Omada Health Reports Third Quarter 2025 Results
Omada Health (NASDAQ: OMDA) reported Q3 2025 results: revenue $68.0M (+49% year-over-year) and total members 831,000 (+53% YoY). Gross margin improved to 66% and non-GAAP gross margin to 68%. Omada posted a net loss of $3M versus $9M a year earlier and delivered its first quarter of positive adjusted EBITDA: $2M. Cash and cash equivalents were $199M at September 30, 2025. Management announced a new GLP-1 prescribing offering, launched AI nutrition product Meal Map, and published its 30th peer-reviewed manuscript with weight-maintenance data after GLP-1 discontinuation. Full-year 2025 guidance was raised to $251.5M–$254.5M revenue and adjusted EBITDA of a $2M loss to breakeven.
Omada Health (NASDAQ: OMDA) ha riportato i risultati del terzo trimestre 2025: fatturato 68,0 milioni di dollari (+49% anno su anno) e totale membri 831.000 (+53% YoY). Il margine lordo è migliorato al 66% e il margine lordo non GAAP al 68%. Omada ha registrato una perdita netta di 3 milioni di dollari rispetto ai 9 milioni di un anno fa e ha conseguito il primo trimestre con EBITDA rettificato positivo: 2 milioni. Le disponibilità liquide erano 199 milioni di dollari al 30 settembre 2025. La dirigenza ha annunciato una nuova offerta di prescrizione GLP-1, ha lanciato il prodotto di nutrizione basato sull'IA Meal Map e ha pubblicato il suo 30° manoscritto sottoposto a peer-review con dati sul mantenimento del peso dopo la cessazione del GLP-1. Le guidances per l'intero 2025 sono state alzate a ricavi di 251,5–254,5 milioni di dollari e a un EBITDA rettificato da una perdita di 2 milioni a pareggio.
Omada Health (NASDAQ: OMDA) informó los resultados del tercer trimestre de 2025: ingresos de 68,0 millones de dólares (+49% interanual) y total de miembros 831.000 (+53% interanual). El margen bruto mejoró a 66% y el margen bruto no GAAP a 68%. Omada registró una pérdida neta de 3 millones de dólares frente a 9 millones hace un año y entregó su primer trimestre con EBITDA ajustado positivo: 2 millones. Las disponibilidades de efectivo eran 199 millones de dólares al 30 de septiembre de 2025. La dirección anunció una nueva oferta de prescripción GLP-1, lanzó el producto de nutrición con IA Meal Map y publicó su 30º manuscrito revisado por pares con datos de mantenimiento de peso tras la discontinuación del GLP-1. Las proyecciones para todo 2025 fueron elevadas a ingresos de 251,5–254,5 millones de dólares y a un EBITDA ajustado que pasa de una pérdida de 2 millones a equilibrio.
Omada Health(NASDAQ: OMDA)는 2025년 3분기 실적을 발표했다: 매출 6,800만 달러 (+전년 대비 49%) 및 총 회원 83.1만 명 (+전년 대비 53%). 총이익률은 66%로, 비-GAAP 총이익률은 68%로 개선됐다. Omada는 순손실 300만 달러를 기록했고 전년 동기의 900만 달러에서 감소했으며, 조정된 EBITDA의 흑자 달성: 200만 달러를 달성했다. 2025년 9월 30일 기준 현금 및 현금성 자산은 1억 9,900만 달러였다. 경영진은 새로운 GLP-1 처방 제안, AI 영양 제품 Meal Map을 출시했고 GLP-1 중단 후 체중 유지 데이터를 담은 동료 심사 30편을 발표했다. 2025년 연간 가이던스를 매출 251.5–254.5백만 달러 및 조정 EBITDA를 손실 200만 달러에서 손익분기점으로 상향했다.
Omada Health (NASDAQ: OMDA) a publié les résultats du T3 2025 : chiffre d'affaires de 68,0 millions de dollars (+49 % sur un an) et le nombre total de membres 831 000 (+53 % YoY). La marge brute s'est améliorée à 66% et la marge brute non GAAP à 68%. Omada a enregistré une perte nette de 3 M$ contre 9 M$ l'année précédente et a délivré son premier trimestre avec EBITDA ajusté positif : 2 M$. La trésorerie et équivalents s'élevaient à 199 M$ au 30 septembre 2025. La direction a annoncé une nouvelle offre de prescription GLP-1, lancé le produit nutrition IA Meal Map, et publié son 30e manuscrit évalué par les pairs avec des données de maintien du poids après l'arrêt du GLP-1. Les prévisions pour l'ensemble de 2025 ont été relevées à un chiffre d'affaires de 251,5–254,5 M$ et à un EBITDA ajusté passant d'une perte de 2 M$ à l'équilibre.
