Omada Health Inc (NASDAQ: OMDA) is a digital health company that delivers virtual cardiometabolic and musculoskeletal programs to members through employer and health plan customers. Revenue comes primarily from services fees paid by employers, health plans, and channel partners, with a smaller hardware component tied to connected devices shipped to members. Services revenue represented 93% of total revenue in FY2025, FY2024, and FY2023, with hardware accounting for the remaining 7% in each year. Omada launched its first program in diabetes prevention and weight health in 2012 and now offers programs covering prediabetes, diabetes, hypertension, high cholesterol, and physical therapy for musculoskeletal conditions. A GLP-1 Care Track, first launched in 2023, supports members on glucagon-like peptide-1 therapies, with over 150,000 members across programs having used GLP-1s as of December 31, 2025. The company reported a three-year average customer retention rate above 90% and customer satisfaction rates above 90% for program implementation and customer success as of December 31, 2025. Gross margin expanded from 57% in FY2023 to 66% in FY2025.

Revenue model

Omada generates revenue through two streams: services fees (93% of revenue in FY2025) paid by employer and health plan customers for member access to virtual programs, and hardware fees (7% of revenue in FY2025) from connected devices provided to members. A small portion of revenue comes from member cost-sharing amounts such as copayments and deductibles paid directly by members.

Products and services

Omada offers virtual cardiometabolic programs for prediabetes, diabetes, hypertension, and high cholesterol, as well as a physical therapy program for musculoskeletal conditions. The GLP-1 Care Track, embedded in cardiometabolic programs and first launched in 2023, supports members on GLP-1 therapies before, during, and after treatment. A GLP-1 Enhanced Care Track adds exercise specialists and extended support. Omada also announced the capability to prescribe GLP-1 therapies and other anti-obesity medications as a program extension. Connected hardware devices are shipped to members as part of program delivery.

Customers and end markets

Customers are employers and health plans that contract with Omada to provide virtual health programs to their covered populations. Channel partners assist in distribution and member enrollment. Members are individuals with cardiometabolic conditions or musculoskeletal needs. The company targets the employer-sponsored benefits and managed care end markets.

Value-chain role

Omada sits between employers and health plans (payers) and individual members (end users), acting as a virtual care program provider. It handles program delivery, member enrollment support, connected device supply through third-party manufacturers, data reporting, and customer success management. Third-party suppliers provide the connected devices distributed to members.

Geographic exposure

The 10-K does not specify revenue by geography. The company is incorporated in the United States and the filing references U.S.-based regulatory and payment card compliance obligations, indicating a primarily domestic operation.

Source: SEC 10-K, filed 2026-03-06

Industry: Services-Health Services