Omada Health, a virtual chronic care provider, filed to go public on Friday, marking the second digital health company to plan an IPO in 2025. While the company has not disclosed the number of shares or price range, it plans to list on the Nasdaq Global Market under the ticker "OMDA." Omada initially filed a draft registration with the SEC in June 2024, which was kept confidential until now.
Founded in 2012, Omada offers virtual programs targeting diabetes prevention, weight health, prediabetes, hypertension, and musculoskeletal conditions. The company now serves 2,000 customers with over 679,000 members enrolled in one or more programs, with a history of supporting over one million members. In addition to its existing services, Omada recently introduced a care track for GLP-1 drugs aimed at helping employers offer weight loss and obesity management medications to employees.
Omada has raised over $500 million, including a $192 million Series E funding round in 2022, elevating it to unicorn status. Its revenue grew by 38% from $123 million in 2023 to $170 million in 2024, with a 57% increase in Q1 2025 compared to the previous year. Despite consistent losses due to significant investments in program development, Omada is expanding its reach by targeting multiple markets such as Medicare Advantage and government programs, alongside its core customer base of employers and health plans.
The company has maintained a strong customer retention rate of 90% over three years and boasts proven clinical outcomes across several conditions. Omada’s business remains highly concentrated, with 69% of its 2024 revenue coming from its top five health plan and PBM partners. The company is seeking growth by expanding its customer base and exploring new channels like health systems and government programs.
Omada's IPO follows other notable healthcare tech IPOs, such as Hinge Health’s S-1 filing in March and several other healthcare tech companies debuting in 2024. J.P. Morgan, Goldman Sachs, Morgan Stanley, and Barclays are among the underwriters for Omada's offering.