In This Story
Adagio Medical Holdings Inc (ADGM+5.18%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing and commercializing products for the treatment of cardiac arrhythmias using its proprietary Ultra-Low Temperature Cryoablation (ULTC) technology. The primary focus is on ventricular tachycardia (VT), a rapid and potentially fatal heart rhythm disorder.
During the fiscal year, Adagio reported a net loss of $53.8 million for the period from July 31, 2024, to December 31, 2024, and a net loss of $21.3 million for the period from January 1, 2024, to July 30, 2024. The company also reported a net loss of $36.6 million for the year ended December 31, 2023.
Adagio's revenue for the fiscal year was $0.6 million, a 101% increase from the previous year, primarily driven by increased sales of consumables.
The company's research and development expenses decreased by 21% to $12.2 million for the fiscal year, reflecting a reduction in manufacturing and clinical trial costs following the receipt of CE Marking for its VT Cryoablation System in March 2024.
Selling, general, and administrative expenses increased by 74% to $20.0 million, driven by higher professional fees related to the Business Combination and increased personnel expenses.
Adagio recorded impairment charges of $30.3 million for goodwill and $18.9 million for intangible assets during the fiscal year, attributed to a decline in share price and market capitalization.
The company completed a Business Combination with ARYA Sciences Acquisition Corp IV on July 31, 2024, resulting in significant changes to its financial structure, including the issuance of new equity and convertible securities.
Adagio's cash and cash equivalents were $20.6 million as of December 31, 2024. The company anticipates needing additional capital to fund operations and continue its development activities.
The filing outlines various risks, including the need for regulatory approvals, competition in the medical device industry, and the company's dependence on successful commercialization of its products.
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 annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.