Omada Health

Omada Health (OMDA) reported FY 2025 total revenue of $260.2M, up 53% YoY from $169.8M in 2024, driven by 55% growth in total members to 886,000 from 572,000, reflecting strong customer acquisition and program expansion in cardiometabolic and MSK offerings. Gross profit rose 66% to $170.9M, with gross margin expanding 510 bps to 65.7%, due to Care Team efficiencies and technology leverage. Operating loss narrowed to -$12.0M from -$43.7M, supported by 25% revenue growth outpacing 25% operating expense increase to $182.9M. Net loss improved to -$12.8M from -$47.1M, aided by IPO proceeds boosting interest income to $5.3M and debt extinguishment. Balance sheet strengthened post-IPO with $222.0M cash, no debt, and $229.7M equity. Operating cash flow turned positive at $18.3M. Forward-looking, management emphasizes multi-program adoption, GLP-1 support, and enrollment optimization amid seasonality and competition.

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