Omada Health (OMDA) 44th Annual J.P. Morgan Healthcare Conference summary

Mission and business model

• Focused on bending the curve of chronic disease by providing care between doctor visits, especially for conditions like diabetes, obesity, hypertension, and MSK disorders.

• Expanded offerings based on customer demand, now covering multiple chronic conditions with a full-stack approach combining people and technology.

• Over 20 million Americans have benefit coverage for at least one program, with 2,000+ employer, plan, and health system customers.

• Revenue model is based on monthly recurring membership fees for active members.

• Business model aligns incentives with customers, focusing on clinical outcomes and cost savings.

Financial performance and growth

• Preliminary 2025 revenue reached $257 million, representing 52% year-over-year growth.

• Active membership stands at 886,000, with strong engagement and retention rates (over 55% at 12 months, 50% at 24 months).

• Adjusted gross margin improved to upper 60% range, with a long-term target of 70%+.

• Achieved first adjusted EBITDA positive quarter in Q3 2025, with -2.4% LTM EBITDA margin, a significant improvement from -70% in 2022.

• Multi-product sales are a key focus, with 40%-50% of new deals being multi-program and 75% of new clients in 2025 offering more than one condition.

Product innovation and technology

• Launched GLP-1 Care Track to support employers covering GLP-1 medications, providing behavioral support and maximizing medication value.

• Announced entry into GLP-1 prescribing, driven by customer demand for integrated medication and behavioral support.

• AI initiatives under the Omada Spark umbrella enhance member experience and care team efficiency, with features like nutritional intelligence agents.

• Proprietary care team platform supports operations, personalization, and proactive care.

• Investments in AI and prescribing capabilities are prioritized for 2026 to drive long-term growth and margin expansion.