OMDA

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 4:30 p.m. ET Vice President and Chief Accounting Officer - Craig Gracey Co-founder and Chief Executive Officer - Sean Duffy President - Wei-Li Shao Chief Financial Officer - Steve Cook Operator: Good day. Thank you for standing by. Welcome to the Omada Health second quarter 2026 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one on your telephone. You will hear an automated message advising that your hand is raised. To withdraw your question, please press star one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Craig Gracey, Vice President and Chief Accounting Officer. Please go ahead. Craig Gracey: Thank you. Good afternoon. Welcome to Omada Health second quarter 2026 earnings conference call. Joining me today are Sean Duffy, our Co-founder and CEO, Wei-Li Shao, our President, and Steve Cook, our CFO. Before we begin, I'd like to note that we will be discussing non-GAAP financial measures that we consider helpful in evaluating Omada's performance. You can find details on how these relate to our GAAP measures, along with the reconciliations in the press release that is available on our website. We will also make forward-looking statements based on our current expectations and assumptions, which are subject to risks and uncertainties, including factors listed in our press release and in the risk factors found in our filings with the SEC. Actual results could differ materially. We assume no obligation to update these forward-looking statements. With that, I'll turn the call over to Sean. Sean Duffy: Thank you, Craig. Good afternoon, everyone. Thank you for joining us. We are excited to be speaking with you today to discuss two significant points in Omada's journey to bend the curve in healthcare. First, we just reported our strongest quarter ever, reaching a record number of members and our highest revenue and gross margin to date. With more than 2 million lifetime members served, commercial relationships with the nation's three leading PBMs, a proven and profitable model, Omada is in its strongest position since the company's founding. Second, this strong foundation is why, after founding Omada over 15 years ago, I'm ready to pass the leadership baton. On January 1, 2027, Omada's President, Wei-Li Shao, will become the Chief Executive Officer. Wei-Li is known to many of you. Seven years ago, he joined Omada as Chief Commercial Officer and for over four years has served as our President. Wei-Li has cultivated the trust of the team and our partners, delivering not only reliable performance, new innovations that have put Omada on what we believe is a durable long-term trajectory. I'm excited to watch Omada accelerate into its next chapter under Wei-Li's leadership. I am equally excited to move into my new role as Executive Chair, where I will continue as part of the management team, focusing on long-term strategy, catalyzing partnerships and other opportunities we believe will create the greatest value for Omada over the long term. Before I hand it over to Wei-Li to discuss our operational performance, I want to spend a moment to highlight what matters most to us here at Omada. That's the people we served. I'm glad my organization provided Omada as a health option. Over the past year, the helpful resources, daily tracking, and guidance from my diabetes specialist and my health coach helped me achieve major milestones. Thanks to them, I reached my target weight, put my diabetes in full control, and completely reversed my hypertension by transforming my lifestyle. I am incredibly grateful for the support. Stories like that are why we exist. As we talk about revenue, margins, and membership growth, which are important indicators of the business we're building, I want to remind everybody that behind those numbers is someone working to live healthier, avoid disease progression, and get the support they need between visits with their physician. That's the mission that continues to drive us. With that, I'll turn it over to Wei-Li to discuss the operational momentum we have seen across the business. Wei-Li Shao: Thanks, Sean. Before we turn to the quarter, I want to express my gratitude for the opportunity to become Omada's CEO in January. It's a genuine honor. This is a defining moment for Omada as three powerful forces converge to shape our next chapter. First, the commercial reach we are building allows us to bring high-quality clinical care to more and more Americans, allowing us to further our mission to bend the curve. Second, GLP-1s and adjacent therapies are powerful new tools that complement what we treat and how we treat it. Third, the rapid evolution of AI is reshaping how personalized care can be delivered at scale. My focus as CEO will be translating these forces into better health outcomes for millions of Americans. We have shown our model works, and our results support our ambitions. Now is the time to push even harder on our mission to bend the curve of chronic disease in America. As Sean mentioned, this was a record-setting quarter that we're incredibly proud of. Q2 caps off an exceptional first half of 2026 for Omada. Year-over-year, we delivered 43% revenue growth and expanded gross margin by 700 basis points to 73% on a GAAP basis and by 600 points to 74% on a non-GAAP basis. We also generated $5 million in net income and $11 million in adjusted EBITDA versus a loss a year ago. Once again, we exceeded consensus, enabling us to raise our full year outlook. More importantly, we saw strong momentum across our programs, bringing the total numbers as of the end of the second quarter to 1.1 million, up 45% year-over-year. I will walk through our Q2 execution through the four parts we are focused on: covered lives, enrollment, engagement, and operating efficiency. Covered lives represents the individuals with benefits coverage to apply for and enroll in one or more of our programs through our employer, health plan, pharmacy benefit manager, and other customers. We update this figure annually. As of December 2025, we had more than 25 million estimated eligible covered lives, and we are building off that base as we set up for 2027. A quick reminder on the typical seasonality of our commercial year. The first half is when we build new customer relationships. The second half is historically when we close them, and January is when the annual benefit cycle launches. Q2 sits at the front end of that cycle. Our commercial progress in Q2 continued to be strong like we saw last year. During the quarter, we added new customers spanning food service, national retail, public sector education, and industrial employers. These wins support the pipeline we expect to close the rest of the year, and we have seen particular strength in our new products, including our GLP-1 suite and cholesterol. The breadth here reflects something fundamental to our business. The need for chronic care support is broad and diverse across the types of employers and categories of conditions we are positioned to treat. Turning to our newer PBM channels, we also saw continued progress in Q2. One channel, now in its second year, has built a strong customer pipeline into the second half in tracking ahead of our expectations. The other, which is also our first partner to include our prescribing program, is in the very early stages of its sales motion with encouraging signs. We also deepened our footprint inside customers we already serve. The expansion I'm most excited to talk about this quarter is with the Health Care Service Corporation, or HCSC, one of the largest Blues plans in the country, and a partner we have worked with for several years across our prevention and Hypertension Programs. In Q2, we extended those programs into HCSC's fully insured book of business in three additional states, reaching an additional 1.5 million covered lives launching in 2027. This expansion matters for a couple of reasons. First, HCSC is an example of the kind of long-standing partner we can expand with over time as we prove our results across successive programs. Second, the fully insured component is embedded at the benefit level, which means members can enroll directly without a downstream employer sales cycle. This is the kind of channel dynamic we are working to build for scale. We believe Q2 was a strong quarter for the front end of our commercial cycle. We saw new customer wins spanning diverse industries, meaningful progress in our newer PBM channels, and continued expansion inside customers we already serve. This is the covered lives base we will seek to activate through the 2027 benefit cycle, and we believe that the momentum is here setting up for a strong second half. Turning now to enrollment. Enrollment is where we turn covered lives into Omada members. Let me highlight three things for the quarter. The first and most important is the breadth of our enrollment growth. As in Q1, growth in Q2 was broad-based through our cardiometabolic suite, reinforcing that our momentum extends well beyond a single program. Since our last earnings call, we reached two important milestones that speak to the breadth ahead. First, we launched cholesterol as a standalone care track for the first time