Omada Health (OMDA) Q3 2025 earnings summary

Executive summary

• Revenue grew 49% year-over-year to $68 million in Q3 2025, with total members up 53% to 831,000 and first positive adjusted EBITDA of $2.4 million; net loss narrowed to $3.2 million from $9.2 million a year ago.

• Expanded offerings to include GLP-1 prescribing and AI-powered tools like Meal Map, enhancing integrated care and member engagement.

• Published 30th peer-reviewed manuscript, demonstrating cost savings and sustained weight outcomes post-GLP-1 therapy.

• Completed IPO in June 2025, raising $151.6 million in net proceeds and fully repaid outstanding debt.

Financial highlights

• Q3 2025 revenue: $68 million, up 49% year-over-year; gross margin improved to 66% (GAAP) and 68% (non-GAAP).

• Net loss improved to $3.2 million (margin -4.7%), from $9.2 million (margin -20.3%) in Q3 2024.

• Adjusted EBITDA reached $2.4 million (margin 3.5%), compared to -$5.1 million (-11.3%) in Q3 2024.

• Cash and cash equivalents at quarter end were $199 million, up from $76 million at year-end 2024, primarily due to IPO proceeds.

• Free cash flow for the nine months ended September 30, 2025, was $(7.6) million, a significant improvement from $(30.6) million in the prior year period.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $251.5–$254.5 million (49% growth over 2024); adjusted EBITDA guidance improved to a loss of $2 million to breakeven.

• 2026 will be a key investment year, focusing on GLP-1 prescribing and AI integration.

• Management expects continued growth in member enrollment and revenue, with ongoing investments in platform enhancements and Care Team efficiency.