Adagio Medical Holdings, Inc. (ADGM) Stock

Adagio Medical Holdings, Inc. (ADGM) is a Healthcare stock trading at $0.70 (as of 2026-06-18), with a market capitalization of $15.37M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Adagio Medical Holdings, Inc. is a medical device company developing and commercializing ablation technologies for cardiac arrhythmias. Its product portfolio includes cryoablation and pulsed-field cryoablation catheters and accessories for conditions such as atrial fibrillation, atrial flutter, and ventricular tachycardia, serving clinicians treating these arrhythmias.

Understand Adagio Medical Holdings, Inc.: how it makes money

Adagio Medical Holdings develops and commercializes ablation technologies for cardiac arrhythmias, selling catheter systems and accessories such as iCLAS (ultra-low temperature cryoablation), vCLAS (ventricular ULTC), and Cryopulse (pulsed-field cryoablation) used to treat conditions like atrial fibrillation, atrial flutter, and ventricular tachycardia.

For a developmental-stage medical device company like this one, the profit path is structurally tied to clinical outcomes in its pivotal work (such as the FULCRUM-VT trial) and the safety and efficacy endpoints those outcomes demonstrate, which then supports commercialization of its ablation catheter products.

Business quality (Weak): The company discloses detailed clinical and safety endpoints, including FULCRUM-VT acute effectiveness (97%) and a protocol-defined major adverse events rate (2.4%), but it reports 0.0B revenue and deeply negative gross and operating margins as of 2025-06-30.

Bull case

  • Pivotal-trial performance is quantified: FULCRUM-VT reports acute effectiveness of 97%, with 209 patients enrolled across 20 study centers.
  • Six-month effectiveness outcomes are disclosed: The company reports freedom from implantable cardioverter defibrillator shock at six months of 84% (and 85% in non-ischemic cardiomyopathy).

Bear case

  • Safety events are still present: Protocol-defined major adverse events rate is 2.4%, and peri-procedural deaths rate is 1.9%.
  • Commercial scale is not evident in reported results: As of 2025-06-30, reported revenue is 0.0B, alongside gross margin of -235.3% and operating margin of -4624.5%, consistent with an early development stage.
Valuation — source: SEC EDGAR (first-party)
Price$0.70
Market Cap$15.37M
EV / EBITDA-1.7
Price / Book-37.04
FCF Yield-107.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$0.00
Return on Equity6538.8%
Debt / Equity-59.85
Current Ratio1.41
Revenue Growth (YoY)-100.0%
EPS Growth (YoY)15.4%
FCF Growth (YoY)12.9%
Financial Health — source: SEC EDGAR
Altman Z-Score-4.13 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderPERCEPTIVE ADVISORS LLC ($11.01M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryMedical Equipment
CEOTodd Usen
Employees80
CountryUS
IPO Date2024-07-23

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ADGM earnings history · ADGM institutional & insider holders · ADGM KPIs & operating metrics · ADGM financials · ADGM investor presentations & press releases · ADGM SEC filings · ADGM peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-06-18.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.