Adagio Medical Holdings (ADGM) Q4 2024 earnings summary

Executive summary

• Achieved 76% year-over-year revenue growth in Q4 2024, reaching $137 thousand, and 101% growth for the full year, totaling $0.6 million, driven by the introduction of vCLAS in Europe.

• Surpassed 40% enrollment in the FULCRUM-VT pivotal study, targeting FDA approval for the VT Cryoablation System.

• Realigned resources to focus on the FULCRUM-VT clinical trial and product design optimization.

Financial highlights

• Q4 2024 gross margin was negative 1012%, compared to negative 328% in Q4 2023, due to increased sales volume.

• Operating expenses in Q4 2024 rose to $56.7 million from $5.1 million in Q4 2023, mainly due to a $49.2 million impairment and higher transaction/public company costs.

• Net loss for Q4 2024 was $57.4 million, up from $8.6 million in Q4 2023, primarily due to impairment loss.

• Full year 2024 net loss was $75.0 million, compared to $36.6 million in 2023.

• Cash, cash equivalents, and short-term investments totaled $20.6 million as of December 31, 2024.

Outlook and guidance

• FULCRUM-VT pivotal study enrollment is ahead of expectations, with completion targeted for the second half of 2025.

• All resources are currently focused on the FULCRUM study and product design optimization to improve patient outcomes for VT.