with one of the largest retailers in America, and that early engagement is an encouraging proof point of demand. Second, we have advanced prescribing discussions with channel partners and employers, including our first closed prescribing customer that will launch in 2027, which gives us an early signal on market fit for this program. Building on that same theme, revenue growth from our Diabetes and Hypertension Programs continued to meaningfully outpace our prevention and weight health program in Q2, reflecting a healthy shift in mix toward our higher value programs. As we continue to expand the platform through the likes of our GLP-1 suite and cholesterol, we believe we can continue to increase enrollment over time. The second is the effectiveness of our enrollment engine. Our email campaigns are the primary channel through which employees learn about and enroll in our programs, and they converted approximately 20% higher year-over-year. We believe this is a leading indicator of the health of the enrollment efforts, reflecting improvements in targeting, personalization, and messaging on the same audience. The third is seasonality. Q1 was exceptionally strong, and that strength pulled enrollments earlier into the year. That is a benefit over the balance of the year because enrollments from Q1 are already in active care and generating revenue sooner. Typically, total member base continues to grow throughout the year, but Q1 remains our strongest new enrollment period as employers launch new benefits programs. Our next major inflection comes with the 2027 benefit cycle, where we expect millions of Americans will get the opportunity to enroll with Omada and receive treatment. Now brings me to engagement. Engagement is where members receive care from Omada and where the durability of our business shows up. One important signal from Q2 is worth highlighting. Members have stayed in active treatment with Omada nearly 10% longer than a year ago, driven by growth in our GLP-1, Diabetes, and Hypertension programs, in which members have typically engaged on our platform longer. This builds on the ongoing investments in our platform, including Omada Spark and Meal Map and the increasing personalization and clinical depth we bring to member care. Longer tenure in our programs generally reflects more billable months per member, higher lifetime value, and stronger margin per member over time. Let's now talk about how we deliver care and support this mission as a company. Our cost to serve has declined over 10% year-over-year as measured by cost of revenue per member on a trailing 12-month basis. This has been driven by increased efficiency in delivering both digital and human care. On human care delivery, we have continued to see rising capacity per care team member as we scale. We are putting AI and machine learning to work throughout our support for the care team, from smarter tooling for our coaches, to better prediction of member demand, to more standardized ways of working across our member-facing teams. Beyond the decline in the cost to deliver care, the broader business has also become more efficient in support of our mission. Despite significant investments to stand up new programs and channel partners, we have delivered 41% incremental adjusted EBITDA margin and lowered non-GAAP operating expenses from 68% of revenue a year ago to 62% this quarter. We believe that this demonstrates our ability to invest in Omada's growth at increasing rates of return, and it is the operational engine behind the margin expansion Steve is about to walk through. With that operational picture in mind, let me turn it over to Steve for the financials. Steve Cook: Thank you, Wei-Li. Hello, everyone. Q2 was the strongest second quarter in Omada's history. We set quarterly records for revenue at $88 million, gross margin at 73% on a GAAP basis and 74% on a non-GAAP basis. Net income at $5 million and adjusted EBITDA at $11 million. Q2 also marked our second quarter of GAAP net income profitability following the fourth quarter of 2025. These are meaningful milestones for the business, and we believe they reflect the structural profitability of the model we are building. I will walk through Q2 with the four operational drivers Wei-Li just covered in mind, then turn to guidance and the balance sheet. Starting with revenue, Q2 revenue was $88 million, up 43% year-over-year and up 13% sequentially from Q1, driven by continued strength across our GLP-1 Care Track, increased multi-condition penetration across our cardiometabolic suite, and continued progress in enrollment effectiveness. Revenue growth in our Diabetes and Hypertension Programs continued to outpace our overall revenue growth of 43%, consistent with the enrollment breadth Wei-Li described. Our growing member base is a direct result of that revenue-driving activity, and it brings me to something new we are sharing this quarter. We ended Q2 with approximately 1.1 million total members, up 45% year-over-year, reflecting the enrollment effectiveness Wei-Li described. As a reminder, we define a member for this purpose as a person enrolled in one of our virtual care programs who generated a billing event in the preceding 12 months. Because we primarily bill on the care activity our members receive rather than on a flat subscription, we believe the most representative measurement of our unit economics is trailing 12-month revenue set against that same 12-month member base. On that basis, trailing 12-month revenue per total member was $284 in Q2, compared with $279 in Q2 of last year. We believe this evaluates the unit economics of our member base, and we would typically expect this metric to move modestly up or down in any given quarter as cohort mix, pricing mix, and seasonality shift at the margin. The consistency we have seen here continues to reflect the durability of our per member economics. Turning to gross margin, GAAP gross margin for Q2 was 73%, up from 66% in Q2 of last year, representing approximately 700 basis points of year-over-year expansion. On a non-GAAP basis, gross margin was 74%, up from 68% in Q2 of last year. Gross margin expansion this quarter reflects a lower cost to serve our members, driven by the lower care team delivery cost and reinforced by deeper multi-condition engagement and the maturation of our longer tenured cohorts. We have previously said we believe there is a path to exceed our current long-term target of 70% annual gross margin. Our Q2 result is consistent with that trajectory, and we will update our long-term financial framework, including gross margin, at Investor Day. Moving to operating expenses, we drove significant operating leverage this quarter. On a GAAP basis, operating expenses fell approximately 6 percentage points as a percentage of revenue from 73%-69%. On a non-GAAP basis, they fell approximately 6 percentage points from 68%-62%. That leverage reflects the drivers we have consistently pointed to, scaling through channel partnerships, getting more from our existing sales force, and tight spending discipline across the rest of the business. AI continued to be an increasingly important driver of our operating leverage as well. As we shared last quarter, we are evaluating AI tooling across every function of the company, not just any one area. As AI adoption deepens, we believe that it can continue to support operating leverage as we look toward 2027 and beyond. GAAP net income for Q2 was more than $5 million, compared with a GAAP net loss of approximately $5 million in Q2 of last year, representing an improvement of approximately $11 million year-over-year. This is our second quarter of GAAP net income profitability following the fourth quarter of 2025. Adjusted EBITDA for Q2 was approximately $11 million, an improvement of approximately $11 million year-over-year and a quarterly record for Omada. We believe this level of adjusted EBITDA in the second quarter reflected the structural profitability of our model playing out at scale, and it is a meaningful contributor to the improved full-year adjusted EBITDA outlook I will discuss in a moment. Our strength and profitability profile has continued to contribute to a strong balance sheet as well. We ended Q2 with cash and cash equivalents of approximately $222 million and continue to carry no debt. Now let me turn to our outlook. Our extraordinary second quarter performance and continued visibility into the second half give us the confidence to raise our full year 2026 outlook on both revenue and adjusted EBITDA. We are raising full year revenue guidance to $334 million-$340 million, up from the prior guidance of $322 million-$330 million. At the midpoint, this represents approximately 30 percentage point revenue growth compared with 2025. We are raising full year adjusted EBITDA guidance to $21 million-$27 million, up from prior guidance of $14 million-$20 million. At the midpoint, this represents an improvement of approximately $18 million compared with 2025, or roughly four times our 2025 result. Our raised outlook reflects both the extraordinary strength of Q2 and a more measured second half growth trajectory based on the historic seasonality and contracted visibility. As Wei-Li described earlier, our business has historically followed a typical seasonal pattern where typically Q1 is our strongest new enrollment period, followed by continued revenue contribution from that member base through the balance of the year. Consistent with that pattern, our year-over-year growth rate is expected to moderate in the second half as we follow an exceptionally strong first half enrollment period. We expect those first half enrollments to continue to generate revenue at healthy per member economics to sustain a strong margin profile through the rest of 2026. Q1 remains our strongest enrollment period each year as employers launch new benefit programs, and the next significant enrollment inflection point comes with the 2027 benefit cycle. At our Investor Day on September 10th, we will lay out an updated long-term financial framework, including the growth, gross margin, and operating leverage trajectories that will inform how we manage this business over the next several years. With that, we will open it up for questions. Operator: Thank you very much. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one on your telephone and wait for your name to be announced. To withdraw your question, please press star one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Craig Hettenbach of Morgan Stanley. Craig, your line is open. Craig Hettenbach: Yeah, thank you. Congrats, Wei-Li and Sean on this transition here. I wanted to start with just the AI efficiencies. Very strong gross margin performance year-over-year. Steve, as you mentioned, kind of gives you confidence into longer-term outlook. Anything else you can share in terms of how that's kind of flowing through, whether it's shaping your headcount decisions as the business continues to scale? Sean Duffy: Hey, Craig. This is Sean here. Thanks for the congratulations. Thrilled for Wei-Li here. On AI, as we've shared in prior calls, it continues to be a source of leverage, an important driver. This is both how we support our care teams and the member experience as well, ranging from smarter tooling to our coaches, better prediction of member demand, more standardized ways of working across our member-facing teams, as well as the whole palette of solutions we've launched for members including Meal Map and Omada Spark. Just to punctuate some of the results we shared, highlighting that the cost of revenue per member is down over 10%. Per Wei-Li's remarks, members have stayed active in Omada nearly 10% longer than a year ago. This is an area where we'll continue to press forward, and we believe it's starting to show up in the numbers. Craig Hettenbach: Great. Then just as my follow-up question, Wei-Li, you alluded to the second PBM partner tracking ahead of expectations. Anything you could share in terms of what you learned through the first partner and how that evolved, and is that shaping that, or is there anything else influencing kind of the strong uptake on the second one? Wei-Li Shao: Yeah. Hi, Craig. Thanks for the question. Yeah, we've been working successfully with some of the top PBMs in the country now for years, so I'd like to think we've got, in the industry, a pretty strong playbook as to how that should happen. The learnings are consistent, whether it be with one of them, two of them, or three of them, and they fall along the following lines. One of which, of course, is partnering very closely with their sales teams. As you all know, our sales team footprint is mighty in its capability, but small in its footprint, because we partner very closely with the sales teams of the PBMs and also for the health plans. That helps to really raise the share of voice of Omada across an outsized number of potential prospects that are now showing up in our pipeline. The second thing that I think is important is also the product market fit of our products. We sit squarely in the center of almost every health benefits discussion because of our presence in GLP-1s and of course, in the broader conversation around cardiometabolic disease still being a major cost driver for almost every employer in America. The product market fit helps a ton, and that also garners a lot of interest and excitement back to the AEs or the sales personnel from the PBMs that we deal with. I would say the last thing that is materializing is we have a suite of products that are pretty comprehensive across the cardiometabolic spectrum. Because of that partnership, we're seeing fairly healthy build in our pipeline from a diversity standpoint across the cardiometabolic programs that we have. We're excited coming into the closing season, which we're just now opening up right now. Craig Hettenbach: Great. Thanks so much. Operator: Thank you. One moment for our next question. Our next question comes from the line of Ryan MacDonald of Needham & Company. Ryan, your line is open. Ryan MacDonald: Hi. Thanks for taking my questions and congrats on a great quarter and congrats, Wei-Li, as well. Sean, obviously best of luck and well deserved in being able to take a little bit of a step back here. Maybe just to want to double down on that last point, Wei-Li, about sort of the diversity of your pipeline, because I think sometimes within the investment community, Omada gets just bucketed into sort of, hey, it's just a GLP-1 beneficiary and this is a temporary sort of decision-making process. Can you just talk about sort of, clearly there's a broad discussion across multiple programs, and this isn't just GLP-1s, but what do you think is resonating within your customer base and your partners that's making sort of a broader cardiometabolic health discussion sort of top of mind right now? Wei-Li Shao: Yeah. It's a great question. We've long said strategically as we entered into the GLP-1 marketplace a few years ago, that it's a bit of a bridge to a broader cardiometabolic condition. If you talk to employers, and this bears out in the Mercer surveys, the Aon surveys every year, when they ask employers what are the areas that you care about most and what you care about most are tied to what is driving the most cost in your organization. Year-after-year consistently, cardiovascular disease, metabolic disease, obesity, diabetes, heart attacks and stroke are always within the top five, dominating a number of those positions. It's always top of mind. You overlay obviously, the demand and the pull around GLP-1s. It's just amplifying the front of mind conversation around cardiometabolic. We have the benefit of actually being able to play in both those spaces in the sense that we've got a full suite of cardiometabolic options across Diabetes Prevention, Hypertension, Diabetes Management. Of course, most recently we announced our cholesterol program, which is doing quite well in the marketplace. Then the full suite and complement of GLP-1 care programs with the most recent launch and announcement of our prescribing program to complement our wraparound support service. We've really tailored a number of those solutions to meet the number of different needs that are out there in the GLP-1 marketplace. When you step back into the marketplace, and you take a look and employers take a look at, Okay, how do I address those top areas of concern? What they usually find is the deepest and broadest cardiometabolic offering and solution out there is front and center with Omada. That in combination with our channel penetration, and diversification across the top three PBMs and dozens and dozens of health plans, makes it easy for Omada to be installed. It's a combination of the breadth and depth of our program, the outcomes, as well as the relatively easy way to contract and bring us into the organization. That's resonating among our customer base quite a bit. There's diversity of the pipeline in that regard. I think it's probably worth mentioning, too, as well, that we're also seeing a greater channel diversification also. We've been working quite diligently over the last few years. We've brought in CVS, Optum Rx, the full complement of our cardiometabolic programs, as well as our GLP-1 programs. Most recently, as we announced in our earnings press release, the expansion with HCSC. Channel diversification also has been important, and that's a lead indicator for revenue diversification. All of that is materializing in our pipeline that we're going to be converting in H2. We're feeling good about how that sets us up for 2027. Steve Cook: Look, Ryan, I would just add, just one last comment there. Per some of the prepared remarks, we did see our Diabetes and Hypertension books being the two fastest growing books on a year-over-year basis in the second quarter, both over 50%. This is really important to us. These are some of our highest priced products. These members stay in program the longest. They have the longest duration. GLPs have really been acting as that initial conversation that we'll be able to go back and then sell across the entire product suite, which has been very beneficial for us economically. Ryan MacDonald: I appreciate that important call out there, Steve. Maybe as a follow-up for you. Obviously things going extremely well in the business. We can see it in the numbers. Can you just help unpack the guidance assumptions a little bit for the back half of the year? I think as we were looking through sort of to get for the top line guide, if you essentially are just flat on revenues from 2Q into third quarter and fourth quarter, you actually come in at sort of the high end of the range. Is there anything you would call out there or is there member counts where they start to decline in the back half? Just want to understand sort of what's built into the guide for the top line here. Thanks. Steve Cook: Yeah, no, absolutely happy to provide some color there. Q2 is obviously a fantastic quarter for us. Per some of the prepared remarks and what Wei-Li said this, we expect 2026 to be a more normalized year for us. Our typical pattern is to spend H2 building up new pipeline, closing new employer clients, then we launch in the first half of the next year, which is what you saw transpire in the first half of 2026. We had a really strong selling season in the back half of 2025, then we had north of 40% member growth in Q1 and Q2 in this year, as well as north of 40% revenue growth in both quarters as well. It is important to note that we are comping off what was a very strong 2025 revenue growth last year was 54% in the back half. We were ramping into one of our largest channel partners across several lines of business during that period. 