Omada Health (NASDAQ: OMDA) meldete die Ergebnisse des Q3 2025: Umsatz 68,0 Mio. USD (+49 % YoY) und Gesamtmitglieder 831.000 (+53 % YoY). Die Bruttomarge verbesserte sich auf 66% und die non-GAAP Bruttomarge auf 68%. Omada verzeichnete eine Nettoloss von 3 Mio. USD gegenüber 9 Mio. USD vor einem Jahr und erzielte mit positivem, bereinigtem EBITDA im ersten Quartal: 2 Mio. USD erstmals einen Gewinn. Die Kasse betrug zum 30. September 2025 199 Mio. USD. Das Management kündigte ein neues GLP-1-Verordnungsangebot an, brachte das KI-Nährprodukt Meal Map auf den Markt und veröffentlichte sein 30. peer‑reviewtes Manuskript mit Daten zum Gewichtserhalt nach Absetzen von GLP‑1. Die Jahresprognose für 2025 wurde auf Umsatz 251,5–254,5 Mio. USD und ein bereinigtes EBITDA von einer Verlust von 2 Mio. USD bis Break-even angehoben.
Omada Health (NASDAQ: OMDA) أبلغت عن نتائج الربع الثالث من 2025: الإيرادات 68.0 مليون دولار (+49% على أساس سنوي) وإجمالي الأعضاء 831,000 (+53% YoY). ارتفع الهامش الإجمالي إلى 66% والهامش الإجمالي غير GAAP إلى 68%. سجلت Omada خسارة صافية قدرها 3 ملايين دولار مقارنة بـ 9 ملايين قبل عام واحد وحققت أول ربع يحقق EBITDA معدّل إيجابي: 2 مليون دولار. كانت النقدية وما يعادلها 199 مليون دولار في 30 سبتمبر 2025. أعلنت الإدارة عن عرض وصفة GLP-1 جديد، أطلقت منتج التغذية بالذكاء الاصطناعي Meal Map، ونشرت مخطوطتها الثامنة والثلاثون المقْدوة من قبل خبراء مع بيانات الحفاظ على الوزن بعد التوقف عن GLP-1. تم رفع التوجيه السنوي لعام 2025 إلى إيرادات 251.5–254.5 مليون دولار وإلى EBITDA معدّل من خسارة قدرها 2 مليون دولار إلى التعادل.
- Revenue +49% year-over-year to $68.0M in Q3 2025
- Members +53% year-over-year to 831,000
- Adjusted EBITDA positive at $2M in Q3 2025 (first positive quarter)
- Raised 2025 revenue guidance to $251.5M–$254.5M
- GAAP net loss of $3M in Q3 2025 (still not profitable on GAAP basis)
- Total operating expenses increased 28% year-over-year to $47.6M in Q3 2025
- Accumulated deficit of $461.9M as of September 30, 2025
Insights
Strong top-line growth, improving margins and the first positive adjusted EBITDA quarter signal clear operational inflection.
Revenue rose to
Key dependencies and risks include execution of the new GLP-1 prescribing offering and adoption of AI features like Meal Map; outcomes hinge on program uptake and clinical effectiveness. Cash of
Watch revenue vs. the raised guidance and adjusted EBITDA through
Revenue of $68 million, up
Significant Reduction in Net Loss and First Quarter of Positive Adjusted EBITDA
Announces New GLP-1 Prescribing Offering
SAN FRANCISCO, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Omada Health, Inc. (Nasdaq: OMDA), the virtual between-visit healthcare provider, today reported financial results for the third quarter ended September 30, 2025.
