OMDA | Market Cap: $1.4B (07/13/26)
Industry:
Healthcare Providers & Services

DESCRIPTION

Omada Health is a virtual chronic care company that delivers digital health programs for people with cardiometabolic and musculoskeletal conditions. Omada's programs cover weight health and diabetes prevention, diabetes management, hypertension, MSK health, and cholesterol, and are delivered through a mobile app, connected devices (scales, blood glucose monitors, blood pressure cuffs), and human care teams including health coaches and physical therapists. Omada sells through a B2B2C model — paying customers are employers, health plans, and PBMs, while individual members typically pay nothing out of pocket. Omada charges a monthly per-member fee that is only billed when a member actively engages with the platform, creating a usage-linked revenue model driven by covered lives, enrollment rates, and member retention. As of year-end 2025, Omada had roughly 886,000 enrolled members and 25M+ covered lives. Omada's growth strategy focuses on adding covered lives through PBM and health plan channel partnerships, improving enrollment conversion, and expanding its multi-condition platform to deepen revenue per customer. A near-term growth initiative is GLP-1 prescribing, launching in 2026, which adds medication management alongside lifestyle support. Because Omada bills as a healthcare provider rather than a wellness vendor, its fees count as medical spend for customers, which simplifies administration and differentiates Omada from point solutions.

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