Omada Health, Inc.

omadahealth.com

What Do They Do?

Sells virtual care for chronic conditions and physical therapy to employers, health plans, and health systems.

How Do They Make Money?

For virtual care, customers pay fees based on member enrollment and/or engagement; hardware sales are counted when devices ship.

revenue

Segment	Share	Revenue	How money arrives
Services Usage-based	93%		Usage-based
Hardware Sold outright	7.4%		Sold outright

Who Are Their Customers?

Employers and healthcare organizations cover programs for employees or patients. Omada sells directly to customers and through channel partners, including health plans and pharmacy benefit managers that resell programs to end customers.

Do Revenues Turn Into Profits?

Not on paper. It lost $12.8M in FY2025, but brought in more cash than it spent: $16.9M of free cash flow.

Operating income, FY2025

−5% of revenue

▼ −73% (Loss) vs FY2024 (−$43.7M, −26%)

Net income, FY2025

−5% of revenue

▼ −73% (Loss) vs FY2024 (−$47.1M, −28%)

Free cash flow, FY2025

7% of revenue

▲ Now profitable vs FY2024 (−$34.8M, −20%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +43%; vs $61.4M in Q2 FY2025
Net income: ▲ Now profitable; vs −$5.3M in Q2 FY2025

Services share of revenue vs 92.8% in Q2 FY2025

Aug 6, 2026 CEO transition announced and 2026 revenue outlook raised Wei-Li Shao is set to become CEO on January 1, 2027; the 2026 revenue range rose to $334 million to $340 million from $322 million to $330 million.

Revenue over time

Services Hardware

$500M$250M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Hello Heart, Lark Technologies, Livongo, Teladoc Health, Onduo, Vida Health, Virta Health, Hinge Health, SWORD Health, and DarioHealth

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