Adagio Medical, a maker of cryoablation devices, has initiated a strategic review of its operations and will reduce its workforce by more than half. The company said the restructuring is part of a broader assessment of its business, though it did not specify which strategic options are under consideration.
The layoffs and review come as the company confronts the prospect of being delisted from the Nasdaq exchange. No further details were provided about the timeline for the review or the expected cost savings from the workforce reduction.
According to the report, the company's actions reflect mounting financial and regulatory pressure, but the source does not indicate whether the strategic review could lead to a sale, merger, or other outcome. The announcement is the latest sign of distress for the medtech firm, which has not disclosed how many employees will remain after the cuts.