OMDA · Omada Health

Omada Health reported strong first-quarter 2026 results, with revenue of $78 million, up 42% year over year, driven by a 51% increase in total members to 1.02 million. The company's gross margin expanded to 62% (GAAP) from 58% in the prior year, reflecting improved operating leverage. Net loss narrowed significantly to $3 million from $9 million, and the company achieved positive adjusted EBITDA of $1 million, compared to a loss of $4 million in Q1 2025. Management highlighted the milestone of surpassing one million members and the expansion of PBM relationships to include all three of the nation's leading PBMs, including Optum Rx, which enhances access to GLP-1 therapies. The company also raised its full-year 2026 guidance: revenue now expected between $322 million and $330 million (midpoint 25% growth), and adjusted EBITDA between $14 million and $20 million, up from prior ranges of $312-$322 million and $7-$15 million, respectively. The balance sheet remains strong with $212 million in cash and equivalents. Overall, the results demonstrate accelerating growth, improving profitability, and strategic momentum in the cardiometabolic space.