Omada Health (OMDA) Registration Filing summary

Company overview and business model

• Provides virtual care programs for chronic conditions including prediabetes, diabetes, hypertension, obesity, and musculoskeletal (MSK) issues, with a focus on “Between-Visit Care.”

• Programs combine human-led clinical care with proprietary technology, offering personalized, evidence-based interventions and connected devices.

• Customers include employers, health plans, PBMs, and health systems, with revenue generated primarily through B2B2C contracts covering employees or members.

• Multi-condition platform addresses comorbidities, offering integrated care and behavioral health support across all programs.

• Over one million members served since inception, with more than 2,000 customers as of March 31, 2025.

Financial performance and metrics

• Revenue grew 38% year-over-year to $169.8 million in 2024; Q1 2025 revenue was $55.0 million, up 57% from Q1 2024.

• Net losses narrowed from $67.5 million in 2023 to $47.1 million in 2024; Q1 2025 net loss was $9.4 million.

• Gross margin improved to 60.6% in 2024 from 57.0% in 2023, driven by efficiency initiatives and technology investments.

• Net dollar retention rate was 128% in 2024, indicating strong recurring revenue from existing customers.

• Cash used in operating activities was $34.2 million in 2024, with $59.4 million in cash and equivalents as of March 31, 2025.

Use of proceeds and capital allocation

• Estimated net proceeds of $133.2 million (or $154.1 million if underwriters’ option is exercised) at a $19.00/share IPO price.

• Proceeds intended for general corporate purposes, including working capital, operating expenses, and capital expenditures.

• May use a portion to repay outstanding borrowings under the MidCap Credit Agreement and/or for acquisitions.

• Management has broad discretion over use of proceeds.