Omada Health (NASDAQ: OMDA) turns profitable on strong 2025 growth and GLP-1 demand
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Omada Health, Inc. reported rapid growth and a key profitability milestone for 2025. Total members reached 886,000 at year end, up 55% year over year, reflecting strong demand for its virtual chronic care programs.
Revenue was $76 million in the fourth quarter, up 58% year over year, and $260 million for the full year, up 53% compared with 2024. Gross margin improved to 71% in the fourth quarter and 66% for the year, indicating better unit economics. The company generated net income of $5 million in the fourth quarter versus a net loss a year earlier, and narrowed its full‑year net loss to $13 million from $47 million. Adjusted EBITDA turned positive at $8 million in the fourth quarter and $6 million for the year.
Cash and cash equivalents were $222 million as of December 31, 2025, supported by IPO proceeds and debt repayment, leaving no long‑term debt. For 2026, Omada expects revenue between $312 million and $322 million and adjusted EBITDA between $7 million and $15 million, implying continued growth with maintained profitability on an adjusted basis.
Positive
- Rapid growth with margin expansion: 2025 revenue rose to $260 million, up 53% year over year, while GAAP gross margin improved to 66% from 61%, indicating stronger unit economics.
- Turn to profitability and cash generation: Fourth-quarter 2025 net income was $5 million versus a prior-year loss; full-year adjusted EBITDA reached $6.5 million and free cash flow was $12.4 million.
- Strengthened balance sheet: Cash and cash equivalents increased to $222 million as of December 31, 2025, long-term debt was reduced to zero, and total stockholders’ equity improved to $229.7 million.
- Supportive 2026 outlook: Management projects 2026 revenue of $312–$322 million and adjusted EBITDA of $7–$15 million, implying continued double-digit growth with positive adjusted profitability.
Negative
- None.
Insights
Strong growth, margin expansion, and balance sheet de-risking mark a positive inflection.
Omada Health combined rapid top-line growth with clear operating leverage in 2025. Revenue reached
Profitability trends are notable. The company generated fourth-quarter net income of
The balance sheet strengthened materially: cash and cash equivalents rose to
GLP‑1 leadership and product expansion underpin Omada’s growth story.
Operational metrics highlight strategic positioning in chronic and obesity care. Omada ended 2025 with 886,000 members and has supported more than 150,000 members on GLP‑1s, up from more than 50,000 at the end of 2024, underscoring traction in weight management support programs.
The company reported published research indicating members in its GLP‑1 Care Track achieved greater average weight loss and largely maintained weight, on average, one year after discontinuing GLP‑1 therapy, compared with published real‑world evidence. New offerings such as GLP‑1 Flex Care, OmadaSpark, Meal Map, and Omada for Cholesterol broaden its multi-condition platform.
Management’s 2026 guidance assumes continued engagement and customer adoption across employers and health plans, with revenue targeted at
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
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(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
(888 ) 987-8337
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
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Item 2.02 Results of Operations and Financial Condition
On March 5, 2026, Omada Health, Inc. ("Omada") issued a press release announcing its financial results for the three months and full year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Ex. Number | Ex. Description | ||||
| 99.1 | Press Release | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OMADA HEALTH, INC. | ||||||||||||||||||||
Date: | By: | /s/ Sean Duffy | ||||||||||||||||||
| Sean Duffy Chief Executive Officer | ||||||||||||||||||||
 | ||
Omada Health Reports Fourth Quarter and Full-Year 2025 Results
Revenue up 58% in Fourth Quarter, 53% for Year; Member Growth of 55% for Year
Achieves Positive Net Income in Fourth Quarter; Significantly Narrows Net Loss for Full Year
Delivers Positive Adjusted EBITDA for Full Year
SAN FRANCISCO - March 5, 2026 - Omada Health, Inc. (Nasdaq: OMDA), the virtual between-visit healthcare provider, today reported financial results for the fourth quarter and full year ended December 31, 2025.
2025 Fourth Quarter and Full-Year Highlights
Highlights are for the fourth quarter and full year 2025, except where otherwise noted.
