Omada Health Q1 2026 slides: 42% revenue growth, positive EBITDA

Omada Health Inc. (NASDAQ:OMDA) presented its first quarter 2026 results on May 7, 2026, showcasing accelerating growth in its digital health platform while achieving a key profitability milestone. The company’s investor presentation, titled "Building a Between-Visit Provider," detailed strong financial performance alongside strategic positioning in the rapidly expanding GLP-1 medication market.

The digital health company’s stock rose 3.4% in aftermarket trading to $15.97, reflecting investor optimism about the company’s improved financial trajectory and raised full-year guidance. With a market capitalization of $942 million, Omada has demonstrated consistent revenue growth while improving operational efficiency across its multi-condition care platform.

Omada reported robust first quarter results, with revenue reaching $78 million, representing 42% year-over-year growth from $55 million in Q1 2025. The company’s member base expanded significantly to 1.025 million, up 51% from 679,000 members in the prior-year period, driven by growth across its cardiometabolic suite of programs.

As shown in the following financial snapshot, the company achieved multiple operational milestones during the quarter:

The company’s GAAP gross margin improved to 62% from 58% in Q1 2025, while non-GAAP gross margin reached 64%, up from 60% in the year-ago period. Most notably, Omada achieved positive adjusted EBITDA of $1 million, a $5 million improvement from the ($4 million) loss in Q1 2025. The GAAP net loss narrowed substantially to $3 million from $9 million, demonstrating meaningful progress toward profitability.

Key business highlights included joining Optum Rx’s Weight Engage portfolio, enabling employers to pair GLP-1 and anti-obesity medications with Omada’s companion care model. The company also established relationships with leading pharmacy benefit managers serving most commercially insured lives and processing approximately 80% of prescription claims in 2025.

Omada’s presentation emphasized its position as a "between-visit provider," addressing the critical gap in chronic disease management. The company highlighted that over 80% of factors determining health outcomes occur between doctor’s visits, including prescription adherence, exercise habits, nutrition, and social support.

The following illustration demonstrates Omada’s role in supporting members during this critical period:

The company has achieved significant scale, with 25 million individuals having benefits coverage for one or more Omada programs as of December 31, 2025. The platform serves over 2,000 customers with a 90%+ retention rate over a three-year average, demonstrating strong customer satisfaction.

Omada’s investment highlights showcase the breadth of its market opportunity:

The company operates in a massive addressable market, with the total current addressable market estimated at $138 billion across its target conditions. The epidemiological crisis driving this opportunity includes 115 million Americans with prediabetes, 40 million with diabetes, 120 million with hypertension, 53 million with high cholesterol, and 121 million with musculoskeletal conditions.

As illustrated in the market opportunity breakdown:

Omada differentiates itself through a comprehensive platform approach rather than point solutions. The company offers integrated programs across Prevention & Weight Health, Diabetes, Hypertension, Cholesterol, and Musculoskeletal conditions, with additional GLP-1 Care Track support for cardiometabolic programs.

The following overview demonstrates the depth and breadth of Omada’s program offerings:

This multi-condition approach addresses a critical market need, as the presentation highlighted significant comorbidities that complicate treatment. According to company data, 74% of people with diabetes also have hypertension, 58% of diabetes patients have musculoskeletal conditions, and 30% of prediabetes patients have hypertension.

The complexity of treating patients with multiple chronic conditions is illustrated here:

Central to Omada’s value proposition is what the company calls "Compassionate Intelligence"—the integration of human care teams with advanced technology. The care team includes health coaches, diabetes and hypertension specialists, licensed physical therapists, member support agents, and behavioral health specialists.

The following diagram illustrates how Omada combines human expertise with technological innovation:

The technology platform includes MSK computer vision, connected devices (blood pressure monitors, glucose monitors, smart scales), smart content recommendations, automatic message tagging, and instant context for care teams. This integration enables more efficient and personalized care delivery at scale.

Omada’s data infrastructure processes 75,000 data points every 60 minutes as of December 31, 2025. Since inception through year-end 2025, the platform has facilitated 41 million total messages, recorded 130 million blood glucose readings, tracked 163 million meals, and logged 893 billion steps.

