Omada Health (OMDA) Registration Filing summary

Company overview and business model

• Provides virtual care programs for chronic conditions including prediabetes, diabetes, hypertension, musculoskeletal (MSK) issues, and behavioral health, delivered through a human-led, technology-enabled platform.

• Sells programs primarily to employers, health plans, PBMs, and health systems, using a B2B2C model with over 2,000 customers and 679,000 enrolled members as of March 31, 2025.

• Programs are designed for high engagement, with over 55% of members in cardiometabolic programs engaging monthly after one year.

• Offers multi-condition care, integrating support for comorbidities and GLP-1 therapy, and emphasizes evidence-based interventions and published outcomes.

Financial performance and metrics

• Revenue grew 38% year-over-year to $169.8 million in 2024, and 57% year-over-year to $55.0 million for Q1 2025.

• 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, up from 57.0% in 2023.

• 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

• Net proceeds from the IPO will be used 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 to acquire complementary businesses, products, or technologies.

• Management will have broad discretion in the use of proceeds.