Overview
Omada Health, a company specializing in chronic care management, has filed an S-1 registration statement with the Securities and Exchange Commission (SEC) to initiate its public offering. This marks the second digital health company to pursue an IPO in 2025.
Details of the Offering
- The company has not disclosed the number of shares or the price range for the offering.
- It plans to list on the Nasdaq under the ticker symbol OMDA.
Company Background
Founded in 2011, Omada Health initially focused on prediabetes management. Its services have since expanded to include:
- Diabetes management
- Cardiometabolic health
- Hypertension
- Musculoskeletal conditions
The San Francisco-based company provides a virtual care program that empowers individuals to manage their health through personalized, data-driven coaching. Users can track various health metrics, including:
- Diet
- Exercise
- Blood glucose levels
Patients also have access to virtual care for additional support.
Financial Performance
In its filing, Omada reported:
- Full-year revenue for 2024: $169.8 million, a 38% increase from $122.8 million in 2023.
- Revenue for Q1 2025 (as of March 31): $55 million.
- Net losses of $47.1 million for 2024 and $9.4 million for Q1 2025.
Despite these losses, the company has made significant investments in program design and platform enhancements.
Market Context
In 2024, Amazon launched its Health Condition Programs, partnering with Omada Health to provide digital health benefits through employers and insurance carriers.
In 2022, Omada raised $192 million in Series E funding, bringing its total funding to over $256 million. The company also expanded its offerings to include behavioral health support.
Competitive Landscape
Another digital health company, Hinge Health, has also filed for an IPO, aiming to go public under the symbol HNGE. Hinge Health focuses on virtual care for musculoskeletal conditions, providing access to health coaches and physical therapists.
Conclusion
Omada Health’s IPO filing reflects the growing interest in digital health solutions, particularly in managing chronic conditions. The company aims to leverage its established programs and partnerships to expand its market presence.