2026 represents a more normal cadence for us from a seasonality perspective. Operator: Thank you very much. One moment for our next question. Our next question comes from the line of Saket Kalia of Barclays. Saket, your line is open. Kalia: Hi, you have Kalia on for Saket. Thanks for taking our question here, and congrats to both Sean and Wei-Li. I think one of the important parts of the story here is how the prevalence of chronic conditions in the U.S. creates a meaningful TAM for Omada to go after, particularly given the multi-condition approach. As we look into 2026 and beyond now, Omada has an even bigger platform to sell with GLP-1 prescription, Flexcare, and the new cholesterol program. Can you help us understand how these additional solutions are expanding the TAM for Omada and how that could play into the growth formula here longer term? Sean Duffy: Yeah. This is Sean. One of the things that we're so excited about is how really early the markets are here, not just for Omada, but for the next class of digital health companies. If you look at our progress as of the end of last year, roughly 8% of the ASO market, 10% of the fully insured market, around 1% MA. Plenty of white space. The expansions that we've announced, as we've shared before, are really customer driven. What's happening is as the existing traditional healthcare system every year just disappoints patients, disappoints clients who are paying for it, they're asking for change. The change is what we've created in the form of between-visit care that leverages technology, efficient care services, unique experiences. That's led to the expansions. As I shared on our first earnings call this year, we have launched more new program capabilities in market this year than ever in Omada's history, and we're blessed with the most robust channel landscape and selling landscape we've ever had in Omada's history. All sights are of course on laying the foundations to capitalize that, not only in the back half of this year, but over the course of next year. Kalia: Awesome. Thanks so much. Operator: Thank you. One moment for our next question. Our next question comes from the line of Richard Close of Canaccord Genuity. Richard, your line is open. Richard Close: Yes, thanks for the questions. Sean, congratulations. Wei-Li, congratulations as well. Sean, I hope we see you around in the future. Sean Duffy: Thank you, Richard. Richard Close: Appreciate the comments on the enrollments and seasonality. Just thinking about it a little more, last year, you had some pretty big jumps quarter-to-quarter. Obviously, it sounds like you're not going to have as pronounced jumps here this year. Then with diabetes and hypertension programs growing the fastest, I'm just curious, is this any indication on the GLP-1 front that employers are maybe saying, "Hey, we're not going to cover these for weight loss," and let employees go direct to consumer? Maybe the GLP-1 suite for you guys has taken a little bit of a breather compared to last year in terms of growth? Wei-Li Shao: Yeah. Hi, Richard. This is Wei-Li. Let me address that from a market standpoint and what we're hearing. Look, we're in the middle of the time period during the year where employers are evaluating what they're going to cover and what they're not going to cover. I think it's probably intuitive and safe to assume that there are a number of employers that are considering expanding coverage for GLP-1s for weight loss and some that are walking away. We see the headlines and things like that on both sides of those coverage decisions. Across our book of business, we're seeing both those situations occurring. It's hard to predict and probably not the right thing to do because everybody's just making their decisions right now, we'll have to see where that falls by the end of the year. What I will say is the most important for folks to remember is that, whether you are an employer that is currently covering GLP-1s or will come in the 2027 year, we have a host of prescribing plus wraparound GLP-1 support lifestyle services that can increase the outcomes and ROI of that particular investment. We feel very well positioned from a product market fit there, especially because of the channel penetration and diversification we have at the PBM as well as the health plan level covering those benefits. On the other side, for those employers that are maintaining a non-GLP-1 coverage situation going into next year for weight loss or stopping their coverage, it's easy to erroneously think that maybe we don't have opportunity there, and nothing could be further from the truth. That's really in two ways. The first one is that with the launch of our GLP-1 Flex Care program, as well as our partnership with the Lilly Employer Connect program, we have the ability to appeal to the employers who oftentimes care about providing good clinical support, that clinical layer, regardless of whether or not they're covering for GLP-1s, knowing that their employees are going direct to consumer or other direct channels and doing cash pay. We're seeing quite a bit of interest in that particular area because there's an opportunity by supporting them clinically, the employer supporting them with a clinical layer like Omada, that they can actually still get ROI from their employees choosing to pay cash out of pocket through direct channels for GLP-1s. We're really in this situation, Omada is, where we've got product market fit in either situation, we feel like we're hedged from an opportunity standpoint, that feels right also. The second thing that is worthy to note for those employers that have decided not to cover GLP-1s is they are still experiencing high levels of healthcare resource utilization in cardiometabolic in general. We remind them, of course, that we have a whole host of cardiometabolic programs that, Richard, you're familiar with, that oftentimes they're considering in those cases because their employees still need support regardless of their coverage decision on GLP-1s. Richard Close: Okay, thanks. Maybe as a follow-up, I'm curious in terms of new program opportunities, you've obviously rolled out the prescribing pretty quickly and then cholesterol, and you're integrating AI. I'm just curious in terms of new product or new program roadmap, is it more internal development or M&A, like we saw with another company earlier this week? Sean Duffy: Yeah. Richard, we've shared before, this is consistent with what we'll share today, we love our platform. We think it's resonating with the market. Every year as part of our consultations with accounts, we ask them, "Where should we go next?" Every year they have ideas for us. Whether we seize those ideas or stay consistent is kind of our choice. Critically, the way we've built the technology, the infrastructure, the operations of Omada, as evidenced by our success, evidenced by the success beyond prevention in a way that Steve highlighted in diabetes and hypertension, et cetera, we have the capabilities to go multi-product. I think in the long arc of our journey here, we'll continue to keep an open mind, listen to our customers, and take it from there. We're addressing, as it stands, enormous populations at a critical moment of need for the market. Richard Close: Thank you. Congrats. Wei-Li Shao: Thanks. Richard, maybe I just tag on to that. You asked a little bit about our roadmap. What I would say is, what we can expect is continued investment in AI and scaling that into our application experience and making sure that is enabling a human-centered, empathetic experience. We're going to continue to move on that, and expand on what we're doing with Omada Spark, as well as AI in the application. The second thing as it relates to the GLP-1 landscape, look, things have definitely not settled. It's still dynamic out there. I think we all know that. Rest assured, our customers, as well as others on this call, can