Total members
•886,000 at year end, up 55% year over year
Revenue
•$76 million in the fourth quarter, up 58% year over year
•$260 million for the full year, up 53% compared with 2024
GLP-1 Leadership
•Omada has now supported more than 150,000 members on GLP-1s, compared with more than 50,000 at the end of 2024
•Published research demonstrating the effectiveness of Omada’s programs, including data showing members in our GLP-1 Care Track, compared with published real-world evidence, achieved greater average weight loss and largely maintained weight, on average, one year after discontinuing GLP-1 therapy
•Announced plans in November to launch a new prescribing offering that will combine Omada’s evidence-based behavior change program with medication management for anti-obesity medications, including GLP-1s
•Today, announced GLP-1 Flex Care, a new option that gives employers a structured way to connect eligible employees with clinical evaluation, prescribing, and ongoing medical oversight for GLP‑1s—alongside Omada’s lifestyle and behavioral support—without taking on employer financial coverage for GLP-1s, providing another flexible pathway to balance access, affordability, and durable outcomes across diverse GLP‑1 coverage strategies
Program Innovation
•During 2025, launched OmadaSpark and Meal Map, AI-powered tools that support members with wellness education alongside our human coaches
•In February of 2026, announced Omada for Cholesterol to address a highly prevalent, often under‑treated condition that frequently co‑exists with diabetes, hypertension, and
obesity, further strengthening its multi‑condition platform capabilities and expanding the scope of Omada’s cardiometabolic care
“Our 2025 performance reflects a pivotal year for Omada, marked by strong growth, important profitability milestones, and continued momentum across our business,” said Sean Duffy, co‑founder and CEO of Omada Health. “We demonstrated GLP‑1 companion support innovation, advanced our member‑facing AI capabilities, and introduced meaningful program expansions—all designed to support our members in achieving durable health improvements and serving as a foundation for progress toward our long‑term mission to bend the curve of chronic disease.”
Other Fourth Quarter and Full Year 2025 Financial Highlights
•Gross margin of 71% in the fourth quarter, up from 67% in Q4 2024, and gross margin of 66% for the year compared with 61% in 2024
•Non-GAAP gross margin of 73% in the fourth quarter, up from 69% in Q4 2024, and non-GAAP gross margin of 68% for the year compared with 63% in 2024
•Net income of $5 million in the fourth quarter, compared with a net loss of $8 million in Q4 2024, and a net loss of $13 million for the year compared with a net loss of $47 million in 2024
•Adjusted EBITDA of $8 million in the fourth quarter, compared with an adjusted EBITDA loss of $4 million in Q4 2024, and adjusted EBITDA of $6 million for the year compared with an adjusted EBITDA loss of $29 million in 2024
•Cash and cash equivalents of $222 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, 2026, Omada expects:
•Revenue in the range of $312 million to $322 million, with the midpoint representing 22% growth compared with 2025
•Adjusted EBITDA in the range of $7 million to $15 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 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, March 5, 2026, during which management will discuss fourth quarter and full-year 2025 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/BI58c6d7a71730445093f7ea7c02d33e97
About Omada Health
Omada Health (Nasdaq: OMDA) is reverse engineering the way healthcare is delivered in America, putting the space between doctor visits–where health is won or lost–at the center of care. Today's healthcare system poorly serves chronic conditions that require ongoing support outside of the exam room, like obesity, diabetes, hypertension, cholesterol, and musculoskeletal conditions. Omada’s virtual-first model combines human-led care teams, connected devices, and AI-enabled technology to deliver personalized care at scale, including support for GLP-1 therapy. Omada has served more than two million members since launch across 2,000+ employers, health plans, pharmacy benefit managers, and health systems. Learn more at 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 GLP-1 leadership, plans to launch a new prescribing offering and the benefits of the offering, program innovation and related 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 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 Annual Report on Form 10-K for the year ended December 31, 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) | ||
