Omada Health (NASDAQ:OMDA) reported rapid growth in 2025 and said it reached a new financial milestone in the fourth quarter, delivering its first quarter of GAAP profitability. Executives also highlighted expanding demand for its cardiometabolic platform, including GLP-1 companion care, and outlined new product initiatives in prescribing, flexible GLP-1 access, and cholesterol management—while emphasizing that those newer offerings were not materially included in its 2026 guidance.
2025 results: member growth, margin expansion, and first GAAP profitable quarter
Co-founder and CEO Sean Duffy said 2025 was a “milestone year” for Omada, citing the company’s public listing, 53% revenue growth, and first quarter of positive GAAP net income in Q4. Omada ended the year with 886,000 total members, up 55% from 2024, and reported revenue of $76 million in Q4 (up 58% year-over-year) and $260 million for the full year (up 53%).
Margins also improved. Cook reported Q4 GAAP gross margin of 71% (up from 67% a year earlier) and full-year GAAP gross margin of 66% (up from 61%). On an adjusted basis, Q4 gross margin reached 73%, which Cook called an all-time high and the first time the company operated above its long-term target of 70%+ adjusted gross margin. He attributed margin expansion to multi-condition growth that spreads fixed costs across a larger revenue base, care-team efficiencies supported by the platform and AI tools, and optimized staffing models.
Commercial momentum and enrollment efficiency
President Wei-Li Shao said Omada added 55,000 net new members in Q4—nearly double Q4 2024—bringing full-year net adds to 314,000 versus 182,000 in 2024. Growth was driven by multi-condition adoption and demand for GLP-1 support, along with improved marketing effectiveness.
Shao said estimated covered lives increased by more than 5 million in 2025, ending the year with more than 25 million estimated eligible lives. He also highlighted a 24% year-over-year increase in email enrollment rate, defined as the share of a customer population that receives outreach and then enrolls. In the Q&A, Shao described ongoing optimization efforts through extensive A/B testing across messaging and creative, as well as “omni-channel” outreach including digital signage, on-site engagement at large employers, and direct mail.
On engagement, Shao said that as of December 2025 more than 55% of members in their 12th month of cardiometabolic programs engaged with the platform at least once during the month, and more than 50% of members in their 24th month did the same.
GLP-1: scaling companion care, adding prescribing, and launching “Flex Care”
Duffy said Omada scaled to more than 150,000 members on GLP-1s and positioned itself as a leader in “enterprise GLP-1 companion care.” He said employers are looking to maximize the value of GLP-1 spending and reduce waste, and described member needs including side-effect management, habit building, staying on therapy, and maintaining results after discontinuation.
Shao expanded on new GLP-1 offerings, emphasizing that the employer market is split between those covering GLP-1s for obesity (roughly 45%) and those that do not (roughly 55%). Omada’s existing GLP-1 Care Track primarily targeted employers who cover GLP-1s, while the newly announced GLP-1 Flex Care is designed for employers that are not covering GLP-1s for obesity but still want a structured support option.
According to Shao, GLP-1 Flex Care includes clinical evaluation, prescribing, lab ordering, medical oversight, and Omada’s lifestyle and behavioral support, with employers paying for doctor visits, labs, and behavioral support. Employees purchase branded GLP-1s out-of-pocket through “vetted cash pay channels,” with an emphasis on the “lowest available price.” Shao said Flex Care is intended to help employers offer high-quality GLP-1 care “without immediately taking on that full drug spend risk.”
Executives also discussed Omada’s GLP-1 prescribing capability, announced in November, as a way to help employers navigate a more complex landscape of oral and injectable options, dosing, and switching and titration considerations. Shao described prescribing as an extension that can support members from prescription decisions through on-therapy support and discontinuation when appropriate.
- Price dynamics: In response to a question about potential GLP-1 price declines, Duffy said Omada is viewed by customers as a value maximizer of GLP-1 coverage decisions rather than an added cost, and argued lower drug prices could increase utilization and the need for companion services.
- Evidence discussed on the call: Shao cited internal analyses presented in prepared remarks, including one showing members who discontinued GLP-1s “largely maintained their weight” one year later, and another indicating members who stayed in an enhanced GLP-1 Care Track for 12 months achieved average weight loss of 18% compared with 12% in real-world evidence without structured support.
AI initiatives aimed at personalization and efficiency
Duffy said Omada has embedded AI across the business, including member-facing tools and internal workflows. He highlighted OmadaSpark, an AI-powered assistant launched in Q2 2025 that works alongside human coaches, and “Meal Map,” an AI-driven experience added in Q4 that focuses on food quality.
For care teams, Duffy cited AI-enabled tools such as contact summarization to reduce administrative burden. He also said 100% of engineers use AI-assisted coding tools. Both Duffy and Shao emphasized the value of Omada’s data set—including tens of millions of care-team messages and billions of data points—as a foundation for improving personalization over time.
In the Q&A, Shao said early results show members who interact with OmadaSpark and Meal Map demonstrate higher ongoing engagement and return to the app more frequently, and that Meal Map is associated with increased food tracking behavior, which he called a strong predictor of sustained weight management.
New cholesterol program and 2026 guidance
Omada also introduced a cholesterol program, which executives described as an underserved risk area within traditional cardiometabolic offerings. Shao said Omada completed an initial commercial launch with a large enterprise customer with more than 300,000 employees and expects a broader rollout in 2027. Cook later said cholesterol is priced roughly in line with the hypertension program.
Looking ahead, Cook guided to 2026 revenue of $312 million to $322 million (midpoint implying 22% growth) and adjusted EBITDA of $7 million to $15 million. He described the guidance approach as anchored to the year-end base of 886,000 members and historical enrollment conversion, engagement, and retention trends, assuming “no significant improvement.” Cook also stressed that the outlook does not assume meaningful contributions from GLP-1 prescribing, GLP-1 Flex Care, or the cholesterol program, and does not assume significant revenue from contracts not yet signed.
Cook provided additional cadence details, noting Q4 had unusually strong sequential growth and included a one-time $2 million revenue true-up related to a partner negotiation. Excluding that, he said Q1 revenue should be “roughly” flat relative to Q4, with sequential growth thereafter. He also said Q1 tends to be the largest net new enrollment quarter and carries higher costs from device shipments and care-team labor, with margins expected to improve as the year progresses.
About Omada Health (NASDAQ:OMDA)
Omada Health is a digital health company that specializes in the prevention and management of chronic conditions through personalized, technology-driven programs. The company’s platform combines data analytics, behavioral science and human coaching to support individuals at risk for or living with conditions such as prediabetes, type 2 diabetes, hypertension and musculoskeletal disorders. Participants access the program via a mobile app or web portal, where they receive tailored curriculum, feedback on health metrics and ongoing virtual coaching.
In addition to its core disease-management offerings, Omada Health has expanded its services to include mental health support and digital therapeutics for weight management.
