Omada Health Reports Second Quarter 2025 Results
Omada Health (NASDAQ:OMDA), a virtual between-visit healthcare provider, reported strong Q2 2025 financial results with revenue of $61 million, up 49% year-over-year. The company achieved significant member growth of 52% to 752,000 members and improved its financial metrics across the board.
Key financial highlights include gross margin improvement to 66% from 60% in Q2 2024, reduced net loss to $5 million from $11 million, and adjusted EBITDA loss of $0.2 million compared to $6.8 million loss year-over-year. The company maintains a strong cash position of $223 million.
Omada provided FY2025 guidance with revenue expected between $235-241 million and adjusted EBITDA loss of $9-5 million. The company also fully repaid its term loan facility and revolving credit line totaling $31.4 million ahead of schedule.
Omada Health (NASDAQ:OMDA), un fornitore di assistenza sanitaria virtuale tra le visite, ha riportato solidi risultati finanziari per il secondo trimestre 2025 con ricavi di 61 milioni di dollari, in aumento del 49% rispetto all'anno precedente. L'azienda ha registrato una crescita significativa dei membri del 52%, arrivando a 752.000 iscritti e ha migliorato tutti i suoi indicatori finanziari.
I principali risultati finanziari includono un miglioramento del margine lordo al 66% rispetto al 60% del secondo trimestre 2024, una riduzione della perdita netta a 5 milioni di dollari da 11 milioni e una perdita di EBITDA rettificato di 0,2 milioni rispetto a una perdita di 6,8 milioni nell'anno precedente. L'azienda mantiene una solida posizione di cassa di 223 milioni di dollari.
Omada ha fornito le previsioni per l'anno fiscale 2025, con ricavi attesi tra 235 e 241 milioni di dollari e una perdita di EBITDA rettificato compresa tra 9 e 5 milioni. Inoltre, l'azienda ha completamente rimborsato in anticipo la sua linea di credito revolving e il prestito a termine per un totale di 31,4 milioni di dollari.
Omada Health (NASDAQ:OMDA), un proveedor virtual de atención médica entre visitas, reportó sólidos resultados financieros en el segundo trimestre de 2025 con ingresos de 61 millones de dólares, un aumento del 49% interanual. La compañía logró un crecimiento significativo de miembros del 52%, alcanzando 752,000 miembros y mejoró sus métricas financieras en todos los aspectos.
Los aspectos financieros clave incluyen una mejora del margen bruto al 66% desde el 60% en el segundo trimestre de 2024, una reducción de la pérdida neta a 5 millones de dólares desde 11 millones y una pérdida de EBITDA ajustado de 0.2 millones en comparación con una pérdida de 6.8 millones interanual. La empresa mantiene una sólida posición de efectivo de 223 millones de dólares.
Omada proporcionó una guía para el año fiscal 2025 con ingresos esperados entre 235 y 241 millones de dólares y una pérdida de EBITDA ajustado de entre 9 y 5 millones. Además, la compañía pagó completamente por adelantado su línea de crédito revolvente y préstamo a plazo por un total de 31.4 millones de dólares.
Omada Health (NASDAQ:OMDA), 방문 사이 가상 헬스케어 제공업체가 2025년 2분기 강력한 재무 실적을 보고했습니다. 매출은 6,100만 달러로 전년 대비 49% 증가했습니다. 회원 수는 52% 증가하여 75만 2,000명에 달했으며, 재무 지표도 전반적으로 개선되었습니다.
주요 재무 하이라이트로는 2024년 2분기 60%에서 66%로 총이익률 개선, 순손실이 1,100만 달러에서 500만 달러로 감소, 조정 EBITDA 손실이 전년 대비 680만 달러 손실에서 20만 달러 손실로 줄어든 점이 있습니다. 회사는 2억 2,300만 달러의 강력한 현금 보유고를 유지하고 있습니다.
Omada는 2025 회계연도 가이던스를 제공했으며, 매출은 2억 3,500만~2억 4,100만 달러, 조정 EBITDA 손실은 500만~900만 달러로 예상됩니다. 또한 회사는 3,140만 달러 규모의 기한부 대출 및 회전 신용 한도를 기한 내에 전액 상환했습니다.