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 222,036 | $ | 76,392 | |||||||
Accounts receivable, net (1) | 34,585 | 23,417 | |||||||||
| Inventory | 4,486 | 3,296 | |||||||||
| Deferred commissions, current | 3,539 | 3,017 | |||||||||
Prepaid expenses and other current assets (2) | 8,288 | 6,937 | |||||||||
| Total current assets | 272,934 | 113,059 | |||||||||
| Property and equipment, net | 7,942 | 5,625 | |||||||||
| Operating lease right-of-use asset | - | 447 | |||||||||
| Deferred commissions, non-current | 8,711 | 9,214 | |||||||||
| Intangible assets, net | 2,414 | 4,263 | |||||||||
| Goodwill | 13,240 | 13,240 | |||||||||
| Other assets | 165 | 5,044 | |||||||||
| Total assets | $ | 305,406 | $ | 150,892 | |||||||
| Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | |||||||||||
| Current liabilities | |||||||||||
Accounts payable (3) | $ | 10,276 | $ | 4,168 | |||||||
Accrued expenses and other current liabilities (4) | 40,392 | 29,840 | |||||||||
| Operating lease liability, current | - | 415 | |||||||||
Deferred revenue (5) | 25,058 | 19,530 | |||||||||
| Total current liabilities | 75,726 | 53,953 | |||||||||
| Long term debt | - | 29,771 | |||||||||
| Warrant liabilities, non-current | - | 2,252 | |||||||||
| Other liabilities, non-current | - | 285 | |||||||||
| Total liabilities | 75,726 | 86,261 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable convertible preferred stock, $0.001 par value per share; no shares and 120,689 shares authorized as of December 31, 2025 and December 31, 2024, respectively; no shares and 118,219 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $0 and $455,588 as of December 31, 2025 and December 31, 2024, net of issuance costs | - | 449,034 | |||||||||
| Stockholders’ equity (deficit) | |||||||||||
| Common stock, $0.001 par value per share; 750,000 and 181,500 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 58,429 and 8,157 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 58 | 8 | |||||||||
| Additional paid-in capital | 686,366 | 59,555 | |||||||||
| Accumulated deficit | (456,744) | (443,966) | |||||||||
| Total stockholders’ equity (deficit) | 229,680 | (384,403) | |||||||||
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 305,406 | $ | 150,892 | |||||||
(1)Includes amounts from a related party of $22.8 million and $13.2 million as of December 31, 2025 and December 31, 2024, respectively.
(2)Includes amounts from a related party of $0.3 million and $0.1 million as of December 31, 2025 and December 31, 2024, respectively.
(3)Includes amounts from a related party of $1.0 million and $0 as of December 31, 2025 and December 31, 2024, respectively.
(4)Includes amounts from a related party of $4.9 million and $2.2 million as of December 31, 2025 and December 31, 2024, respectively.
(5)Includes amounts from a related party of $18.8 million and $13.2 million as of December 31, 2025 and December 31, 2024, respectively.
| Omada Health, Inc. | ||
Consolidated Statements of Operations and Comprehensive Loss | ||
(in thousands, except per-share data) | ||
(unaudited) | ||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
Services (1) | $ | 71,651 | $ | 45,438 | $ | 241,043 | $ | 157,789 | |||||||||||||||
Hardware (2) | 4,195 | 2,540 | 19,167 | 12,011 | |||||||||||||||||||
| Total revenue | 75,846 | 47,978 | 260,210 | 169,800 | |||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
Services (3) | 13,768 | 10,834 | 51,839 | 42,520 | |||||||||||||||||||
| Hardware | 8,416 | 5,011 | 37,432 | 24,403 | |||||||||||||||||||
| Total cost of revenue | 22,184 | 15,845 | 89,271 | 66,923 | |||||||||||||||||||
| Gross profit | 53,662 | 32,133 | 170,939 | 102,877 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
