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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% | - |
| 2024 | $170M | $-38M | $-47M | $-38M | 12.3% | 38.3% | - |
| 2023 | $123M | $-58M | $-68M | $-53M | -68.2% | 37.7% | - |
| 2022 | $89M | $-64M | $-73M | $-72M | -46.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 89.19 | 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 |
| Operating Income | -72.35 | -66 | -43.65 | -11.97 |
| EBITDA | -63.99 | -58.36 | -37.83 | -4.75 |
| EBIT | -68.32 | -62.81 | -42.63 | -10.24 |
| Pretax Income | -72.52 | -67.51 | -47.14 | -12.78 |
| Tax Provision | 0 | 0 | 0 | 0 |
| Net Income | -72.52 | -67.51 | -47.14 | -12.78 |
| Net Income Common Stockholders | -72.52 | -67.51 | -47.14 | -12.78 |
| Total Expenses | 161.53 | 188.78 | 213.45 | 272.18 |
| Interest Expense | 4.20 | 4.71 | 4.51 | 2.53 |
| Interest Income | 2.20 | 5.78 | 0.81 | 5.30 |
| Research And Development | 26.17 | 33.74 | 35.92 | 40.68 |
| Selling General And Administration | 88.97 | 102.23 | 110.61 | 142.23 |
| Normalized EBITDA | -65.82 | -55.77 | -38.05 | -1.18 |
| Normalized Income | -74.35 | -64.93 | -47.35 | -9.20 |
| Basic EPS | -1.52 | -1.41 | -0.85 | -0.35 |
| Diluted EPS | -1.52 | -1.41 | -0.85 | -0.35 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 1.83 | -2.58 | 0.22 | -3.58 |
| Total Unusual Items Excluding Goodwill | 1.83 | -2.58 | 0.22 | -3.58 |
| Net Income From Continuing Operation Net Minority Interest | -72.52 | -67.51 | -47.14 | -12.78 |
| Reconciled Depreciation | 4.33 | 4.45 | 4.80 | 5.49 |
| Reconciled Cost Of Revenue | 46.39 | 52.81 | 66.92 | 89.27 |
| Net Interest Income | -2 | 1.07 | -3.70 | 2.77 |
| Net Income From Continuing And Discontinued Operation | -72.52 | -67.51 | -47.14 | -12.78 |
| Total Operating Income As Reported | -72.35 | -66 | -43.65 | -11.97 |
| Diluted Average Shares | 47.72 | 47.72 | 55.74 | 36.64 |
| Basic Average Shares | 47.72 | 47.72 | 55.74 | 36.64 |
| Diluted NI Availto Com Stockholders | -72.52 | -67.51 | -47.14 | -12.78 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0.20 | 0 |
| Net Income Including Noncontrolling Interests | -72.52 | -67.51 | -47.14 | -12.78 |
| Net Income Continuous Operations | -72.52 | -67.51 | -47.14 | -12.78 |
| Other Income Expense | 1.83 | -2.58 | 0.22 | -3.58 |
| Special Income Charges | 0 | -1.54 | 0 | -2.11 |
| Other Special Charges | 0 | 1.54 | 0 | 2.11 |
| Gain On Sale Of Security | 1.83 | -1.05 | 0.22 | -1.47 |
| Net Non Operating Interest Income Expense | -2 | 1.07 | -3.70 | 2.77 |
| Interest Expense Non Operating | 4.20 | 4.71 | 4.51 | 2.53 |
| Interest Income Non Operating | 2.20 | 5.78 | 0.81 | 5.30 |
| Selling And Marketing Expense | 58.48 | 66.25 | 68.05 | 90.04 |
| General And Administrative Expense | 30.49 | 35.98 | 42.55 | 52.18 |
| Other Gand A | 30.49 | 35.98 | 42.55 | 52.18 |
| Operating Revenue | 89.19 | 122.78 | 169.80 | 260.21 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Omada Health, Inc.this co. | OMDA | $841M | - | 3.60 | -5.6% | -94.35 |
| SELLAS Life Sciences Group, Inc. | SLS | $862M | - | 10.09 | -37.9% | - |
| Janux Therapeutics, Inc. | JANX | $860M | - | 0.89 | -11.9% | 0.55 |
| EVMN | EVMN | $859M | - | 3.66 | -33.5% | -8.93 |
| Theravance Biopharma, Inc. | TBPH | $859M | 8.09 |
| 2.87 |
| 35.7% |
| -296.42 |
| MannKind Corporation | MNKD | $849M | 137.50 | -16.57 | -11.5% | 19.49 |
| OPKO Health, Inc. | OPK | $838M | - | 0.66 | -17.8% | -7.47 |
| MeiraGTx Holdings plc | MGTX | $828M | - | -126.06 | 1971.4% | -8.05 |
| First Tracks Biotherapeutics, Inc. | TRAX | $821M | - | - | -41.8% | - |
| Peer Median | - | 72.80 | 0.89 | -14.8% | -7.76 | |