Omada Health (NASDAQ:OMDA), un fournisseur de soins de santé virtuels entre les visites, a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un chiffre d'affaires de 61 millions de dollars, en hausse de 49 % sur un an. L'entreprise a connu une croissance significative de ses membres de 52 %, atteignant 752 000 membres et a amélioré ses indicateurs financiers dans tous les domaines.
Les points financiers clés incluent une amélioration de la marge brute à 66 % contre 60 % au deuxième trimestre 2024, une réduction de la perte nette à 5 millions de dollars contre 11 millions, et une perte d'EBITDA ajusté de 0,2 million comparée à une perte de 6,8 millions sur un an. L'entreprise conserve une solide position de trésorerie de 223 millions de dollars.
Omada a fourni des prévisions pour l'exercice 2025, avec un chiffre d'affaires attendu entre 235 et 241 millions de dollars et une perte d'EBITDA ajusté comprise entre 5 et 9 millions. La société a également remboursé intégralement et par anticipation sa ligne de crédit renouvelable et son prêt à terme totalisant 31,4 millions de dollars.
Omada Health (NASDAQ:OMDA), ein virtueller Gesundheitsdienstleister zwischen den Arztbesuchen, meldete starke Finanzergebnisse für das zweite Quartal 2025 mit Umsätzen von 61 Millionen US-Dollar, ein Anstieg von 49 % im Jahresvergleich. Das Unternehmen verzeichnete ein signifikantes Mitgliederwachstum von 52 % auf 752.000 Mitglieder und verbesserte seine finanziellen Kennzahlen durchweg.
Wesentliche finanzielle Highlights sind eine Verbesserung der Bruttomarge auf 66 % gegenüber 60 % im zweiten Quartal 2024, eine Reduzierung des Nettoverlusts auf 5 Millionen US-Dollar von 11 Millionen sowie ein bereinigter EBITDA-Verlust von 0,2 Millionen US-Dollar im Vergleich zu einem Verlust von 6,8 Millionen US-Dollar im Vorjahreszeitraum. Das Unternehmen verfügt über eine starke Cash-Position von 223 Millionen US-Dollar.
Omada gab eine Prognose für das Geschäftsjahr 2025 ab, mit erwarteten Umsätzen zwischen 235 und 241 Millionen US-Dollar und einem bereinigten EBITDA-Verlust von 5 bis 9 Millionen US-Dollar. Zudem hat das Unternehmen seine Endfälligkeitsdarlehen und revolvierenden Kreditlinien in Höhe von 31,4 Millionen US-Dollar vorzeitig vollständig zurückgezahlt.
- Revenue growth of 49% year-over-year to $61 million
- Member base increased 52% to 752,000
- Gross margin improved to 66% from 60% year-over-year
- Net loss reduced by 55% to $5 million from $11 million
- Strong cash position of $223 million
- Early debt repayment of $31.4 million
- Successful expansion of GLP-1 companion programs through major PBMs
- Still operating at a net loss of $5 million
- Expects continued adjusted EBITDA losses of $5-9 million for FY2025
- Operating expenses increased to $44.7 million from $34.9 million year-over-year
Insights
Omada Health demonstrates robust growth with 49% revenue increase and 52% member growth while significantly narrowing losses.
Omada Health delivered impressive Q2 2025 results with
The financial health indicators show meaningful improvement. Gross margin expanded to
The company's strategic positioning in cardiometabolic care and GLP-1 support programs appears to be paying dividends, with management highlighting strong growth in their GLP-1 companion programs now available through two major pharmacy benefit managers. The introduction of AI capabilities through OmadaSpark represents a forward-looking investment in member engagement technology.
Omada's balance sheet remains robust with
For full-year 2025, management projects revenue between
Revenue of $61 million, up
SAN FRANCISCO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Omada Health, Inc. (Nasdaq: OMDA), the virtual between-visit healthcare provider, today reported financial results for the second quarter ended June 30, 2025.
