24/7 Market News Snapshot 14 November, 2024 – Adagio Medical Holdings, Inc Common Stock (NASDAQ:ADGM)

November 14, 2024

DENVER, Colo., 14 November, 2024 (247marketnews.com) – (NASDAQ:ADGM) are discussed in this article.
Adagio Medical Holdings, Inc. has recently experienced a significant surge in its stock price, reflecting growing investor confidence in the company’s innovative approach to cardiac care. The stock opened at $2.55 and climbed to an impressive $3.625, marking a notable increase of 54.26% from the previous day’s close of $2.35. This surge is underscored by a robust trading volume of 2.55 million shares, illustrating heightened investor interest in the company.

The momentum coincides with the release of Adagio’s third-quarter financial results for the period ending September 30, 2024, which highlight remarkable growth. The company reported a total revenue of $185,000, representing a staggering 351% increase compared to $41,000 in the same quarter of the previous year. This growth is largely attributed to the recent launch of the vCLAS™ ultra-low temperature cryoablation catheter, now covered by CMS for treating drug-resistant ventricular tachycardia (VT). This advancement positions Adagio to enhance its clinical applications significantly.

Moreover, the company has initiated the FULCRUM-VT pivotal study, which aims to enroll 206 patients across multiple centers to evaluate the efficacy of the VT Cryoablation System utilizing the vCLAS™ catheter. Early presentations at the 19th Annual International VT Symposium demonstrated the technology’s effectiveness, showcasing positive results from the European Cryocure-VT study.

CEO Olav Bergheim expressed optimism about the increasing procedural pace and the potential of their technology to address challenges faced in ventricular ablations, ultimately improving patient quality of life. With a solid cash position of $28.3 million, Adagio is poised to continue its innovative trajectory in the cardiac medical device sector, promising exciting prospects ahead for stakeholders and industry partners.

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