Adagio Medical Holdings (ADGM) AI Stock Analysis

• Market Cap: $22.03M
• Dividend Yield: N/A
• Average Volume (3M): 152.12K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.35
• Revenue Growth: -70.54%
• EPS Growth: 70.03%
• Country: US
• Employees: 80
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.43
• Shares Outstanding: 21,179,638
• 10 Day Avg. Volume: 84,483
• 30 Day Avg. Volume: 152,119
• PEG Ratio: 0.01
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 59.32
• P/FCF Ratio: -0.51
• Enterprise Value/Market Cap: 1.50
• Enterprise Value/Revenue: -231.64
• Enterprise Value/Gross Profit: -31.02
• Enterprise Value/Ebitda: -0.43
• 1Y Price Target: $4.00
• Price Target Upside: 270.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $0.98 ▼(-8.89% Downside)
• Action: Reiterated Date: 01/13/26
• Date: Action: Reiterated 01/13/26

The score is primarily weighed down by very weak financial performance—ongoing large losses, persistent cash burn, and negative equity—while technicals also reflect a weak longer-term trend. Corporate events provide modest support via added funding and governance improvements, but valuation metrics are not supportive given losses and no dividend.

Positive Factors

Clinical evidence

Published Early Feasibility Study showing favorable safety and strong acute/chronic performance provides durable clinical validation for Adagio’s ULTC technology. Positive peer-reviewed data strengthens regulatory submissions, clinician adoption, and reimbursement discussions over the coming quarters, supporting commercialization prospects.

Board expertise

Adding a director with Medtronic experience enhances governance and commercial/operational guidance. Durable benefit: seasoned device executive can improve clinical trial design, regulatory strategy, and go-to-market planning, increasing likelihood of efficient product launches and stronger partnership negotiations.

Near-term funding boost

A $19M private placement materially extends runway to support R&D and FDA submission activities. This funding reduces immediate solvency pressure, allowing focus on clinical development and regulatory milestones that are critical to achieving commercial revenue and de-risking the business over the next several months.

Negative Factors

Negative shareholders' equity

The shift to negative shareholders’ equity materially weakens financial flexibility and increases insolvency risk. Negative equity constrains borrowing capacity, may tighten partner/contractor terms, and means future funding rounds or restructuring are likely required to sustain operations and execute commercialization plans.

Persistent cash burn

Consistent negative operating and free cash flow indicate the company relies on external financing to operate. Persistent cash burn raises dilution and funding risk, limiting strategic flexibility and increasing the probability that additional capital raises or cost-cutting will be necessary before positive cash generation is achieved.

Minimal, volatile revenue & deep losses

Revenue is minimal and volatile with TTM deterioration, while gross profit and operating profits remain deeply negative. This indicates the business is far from break-even and that commercial traction and margin sustainability are unproven, heightening execution risk as the company scales product sales.

Adagio Medical Holdings Business Overview & Revenue Model

Company Description

Adagio Medical Holdings, Inc., a developmental stage medical device company, focuses on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. It offers treatment for cardiac arrhythmias, including atrial fibrillation, atrial flutter, and ventricular tachycardia. The company's product portfolio includes iCLAS atrial ultra-low temperature cryoablation (ULTC) catheter and accessories; vCLAS ventricular ULTC catheter; and Cryopulse atrial pulsed-field cryoablation catheter and accessories. Adagio Medical Holdings, Inc. was founded in 2011 and is headquartered in Laguna Hills, California.

How the Company Makes Money

Adagio Medical Holdings generates revenue through multiple streams, primarily by selling its proprietary medical devices and therapies to hospitals, healthcare institutions, and clinics. The company employs a direct sales force as well as strategic partnerships with distributors to reach a broader market. Additionally, ADGM may also engage in licensing agreements for its technologies, allowing other companies to manufacture or distribute its products in exchange for royalties. Key revenue drivers include successful product launches, ongoing sales of existing devices, and potential partnerships with larger medical firms that can amplify distribution and market penetration. The company's focus on innovation and addressing specific medical needs further contributes to its potential earnings growth.

Adagio Medical Holdings Financial Statement Overview

Summary

Overall financial health is very weak: minimal/volatile revenue with TTM revenue turning negative, deeply negative profitability (negative gross profit and large operating/net losses), persistent negative operating cash flow/free cash flow, and a recent shift to negative shareholders’ equity that materially increases balance-sheet risk and reliance on external funding.