2025 Second Quarter Highlights
- Total Members of 752,000, up
52% compared to the second quarter of 2024 - Revenue of
$61 million , up49% compared to the second quarter of 2024 - GLP-1 Companion Success, with strong growth in members being supported by Omada’s GLP-1 companion programs - now available through two of the largest pharmacy benefit managers in the United States
- Omada Horizon Day: In May, Omada announced a new AI-agent, OmadaSpark, designed to deliver real-time motivational interviewing and nutrition education to members
“I’m proud of our second quarter results, with
Other Second Quarter 2025 Financial Highlights
- Gross Margin of
66% , up from60% in the second quarter of 2024 - Non-GAAP Gross Margin of
68% , compared to63% in the second quarter of 2024 - Net Loss of
$5 million , compared to a net loss of$11 million in the second quarter of 2024 - Adjusted EBITDA Loss of
$0.2 million compared to a loss of$6.8 million in the second quarter of 2024 - Cash and Equivalents of
$223 million
Please see the Non-GAAP Financial Measures section below and reconciliations of GAAP to non-GAAP measures at the end of this press release.
Financial Outlook
For the year ending December 31, 2025, Omada expects:
- Revenue in the range of
$235 million to$241 million - Adjusted EBITDA loss in the range of
$9 million to$5 million
We have not provided an outlook for net loss (GAAP) or a reconciliation of expected adjusted EBITDA to net loss (GAAP) because net loss (GAAP) on a forward-looking basis is not available without unreasonable effort due to the potential variability and complexity of the items that are excluded from adjusted EBITDA, such as interest expense and income; loss on debt extinguishment; provision for income taxes; depreciation and amortization; share-based compensation; change in fair value of warrant liabilities; amortization of intangible assets; and loss on disposal of property and equipment.
Loan Repayment
On July 31, 2025, Omada fully repaid outstanding amounts under its term loan facility and revolving line of credit, with cumulative principal and accrued interest balances of
Conference Call
Omada Health will host a conference call at 1:30 p.m. PT/4:30 p.m. ET today, August 7, 2025, during which management will discuss second quarter results.
Those participating in the conference call can pre-register using the following link: https://register-conf.media-server.com/register/BIce129368a015484a8f39659a48a1631e.
A live audio webcast of the call will also be available online at https://investors.omadahealth.com. A replay will be available shortly after the conclusion of the call at the same link and will remain accessible for approximately 12 months.
About Omada Health
Omada Health is a virtual-first healthcare provider that nurtures lifelong health, one day at a time. Omada care teams implement clinically-validated behavior change protocols for individuals living with diabetes, hypertension, prediabetes, and musculoskeletal issues. With more than a decade of experience and data, and 29 peer-reviewed publications that showcase its clinical and economic results, Omada is designed to help improve health outcomes and contain healthcare costs. Omada’s scope exceeds 2,000 customers, including health plans, health systems, and employers ranging in size from small businesses to Fortune 500s.
The foundation of Omada’s success is a strong, vibrant work culture, which helped earn the company the distinction of becoming a certified Great Place to Work®. An industry leader, Omada was the first virtual provider to join the Institute for Healthcare Improvement’s Leadership Alliance, reflecting the aim to complement primary care providers for the benefit of members, and affirming its guarantee to every partner: Omada works differently.
Great Place to Work® is the registered trademark of the Great Place to Work Institute and is used under license.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements contained in this press release include, but are not limited to, statements we make regarding relationship with PBMs and their pharmacy benefits coverage, GLP-1 progress, business trends, growth prospects and future financial and operating results, reduction in interest expense and elimination of debt covenants, and our financial outlook.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, macroeconomic and industry conditions and other factors. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, the following: our limited operating history and ability to manage our growth effectively; our history of net losses and ability to achieve or maintain profitability; the ability of our programs to achieve and maintain market acceptance; changes in the healthcare industry and competition; the growth and success of our customers and channel partners; the number of individuals covered by our programs and the number of our programs covered by our customers; the level of member engagement in our programs; our ability to maintain and grow customer and channel partner relationships; concentration of a substantial portion of our sales among a limited number of customers and channel partners; our ability to attract new customers and channel partners and increase member enrollment from existing and new customers and channel partners; our ability to increase the size of our organization; our dependence on a limited number of third-party suppliers; the impact of seasonality on our financial results; our ability to achieve widespread brand awareness and the impact of any negative media coverage; our ability to develop and release new programs and services; cybersecurity threats; our dependence on the interoperability of our programs and connected devices with third-party devices, operating systems and applications; changes in laws or regulations or the implementation of existing laws and regulations; compliance with privacy and security laws and regulations; our and our affiliated professional entities’ compliance with healthcare regulatory laws; any modification in U.S. Food and Drug Administration enforcement policies; our dependence on our relationships with affiliated professional entities; and other risk factors identified in our filings with the Securities and Exchange Commission (the “SEC”), including our Registration Statement on Form S-1, as filed with the SEC, and other filings we may make with the SEC in the future, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.
