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