be assured that we'll continue to invest in innovating our GLP-1 offerings, as the needs arise. Richard Close: All right. Thank you very much. Operator: Thank you. One moment for our next question. Our next question comes from the line of Sean Dodge of BMO Capital Markets. Sean, your line is open. Chris Charlton: Hi. This is Chris Charlton on for Sean here. Thanks for taking our questions, and congrats to both Wei-Li and Sean. Can you maybe walk us through some of the dynamics with the updated EBITDA guidance? Your margin for the quarter was around 12%, but the midpoints of guidance would apply around a 7% margin for the back half of the year. Some moderation there. I appreciate the color on the seasonality on the revenue line with how that plays out with member enrollment being strongest to start the year. Is there any EBITDA seasonality we should be considering, whether in terms of investing to support in advance of member enrollment at the start of the year, or does this kind of relate to other dynamics, whether it be a moderation in gross margin or additional AI or marketing investments? Thanks. Steve Cook: No, you're spot on. There's kind of two main things happening. As we laid out on our Q1 call, we had a lot of investments that we wanted to front-load at the beginning of this year, namely in Q1. We hired roughly 50 people across the first quarter, across go-to-market, across R&D. Those folks generally started with a mid-quarter convention the first quarter. Now they're annualizing at full run rate Q2 through the rest of the year. We'll do a little bit of incremental hiring through the back half of the year, but you can expect OpEx to roughly hold flat, if not tick up slightly in H2. Per some of the seasonality comments with revenue, we do have that implied stepping down slightly, which is where you're getting to a slight step back in overall EBITDA margin. Overall, this is expected. This is part of our normal business cadence, and we're really working to set ourselves up for a strong start to 2027 and derive ROI on those investments. Chris Charlton: Great. That's super helpful. On the cholesterol program, with that now being deployed, is there anything else you can share on the pricing for that and how that compares to other offerings, and any more detail on how the demand for that's kind of shaping up? Thanks. Wei-Li Shao: Yeah. Hi, this is Wei-Li. In terms of the pricing for cholesterol, it's accretive to our revenue and gross margin. We've long said, "Hey, listen, if you want to earmark a range for our programs between $50, $60 on the low end to $90 on the high end, cholesterol sits well within that range. Probably more similar to our prevention product." That's kind of how it's positioned. I think the most important thing to consider about cholesterol in terms of the opportunity, there's the price and the ARPU of it, there's the demand and the volume side of it. If you step back and take a look at the cardiometabolic profile of a lot of people, oftentimes, cholesterol is one of those things that is quite silent, and is undertreated at the primary care level. There's a huge opportunity there as we work with people with diabetes and hypertension. Then to obviously upsell or cross-sell into the cholesterol program and just take a more holistic care approach, thereby improving their outcomes. Their cholesterol program is as much about selling more in terms of more products into our client bases as it is to synergize with the rest of the cardiometabolic products we have, thereby confirming more total ROI for that particular patient profile for a company. Chris Charlton: Okay, great. Thanks again, and congrats on the quarter. Operator: Thank you very much. One moment for our next question. Our next question comes from the line of David Larsen of BTIG. David, your line is open. David Larsen: Hi. Congratulations on the good quarter. Can you maybe talk a little bit more about your relationships with the big PBMs? What portion of your members now would you consider to be GLP-1 members? I think it's something like less than 20% of total, which I view as good because there's plenty of in-sell opportunity. With respect to the PBM relationships, can you touch on the reporting back to the self-insured employer client? Can they see who's using the program, how much weight each member has lost, the impact of total claims trend, and so forth? Thanks very much. Wei-Li Shao: Yeah, sure. This is Wei-Li. Let me comment on kind of the relationships with the large PBMs and kind of the reporting details, so on and so forth. Then I'll kick it on over to Steve to talk about the % of revenue of the GLP-1s and so on and so forth, contribution there. In general, our relationships with our PBMs are similar to the relationships that we have in health plans insofar as we contract with them for provider services. In this particular case, across the three PBMs, all of our cardiometabolic programs, like diabetes, Diabetes Prevention, Hypertension, MSK, cholesterol, since we launched it earlier this year, is often not in those contracts, but certainly, we're seeking to upsell that in. That's how the contractual nature of it. Now, the actual sales motion, if you were wondering about it, is similar to as we do with health plans. We partner with the account executives at the PBM level to raise awareness within their client books of business. We go to market with them, we create outreach to them. We close deals together, much like we would in other relationships we have. We do the deployment. Deployment meaning is that we launch the program with the employers into their employee base, do all the enrollment outreach in most of the cases. That's generally how we create membership through those channels. As it relates to reporting, the answer is yes to your question. It doesn't matter whether you have a direct contract with us or you're contracting us through a health plan or any of the big three PBMs. What you can expect from us is a number of reports that characterize, for instance, how is deployment going, what's the penetration, the enrollment rate, what are members doing inside the application, how are they engaging with their care teams? As the business builds, obviously the number of employees we're helping grows. We naturally begin reporting out on not just utilization engagement, but also outcomes. Was their blood glucose controlled? Was their weight controlled? Was their blood pressure controlled? So on and so forth, such that our customers then can be convinced that we're conferring the value to their employees and to their business that we talked about during the selling process. That's a little bit how we work with the PBMs and how we report. Steve Cook: Yeah, just to add some precision on the GLP-1 mix comment. During our Q4 disclosure of last year, we had 150,000 members on our GLP-1 program against 887,000 total. That ratio has roughly held constant now that we've gone into Q2. We continue to see broad-based traction across all of our product sets, with GLP-1s being a key driver of that growth. Operator: Thank you very much. One moment for our next question. Our last question comes from Elizabeth Anderson of Evercore ISI. Elizabeth, your line is open. Ayush: Hey, guys. This is Ayush on for Elizabeth. Thanks for taking my question. On the HCSC expansion, adding about those one and a half million covered lives across the fully insured book, do those fully insured lives convert to enrolled members at the same rate as self-insured, and when should we see those lives start enrolling? On the retailer cholesterol deployment, is that account new to Omada entirely, or is that an existing multi-condition client adding cholesterol? Wei-Li Shao: Hi, Ayush. This is Wei-Li. Let me take both those for you. With the HCSC expansion, we've had a long-standing relationship with them, both in their ASO book and a couple of states for their fully insured book. The 1.5 million or so expansion references an additional three-state expansion within the HCSC book. The implication of your question, I would say, is correct in the sense that with the fully insured book of business, the Omada programs, in this case, Prevention and Hypertension, are fully embedded in the benefit. There's no downstream sales cycle that's required for employers. It's a faster return in terms of deployment. What can we expect? We're working busily with HCSC to set that up and to have that deployed. We should see revenue start hitting the books throughout H1 of next year and obviously ongoing from that point in time. As it relates to cholesterol, we announced that earlier in the year quickly closed that large retailer. We have many other deals in our pipeline for cholesterol. Because of the short sales cycle, you might imagine it was an existing customer. Indeed, that is the case. We're seeing meaningful enrollments from that already. I think what's important from that is that the fast upsell there for a very large client, we think is a great lead indicator to the product market fit and traction. If you were to look into our CRM, you would see inside of our pipeline a number of cholesterol deals, not only for upsells for existing clients, but also new logos. We feel good about the momentum coming into the back half of this year for our closing season and are excited about it for 2027. Operator: Thank you very much. At this time, I am showing no further questions. This does conclude our program. You may now disconnect. Before you buy stock in Omada Health, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Omada Health wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. 