OMDANasdaqServices-Health ServicesUS GAAP · USD

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.

Kysy yhtiöstä
Liikevaihto260milj. USD
+53,2 %v/v
Liikevoitto (EBIT)−12,0milj. USD
+72,6 %v/v
EBIT-marginaali−4,6%
+21,1 %-yks.v/v
Nettotulos−12,8milj. USD
+72,9 %v/v
Vapaa kassavirta16,9milj. USD
+148,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2023–2025

−1000100200300milj. USD2023: 123 milj. USD2023: EBIT −66 milj. USD20232024: 170 milj. USD2024: EBIT −44 milj. USD20242025: 260 milj. USD2025: EBIT −12 milj. USD2025260−12
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
92,6%FY2025100 %
  • Services92,6 %
  • Hardware7,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Omada sells on a business-to-business-to-consumer basis, with customers that cover programs for employees, dependents, or patients. Core buyers include fully insured health plans, self-insured employers, PBMs, and health systems that assume financial risk for care delivery. Channel partners also resell Omada programs to their own end customers, which broadens access but can make the sales path more indirect.

Self-insured employers

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

Health plans

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

PBMs

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

Health systems

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

Government and Medicare Advantage

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

Strategia

Omada’s strategy centers on expanding covered lives by adding new customers, deepening relationships with existing channel partners, and increasing adoption of multiple programs per customer. The company is also focused on improving member enrollment and engagement, since those drive recurring program usage and the value proposition for buyers.

Expand multi-program adoptionKeskipitkä aikaväli

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

Raise member enrollment and engagementLyhyt aikaväli

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

Broaden distribution through channel partnersKeskipitkä aikaväli

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

Adapt the platform to obesity and GLP-1 careLyhyt aikaväli

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

Maantiede

Omada is headquartered in the United States and its business is primarily organized around U.S. employers, health plans, PBMs, and health systems. The reports provided do not disclose a country revenue split, but the company’s operating model, customer base, and regulatory exposure are centered on the U.S. healthcare market.

Riskit

Omada depends on customers and channel partners recognizing clinical and economic value, so adoption risk is closely tied to proof of outcomes and member engagement. The business also faces concentration risk with major health plan and PBM partners, plus cybersecurity, privacy, and regulatory risks because it handles protected health information and operates in technology-enabled healthcare.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Clinical value and adoption risk1Cybersecurity and data privacy2Customer and channel partner concentration3Member engagement and performance guarantees4Device sourcing and tariff exposure5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Clinical value and adoption riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuEmployerPlanPBM buying decisions depend on demonstrated outcomes
  2. Cybersecurity and data privacyVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Technology-enabled healthcare platform and third-party service providers.

  3. Customer and channel partner concentrationVaikutus: KorkeaTodennäköisyys: Matala

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

    Kohdistuu: Top five health plan and PBM partners represented 77% of revenue in 2025.

  4. Member engagement and performance guaranteesVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Program-level customer contracts.

  5. Device sourcing and tariff exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Hardware used in diabetes and hypertension programs.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for virtual care programs

Revenue is split between upfront hardware/consultation and over-time access, requiring allocation judgments.

Vaikutus: Affects quarterly revenue timing and deferred revenue balances

Variable consideration and performance guarantees

Some contracts may require repayment if engagement or outcomes targets are missed.

Vaikutus: Can reduce recognized revenue through reserves or clawback estimates

Capitalized software and technology amortization

Internal-use software and developed technology are amortized over useful lives.

Vaikutus: Affects operating expense and asset carrying values

Tax accounting for NOLs and uncertain positions

The company remains subject to tax examinations since inception and has tax attributes to manage.

Vaikutus: Can affect deferred tax assets and tax expense

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Päivitetty: 24.9.2026

Omada Health, Inc. (Nasdaq) – Services-Health Services | Analyysi – Clarifo