Income Statement

Operating performance is very weak. Revenue is minimal and volatile, with TTM (Trailing-Twelve-Months) revenue turning negative and showing a steep decline versus the prior year. Profitability is deeply negative: gross profit is negative and operating losses (EBIT/EBITDA) and net losses remain extremely large across all periods, indicating the business is still far from break-even. The only relative positive is that revenue was slightly higher in 2023 vs. 2022, but the trajectory deteriorates meaningfully in the most recent TTM data.

Balance Sheet

Balance-sheet risk has increased. In the latest TTM (Trailing-Twelve-Months) period, shareholders’ equity is negative, which meaningfully weakens financial flexibility and makes leverage riskier even if the absolute debt level (~$22M) is not extremely high. The prior annual period (2024) showed positive equity and a more reasonable debt load relative to equity, but the shift to negative equity in TTM is a major setback. Total assets are modest, limiting the cushion against ongoing losses and cash burn.

Cash Flow

Cash generation is consistently negative. Operating cash flow and free cash flow are materially negative every year shown, and TTM (Trailing-Twelve-Months) free cash flow declined further versus the prior period. A positive factor is that free cash flow losses have at times been closer to net losses (i.e., cash burn not dramatically worse than accounting losses), but the company still requires external funding to sustain operations given persistent cash outflows.

Breakdown	TTM	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	-143.00K	269.00K	300.00K	189.00K	270.00K
Gross Profit	-1.07M	-1.67M	-1.01M	-686.00K	-888.00K
EBITDA	-77.03M	-62.48M	-27.41M	-23.04M	-19.60M
Net Income	-74.58M	-53.76M	-38.15M	-23.67M	-19.94M
Balance Sheet
Total Assets	31.55M	48.45M	6.83M	8.70M	21.44M
Cash, Cash Equivalents and Short-Term Investments	4.67M	20.59M	1.38M	5.55M	18.85M
Total Debt	21.97M	16.27M	38.40M	9.80M	0.00
Total Liabilities	32.86M	28.54M	138.85M	104.57M	94.06M
Stockholders Equity	-1.31M	19.91M	-132.02M	-95.88M	-72.62M
Cash Flow
Free Cash Flow	-23.55M	-31.11M	-25.98M	-22.90M	-20.58M
Operating Cash Flow	-21.99M	-29.46M	-25.65M	-22.41M	-19.31M
Investing Cash Flow	-1.57M	-1.65M	-340.00K	-500.00K	-1.27M
Financing Cash Flow	0.00	15.63M	21.88M	9.53M	130.00K

Adagio Medical Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.08
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADGM, the sentiment is Positive. The current price of 1.08 is above the 20-day moving average (MA) of 1.00, above the 50-day MA of 0.99, and below the 200-day MA of 1.26, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.32 is Neutral, neither overbought nor oversold. The STOCH value of 36.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ADGM.

Adagio Medical Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PAVM	49 Neutral	$15.06M	-0.59	20.03%	―	-99.28%	-46.17%
CODX	44 Neutral	$4.82M	-0.08	-62.12%	―	-87.84%	29.16%
ADGM	43 Neutral	$22.03M	-0.20	-210.36%	―	-70.54%	70.03%
VVOS	43 Neutral	$14.76M	-0.71	-335.47%	―	18.76%	60.09%
IINN	42 Neutral	$25.96M	-1.30	―	―	―	―
COCH	42 Neutral	$53.77M	-0.52	―	―	-25.18%	-9.71%

Adagio Medical Holdings Corporate Events

Adagio Medical Holds 2025 Annual Stockholders Meeting

On December 15, 2025, Adagio Medical Holdings, Inc. held its 2025 Annual Meeting of Stockholders. During the meeting, stockholders voted on two proposals: the election of two directors and the ratification of an independent accounting firm. Both nominees, Todd Usen and James L. Cox, M.D., were elected as directors, and WithumSmith+Brown, PC was ratified as the independent accounting firm for the fiscal year ending December 31, 2025.

The most recent analyst rating on (ADGM) stock is a Hold with a $0.90 price target. To see the full list of analyst forecasts on Adagio Medical Holdings stock, see the ADGM Stock Forecast page.

Adagio Medical Expands Board with New Appointment

On December 11, 2025, Adagio Medical Holdings, Inc. expanded its Board of Directors from six to seven members, appointing Sean Salmon as a Class II director. Salmon, with extensive experience at Medtronic, will also serve on the Audit and Compensation Committees. This strategic appointment is expected to enhance the company’s governance and operational oversight.

The most recent analyst rating on (ADGM) stock is a Sell with a $0.83 price target. To see the full list of analyst forecasts on Adagio Medical Holdings stock, see the ADGM Stock Forecast page.