Research and development (4) | 11,552 | 9,190 | 40,683 | 35,923 | |||||||||||||||||||
Sales and marketing (5) | 24,613 | 18,089 | 90,044 | 68,053 | |||||||||||||||||||
General and administrative (6) | 14,216 | 11,954 | 52,184 | 42,555 | |||||||||||||||||||
| Total operating expenses | 50,381 | 39,233 | 182,911 | 146,531 | |||||||||||||||||||
Operating income (loss) | 3,281 | (7,100) | (11,972) | (43,654) | |||||||||||||||||||
| Other income (expense), net | |||||||||||||||||||||||
| Interest expense | (13) | (1,097) | (2,534) | (4,506) | |||||||||||||||||||
| Interest income | 1,891 | 174 | 5,305 | 805 | |||||||||||||||||||
| Loss on debt extinguishment | - | - | (2,109) | - | |||||||||||||||||||
| Change in fair value of warrant liabilities | - | (227) | (1,468) | 218 | |||||||||||||||||||
| Total other expense, net | 1,878 | (1,150) | (806) | (3,483) | |||||||||||||||||||
Income (loss) before provision for income taxes | 5,159 | (8,250) | (12,778) | (47,137) | |||||||||||||||||||
| Provision for income taxes | - | - | - | - | |||||||||||||||||||
| Net income (loss) and comprehensive income (loss) | $ | 5,159 | $ | (8,250) | $ | (12,778) | $ | (47,137) | |||||||||||||||
Net income (loss) per share | |||||||||||||||||||||||
| Basic | $ | 0.09 | $ | (1.04) | $ | (0.35) | $ | (6.11) | |||||||||||||||
| Diluted | $ | 0.08 | $ | (1.04) | $ | (0.35) | $ | (6.11) | |||||||||||||||
Weighted-average shares outstanding | |||||||||||||||||||||||
Basic | 58,056 | 7,951 | 36,639 | 7,721 | |||||||||||||||||||
Diluted | 63,930 | 7,951 | 36,639 | 7,721 | |||||||||||||||||||
(1)Includes amounts from a related party of $49.5 million and $25.9 million for the three months ended December 31, 2025 and 2024, respectively and $157.7 million and $88.0 million for the year ended December 31, 2025 and 2024, respectively.
(2)Includes amounts from a related party of $3.1 million and $1.8 million for the three months ended December 31, 2025 and 2024, respectively and $12.1 million and $6.5 million for the year ended December 31, 2025 and 2024, respectively.
(3)Includes amounts from a related party of $1.2 million and $0.9 million for the three months ended December 31, 2025 and 2024, respectively and $5.0 million and $3.4 million for the year ended December 31, 2025 and 2024, respectively.
(4)Includes amounts from a related party of $0.6 million and $0.4 million for the three months ended December 31, 2025 and 2024, respectively and $2.2 million and $1.7 million for the year ended December 31, 2025 and 2024, respectively.
(5)Includes amounts from a related party of $6.8 million and $4.2 million for the three months ended December 31, 2025 and 2024, respectively and $26.1 million and $15.2 million for the year ended December 31, 2025 and 2024, respectively.
(6)Includes amounts from a related party of $0.4 million and $0.3 million for the three months ended December 31, 2025 and 2024, respectively and $1.5 million and $1.1 million for the year ended December 31, 2025 and 2024, respectively.
| Omada Health, Inc. | ||
Share-based Compensation Summary | ||
(in thousands) | ||
(unaudited) | ||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Services cost of revenue | $ | 65 | $ | 57 | $ | 169 | $ | 219 | |||||||||||||||
| Research and development | 594 | 458 | 2,228 | 1,713 | |||||||||||||||||||
| Sales and marketing | 1,255 | 621 | 3,918 | 2,602 | |||||||||||||||||||
| General and administrative | 1,831 | 1,176 | 6,640 | 4,886 | |||||||||||||||||||
| Total share-based compensation expense | $ | 3,745 | $ | 2,312 | $ | 12,955 | $ | 9,420 | |||||||||||||||
| Omada Health, Inc. | ||
Consolidated Statements of Cash Flows | ||
(in thousands) | ||
(unaudited) | ||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Operating activities | |||||||||||||||||||||||
Net income (loss) | $ | 5,159 | $ | (8,250) | $ | (12,778) | $ | (47,137) | |||||||||||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||||||||||||||||||||
| Depreciation and amortization | 1,447 | 1,278 | 5,491 | 4,803 | |||||||||||||||||||
| Share-based compensation | 3,745 | 2,312 | 12,955 | 9,420 | |||||||||||||||||||
| Loss on debt extinguishment | - | - | 2,109 | - | |||||||||||||||||||
| Loss on disposal of property and equipment | 6 | - | 8 | 2 | |||||||||||||||||||