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Omada Health (OMDA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Omada Health (OMDA) drew investor attention on 6 August 2026 after reporting record second quarter results, raising full year 2026 guidance, and outlining a planned CEO transition effective 1 January 2027. See our latest analysis for Omada Health. At a latest share price of $23.67, Omada Health has seen a sharp shift in sentiment, with a 1 day share price return of 21.14% and 7 day share price return of 19.30% around the earnings beat and CEO succession news. That sits within a stronger backdrop of a 90 day share price return of 61.13%, while the 1 year total shareholder return of 24.45% points to momentum that has been building rather than fading. If this kind of move in Omada Health has you looking for other opportunities in healthcare technology, it can be useful to widen your search using a focused screener for 43 healthcare AI stocks For Omada Health, the sharp jump after record earnings and a planned CEO transition could signal that investors are catching up with the business, or simply riding a hot story. The valuation section next helps sort those views out. Omada Health's most followed narrative puts fair value at $24.58 per share, slightly above the latest $23.67 close, which helps frame today's sharp move. Read the complete narrative. Want to see what is sitting behind that bundling story? The narrative leans heavily on higher earnings power, richer margins and faster revenue expansion than headline numbers alone suggest. Result: Fair Value of $24.58 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Omada Health still faces key risks if GLP 1 related demand softens, or if heavier 2026 investment fails to translate into the expected margin improvement. Find out about the key risks to this Omada Health narrative. The narrative fair value suggests Omada Health is modestly undervalued at $24.58 per share, yet the market is paying a richer multiple than the models imply. The stock trades on a P/S of 4.7x versus a fair ratio of 3.5x, the US Healthcare industry at 1.5x, and peers at 0.9x. That gap points to real valuation risk if expectations slip even slightly, so how comfortable are you with paying that premium? To see how those multiples stack up against detailed assumptions and scenarios, take a closer look at the valuation breakdown in the See what the numbers say about this price — find out in our valuation breakdown. After all this, are you leaning bullish or cautious on Omada Health, and are you ready to move fast enough to test your own view against the data and sentiment shifts captured in our 3 key rewards and 2 important warning signs? If Omada Health has sharpened your focus, do not stop here. Broaden your watchlist now or you risk missing stocks that better fit your goals. Target resilient cash generators by scanning our solid balance sheet and fundamentals stocks screener (48 results) to find companies with fundamentals that may better handle tougher conditions. Hunt for better value by checking the 52 high quality undervalued stocks and see which stocks currently trade below their assessed worth based on key financial checks. Strengthen your income stream by reviewing the 8 dividend fortresses which focuses on higher yielding companies with an emphasis on stability. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include OMDA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Revenue: Q2 revenue was $88 million, up 43% year-over-year and up 13% sequentially from Q1. Gross Margin: GAAP gross margin was 73%, up from 66% in Q2 of last year; non-GAAP gross margin was 74%, up from 68%. Net Income: GAAP net income was more than $5 million, compared with a GAAP net loss of approximately $5 million in Q2 of last year. Adjusted EBITDA: Approximately $11 million, an improvement of approximately $11 million year-over-year and a quarterly record. Total Members: Approximately 1.1 million, up 45% year-over-year. Trailing 12-Month Revenue per Member: $284 in Q2 compared with $279 in Q2 of last year. Operating Expenses: GAAP operating expenses fell approximately 4 percentage points as a percentage of revenue from 73% to 69%; non-GAAP fell approximately 6 percentage points from 68% to 62%. Cash and Cash Equivalents: Approximately $222 million, with no debt. Full Year 2026 Revenue Guidance: Raised to $334 million to $340 million, up from prior guidance of $322 million to $330 million. Full Year 2026 Adjusted EBITDA Guidance: Raised to $21 million to $27 million, up from prior guidance of $14 million to $20 million. Warning! GuruFocus has detected 5 Warning Signs with INMB. Is OMDA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Omada Health Inc (NASDAQ:OMDA) reported its strongest quarter ever, with record revenue of $88 million, up 43% year-over-year, and record gross margin of 73% on a GAAP basis. The company achieved GAAP net income profitability for the second consecutive quarter, reporting over $5 million in net income and $11 million in adjusted EBITDA, a significant improvement from a loss a year ago. Total members grew 45% year-over-year to approximately 1.1 million, driven by broad-based enrollment growth across its cardiometabolic suite, including strong performance in diabetes and hypertension programs. The company raised its full-year 2026 revenue guidance to $334-$340 million and adjusted EBITDA guidance to $21-$27 million, reflecting strong Q2 performance and confidence in the second half. Omada Health Inc (NASDAQ:OMDA) expanded its partnership with HCSC to add 1.5 million covered lives in three additional states, and launched its cholesterol program with a major retailer, showing strong product market traction. Cost to serve declined over 10% year-over-year, driven by AI and machine learning efficiencies, contributing to a 700 basis point gross margin expansion and improved operating leverage. The company expects year-over-year growth rate to moderate in the second half of 2026 due to historic seasonality and a strong first-half enrollment period, which may concern investors looking for sustained momentum. Omada Health Inc (NASDAQ:OMDA) faces uncertainty in the GLP-1 market as employers are currently evaluating coverage decisions, with some potentially expanding coverage and others walking away, creating unpredictability in future demand. The company's guidance implies a slight step-down in EBITDA margin in the back half of the year, partly due to front-loaded investments in hiring and R&D that will annualize at full run rate. Despite strong overall growth, the GLP-1 program mix has remained roughly constant at around 17% of total members, suggesting potential saturation or slower growth in this key segment. The company's newer PBM channel, which includes its prescribing program, is still in very early stages of its sales motion, indicating that significant revenue contribution from this channel may take time to materialize. Omada Health Inc (NASDAQ:OMDA) faces competitive and market pressures as employers may choose to let employees go direct-to-consumer for GLP-1s, potentially reducing the need for employer-sponsored programs. Q: Can you unpack the guidance assumptions for the back half of the year, given the strong Q2 results and the implied moderation in revenue growth?A: Steve Cook (CFO) explained that 2026 is expected to be a more normalized year for seasonality. The company spent the back half of 2025 building a strong pipeline, which led to exceptional member and revenue growth in Q1 and Q2 of 2026. However, they are now comping against a very strong second half of 2025, when they were ramping up one of their largest channel partners. The guidance reflects this more typical cadence, with the expectation that the year-over-year growth rate will moderate in the second half. Q: Can you provide more detail on the drivers of the strong gross margin performance and how AI is contributing to operating leverage?A: Sean Duffy (CEO) stated that AI is a key source of leverage, supporting care teams through smarter tooling, better prediction of member demand, and more standardized workflows. This has resulted in cost of revenue per member declining over 10% year-over-year. Additionally, members are staying active in treatment nearly 10% longer, driven by growth in longer-tenure programs like GLP-1, diabetes, and hypertension, which contributes to higher lifetime value and improved margins. Q: How is the growth in diabetes and hypertension programs impacting the business, and is this an indication that GLP-1 growth is slowing?A: Wei-Li Shao (President) clarified that the market is in a period where employers are making coverage decisions for GLP-1s, with some expanding and some walking away. Omada is well-positioned in either scenario. For employers covering