Research Reports

Prepared Highlights

Members: Ended Q3 2025 with 831,000 members, up 53% year-over-year (CEO, CFO). Net new members of 79,000 in Q3 and 259,000 year-to-date (Wei-Li).
Revenue: Q3 revenue of $68 million, up 49% year-over-year (CEO, CFO). First 9 months of 2025 revenue up 51% vs. same period last year (Sean).
Gross Margin: GAAP gross margin of 66% (vs. 63% in Q3 '24); non-GAAP adjusted gross margin of 68% (vs. 65% in Q3 '24), up ~300 bps year-over-year (CEO, CFO).
Net Loss: GAAP net loss of $3 million in Q3 (vs. $9 million in Q3 '24); net loss margin negative 5% (vs. negative 20%) (CEO, CFO). GAAP loss per share of $0.06 (vs. loss of $1.18) (CFO).
Adjusted EBITDA: Positive $2 million in Q3 (vs. loss of $5 million in Q3 '24); adjusted EBITDA margin 4% (vs. negative 11%) (CEO, CFO). First quarter of positive adjusted EBITDA (CFO).
Operating Leverage: First 9 months of 2025: revenue +51%, membership +53%, while operating expenses rose only 24% and cost of revenue only 31% (Sean).
GLP-1 Prescribing: Announced new prescribing for anti-obesity medications within GLP-1 Care Track as a planned option; planned launch in first half of 2026 (Sean, Wei-Li).
Research Milestones: 30th peer-reviewed publication (joint and muscle health program showing median PMPM savings >$100 in first 6 months, ~1.8x ROI) (Sean, Wei-Li). GLP-1 discontinuation analysis: members in analysis maintained weight (0.8% average change 1 year after discontinuation; 63% maintained or continued losing) (Wei-Li).
Multi-Condition Adoption: 75% of new large channel partner customers chose multiple Omada programs; expansion with consultant partner covering ~110,000 benefit-eligible employees added full cardiometabolic suite (Wei-Li).
Balance Sheet: Ended Q3 with $199 million cash and equivalents (vs. $223 million in Q2 '25); decrease driven by paying off $30 million of debt (CFO).

Official Guidance

Full-Year 2025 Revenue: $251.5 million to $254.5 million (up from prior $235M–$241M); midpoint reflects 49% growth over 2024 (CFO).
Full-Year 2025 Adjusted EBITDA: Negative $2 million to breakeven (up from prior negative $9M–$5M); midpoint reflects ~$28 million improvement vs. 2024 (CFO).

Mgmt Quotes

"For the first time, we delivered a positive adjusted EBITDA quarter with Q3 landing at $2 million compared with a $5 million loss at Q3 a year ago." (Sean)
"75% of these customers have chosen to offer multiple Omada programs to their employees, underscoring the appeal and value of our integrated multi-condition platform." (Wei-Li)
"We have the privilege and the responsibility to dream big on behalf of the more than 150 million Americans living with chronic disease." (Sean)
"Through the first 9 months of 2025, revenue is up 51% and membership is up 53%... while operating expenses rose only 24% and cost of revenue only 31%." (Sean)
"We expect 2025 revenue in the range of $251.5 million to $254.5 million... adjusted EBITDA in the range of negative $2 million to breakeven." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Total Members (Q3 end)	831,000	+53% YoY (CEO, CFO, Wei-Li)
Net New Members Q3	79,000	(Wei-Li)
Revenue (Q3)	$68 million	+49% YoY (CEO, CFO)
GAAP Gross Margin (Q3)	66%	vs. 63% in Q3 '24 (CEO, CFO)
Non-GAAP Adjusted Gross Margin (Q3)	68%	vs. 65% in Q3 '24; +300 bps YoY (CEO, CFO)
GAAP Net Loss (Q3)	$3 million	vs. $9 million loss in Q3 '24 (CEO, CFO)
Adjusted EBITDA (Q3)	$2 million	vs. loss of $5 million in Q3 '24 (CEO, CFO)
Cash & Equivalents (Q3 end)	$199 million	vs. $223 million in Q2 '25 (CFO)
Full-Year 2025 Revenue Guidance	$251.5M–$254.5M	Up from prior $235M–$241M (CFO)
Full-Year 2025 Adjusted EBITDA Guidance	-$2M to breakeven	Up from prior -$9M to -$5M (CFO)

Q&A Batch (1-5 of 5)