| Amortization of debt issuance costs | - | 98 | 285 | 389 | |||||||||||||||||||
| Non-cash operating lease expense | - | 187 | 447 | 728 | |||||||||||||||||||
| Change in fair value of warrants | - | 227 | 1,468 | (218) | |||||||||||||||||||
Provision for credit losses (1) | (296) | 1,009 | 1,189 | 1,760 | |||||||||||||||||||
| Amortization of deferred commissions | 872 | 742 | 3,339 | 2,643 | |||||||||||||||||||
| Changes in operating assets and liabilities | |||||||||||||||||||||||
Accounts receivable (2) | 7,157 | 871 | (12,357) | (8,805) | |||||||||||||||||||
| Inventory | (1,338) | (1,527) | (1,190) | 318 | |||||||||||||||||||
Prepaid expenses and other current assets (3) | 161 | (1,197) | (1,409) | (1,853) | |||||||||||||||||||
| Deferred commissions | (1,191) | (1,550) | (3,510) | (6,422) | |||||||||||||||||||
| Other non-current assets | 70 | 78 | 251 | 409 | |||||||||||||||||||
Accounts payable (4) | 4,916 | (1,089) | 6,289 | 399 | |||||||||||||||||||
| Operating lease liabilities | - | (202) | (415) | (783) | |||||||||||||||||||
Accrued expenses and other current liabilities (5) | 2,770 | 3,661 | 10,552 | 5,343 | |||||||||||||||||||
Deferred revenue (6) | (2,099) | (3,180) | 5,528 | 4,645 | |||||||||||||||||||
| Other non-current liabilities | - | 45 | - | 180 | |||||||||||||||||||
| Net cash provided by (used in) operating activities | 21,379 | (6,487) | 18,252 | (34,179) | |||||||||||||||||||
| Investing activities | |||||||||||||||||||||||
| Purchases of property and equipment | (199) | (184) | (1,322) | (596) | |||||||||||||||||||
| Capitalized internal-use software costs | (1,147) | (785) | (4,510) | (3,267) | |||||||||||||||||||
| Net cash used in investing activities | (1,346) | (969) | (5,832) | (3,863) | |||||||||||||||||||
| Financing activities | |||||||||||||||||||||||
| Proceeds from exercise of stock options | 3,375 | 1,284 | 9,368 | 3,329 | |||||||||||||||||||
| Payment of deferred offering costs | 1 | (1,171) | (4,283) | (4,538) | |||||||||||||||||||
| Repayment of Midcap term facility 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 | 3,376 | 113 | 133,224 | (1,209) | |||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 23,409 | (7,343) | 145,644 | (39,251) | |||||||||||||||||||
| Cash and cash equivalents at beginning of period | 198,627 | 83,735 | 76,392 | 115,643 | |||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 222,036 | $ | 76,392 | $ | 222,036 | $ | 76,392 | |||||||||||||||
(1)Includes changes in related party balances of $0.5 million and $0.2 million for the three months and year ended December 31, 2025 and 2024, respectively.
(2)Includes changes in related party balances of $9.1 million and $5.3 million for the three months and year ended December 31, 2025 and 2024, respectively.
(3)Includes changes in related party balances of $0.2 million and $0.1 million for the three months and year ended December 31, 2025 and 2024, respectively.
(4)Includes changes in related party balances of $1.0 million and $0 million for the three months and year ended December 31, 2025 and 2024, respectively.
(5)Includes changes in related party balances of $2.7 million and $0.7 million for the three months and year ended December 31, 2025 and 2024, respectively.
(6)Includes changes in related party balances of $5.7 million and $3.9 million for the three months and year ended December 31, 2025 and 2024, respectively.
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, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP operating expenses, non-GAAP operating expenses (as a % of revenue), 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 non-GAAP general and administrative expenses as total general and administrative expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP research and development expenses as total research and development expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP sales and marketing expenses as total sales and marketing expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP operating expenses as total operating expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP operating expenses margin as non-GAAP operating expenses divided by GAAP total revenue reported on our consolidated statements of operations.