GLP-1s, they offer prescribing and wraparound support. For those not covering them, they offer FlexCare and partnerships to support employees going direct-to-consumer, as well as their broader cardiometabolic programs. Steve Cook (CFO) added that diabetes and hypertension are their two fastest-growing books, both up over 50%, and represent some of their highest-priced products with the longest member duration. Q: Can you elaborate on the dynamics of the updated EBITDA guidance, which implies a lower margin in the back half of the year?A: Steve Cook (CFO) attributed the moderation to two main factors. First, the company front-loaded investments in Q1, hiring roughly 50 people across go-to-market and R&D, which are now annualizing at a full run rate. Second, the expected seasonal step-down in revenue growth in the second half will impact overall EBITDA margin. This is a normal part of the business cadence as they invest to set up for a strong start to 2027. Q: How is the new cholesterol program being priced, and what is the early demand signal?A: Wei-Li Shao (President) stated that cholesterol pricing is accretive to revenue and gross margin, sitting within the company's typical program range of $50-$60 on the low end to $90 on the high end, closer to the prevention product. The opportunity is significant due to the high prevalence and undertreatment of cholesterol. The program is synergistic with their other cardiometabolic offerings, allowing for cross-selling and a more holistic care approach. The launch with a large retailer, an existing customer, is seeing meaningful enrollments and is a strong lead indicator for product-market fit. Q: Can you provide more detail on the HCSC expansion and the conversion rate for fully insured lives, and is the cholesterol retailer a new or existing client?A: Wei-Li Shao (President) confirmed that the HCSC expansion adds 1.5 million covered lives across three additional states for their fully insured book. Because the programs are embedded at the benefit level, there is no downstream employer sales cycle, which should lead to a faster deployment and revenue contribution starting in H1 2027. Regarding the cholesterol retailer, it was an existing customer, and the fast upsell is a great lead indicator for product traction. The pipeline includes both upsells and new logos for the cholesterol program. Q: How are the new solutions like GLP-1 prescription, FlexCare, and cholesterol expanding Omada's total addressable market?A: Sean Duffy (CEO) highlighted that the market is still very early, with Omada penetrating only about 8% of the ASO market, 10% of the fully insured market, and around 1% of Medicare Advantage. The expansions are customer-driven, as the traditional healthcare system continues to disappoint. Omada has launched more new program capabilities this year than ever before and has its most robust channel landscape, positioning them to capitalize on the significant white space in the market. Q: What is the current mix of GLP-1 members, and can you describe the reporting capabilities provided to PBM clients?A: Steve Cook (CFO) noted that the ratio of GLP-1 members to total members has held roughly constant since Q4 of last year, when they had 150,000 GLP-1 members out of 887,000 total. Wei-Li Shao (President) added that reporting to clients, whether direct or through a PBM, includes deployment progress, enrollment rates, member engagement, and ultimately health outcomes like blood glucose, weight, and blood pressure control, demonstrating the value delivered to their business. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Omada Health, Inc.? Here are five stocks we like better. Record Q2 performance: Revenue rose 43% year over year to $88 million, while Omada posted more than $5 million in GAAP net income and approximately $11 million in adjusted EBITDA. Membership increased 45% to about 1.1 million, and gross margin improved to 73%. Raised 2026 outlook: Omada increased its full-year revenue guidance to $334 million–$340 million and adjusted EBITDA guidance to $21 million–$27 million, citing broad growth, improving engagement and lower costs per member. Expansion and leadership transition: Growth was led by Diabetes and Hypertension programs, GLP-1 offerings and new channel partnerships, including an HCSC expansion covering 1.5 million additional lives in 2027. President Wei-Li Shao will become CEO on Jan. 1, 2027, while founder Sean Duffy becomes executive chair. Omada Health (NASDAQ:OMDA) reported record second-quarter results for 2026, citing broad-based growth across its cardiometabolic programs, expanding channel partnerships and lower costs to serve members. The company also announced that President Wei-Li Shao will succeed Co-founder and Chief Executive Officer Sean Duffy as CEO on Jan. 1, 2027. Duffy, who founded Omada more than 15 years ago, will become executive chair and remain part of the management team. In that role, he said he will focus on long-term strategy, partnerships and opportunities intended to create value over time. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth “We just reported our strongest quarter ever,” Duffy said, pointing to record membership, revenue and gross margin. He said Omada has served more than 2 million lifetime members and has commercial relationships with the nation’s three largest pharmacy benefit managers, or PBMs. Chief Financial Officer Steve Cook said second-quarter revenue reached a record $88 million, up 43% from the prior-year period and 13% sequentially. The company reported GAAP net income of more than $5 million, compared with a roughly $5 million loss a year earlier, and adjusted EBITDA of approximately $11 million, also a quarterly record. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High The quarter marked Omada’s second period of GAAP net-income profitability following the fourth quarter of 2025, Cook said. The company ended the quarter with approximately $222 million in cash and cash equivalents and no debt. GAAP gross margin was 73%, up from 66% a year earlier. Non-GAAP gross margin was 74%, compared with 68% in the prior-year quarter. GAAP operating expenses declined to 69% of revenue from 73% a year earlier. Non-GAAP operating expenses fell to 62% of revenue from 68%. Total members reached approximately 1.1 million, up 45% year over year. Omada raised its full-year 2026 revenue outlook to $334 million to $340 million from prior guidance of $322 million to $330 million. It also increased adjusted EBITDA guidance to $21 million to $27 million, compared with its earlier forecast of $14 million to $20 million. → Ulta's Growth Is Real, But So Are the Risks Cook said the company expects growth to moderate in the second half because of its typical enrollment seasonality and difficult comparisons with the second half of 2025, when revenue grew 54% as Omada ramped with a large channel partner. The company expects first-half enrollments to continue generating revenue through the balance of 2026. Shao said revenue growth in Omada’s Diabetes and Hypertension programs outpaced the company’s overall 43% revenue growth rate. He described those offerings as higher-value programs, while Cook said both programs grew more than 50% year over year during the second quarter. Omada also cited continued momentum in its GLP-1 Care Track, multi-condition cardiometabolic programs and a newly launched standalone cholesterol care track. The cholesterol program launched with one of the country’s largest retailers, which Shao described as an existing Omada customer. He said the early enrollment activity provides an encouraging indication of demand, and that the company has both expansion and new-customer cholesterol opportunities in its pipeline. During the quarter, Omada added customers in food service, national retail, public-sector education and industrial employment. The company said its commercial sales cycle is typically weighted toward building new relationships in the first half of the year and closing them in the second half, with benefit launches occurring in January. The company also expanded its relationship with Health Care Service Corporation, or HCSC. Omada extended its Prevention and Hypertension programs into HCSC’s fully insured business in three additional states, representing an additional 1.5 million covered lives scheduled to launch in 2027. Shao said the embedded-benefit model allows eligible members to enroll directly without a downstream employer sales cycle, and Omada expects revenue from the expansion to begin during the first half of 2027. Omada said it had more than 25 million estimated eligible covered lives as of December 2025. Its PBM channels also continued to develop, with one second-year channel building a customer pipeline ahead of expectations, according to Shao. A newer PBM relationship, which includes Omada’s prescribing program, remains in the early stages of its sales effort. The company said email campaigns, its primary enrollment channel, converted approximately 20% better year over year. Omada attributed that improvement to targeting, personalization and messaging enhancements. Members also remained in active treatment nearly 10% longer than they did a year earlier, driven by