All forward-looking statements in this press release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required under applicable law.
Investor Relations Contact
Allan Kells
ir@omadahealth.com
Media Contact:
Rose Ramseth
press@omadahealth.com
| Omada Health, Inc. |
| Consolidated Balance Sheets |
| (in thousands, except share and per-share amounts) |
| (unaudited) |
| June 30, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 223,146 | $ | 76,392 | |||
| Accounts receivable, net (1) | 33,287 | 23,417 | |||||
| Inventory | 3,469 | 3,296 | |||||
| Deferred commissions, current | 3,453 | 3,017 | |||||
| Prepaid expenses and other current assets | 7,750 | 6,937 | |||||
| Total current assets | 271,105 | 113,059 | |||||
| Property and equipment, net | 6,484 | 5,625 | |||||
| Operating lease right-of-use asset | 65 | 447 | |||||
| Deferred commissions, non-current | 8,552 | 9,214 | |||||
| Intangible assets, net | 3,291 | 4,263 | |||||
| Goodwill | 13,240 | 13,240 | |||||
| Other assets | 234 | 5,044 | |||||
| Total assets | $ | 302,971 | $ | 150,892 | |||
| Liabilities, redeemable convertible preferred stock and stockholders' equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 7,403 | $ | 4,168 | |||
| Accrued expenses and other current liabilities (2) | 25,060 | 29,840 | |||||
| Operating lease liability, current | - | 415 | |||||
| Deferred revenue (3) | 25,525 | 19,530 | |||||
| Total current liabilities | 57,988 | 53,953 | |||||
| Long term debt | 29,966 | 29,771 | |||||
| Warrant liabilities, non-current | 430 | 2,252 | |||||
| Other liabilities, non-current | 373 | 285 | |||||
| Total liabilities | 88,757 | 86,261 | |||||
| Commitments and contingencies | |||||||
| Redeemable convertible preferred stock, | - | 449,034 | |||||
| Stockholders' equity (deficit) | |||||||
| Common stock, | 56 | 8 | |||||
| Additional paid-in capital | 672,883 | 59,555 | |||||
| Accumulated deficit | (458,725 | ) | (443,966 | ) | |||
| Total stockholders' equity (deficit) | 214,214 | (384,403 | ) | ||||
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 302,971 | $ | 150,892 | |||
| (1) | Includes amounts from a related party of |
| (2) | Includes amounts from a related party of |
| (3) | Includes amounts from a related party of |
| Omada Health, Inc. |
| Condensed Consolidated Statements of Operations and Comprehensive Loss |
| (in thousands, except per-share data) |
| (unaudited) |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Services (1) | $ | 56,960 | $ | 38,351 | $ | 106,456 | $ | 70,255 | |||||||
| Hardware (2) | 4,411 | 2,861 | 9,878 | 6,052 | |||||||||||
| Total revenue | 61,371 | 41,212 | 116,334 | 76,307 | |||||||||||
| Cost of revenue | - | ||||||||||||||
| Services (3) | 12,673 | 10,759 | 25,417 | 21,055 | |||||||||||
| Hardware | 8,392 | 5,619 | 18,711 | 13,070 | |||||||||||
| Total cost of revenue | 21,065 | 16,378 | 44,128 | 34,125 | |||||||||||
| Gross profit | 40,306 | 24,834 | 72,206 | 42,182 | |||||||||||
| Operating expenses | |||||||||||||||
| Research and development (4) | 10,024 | 8,987 | 18,830 | 17,883 | |||||||||||
| Sales and marketing (5) | 22,318 | 15,191 | 42,488 | 32,387 | |||||||||||
| General and administrative (6) | 12,308 | 10,693 | 23,628 | 19,942 | |||||||||||
| Total operating expenses | 44,650 | 34,871 | 84,946 | 70,212 | |||||||||||
| Operating loss | (4,344 | ) | (10,037 | ) | (12,740 | ) | (28,030 | ) | |||||||
| Other expense, net | - | ||||||||||||||
| Interest expense | 1,094 | 1,132 | 2,168 | 2,262 | |||||||||||
| Interest income | (863 | ) | (85 | ) | (1,405 | ) | (614 | ) | |||||||
| Change in fair value of warrant liabilities | 736 | (392 | ) | 1,256 | (17 | ) | |||||||||
| Total other expense, net | 967 | 655 | 2,019 | 1,631 | |||||||||||
| Loss before provision for income taxes | (5,311 | ) | (10,692 | ) | (14,759 | ) | (29,661 | ) | |||||||