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 December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (in thousands, except percentages) | |||||||||||||||||||||||
| GAAP net income (loss) and comprehensive income (loss) | $ | 5,159 | $ | (8,250) | $ | (12,778) | $ | (47,137) | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Interest expense | 13 | 1,097 | 2,534 | 4,506 | |||||||||||||||||||
| Interest income | (1,891) | (174) | (5,305) | (805) | |||||||||||||||||||
| Change in fair value of warrant liabilities | — | 227 | 1,468 | (218) | |||||||||||||||||||
| Loss on debt extinguishment | — | — | 2,109 | — | |||||||||||||||||||
| Provision for income taxes | — | — | — | — | |||||||||||||||||||
| Share-based compensation expense | 3,745 | 2,312 | 12,955 | 9,420 | |||||||||||||||||||
| Amortization of intangible assets | 440 | 501 | 1,851 | 2,007 | |||||||||||||||||||
Depreciation and amortization(1) | 1,007 | 777 | 3,640 | 2,796 | |||||||||||||||||||
| Loss on disposal of property and equipment | 5 | — | 8 | 2 | |||||||||||||||||||
| Adjusted EBITDA | $ | 8,478 | $ | (3,510) | $ | 6,482 | $ | (29,429) | |||||||||||||||
| GAAP net income (loss) and comprehensive income (loss) margin (as a percentage of revenue) | 6.8 | % | (17.2) | % | (4.9) | % | (27.8) | % | |||||||||||||||
| Adjusted EBITDA margin (as a percentage of revenue) | 11.2 | % | (7.3) | % | 2.5 | % | (17.3) | % | |||||||||||||||
(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 December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (in thousands, except percentages) | |||||||||||||||||||||||
| GAAP gross profit | $ | 53,662 | $ | 32,133 | $ | 170,939 | $ | 102,877 | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Share-based compensation expense | 65 | 57 | 169 | 219 | |||||||||||||||||||
| Amortization of intangible assets | 440 | 438 | 1,755 | 1,755 | |||||||||||||||||||
Depreciation and amortization(1) | 927 | 683 | 3,294 | 2,406 | |||||||||||||||||||
| Non-GAAP gross profit | 55,094 | 33,311 | 176,157 | 107,257 | |||||||||||||||||||
| GAAP gross margin (as a percentage of revenue) | 70.8 | % | 67.0 | % | 65.7 | % | 60.6 | % | |||||||||||||||
| Non-GAAP gross margin (as a percentage of revenue) | 72.6 | % | 69.4 | % | 67.7 | % | 63.2 | % | |||||||||||||||
(1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs
| GAAP Research and development expense | $ | 11,552 | $ | 9,190 | $ | 40,683 | $ | 35,923 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Share-based compensation expense | 594 | 458 | 2,228 | 1,713 | |||||||||||||||||||
Depreciation and amortization (1) | 27 | 19 | 88 | 83 | |||||||||||||||||||
| Non-GAAP research and development expense | $ | 10,931 | $ | 8,713 | $ | 38,367 | $ | 34,127 | |||||||||||||||
| Non-GAAP research and development expense (as a % of revenue) | 14 | % | 18 | % | 15 | % | 20 | % | |||||||||||||||
| GAAP Sales and marketing expense | $ | 24,613 | $ | 18,089 | $ | 90,044 | $ | 68,053 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Share-based compensation expense | 1,255 | 621 | 3,918 | 2,602 | |||||||||||||||||||
| Amortization of intangible assets | — | 63 | 94 | 252 | |||||||||||||||||||
Depreciation and amortization (1) | 34 | 28 | 121 | 118 | |||||||||||||||||||
| Non-GAAP sales and marketing expense | $ | 23,324 | $ | 17,377 | $ | 85,911 | $ | 65,081 | |||||||||||||||
| Non-GAAP sales and marketing expense (as a % of revenue) | 31 | % | 36 | % | 33 | % | 38 | % | |||||||||||||||
| GAAP General and administrative expense | $ | 14,216 | $ | 11,954 | $ | 52,184 | $ | 42,555 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Share-based compensation expense | 1,831 | 1,176 | 6,640 | 4,886 | |||||||||||||||||||
Depreciation and amortization (1) | 19 | 47 | 138 | 189 | |||||||||||||||||||
| Loss on disposal of property and equipment | 5 | — | 8 | 2 | |||||||||||||||||||
| Non-GAAP general and administrative expense | $ | 12,361 | $ | 10,731 | $ | 45,398 | $ | 37,478 | |||||||||||||||
