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Adagio Medical Holdings Inc (ADGM+14.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $132,000, an increase from $41,000 in the same quarter the previous year, attributed to increased sales of consumables in European markets.
Cost of revenue for the quarter was $414,000, compared to $253,000 in the same quarter of the previous year, with the increase primarily due to higher sales volume.
The company reported a net income of $3.6 million for the quarter, compared to a net loss of $10.8 million in the previous year, with the improvement attributed to gains from fair value adjustments on convertible notes and warrant liabilities.
Research and development expenses decreased to $1.2 million from $4.4 million in the previous year, reflecting reduced costs following the CE Marking of the VT Cryoablation System.
Selling, general, and administrative expenses were $2.9 million, up from $4.5 million in the previous year, primarily due to increased professional fees related to the Business Combination.
Interest expense for the quarter was $435,000, compared to $485,000 in the previous year, reflecting additional interest from new convertible promissory notes.
Cash used in operating activities was $6.4 million for the quarter, while cash used in investing activities was $578,000.
Adagio Medical Holdings had cash and cash equivalents of $28.3 million as of September 30, 2024. The company acknowledges the need for additional capital to fund operations for the next 12 months.
The filing also details the Business Combination with ARYA Sciences Acquisition Corp IV, resulting in the issuance of common stock and warrants as part of the PIPE Financing.
Adagio Medical continues to focus on the development and commercialization of its ablation technologies for the treatment of cardiac arrhythmias.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Adagio Medical Holdings Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.