| Provision for income taxes | - | - | - | - | |||||||||||
| Net loss and comprehensive loss | $ | (5,311 | ) | $ | (10,692 | ) | $ | (14,759 | ) | $ | (29,661 | ) | |||
| Net loss per share - basic and diluted | $ | (0.24 | ) | $ | (1.40 | ) | $ | (0.98 | ) | $ | (3.92 | ) | |||
| Weighted-average shares outstanding - basic and diluted | 21,971 | 7,649 | 15,107 | 7,571 | |||||||||||
| (1) | Includes amounts from a related party of |
| (2) | Includes amounts from a related party of |
| (3) | Includes amounts from a related party of |
| (4) | Includes amounts from a related party of |
| (5) | Includes amounts from a related party of |
| (6) | Includes amounts from a related party of |
| Omada Health, Inc. |
| Share-based Compensation Summary |
| (in thousands) |
| (unaudited) |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Services cost of revenue | $ | 33 | $ | 53 | $ | 71 | $ | 105 | |||
| Research and development | 528 | 465 | 1,023 | 797 | |||||||
| Sales and marketing | 884 | 635 | 1,614 | 1,367 | |||||||
| General and administrative | 1,385 | 926 | 2,966 | 2,679 | |||||||
| Total share-based compensation expense | $ | 2,830 | $ | 2,079 | $ | 5,674 | $ | 4,948 | |||
| Omada Health, Inc. |
| Consolidated Statements of Cash Flows |
| (in thousands) |
| (unaudited) |
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Operating activities | |||||||
| Net loss | $ | (14,759 | ) | $ | (29,661 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||
| Depreciation and amortization | 2,685 | 2,296 | |||||
| Share-based compensation | 5,674 | 4,948 | |||||
| Loss on disposal of property and equipment | 2 | 1 | |||||
| Amortization of debt issuance costs | 252 | 193 | |||||
| Non-cash operating lease expense | 382 | 358 | |||||
| Change in fair value of warrants | 1,256 | (17 | ) | ||||
| Provision for credit losses(1) | 490 | 489 | |||||
| Amortization of deferred commissions | 1,561 | 1,208 | |||||
| Changes in operating assets and liabilities | |||||||
| Accounts receivable(2) | (10,360 | ) | (9,834 | ) | |||
| Inventory | (173 | ) | 1,487 | ||||
| Prepaid expenses and other current assets | (870 | ) | (495 | ) | |||
| Deferred commissions | (1,423 | ) | (3,661 | ) | |||
| Other non-current assets | 118 | 210 | |||||
| Accounts payable | 1,016 | (1,170 | ) | ||||
| Operating lease liabilities | (415 | ) | (381 | ) | |||
| Accrued expenses and other current liabilities(3) | (4,780 | ) | (3,061 | ) | |||
| Deferred revenue(4) | 5,995 | 8,252 | |||||
| Other non-current liabilities | 89 | 90 | |||||
| Net cash used in operating activities | (13,260 | ) | (28,748 | ) | |||
| Investing activities | |||||||
| Purchases of property and equipment | (586 | ) | (336 | ) | |||
| Capitalized internal-use software costs | (1,913 | ) | (1,490 | ) | |||
| Net cash used in investing activities | (2,499 | ) | (1,826 | ) | |||
| Financing activities | |||||||
| Proceeds from exercise of stock options | 3,908 | 1,379 | |||||
| Payment of deferred offering costs | (1,927 | ) | (2,277 | ) | |||
| Proceeds from initial public offering, net of underwriting discounts and commissions | 160,532 | - | |||||
| Net cash provided by (used in) financing activities | 162,513 | (898 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 146,754 | (31,472 | ) | ||||
| Cash and cash equivalents at beginning of period | 76,392 | 115,643 | |||||
| Cash and cash equivalents at end of period | $ | 223,146 | $ | 84,171 | |||
| (1) | Includes changes in related party balances of |
| (2) | Includes changes in related party balances of |
| (3) | Includes changes in related party balances of |
| (4) | Includes changes in related party balances of |
Non-GAAP Financial Measures
We use certain financial measures not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”) to supplement the financial information in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin, and free cash flow.
