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Omada Health, Inc., together with its subsidiary, Physera, Inc., provides a range of virtual care programs in the United States. The company offers cardiometabolic programs for prediabetes, diabetes, and hypertension; a physical therapy program to address musculoskeletal conditions; other support programs for members taking glucagon-like peptide-1 agonists in its cardiometabolic program; and weight management programs, as well as various behavioral health support programs. It also delivers virtual care. The company offers its programs for employers, health plans and systems, and pharmacy benefits managers through its direct sales force and channel partners. The company was incorporated in 2011 and is headquartered in South San Francisco, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $260M | $-5M | $-13M | $12M | -5.6% | 53.2% | -72.9% |
| 2024 | $170M | $-38M | $-47M | $-38M | 12.3% | 38.3% | -30.2% |
| 2023 | $123M | $-58M | $-68M | $-53M | 19.3% | 37.7% | -6.9% |
| 2022 | $89M | $-64M | $-73M | $-72M | 24.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 89.18 | 122.78 | 169.80 | 260.21 |
| Operating Revenue | 89.18 | 122.78 | 169.80 | 260.21 |
| Cost Of Revenue | 46.39 | 52.81 | 66.92 | 89.27 |
| Gross Profit | 42.79 | 69.97 | 102.88 | 170.94 |
| Operating Expense | 115.14 | 135.97 | 146.53 | 182.91 |
| Research And Development | 26.17 | 33.74 | 35.92 | 40.68 |
| Selling General And Administration | 88.97 | 102.23 | 110.61 | 142.23 |
| Total Expenses | 161.54 | 188.78 | 213.45 | 272.18 |
| Operating Income | -72.35 | -66 | -43.65 | -11.97 |
| Total Operating Income As Reported | -72.35 | -66 | -43.65 | -11.97 |
| EBITDA | -63.99 | -58.36 | -37.83 | -4.75 |
| Normalized EBITDA | -65.82 | -55.77 | -38.05 | -1.18 |
| EBIT | -68.32 | -62.81 | -42.63 | -10.24 |
| Interest Income | 2.20 | 5.78 | 0.80 | 5.30 |
| Interest Expense | 4.20 | 4.70 | 4.51 | 2.53 |
| Net Interest Income | -2 | 1.07 | -3.70 | 2.77 |
| Other Income Expense | 1.83 | -2.58 | 0.22 | -3.58 |
| Interest Income Non Operating | 2.20 | 5.78 | 0.80 | 5.30 |
| Interest Expense Non Operating | 4.20 | 4.70 | 4.51 | 2.53 |
| Net Non Operating Interest Income Expense | -2 | 1.07 | -3.70 | 2.77 |
| Pretax Income | -72.52 | -67.51 | -47.14 | -12.78 |
| Tax Provision | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | -72.52 | -67.51 | -47.14 | -12.78 |
| Net Income From Continuing And Discontinued Operation | -72.52 | -67.51 | -47.14 | -12.78 |
| Net Income From Continuing Operation Net Minority Interest | -72.52 | -67.51 | -47.14 | -12.78 |
| Net Income | -72.52 | -67.51 | -47.14 | -12.78 |
| Net Income Common Stockholders | -72.52 | -67.51 | -47.14 | -12.78 |
| Net Income Including Noncontrolling Interests | -72.52 | -67.51 | -47.14 | -12.78 |
| Normalized Income | -74.35 | -64.93 | -47.36 | -9.20 |
| Diluted NI Availto Com Stockholders | -72.52 | -67.51 | -47.14 | -12.78 |
| Basic Average Shares | 47.72 | 47.72 | 55.74 | 36.64 |
| Diluted Average Shares | 47.72 | 47.72 | 55.74 | 36.64 |
| Reconciled Depreciation | 4.33 | 4.45 | 4.80 | 5.49 |
| Reconciled Cost Of Revenue | 46.39 | 52.81 | 66.92 | 89.27 |
| Total Unusual Items | 1.83 | -2.58 | 0.22 | -3.58 |
| Total Unusual Items Excluding Goodwill | 1.83 | -2.58 | 0.22 | -3.58 |
| Special Income Charges | 0 | -1.54 | 0 | -2.11 |
| Other Special Charges | - | 1.54 | - | 2.11 |
| Gain On Sale Of Security | 1.83 | -1.05 | 0.22 | -1.47 |
| General And Administrative Expense | 30.49 | 35.98 | 42.56 | 52.18 |
| Other Gand A | 30.49 | 35.98 | 42.56 | 52.18 |
| Selling And Marketing Expense | 58.48 | 66.25 | 68.05 | 90.04 |
| Otherunder Preferred Stock Dividend | - | - | 0.20 | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Omada Health, Inc.this co. | OMDA | $1.1B | -84.72 | 4.71 | -5.6% | -181.05 |
| OPKO Health, Inc. | OPK | $1.1B | -4.88 | 0.87 | -17.8% | -27.38 |
| Aktis Oncology, Inc. | AKTS | $1.1B | -17.25 | -7.52 | 43.6% | -14.83 |
| MannKind Corporation | MNKD | $1.1B | 185.49 | -21.31 | -11.5% | 26.79 |
| Savara Inc. | SVRA | $1.1B | -9.14 |
| 5.35 |
| -58.5% |
| -8.83 |
| Xeris Biopharma Holdings, Inc. | XERS | $1.1B | 1916.51 | 77.56 | 4.0% | 28.56 |
| Collegium Pharmaceutical, Inc. | COLL | $1.1B | 16.86 | 3.51 | 20.8% | 4.10 |
| CONMED Corporation | CNMD | $1.1B | 22.48 | 1.02 | 4.6% | 10.49 |
| Azenta, Inc. | AZTA | $1.1B | -18.88 | 0.61 | -3.2% | 20.85 |
| Peer Median | - | 5.99 | 0.95 | 0.4% | 7.30 | |