70.6M-434.1% | -$13.2M-517.8% | -$2.1M |
ADGM Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M+0.3% | -$4.1M-37.5% | -$3.0M+35.4% | -$4.7M+35.4% | -$7.2M-1.4% | -$7.1M-11.8% | -$6.4M+31.3% | -$9.3M |
| Capital Expenditures | $2K+100.4% | -$491K-194.4% | $520K+5100.0% | $10K-97.0% | $335K-52.3% | $702K+21.5% | $578K+180.6% | $206K |
| Free Cash Flow | -$4.1M+10.8% | -$4.6M-31.2% | -$3.5M+24.4% | -$4.7M+38.2% | -$7.5M+3.4% | -$7.8M-12.6% | -$6.9M+26.7% | -$9.5M |
| Investing Cash Flow | -$2K-100.4% | $491K+194.4% | -$520K-5100.0% | -$10K+97.0% | -$335K+52.3% | -$702K-21.5% | -$578K-180.6% | -$206K |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $6.1M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | -213.6%-45.1pp | -168.5% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | -3352.3%-730.6pp | -2621.7% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | 2731.8%+4989.3pp | -2257.5% |
| Return on Equity | -122.2% | N/A | N/A | -45.6%+16.7pp | -62.2% | N/A | 4.7% | N/A |
| Return on Assets | -17.8% | N/A | -32.1%-21.1pp | -11.0%+7.7pp | -18.7% | N/A | 3.4%-0.7pp | 4.1% |
| Current Ratio | 1.85-0.6 | 2.44+1.6 | 0.84-1.7 | 2.50-0.4 | 2.89-0.4 | 3.27-1.2 | 4.42 | N/A |
| Debt-to-Equity | 4.00+2.3 | 1.70+17.8 | -16.15-18.1 | 1.96+0.5 | 1.42+0.6 | 0.86+0.7 | 0.18+0.2 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | -5254.5%-1531.3pp | -3723.2% |
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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) generated -$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) 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 $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 cash runway?
Based on fiscal year 2025 data, Adagio Medical (ADGM) had $17.1M in cash against an annual operating cash burn of $19.0M. This gives an estimated cash runway of approximately 11 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 1 out of 9, indicating weak 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 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) 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.
How financially healthy is Adagio Medical?
Adagio Medical (ADGM) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.