Q1 — Lisa Gill

Topic: GLP-1 prescribing新计划细节与定价
Key points:
- 新功能是GLP-1 Care Track的下一阶段，使用品牌药（非复方），由会员自行选择药房配送，采用企业模式与客户和计划合作。
- 定价尚未公布，但将在月度慢病管理费基础上叠加，管理层表示将“对营收和利润率都有增量贡献”。
- 针对TrumpRx宣布的约$149价格，管理层称消息“刚刚发布”，需观察价格从Medicare Fee-for-Service到Medicare Advantage再到商业板块的传导路径。
Mgmt stance: 中立偏乐观——对GLP-1 prescribing前景兴奋，但定价细节需等待市场验证，暂不提供具体指引。

Q2 — Craig Hettenbach

Topic: GLP-1 prescribing的2026年投资规划与销售季节表现
Key points:
- 2026年需要投资于工程、产品组织以及销售和市场团队，但具体数字未披露，将在3月电话会提供更详细指引。
- 销售季节方面：Q3新业务和增购中，多产品渗透率继续超过50%的趋势；Q3交易量同比实现“双位数增长”。
Mgmt stance: 中性偏正面——投资是客户需求驱动（健康计划和PBM要求），销售进展良好但季节未结束，团队正努力收官。

Q3 — Richard Close

Topic: 毛利率目标、AI投资与CVS合作启动时间
Key points:
- 公司承诺未来实现70%年化毛利率，计划通过阶梯式改善达到20%+ EBITDA利润率；2026年被视为关键投资年，大部分投资将落在销售、营销和研发的运营费用中。
- 关于CVS（大型合作）：管理层不具体评论CVS表现，但指出本季已签约的客户大多数将在1月启动（符合常规）。
Mgmt stance: 中性偏正面——重申长期财务目标，投资不影响毛利率承诺，但2026年需消化成本；CVS合作执行按计划进行。

Q4 — Elizabeth Anderson

Topic: 新举措对季节性模式的影响及Q4指引
Key points:
- 新功能（如处方能力）将遵循正常企业销售周期，6-18个月不等，不会立即产生收入。
- 历史季节性：Q4因假期通常较慢；隐含Q4营收从Q3的$68M增至$69M（环比小幅提升），公司计划在Q4积极建设管道以支撑2026年开局。
Mgmt stance: 中性——确认季节性规律不变，新业务贡献需时间，Q4重点在管道建设。

Q5 — Saket Kalia

Topic: GLP-1处方工具的目标客户群及会员增长与留存率
Key points:
- 新处方能力既可面向现有客户（已使用GLP-1 Care Track）也可用于新客户，强调配置灵活性（可选是否包含处方）。
- Q3会员增长加速，GLP-1 Care Track是重要推动力，但多条件平台整体均有显著增长；GLP-1作为对话入口带来全平台销售。
- 参与率维持稳定：第1年底55%会员仍在项目中，第2年有50%保持参与。
Mgmt stance: 乐观——GLP-1是增长“尾风”，多产品策略正转化为业绩，参与率健康。

Q&A Batch (6-8 of 8)

Q6 — Ryan MacDonald

Topic: GLP-1 带动多条件需求及客户类型分化
Key points:
- 买家分为两类：已覆盖 GLP-1 的雇主寻求 GLP-1 Care Track 与心脏代谢多产品套件；未覆盖 GLP-1 的雇主则关注非 GLP-1 的体重健康方案。
- 战略意图：GLP-1（无论是否被覆盖）作为“潮汐”拉动多条件平台需求，Q3 业绩已体现。
- PBM 合作伙伴合同使雇主可部署全系列 Omada 方案，包括覆盖与不覆盖 GLP-1 的雇主。
- 少数客户正在停止 GLP-1 覆盖，Omada 可支持其员工停药后的健康管理。
Mgmt stance: 看涨——市场需求多样化，公司的可配置性和规模是差异化优势。

Q7 — David Roman

Topic: GLP-1 拉动其他组合的贡献及会员增长驱动因素
Key points:
- GLP-1 Care Track 会员数量仍占少数（未提供具体比例），大部分增长来自非 GLP-1 业务（MSK、预防、体重健康、糖尿病、高血压）。
- 2024 年营销效率提升 60%，该趋势在 Q3 延续，成为会员增长的重要驱动。
- 会员增长与典型 Q1 高峰后下滑不同，Q3 持续增长，原因包括：多产品销售前期成果兑现、营销效率持续改善、多渠道数字营销策略。
- Q3 推出 Meal Map、OmadaSpark 等创新功能，吸引新会员并提升老会员体验。
Mgmt stance: 看涨——多产品策略和营销效率带来持续增长动力。

Q8 — Gene Mannheimer

Topic: 产品密度（多产品客户占比）及披露情况
Key points:
- 过去披露：2024 年末 31% 的客户使用多个产品；2024 年销售周期中，超 50% 的新业务以多产品形式起步。
- 公司考虑是否继续披露该指标，可能于 2025 年结束后更新。
Mgmt stance: 中性——仅陈述历史数据，未对趋势做明确判断。