Adagio Medical Holdings Business Summary

Adagio Medical Holdings, Inc. (ADGM) is an early-commercial-stage medical device company specializing in the development of proprietary Ultra-Low Temperature Cryoablation (ULTC) technologies for treating complex cardiac arrhythmias. The company generates revenue through the sale of its ULTC consoles and a specialized portfolio of catheters, including the CE-marked iCLAS™ for atrial fibrillation and the vCLAS™ system for ventricular tachycardia (VT). Its business model focuses on transitioning from clinical validation to global commercialization, currently leveraging its ULTC platform to create deep, contiguous, and transmural lesions that surpass the efficacy of traditional radiofrequency (RF) and standard cryoablation. Adagio competes directly with industry giants such as Medtronic, Boston Scientific, and Abbott Laboratories, positioning itself as a high-precision innovator in the underserved VT market where traditional ablation modalities often fail to achieve durable results. Adagio is led by CEO Todd Usen, a veteran medical device executive who previously served as CEO of Minerva Surgical and Activ Surgical, and held senior leadership roles at Olympus and Smith & Nephew. The executive team includes Deborah Kaster, who serves as both Chief Financial Officer and Chief Business Officer following her tenure at Shockwave Medical, and Chief Technical Officer Dr. Alex Babkin, a primary architect of the ULTC technology. Recent strategic additions include Antwan Gipson as SVP of Manufacturing and Operations and Marie-Claude Jacques as SVP of Global Sales, both appointed in late 2025 to scale commercial readiness. The company was founded by serial entrepreneur Olav Bergheim, who remains an advisor. Adagio is backed by prominent healthcare investors, most notably Perceptive Advisors, which holds a majority stake, and its board includes industry heavyweights such as Chairperson Orly Mishan and former Medtronic Cardiovascular President Sean Salmon.