2025 Third Quarter Highlights
- Total members of 831,000, up
53% compared with the third quarter of 2024 - Revenue of
$68 million , up49% compared with the third quarter of 2024 - Prescribing offering: announced plans to launch a new prescribing offering that will combine Omada’s evidence-based behavior change program with medication management for anti-obesity medications (AOMs), including GLP-1s; the offering will tailor support before, during, and after treatment–designed to help improve member health outcomes and the value of AOM spend
- Clinical differentiation: published 30th peer-reviewed manuscript, which demonstrated significant cost savings from Omada’s Joint & Muscle Health program, and released data showing that members in the analysis largely maintained their weight one year after discontinuing GLP-1 therapy — an outcome that challenges widespread assumptions of inevitable post-medication weight gain
- Omada Meal Map: launched Meal Map, an AI-powered nutrition experience that focuses on nutrient quality rather than calorie counting, building on OmadaSpark, the AI-driven nutrition education tool introduced earlier this year
“Our third quarter results demonstrate the strength of Omada’s multi-product platform in a moment of intense national focus on obesity-related chronic disease,” said Sean Duffy, Co-founder and CEO of Omada Health. “We also took important steps to deepen our innovation in GLP-1 care options and advance our AI capabilities, both aimed at delivering meaningful and sustainable outcomes for our members and cost savings for customers.”
Other Third Quarter 2025 Financial Highlights
- Gross margin of
66% , up from63% in the third quarter of 2024 - Non-GAAP gross margin of
68% , up from65% in the third quarter of 2024 - Net loss of
$3 million , compared with a net loss of$9 million in the third quarter of 2024 - Adjusted EBITDA of
$2 million compared with an adjusted EBITDA loss of$5 million in the third quarter of 2024 - Cash and cash equivalents of
$199 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
$251.5 million to$254.5 million , up from a prior range of$235 million to$241 million - Adjusted EBITDA in a range of a
$2 million loss to breakeven, up from a prior range of a$9 million to$5 million loss
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.
Conference Call
Omada Health will host a conference call at 1:30 p.m. PT/4:30 p.m. ET today, November 6, 2025, during which management will discuss third quarter results.
A live audio webcast of the call will 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.
Those participating via conference call can pre-register using the following link: https://register-conf.media-server.com/register/BI5d4433a45b724c1b8ea8701cdda592ab.
About Omada Health
Omada Health (Nasdaq: OMDA) is a virtual between-visit healthcare provider that addresses cardiometabolic conditions including diabetes, hypertension, prediabetes, and obesity, as well as musculoskeletal issues. Through specialized care tracks, Omada also supports members taking GLP-1s and other anti-obesity medications. Our unique approach of Compassionate Intelligence combines human-led care teams, connected devices, and AI-powered technology to deliver personalized care at scale.
With more than a decade of experience and data, and 30 peer-reviewed publications that showcase its clinical and economic results, Omada has served over one million members since launch across more than 2,000 customers, including health plans, health systems, and employers ranging in size from small businesses to Fortune 500s. Its evidence-based approach and commitment to bending the curve of chronic disease has earned the company multiple healthcare accreditations and recognition in the industry.
As a trusted partner in the healthcare ecosystem, Omada delivers measurable results that help improve health outcomes while containing healthcare costs. For more information, visit omadahealth.com.
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 our plans to launch a new prescribing offering and the benefits of the offering, innovation in GLP-1 care options and advancement of AI capabilities, ability to deliver measurable results, business trends, growth prospects and future financial and operating results, 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is being filed at or around the date hereof.
