Omada Health, Inc.

Omada Health, Inc. is a U.S.-based virtual care company that delivers evidence-based programs for chronic conditions through a human-led, technology-enabled care model. Its platform supports members between doctor visits across cardiometabolic and musculoskeletal care, with programs sold directly to employers and through health plans, PBMs, and health systems.

−2,5 %

65,7 %

−4,9 %

+53,2 %

3.60

3.54

— Omada Health, Inc.
%
Cardiometabolic virtual care55% Programs for diabetes, hypertension, and related metabolic risk conditions delivered through ongoing member support.
Prevention & Weight Health25% Behavior-change and weight-management programs aimed at prevention and metabolic health improvement.
GLP-1 support services10% Companion services and prescribing-related support for members using obesity medications.
Musculoskeletal care10% Virtual care programs focused on MSK conditions and related member support.

Omada sells on a business-to-business-to-consumer basis, with customers that cover programs for employees, dependents,...

  • Self-insured employersprimary

    Buy Omada programs for employees and dependents to manage chronic disease and weight-related risk.

  • Health plansprimary

    Purchase directly or act as channel partners to offer Omada to covered lives and employer groups.

  • PBMsprimary

    Resell Omada programs or cover them directly for members as part of broader benefit offerings.

  • Health systemssecondary

    Use Omada for patients in risk-bearing arrangements where reducing downstream cost matters.

  • Government and Medicare Advantageemerging

    Emerging buyer base for broader covered-life expansion and new distribution channels.

Omada is headquartered in the United States and its business is primarily organized around U.S...

  • Headquartered in the United States
  • Primary customer base is U.S. employers and health plans
  • Sales and delivery are tied to U.S. healthcare benefit structures
  • Devices used in programs are manufactured in China and other markets
  • No country revenue split was disclosed in the excerpts

Omada’s strategy centers on expanding covered lives by adding new customers, deepening relationships with existing...

01
Expand multi-program adoptionmedium-term

Selling additional programs into existing accounts raises revenue per customer and improves retention.

02
Raise member enrollment and engagementshort-term

More enrolled and active members directly increase services revenue and improve customer outcomes.

03
Broaden distribution through channel partnersmedium-term

Health plans and PBMs extend reach into employer and member populations at lower sales friction.

04
Adapt the platform to obesity and GLP-1 careshort-term

The obesity market is evolving, and customers want support across medication and non-medication pathways.

Omada depends on customers and channel partners recognizing clinical and economic value, so adoption risk is closely...

high

Customer and channel partner concentration

A large share of revenue comes from a small number of health plan and PBM partners, increasing renewal and pricing risk.

Scope
Top five health plan and PBM partners represented 77% of revenue in 2025.
Materiality
high
high

Clinical value and adoption risk

If customers do not believe the programs reduce cost or improve outcomes, market adoption can slow materially.

Scope
Employer, plan, and PBM buying decisions depend on demonstrated outcomes.
Materiality
high
high

Cybersecurity and data privacy

The company handles PHI and other sensitive data, so breaches or outages could disrupt operations and create liability.

Scope
Technology-enabled healthcare platform and third-party service providers.
Materiality
high
medium

Member engagement and performance guarantees

Contracts may require repayment of fees if engagement, outcomes, or savings targets are not met.

Scope
Program-level customer contracts.
Materiality
medium
medium

Device sourcing and tariff exposure

Connected devices are part of cardiometabolic programs and are largely manufactured in China, creating cost and supply risk.

Scope
Hardware used in diabetes and hypertension programs.
Materiality
medium
Revenue recognition for virtual care programs
Affects quarterly revenue timing and deferred revenue balances
Variable consideration and performance guarantees
Can reduce recognized revenue through reserves or clawback estimates
Capitalized software and technology amortization
Affects operating expense and asset carrying values
Tax accounting for NOLs and uncertain positions
Can affect deferred tax assets and tax expense

: 29.4.2026