Omada Health (OMDA) Q1 2026 earnings summary

Executive summary

• Revenue grew 42% year-over-year to $78 million in Q1 2026, with total members surpassing 1.02 million, up 51% year-over-year, driven by new customer acquisition and program expansion.

• Expanded partnerships now include all three major PBMs, covering up to 80% of prescription claims in 2025, and direct-to-employer offerings, including collaborations with Optum Rx and Eli Lilly.

• Demonstrated clinical leadership with 30 peer-reviewed studies and new analysis showing GLP-1 Care Track members lost 1.8x more weight and over 2x more body fat than controls in 12 weeks.

• AI-driven operational efficiencies and enhanced member engagement contributed to improved margins and scalability.

• Announced role as independent program administrator for Eli Lilly's Employer Connect program, expanding GLP-1 access.

Financial highlights

• Q1 2026 revenue was $78 million, up from $54.96 million in Q1 2025 (42% growth); gross profit reached $48.7 million, and gross margin improved to 62% GAAP and 64% non-GAAP.

• Net loss narrowed to $3 million from $9 million year-over-year; adjusted EBITDA reached $1 million, a $5 million improvement year-over-year.

• Cash and cash equivalents stood at $212 million at quarter end, with no debt outstanding.

• Free cash flow was negative $13.4 million, an improvement from negative $17.4 million in Q1 2025.

• Non-GAAP operating expenses increased 28% to $182 million, but as a percentage of revenue, fell from 75% to 64%.

Outlook and guidance

• Raised full-year 2026 revenue guidance to $322–$330 million, representing ~25% year-over-year growth, and increased adjusted EBITDA guidance to $14–$20 million, nearly tripling 2025 levels.

• New and expanded commercial relationships and GLP-1 Care Track expected to drive durable growth and margin expansion, with major revenue contributions from new programs anticipated in 2027.

• Management expects continued growth through customer acquisition, program expansion, and increased member enrollment.

• Current liquidity is expected to fund operations for at least the next 12 months; future capital needs will depend on growth rate and investment opportunities.

• Positioned for continued growth with scalable business model and expanding addressable market.