We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, excluding share-based compensation expense, amortization of intangible assets, and depreciation and amortization.
We define adjusted EBITDA as net loss and comprehensive loss reported on our consolidated statements of operations, excluding the impact of interest expense, interest income, change in fair value of warrant liabilities, loss on debt extinguishment, provision for income taxes, share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment.
Free cash flow is net cash used in operating activities less purchases of property and equipment and capitalized internal-use software costs.
We believe these non-GAAP financial measures, when taken collectively with GAAP financial information, are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making. However, there are a number of limitations related to the use of non-GAAP financial measures. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Metric
Total Members: A member is a person who is enrolled in one of our virtual care programs and that generated a billing event in the preceding 12 months. We believe growth in the number of members is a key indicator of the performance of our business for both investors and management as we monitor the performance of our business, as members primarily drive services revenue. The number of members depends, in part, on our ability to successfully market our services to new customers and channel partners, our ability to sell additional programs to existing customers and channel partners, and our ability to promote awareness of our programs among covered individuals and to encourage their enrollment.
Reconciliation of GAAP to Non-GAAP Financial Measures
The following tables reconcile to the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
| Omada Health, Inc. |
| Reconciliation of GAAP to Non-GAAP Financial Measures - Adjusted EBITDA |
| (in thousands) |
| (unaudited) |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (in thousands, except percentages) | |||||||||||||||
| GAAP net loss and comprehensive loss | $ | (5,311 | ) | $ | (10,692 | ) | $ | (14,759 | ) | $ | (29,661 | ) | |||
| Add: | |||||||||||||||
| Interest expense | 1,094 | 1,132 | 2,168 | 2,262 | |||||||||||
| Interest income | (863 | ) | (85 | ) | (1,405 | ) | (614 | ) | |||||||
| Change in fair value of warrant liabilities | 736 | (392 | ) | 1,256 | (17 | ) | |||||||||
| Provision for income taxes | — | — | — | — | |||||||||||
| Share-based compensation expense | 2,830 | 2,079 | 5,674 | 4,948 | |||||||||||
| Amortization of intangible assets | 470 | 502 | 972 | 1,004 | |||||||||||
| Depreciation and amortization(1) | 882 | 669 | 1,713 | 1,292 | |||||||||||
| Loss on disposal of property and equipment | 1 | 1 | 2 | 1 | |||||||||||
| Adjusted EBITDA | $ | (161 | ) | $ | (6,786 | ) | $ | (4,379 | ) | $ | (20,785 | ) | |||
| GAAP net loss and comprehensive loss margin (as a percentage of revenue) | (8.7)% | (25.9)% | (12.7)% | (38.9)% | |||||||||||
| Adjusted EBITDA margin (as a percentage of revenue) | (0.3)% | (16.5)% | (3.8)% | (27.2)% | |||||||||||
| (1) | Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs |
| Omada Health, Inc. |
| Reconciliation of GAAP to Non-GAAP Financial Measures |
| (in thousands) |
| (unaudited) |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (in thousands, except percentages) | |||||||||||||||
| GAAP gross profit | $ | 40,306 | $ | 24,834 | $ | 72,206 | $ | 42,182 | |||||||
| Add: | |||||||||||||||
