May 7, 2026

Omada Health Reports First Quarter 2026 Results

Revenue up 42% Year over Year;  Total Members Surpass One Million;
Expanded Channels Now Include All Three of the Nation’s Leading PBMs

SAN FRANCISCO - May 7, 2026 - Omada Health, Inc. (Nasdaq: OMDA), the virtual between-visit healthcare provider, today reported financial results for the first quarter ended March 31, 2026.

Recent Highlights

  • Total Members: 1.02 million Total Members at the end of Q1, up 51% year over year, reinforcing Omada’s role as an integrated, multi-condition cardiometabolic platform operating at scale.
  • Revenue: $78 million in the first quarter, up 42% year over year.
  • Omada joined Optum Rx’s Weight Engage portfolio to help employers expand responsible, clinically supported access to GLP‑1 and other anti‑obesity medications through their existing pharmacy benefit manager (PBM). This offering meaningfully increases access to GLP-1s by giving employers a way to provide medication management alongside the clinical and lifestyle support members need to succeed. It helps organizations already covering GLP‑1s strengthen their approach and offers others a responsible, clinically guided path to begin coverage of GLP-1s. Omada now has relationships with the nation’s three leading PBMs, who serve most commercially insured lives and processed 80% of prescription claims in 2025.
  • Omada announced a new clinical analysis showing that members in the GLP-1 Care Track lost on average 1.8 times the total weight and more than two times the percentage of body fat compared to a control group over a 12-week period, while preserving lean muscle mass.

Today, Omada announced that it will serve as an independent program administrator in Eli Lilly and Company’s Employer Connect program. Omada’s GLP‑1 Care Track and prescribing capabilities will be available on the direct-to-employer platform—adding another way to pair GLP‑1 access with coordinated, virtual lifestyle support before, during, and after medication.

“Surpassing one million Total Members is a milestone that reflects the durable growth and operating leverage we’ve built over 15 years of earning trust with many of the nation’s leading employers, health plans, and PBMs,” said Sean Duffy, co-founder and CEO of Omada Health. “We’re proud to now have relationships with all three of the nation’s leading PBMs — including our newest collaboration with Optum Rx — giving us broad ability to meet employers wherever they are on their GLP-1 and cardiometabolic journey, and a platform we believe positions us to successfully meet our market opportunity in the years ahead.”

Other First Quarter 2026 Financial Highlights

  • Gross margin of 62% in the first quarter, up from 58% in Q1 2025
  • Non-GAAP gross margin of 64% in the first quarter, up from 60% in Q1 2025
  • Net loss of $3 million in the first quarter, compared with a net loss of $9 million in Q1 2025
  • Adjusted EBITDA of $1 million in the first quarter, compared with an adjusted EBITDA loss of $4 million in Q1 2025
  • Cash and cash equivalents of $212 million

Please see the non-GAAP Financial Measures section below and reconciliations of GAAP to non-GAAP measures at the end of this press release.

Financial Outlook

For the year ending December 31, 2026, Omada expects:

  • Revenue in the range of $322 million to $330 million, with the midpoint representing 25% growth compared with 2025; this range is up from the prior range of $312 million to $322 million
  • Adjusted EBITDA in the range of $14 million to $20 million, with the midpoint representing a nearly three-fold increase compared with 2025; this range is up from the prior range of $7 million to $15 million

We have not provided an outlook for net loss (GAAP) or a reconciliation of expected adjusted EBITDA to net loss (GAAP) because net loss (GAAP) on a forward-looking basis is not available without unreasonable effort due to the potential variability and complexity of the items that are excluded from adjusted EBITDA, such as loss on debt extinguishment; provision for income taxes; depreciation and amortization; share-based compensation; change in fair value of warrant liabilities; amortization of intangible assets; and loss on disposal of property and equipment.

Conference Call

Omada Health will host a conference call at 1:30 p.m. PT/4:30 p.m. ET today, May 7, 2026, during which management will discuss first quarter 2026 results.

A live audio webcast of the call will be available online at https://investors.omadahealth.com. A replay will be available shortly after the conclusion of the call at the same link and will remain accessible for approximately 12 months.

Those participating via conference call can pre-register using the following link:

https://register-conf.media-server.com/register/BI854bc0e1054e4e9cabe5018d564013fe


Download the First Quarter 2026 Results

About Omada Health

Omada Health (Nasdaq: OMDA) is reverse engineering the way healthcare is delivered in America, putting the space between doctor visits–where health is won or lost–at the center of care. Today's healthcare system poorly serves chronic conditions that require ongoing support outside of the exam room, like obesity, diabetes, hypertension, cholesterol, and musculoskeletal conditions. Omada’s virtual-first model combines human-led care teams, connected devices, and AI-enabled technology to deliver personalized care at scale, including support for GLP-1 therapy. Omada has served more than two million members since launch across 2,000+ employers, health plans, pharmacy benefit managers, and health systems. Learn more at omadahealth.com.

 

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements contained in this press release include, but are not limited to, statements we make regarding our GLP-1 leadership, our new prescribing offerings and the benefits of those offerings, ability to deliver measurable results, business trends, growth prospects and future financial and operating results, and our financial outlook.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, macroeconomic and industry conditions and other factors. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, the following: our limited operating history and ability to manage our growth effectively; our history of net losses and ability to maintain profitability; the ability of our programs to achieve and maintain market acceptance; changes in the healthcare industry and competition; the growth and success of our customers and channel partners; the number of individuals covered by our programs and the number of our programs covered by our customers; the level of member engagement in our programs; our ability to maintain and grow customer and channel partner relationships; concentration of a substantial portion of our sales among a limited number of customers and channel partners; our ability to attract new customers and channel partners and increase member enrollment from existing and new customers and channel partners; our ability to increase the size of our organization; our dependence on a limited number of third-party suppliers; the impact of seasonality on our financial results; our ability to achieve widespread brand awareness and the impact of any negative media coverage; our ability to develop and release new programs and services; cybersecurity threats; our dependence on the interoperability of our programs and connected devices with third-party devices, operating systems and applications; changes in laws or regulations or the implementation of existing laws and regulations; compliance with privacy and security laws and regulations; our and our affiliated professional entities’ compliance with healthcare regulatory laws; any modification in U.S. Food and Drug Administration enforcement policies; our dependence on our relationships with affiliated professional entities; and other risk factors identified in our filings with the Securities and Exchange Commission (the “SEC”), including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which is being filed at or around the date hereof.

All forward-looking statements in this press release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required under applicable law.

 

Investor Relations Contact:

Craig Gracey

ir@omadahealth.com

Media Contact:

Rose Ramseth

press@omadahealth.com