Omada Health (OMDA) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 49% year-over-year to $61.4 million, with member growth of 52% to 752,000 and strong demand for multi-condition and GLP-1 programs.

• Gross margin improved to 66%–67.7%, and net loss narrowed to $5–$5.3 million, reflecting operational leverage and efficiency initiatives.

• Adjusted EBITDA loss reduced to $0.2 million from $6.8–$7 million in Q2 2024.

• Covered lives exceeded 20 million, with over 2,000 customers and 29 peer-reviewed publications demonstrating clinical and economic value.

• Launch of Omada Spark AI agent and expanded PBM partnerships, including CVS Caremark and Evernorth, enhanced member experience and access.

Financial highlights

• Q2 2025 revenue: $61.4 million, up 49% year-over-year; gross profit: $40–$40.3 million; non-GAAP gross margin: 67.7%–68%.

• Net loss: $5–$5.3 million; adjusted EBITDA loss: $0.2 million; net loss margin: -9%; adjusted EBITDA margin: -0.3%.

• Cash and equivalents at Q2 end: $223–$223.1 million; all outstanding debt ($31–$31.4 million) repaid post-quarter using IPO proceeds.

• Customer retention and satisfaction rates above 90%; net dollar retention rate increased to 128% in FY24.

• Weighted-average shares outstanding increased to 21.97 million from 7.65 million year-over-year.

Outlook and guidance

• 2025 revenue expected between $235 million and $241 million, representing 38%–42% growth over 2024.

• Full-year adjusted EBITDA loss projected between $9 million and $5 million, with significant improvement over 2024.

• Management expects continued growth in member enrollment, multi-condition program adoption, and operational efficiency.