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) |
| September 30, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 198,627 | $ | 76,392 | |||
| Accounts receivable, net (1) | 41,446 | 23,417 | |||||
| Inventory | 3,148 | 3,296 | |||||
| Deferred commissions, current | 3,228 | 3,017 | |||||
| Prepaid expenses and other current assets | 8,449 | 6,937 | |||||
| Total current assets | 254,898 | 113,059 | |||||
| Property and equipment, net | 7,537 | 5,625 | |||||
| Operating lease right-of-use asset | - | 447 | |||||
| Deferred commissions, non-current | 8,742 | 9,214 | |||||
| Intangible assets, net | 2,853 | 4,263 | |||||
| Goodwill | 13,240 | 13,240 | |||||
| Other assets | 199 | 5,044 | |||||
| Total assets | $ | 287,469 | $ | 150,892 | |||
| Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 5,344 | $ | 4,168 | |||
| Accrued expenses and other current liabilities (2) | 37,622 | 29,840 | |||||
| Operating lease liability, current | - | 415 | |||||
| Deferred revenue (3) | 27,157 | 19,530 | |||||
| Total current liabilities | 70,123 | 53,953 | |||||
| Long term debt | - | 29,771 | |||||
| Warrant liabilities, non-current | - | 2,252 | |||||
| Other liabilities, non-current | - | 285 | |||||
| Total liabilities | 70,123 | 86,261 | |||||
| Commitments and contingencies | |||||||
| Redeemable convertible preferred stock, | - | 449,034 | |||||
| Stockholders’ equity (deficit) | |||||||
| Common stock, | 58 | 8 | |||||
| Additional paid-in capital | 679,191 | 59,555 | |||||
| Accumulated deficit | (461,903 | ) | (443,966 | ) | |||
| Total stockholders’ equity (deficit) | 217,346 | (384,403 | ) | ||||
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 287,469 | $ | 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Services (1) | $ | 62,936 | $ | 42,096 | $ | 169,392 | $ | 112,351 | |||||||
| Hardware (2) | 5,094 | 3,419 | 14,972 | 9,471 | |||||||||||
| Total revenue | 68,030 | 45,515 | 184,364 | 121,822 | |||||||||||
| Cost of revenue | |||||||||||||||
| Services (3) | 12,654 | 10,631 | 38,071 | 31,686 | |||||||||||
| Hardware | 10,305 | 6,322 | 29,016 | 19,392 | |||||||||||
| Total cost of revenue | 22,959 | 16,953 | 67,087 | 51,078 | |||||||||||
| Gross profit | 45,071 | 28,562 | 117,277 | 70,744 | |||||||||||
| Operating expenses | |||||||||||||||
| Research and development (4) | 10,301 | 8,850 | 29,131 | 26,733 | |||||||||||
| Sales and marketing (5) | 22,943 | 17,577 | 65,431 | 49,964 | |||||||||||
| General and administrative (6) | 14,340 | 10,659 | 37,968 | 30,601 | |||||||||||
| Total operating expenses | 47,584 | 37,086 | 132,530 | 107,298 | |||||||||||
| Operating loss | (2,513 | ) | (8,524 | ) | (15,253 | ) | (36,554 | ) | |||||||
| Other income (expense), net | |||||||||||||||
| Interest expense | (353 | ) | (1,147 | ) | (2,521 | ) | (3,409 | ) | |||||||
| Interest income | 2,009 | 17 | 3,414 | 631 | |||||||||||
| Loss on debt extinguishment | (2,109 | ) | - | (2,109 | ) | - | |||||||||
| Change in fair value of warrant liabilities | (212 | ) | 428 | (1,468 | ) | 445 | |||||||||
| Total other expense, net | (665 | ) | (702 | ) | (2,684 | ) | (2,333 | ) | |||||||
| Loss before provision for income taxes | (3,178 | ) | (9,226 | ) | (17,937 | ) | (38,887 | ) | |||||||
| Provision for income taxes | - | - | - | - | |||||||||||
| Net loss and comprehensive loss | $ | (3,178 | ) | $ | (9,226 | ) | $ | (17,937 | ) | $ | (38,887 | ) | |||
| Net loss per share - basic and diluted | $ | (0.06 | ) | $ | (1.18 | ) | $ | (0.61 | ) | $ | (5.09 | ) | |||
| Weighted-average shares outstanding - basic and diluted | 57,658 | 7,788 | 29,421 | 7,644 | |||||||||||
| (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 September 30, | Nine Months Ended September 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Services cost of revenue | $ | 33 | $ | 57 | $ | 104 | $ | 162 | |||
| Research and development | 611 | 458 | 1,634 | 1,255 | |||||||
| Sales and marketing | 1,049 | 614 | 2,663 | 1,981 | |||||||
| General and administrative | 1,843 | 1,031 | 4,809 | 3,710 | |||||||