| Share-based compensation expense | 33 | 53 | 71 | 105 | |||||||||||
| Amortization of intangible assets | 439 | 439 | 878 | 878 | |||||||||||
| Depreciation and amortization(1) | 786 | 568 | 1,527 | 1,100 | |||||||||||
| Non-GAAP gross profit | 41,564 | 25,894 | 74,682 | 44,265 | |||||||||||
| GAAP gross margin (as a percentage of revenue) | 65.7 | % | 60.3 | % | 62.1 | % | 55.3 | % | |||||||
| Non-GAAP gross margin (as a percentage of revenue) | 67.7 | % | 62.8 | % | 64.2 | % | 58.0 | % | |||||||
| GAAP Research and development expense | $ | 10,024 | $ | 8,987 | $ | 18,830 | $ | 17,883 | |||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 528 | 465 | 1,023 | 797 | |||||||||||
| Depreciation and amortization (1) | 20 | 22 | 38 | 41 | |||||||||||
| Non-GAAP research and development expense | $ | 9,476 | $ | 8,500 | $ | 17,769 | $ | 17,045 | |||||||
| Non-GAAP research and development expense (as a % of revenue) | 15 | % | 21 | % | 15 | % | 22 | % | |||||||
| GAAP Sales and marketing expense | $ | 22,318 | $ | 15,191 | $ | 42,488 | $ | 32,387 | |||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 884 | 635 | 1,614 | 1,367 | |||||||||||
| Amortization of intangible assets | 31 | 63 | 94 | 126 | |||||||||||
| Depreciation and amortization (1) | 29 | 31 | 56 | 58 | |||||||||||
| Non-GAAP sales and marketing expense | $ | 21,374 | $ | 14,462 | $ | 40,724 | $ | 30,836 | |||||||
| Non-GAAP sales and marketing expense (as a % of revenue) | 35 | % | 35 | % | 35 | % | 40 | % | |||||||
| GAAP General and administrative expense | $ | 12,308 | $ | 10,693 | $ | 23,628 | $ | 19,942 | |||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 1,385 | 926 | 2,966 | 2,679 | |||||||||||
| Depreciation and amortization (1) | 47 | 48 | 92 | 93 | |||||||||||
| Loss on disposal of property and equipment | 1 | 1 | 2 | 1 | |||||||||||
| Non-GAAP general and administrative expense | $ | 10,875 | $ | 9,718 | $ | 20,568 | $ | 17,169 | |||||||
| Non-GAAP general and administrative expense (as a % of revenue) | 18 | % | 24 | % | 18 | % | 22 | % | |||||||
| GAAP operating expense | $ | 44,650 | $ | 34,871 | $ | 84,946 | $ | 70,212 | |||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 2,796 | 2,026 | 5,602 | 4,843 | |||||||||||
| Amortization of intangible assets | 31 | 63 | 94 | 126 | |||||||||||
| Depreciation and amortization (1) | 96 | 101 | 186 | 192 | |||||||||||
| Loss on disposal of property and equipment | 1 | 1 | 2 | 1 | |||||||||||
| Non-GAAP operating expense | $ | 41,726 | $ | 32,680 | $ | 79,062 | $ | 65,050 | |||||||
| GAAP operating expense (as a % of revenue) | 72.8 | % | 84.6 | % | 73.0 | % | 92.0 | % | |||||||
| Non-GAAP operating expense (as a % of revenue) | 68.0 | % | 79.3 | % | 68.0 | % | 85.2 | % | |||||||
| Omada Health, Inc. | |||||||
| Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow | |||||||
| (in thousands) | |||||||
| (unaudited) | |||||||
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Net cash used in operating activities | $ | (13,260 | ) | $ | (28,748 | ) | |
| Purchases of property and equipment | (586 | ) | (336 | ) | |||
| Capitalized internal-use software development costs | (1,913 | ) | (1,490 | ) | |||
| Free Cash Flow | $ | (15,759 | ) | $ | (30,574 | ) | |
| Other cash flow components: | |||||||
| Net cash used in investing activities | $ | (2,499 | ) | $ | (1,826 | ) | |
| Net cash used in (provided by) financing activities | $ | 162,513 | $ | (898 | ) | ||
FAQ
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