The care team platform leverages AI-generated summaries to provide actionable insights:

Member engagement metrics demonstrate the effectiveness of this approach, with over 55% of members engaging monthly at 12 months and over 50% maintaining engagement at 24 months for cardiometabolic programs. Members have sent 6.7 million "thank yous" to care team members from inception through December 31, 2025.

Omada has established itself as a clinical leader in digital health, with 30 published peer-reviewed journal articles across multiple conditions. The company’s commitment to evidence-based care is demonstrated through numerous randomized controlled trials and observational studies.

The timeline of Omada’s clinical research publications spans from 2020 to 2025:

The clinical outcomes across Omada’s programs demonstrate meaningful health improvements. For Prevention & Weight Health, a randomized controlled trial showed Omada members achieved 5.5% weight loss at 12 months compared to 2.1% for small group education controls, with 43% of Omada members achieving at least 5% weight loss versus 21% of controls.

Comprehensive clinical results across all programs are presented below:

For diabetes management, an observational retrospective cohort study of 1,322 members showed a 2-point reduction in A1C, 3% weight loss, and 1.17 kg/m² BMI reduction at 12 months. Hypertension program results from 1,117 members demonstrated an 8.1 mmHg reduction in systolic blood pressure, 4.7 mmHg reduction in diastolic blood pressure, and 6.5 pounds of weight loss.

Beyond clinical outcomes, Omada has demonstrated significant economic value through simulated average gross healthcare savings:

The company projects three-year savings of $3,128 for Prevention & Weight Health, $3,947 for Diabetes, and $3,138 for Hypertension programs, with one-year MSK savings ranging from $1,116 to $1,523.

A significant portion of Omada’s presentation focused on the company’s strategic positioning in the rapidly growing GLP-1 medication market. The company serves as an independent program administrator in Eli Lilly and Company’s Employer Connect program, offering GLP-1 Care Track and prescribing capabilities.

New clinical analysis presented in the slides showed GLP-1 Care Track members lost 1.8 times the total weight and more than twice the body-fat percentage reduction versus controls over 12 weeks, while preserving comparable muscle mass.

Omada’s differentiated approach to GLP-1 support is illustrated in the following strategic framework:

The company addresses both employers who cover GLP-1 medications (43% of employers with 5,000+ employees) and those who don’t (57%), offering core programs, GLP-1 Care Track, and prescribing capabilities as appropriate.

The clinical results supporting Omada’s GLP-1 strategy are particularly compelling:

In a 12-week comparative study, Omada members preserved 3.0 times more muscle mass, achieved 2.1 times more body fat decrease, and experienced 1.8 times greater weight loss compared to control participants. More significantly, Omada members maintained their progress post-GLP-1 discontinuation, with only 0.8% weight regain at 12 months compared to 12% for Zepbound participants and 11% for Wegovy participants in their respective RCTs.

Omada has established relationships with PBMs processing approximately 80% of prescription claims, including participation in Evernorth’s industry-first financial guarantee for GLP-1 spend covering 11 million EncircleRx covered lives.

Omada’s presentation highlighted its diversified go-to-market strategy, partnering directly with employers, health plans, PBMs, platform resellers, and health systems. The company works with major partners including Cigna Healthcare, Express Scripts by Evernorth, Intermountain Healthcare, and Costco Wholesale.

The company’s market penetration remains relatively low across major segments, presenting significant growth opportunities. Commercial self-insured and PBM markets represent 21.1 million lives with approximately 8% penetration, commercial fully insured represents 6.0 million lives with approximately 10% penetration, and Medicare Advantage represents 289,000 lives with approximately 1% penetration.

Omada’s competitive advantage is evident in its app download trends versus competitors:

Monthly global app downloads show Omada significantly outpacing competitors including Hello Heart, Virta, Vida, Twin, Lark, and Livongo, with downloads approaching 80,000 by January 2026 compared to most competitors hovering around or below 20,000.

The company identified four critical dimensions that differentiate its offering: multi-condition care providing integrated support with one partner, evidence and accreditations with 30 peer-reviewed publications and four accreditations, compassionate intelligence combining proactive care teams with technology, and scaled diver