| Total share-based compensation expense | $ | 3,536 | $ | 2,160 | $ | 9,210 | $ | 7,108 | |||
| Omada Health, Inc. |
| Consolidated Statements of Cash Flows |
| (in thousands) |
| (unaudited) |
| Nine Months Ended September 30, | |||||||
| 2025 | 2024 | ||||||
| Operating activities | |||||||
| Net loss | $ | (17,937 | ) | $ | (38,887 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||
| Depreciation and amortization | 4,044 | 3,525 | |||||
| Share-based compensation | 9,210 | 7,108 | |||||
| Loss on debt extinguishment | 2,109 | - | |||||
| Loss on disposal of property and equipment | 2 | 2 | |||||
| Amortization of debt issuance costs | 285 | 291 | |||||
| Non-cash operating lease expense | 447 | 541 | |||||
| Change in fair value of warrants | 1,468 | (445 | ) | ||||
| Provision for credit losses (1) | 1,485 | 751 | |||||
| Amortization of deferred commissions | 2,467 | 1,901 | |||||
| Changes in operating assets and liabilities | - | - | |||||
| Accounts receivable (2) | (19,514 | ) | (9,676 | ) | |||
| Inventory | 148 | 1,845 | |||||
| Prepaid expenses and other current assets | (1,570 | ) | (656 | ) | |||
| Deferred commissions | (2,319 | ) | (4,872 | ) | |||
| Other non-current assets | 181 | 331 | |||||
| Accounts payable | 1,373 | 1,488 | |||||
| Operating lease liabilities | (415 | ) | (581 | ) | |||
| Accrued expenses and other current liabilities (3) | 7,782 | 1,682 | |||||
| Deferred revenue (4) | 7,627 | 7,825 | |||||
| Other non-current liabilities | - | 135 | |||||
| Net cash used in operating activities | (3,127 | ) | (27,692 | ) | |||
| Investing activities | |||||||
| Purchases of property and equipment | (1,123 | ) | (412 | ) | |||
| Capitalized internal-use software costs | (3,363 | ) | (2,482 | ) | |||
| Net cash used in investing activities | (4,486 | ) | (2,894 | ) | |||
| Financing activities | |||||||
| Proceeds from exercise of stock options | 5,993 | 2,045 | |||||
| Payment of deferred offering costs | (4,284 | ) | (3,367 | ) | |||
| Repayment of debt principal | (30,963 | ) | - | ||||
| Payment of debt extinguishment costs | (1,430 | ) | - | ||||
| Proceeds from initial public offering, net of underwriting discounts and commissions | 160,532 | - | |||||
| Net cash provided by (used in) financing activities | 129,848 | (1,322 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 122,235 | (31,908 | ) | ||||
| Cash and cash equivalents at beginning of period | 76,392 | 115,643 | |||||
| Cash and cash equivalents at end of period | $ | 198,627 | $ | 83,735 | |||
(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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (in thousands, except percentages) | |||||||||||||||
| GAAP net loss and comprehensive loss | $ | (3,178 | ) | $ | (9,226 | ) | $ | (17,937 | ) | $ | (38,887 | ) | |||
| Add: | |||||||||||||||
| Interest expense | 353 | 1,147 | 2,521 | 3,409 | |||||||||||
| Interest income | (2,009 | ) | (17 | ) | (3,414 | ) | (631 | ) | |||||||
| Change in fair value of warrant liabilities | 212 | (428 | ) | 1,468 | (445 | ) | |||||||||
| Loss on debt extinguishment | 2,109 | — | 2,109 | — | |||||||||||
| Provision for income taxes | — | — | — | — | |||||||||||
| Share-based compensation expense | 3,536 | 2,160 | 9,210 | 7,108 | |||||||||||
| Amortization of intangible assets | 439 | 502 | 1,411 | 1,506 | |||||||||||
| Depreciation and amortization(1) | 920 | 727 | 2,633 | 2,019 | |||||||||||
| Loss on disposal of property and equipment | 1 | — | 3 | 1 | |||||||||||
| Adjusted EBITDA | $ | 2,383 | $ | (5,135 | ) | $ | (1,996 | ) | $ | (25,920 | ) | ||||
| GAAP net loss and comprehensive loss margin (as a percentage of revenue) | (4.7 | )% | (20.3 | )% | (9.7 | )% | (31.9 | )% | |||||||
| Adjusted EBITDA margin (as a percentage of revenue) | 3.5 | % | (11.3 | )% | (1.1 | )% | (21.3 | )% | |||||||
(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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (in thousands, except percentages) | |||||||||||||||