| Non-GAAP general and administrative expense (as a % of revenue) | 16 | % | 22 | % | 17 | % | 22 | % | |||||||||||||||
| GAAP operating expense | $ | 50,381 | $ | 39,233 | $ | 182,911 | $ | 146,531 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Share-based compensation expense | 3,680 | 2,255 | 12,786 | 9,201 | |||||||||||||||||||
| Amortization of intangible assets | — | 63 | 94 | 252 | |||||||||||||||||||
Depreciation and amortization (1) | 80 | 94 | 347 | 390 | |||||||||||||||||||
| Loss on disposal of property and equipment | 5 | — | 8 | 2 | |||||||||||||||||||
| Non-GAAP operating expense | $ | 46,616 | $ | 36,821 | $ | 169,676 | $ | 136,686 | |||||||||||||||
| GAAP operating expense (as a % of revenue) | 66.4 | % | 81.8 | % | 70.3 | % | 86.3 | % | |||||||||||||||
| Non-GAAP operating expense (as a % of revenue) | 61.5 | % | 76.7 | % | 65.2 | % | 80.5 | % | |||||||||||||||
(1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs
| Omada Health, Inc. | |||||||||||||||||||||||
| Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow | |||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 21,379 | $ | (6,487) | $ | 18,252 | $ | (34,179) | |||||||||||||||
| Purchases of property and equipment | (199) | (184) | (1,322) | (596) | |||||||||||||||||||
| Capitalized internal-use software development costs | (1,147) | (785) | (4,510) | (3,267) | |||||||||||||||||||
| Free Cash Flow | $ | 20,033 | $ | (7,456) | $ | 12,420 | $ | (38,042) | |||||||||||||||
| Other cash flow components: | |||||||||||||||||||||||
| Net cash used in investing activities | $ | (1,346) | $ | (969) | $ | (5,832) | $ | (3,863) | |||||||||||||||
| Net cash provided by (used in) financing activities | $ | 3,376 | $ | 113 | $ | 133,224 | $ | (1,209) | |||||||||||||||
FAQ
How did Omada Health (OMDA) perform financially in full-year 2025?
Omada Health generated $260 million in 2025 revenue, up 53% from 2024, with a 66% GAAP gross margin. The company narrowed its net loss to $12.8 million and delivered $6.5 million of adjusted EBITDA, showing improving profitability and operating leverage.
What were Omada Health’s (OMDA) fourth-quarter 2025 results?
In Q4 2025, Omada Health reported $75.8 million in revenue, up 58% year over year, and GAAP gross margin of 70.8%. The company achieved net income of $5.2 million and adjusted EBITDA of $8.5 million, marking a meaningful swing from prior-year losses.
What guidance did Omada Health (OMDA) give for 2026 revenue and earnings?
For 2026, Omada Health expects revenue between $312 million and $322 million, with the midpoint implying 22% growth over 2025. It also projects adjusted EBITDA of $7 million to $15 million, indicating plans to remain profitable on an adjusted basis.
How strong is Omada Health’s (OMDA) balance sheet after 2025?
As of December 31, 2025, Omada Health held $222 million in cash and cash equivalents and reported no long‑term debt. Total stockholders’ equity was $229.7 million, reflecting the conversion of preferred stock and strengthened capitalization after its initial public offering.
What member growth and GLP-1 activity did Omada Health (OMDA) report?
Omada Health ended 2025 with 886,000 total members, up 55% year over year. It has supported more than 150,000 members on GLP‑1s, compared with more than 50,000 at the end of 2024, highlighting rapid expansion in GLP‑1 companion care offerings.
What profitability and cash flow metrics did Omada Health (OMDA) highlight?
Omada Health posted $6.5 million in 2025 adjusted EBITDA and $12.4 million in free cash flow. Net cash provided by operating activities was $18.3 million, demonstrating improved cash generation compared with a use of cash in operations in 2024.
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OMADA HEALTH INC
NASDAQ:OMDA
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[10-K] Omada Health, Inc. Files Annual Report
OMDA Stock Data
787.55M
43.14M
Health Information Services
Services-health Services
United States
SOUTH SAN FRANCISCO