| GAAP gross profit | $ | 45,071 | $ | 28,562 | $ | 117,277 | $ | 70,744 | |||||||
| Add: | |||||||||||||||
| Share-based compensation expense | 33 | 57 | 104 | 162 | |||||||||||
| Amortization of intangible assets | 439 | 439 | 1,317 | 1,317 | |||||||||||
| Depreciation and amortization(1) | 839 | 623 | 2,366 | 1,723 | |||||||||||
| Non-GAAP gross profit | 46,382 | 29,681 | 121,064 | 73,946 | |||||||||||
| GAAP gross margin (as a percentage of revenue) | 66.3 | % | 62.8 | % | 63.6 | % | 58.1 | % | |||||||
| Non-GAAP gross margin (as a percentage of revenue) | 68.2 | % | 65.2 | % | 65.7 | % | 60.7 | % | |||||||
| GAAP Research and development expense | $ | 10,301 | $ | 8,850 | $ | 29,131 | $ | 26,733 | |||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 611 | 458 | 1,634 | 1,255 | |||||||||||
| Depreciation and amortization (1) | 23 | 23 | 61 | 64 | |||||||||||
| Non-GAAP research and development expense | $ | 9,667 | $ | 8,369 | $ | 27,436 | $ | 25,414 | |||||||
| Non-GAAP research and development expense (as a % of revenue) | 14 | % | 18 | % | 15 | % | 21 | % | |||||||
| GAAP Sales and marketing expense | $ | 22,943 | $ | 17,577 | $ | 65,431 | $ | 49,964 | |||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 1,049 | 614 | 2,663 | 1,981 | |||||||||||
| Amortization of intangible assets | — | 63 | 94 | 189 | |||||||||||
| Depreciation and amortization (1) | 31 | 32 | 87 | 90 | |||||||||||
| Non-GAAP sales and marketing expense | $ | 21,863 | $ | 16,868 | $ | 62,587 | $ | 47,704 | |||||||
| Non-GAAP sales and marketing expense (as a % of revenue) | 32 | % | 37 | % | 34 | % | 39 | % | |||||||
| GAAP General and administrative expense | $ | 14,340 | $ | 10,659 | $ | 37,968 | $ | 30,601 | |||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 1,843 | 1,031 | 4,809 | 3,710 | |||||||||||
| Depreciation and amortization (1) | 27 | 49 | 119 | 142 | |||||||||||
| Loss on disposal of property and equipment | 1 | 1 | 3 | 2 | |||||||||||
| Non-GAAP general and administrative expense | $ | 12,469 | $ | 9,578 | $ | 33,037 | $ | 26,747 | |||||||
| Non-GAAP general and administrative expense (as a % of revenue) | 18 | % | 21 | % | 18 | % | 22 | % | |||||||
| GAAP operating expense | $ | 47,584 | $ | 37,086 | $ | 132,530 | $ | 107,298 | |||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 3,503 | 2,103 | 9,106 | 6,946 | |||||||||||
| Amortization of intangible assets | — | 63 | 94 | 189 | |||||||||||
| Depreciation and amortization (1) | 81 | 104 | 267 | 296 | |||||||||||
| Loss on disposal of property and equipment | 1 | — | 3 | 1 | |||||||||||
| Non-GAAP operating expense | $ | 43,999 | $ | 34,816 | $ | 123,060 | $ | 99,866 | |||||||
| GAAP operating expense (as a % of revenue) | 69.9 | % | 81.5 | % | 71.9 | % | 88.1 | % | |||||||
| Non-GAAP operating expense (as a % of revenue) | 64.7 | % | 76.5 | % | 66.7 | % | 82.0 | % | |||||||
| Omada Health, Inc. | |||||||
| Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow | |||||||
| (in thousands) | |||||||
| (unaudited) | |||||||
| Nine Months Ended September 30, | |||||||
| 2025 | 2024 | ||||||
| Net cash used in operating activities | $ | (3,127 | ) | $ | (27,692 | ) | |
| Purchases of property and equipment | (1,123 | ) | (412 | ) | |||
| Capitalized internal-use software development costs | (3,363 | ) | (2,482 | ) | |||
| Free Cash Flow | $ | (7,613 | ) | $ | (30,586 | ) | |
| Other cash flow components: | |||||||
| Net cash used in investing activities | $ | (4,486 | ) | $ | (2,894 | ) | |
| Net cash used in (provided by) financing activities | $ | 129,848 | $ | (1,322 | ) | ||
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FAQ
What did OMDA report for Q3 2025 revenue and member growth?
What does OMDA’s positive adjusted EBITDA in Q3 2025 mean for shareholders?
How did Omada change its 2025 financial outlook on November 6, 2025?
What is Omada’s new GLP-1 prescribing offering announced November 6, 2025?
How much cash did OMDA report at September 30, 2025 and what does it imply?