growth in GLP-1, Diabetes and Hypertension programs, where members typically stay engaged longer. Cook said trailing 12-month revenue per total member was $284 in the second quarter, compared with $279 a year earlier. Omada defines a total member as a person enrolled in one of its virtual-care programs who generated a billing event during the preceding 12 months. The company primarily bills based on care activity rather than a flat subscription, Cook said. Cost of revenue per member declined more than 10% year over year on a trailing 12-month basis. Management attributed the improvement to efficiencies in both digital and human care delivery, including greater care-team capacity, AI and machine-learning tools for coaches, demand forecasting and standardized workflows. Duffy said AI has also supported the member experience through products such as Meal Map and Omada Spark. Cook said the company is evaluating AI tools across its operations and expects the technology to support operating leverage into 2027 and beyond. Shao, who joined Omada seven years ago as chief commercial officer and has served as president for more than four years, said his focus as CEO will be to translate commercial reach, GLP-1 therapies and AI-driven personalization into health outcomes for more members. Management said the company’s GLP-1 offerings are intended to address employers that cover GLP-1 drugs as well as those that do not. Shao said Omada’s prescribing and wraparound support services can help employers seeking clinical support for members using GLP-1s, including those obtaining drugs through direct-to-consumer and cash-pay channels. As of the fourth quarter of 2025, Omada had 150,000 members in its GLP-1 program out of 887,000 total members. Cook said that ratio has remained roughly constant through the second quarter, reflecting broad-based growth across the company’s product portfolio. Omada plans to provide an updated long-term financial framework, including its growth, gross-margin and operating-leverage outlook, at its Investor Day on Sept. 10. 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. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Omada Health Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Omada Health, Inc. (OMDA) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to a loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +200.00%. A quarter ago, it was expected that this company would post a loss of $0.03 per share when it actually produced earnings of $0.01, delivering a surprise of +133.33%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Omada Health, Inc., which belongs to the Zacks Medical Services industry, posted revenues of $87.84 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.53%. This compares to year-ago revenues of $61.37 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Omada Health, Inc. shares have added about 21.1% since the beginning of the year versus the S&P 500's gain of 12.8%. While Omada Health, Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Omada Health, Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.07 on $82.45 million in revenues for the coming quarter and $0.26 on $326.98 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Forward Industries, Inc. (FWDI), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 12. This company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +100.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Forward Industries, Inc.'s revenues are expected to be $13 million, up 422.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Omada Health, Inc. (OMDA) : Free Stock Analysis Report Forward Industries, Inc. (FWDI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Revenue Grew 43% and Total Members Increased 45% Year over Year, with Gross Margin Reaching a New Quarterly Record Company Announces Sean Duffy to Become Executive Chair and Wei-Li Shao to Become Chief Executive Officer on January 1, 2027 SAN FRANCISCO, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Omada Health, Inc. (Nasdaq: OMDA), the virtual between-visit healthcare provider, today reported financial results for the second quarter ended June 30, 2026. Omada Health also announced co-founder and CEO Sean Duffy will transition to Founder and Executive Chair effective January 1, 2027, with President Wei-Li Shao assuming the role of CEO. Financial Highlights Revenue of $88 million, compared with total revenue of $61 million in Q2 2025 Gross margin of 73% in the second quarter, up from 66% in Q2 2025 Non-GAAP gross margin of 74% in the second quarter, up from 68% in Q2 2025 Net income of $5 million in the second quarter, compared with a net loss of $5 million in Q2 2025 Adjusted EBITDA of $11 million in the second quarter, compared with an adjusted EBITDA loss of $0.2 million in Q2 2025 Trailing twelve-month revenue per total member grew approximately 2% year over year to $284 Cash and cash equivalents of $222 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. Operational Highlights Total Members increased 45% year over year, reflecting continued demand across Omada Health's integrated cardiometabolic care platform and strong enrollment momentum across diabetes and hypertension programs. Broadened partnership with Health Care Services Corporation (HCSC), extending our Prevention & Weight Health and Hypertension Management programs across HCSC’s fully insured book of business in Illinois, Oklahoma, and New Mexico, reaching an additional 1.5 million covered lives. Omada Health launched the first deployment of its cholesterol management offering in July, expanding personalized multi-condition care for employees of one of the nation's largest retailers. Since the announcement of our prescribing program, we have closed our first customer, which would yield revenue in 2027, providing early evidence of market demand. "Our outstanding second quarter reflects the strength of our strategy, the momentum we've built across the business, and the exceptional team driving Omada forward," said Sean Duffy, co-founder and CEO of Omada Health. "Reflecting continued demand for our integrated between-visit care platform, total members increased 45% year over year as we expanded our commercial channels, deepened relationships with our leading PBM channels, and introduced our cholesterol management program with one of the nation’s largest retailers. The opportunity ahead is significant, and we'll remain focused on disciplined execution as we look to broaden our capabilities, deepen customer relationships and improve the health of even more members." Wei-Li Shao to become CEO of Omada Health Effective January 1, 2027, Wei-Li Shao will become CEO of Omada Health, with responsibility for the company's strategy, operations, and results, reporting to the Board of Directors. Sean Duffy, Founder and CEO, will transition to Founder and Executive Chair, supporting Wei-Li and the Board on Omada Health's long-term mission, key partnerships, and strategic initiatives. In connection with Sean’s transition, Jeryl "Jeri" Hilleman, who has served as Chairperson of the Board since July 2020, will become Lead Independent Director and continue as Chairperson of the Audit Committee, also effective January 1, 2027. “Over the past seven years, Wei-Li and I have worked together to build a strong company as Wei-Li has steadily increased his scope of responsibility. His track record of delivering innovation, commercial wins, and strong financial growth has shaped Omada and demonstrates that Wei-Li is the right leader to take Omada to the next level of impact and scale,” said Sean Duffy. Wei-Li joined Omada Health in 2019 as Chief Commercial Officer and was appointed President in 2021. Since then, he has held direct accountability for Omada Health's P&L and full operating agenda, leading the product, commercial, and operational strategy that scaled the company from a single-condition program into a multi-condition care platform. He built the long-range plan that guides how Omada Health runs today and has been a close strategic partner to Sean throughout the company's growth. Wei-Li brings to the role 18 years at Eli Lilly and Company, where he held senior leadership roles across its global healthcare and biopharmaceutical businesses, including deep experience in the cardiometabolic and diabetes markets at the center of Omada Health's mission. "I'm honored to lead Omada and continue building on the strong foundation this incredible team has created," said Wei-Li Shao, President of Omada Health. "Fifteen years ago, Sean designed an innovative solution to help Americans bridge the healthcare gap. Together, we've shown the model works, yet I believe our biggest impact is still ahead. Our results serve as a foundation to raise our ambitions. Now is the time to scale, push harder on our mission, and bend the curve of chronic disease." Financial Outlook “We delivered another strong quarter, setting quarterly records for revenue of $88 million, GAAP gross margin of 73%, non-GAAP gross margin of 74%, net income of $5 million, and adjusted EBITDA of $11 million. Revenue grew 43% year-over-year. This marks Omada Health’s most profitable quarter to date, both in absolute terms and on a margin basis, demonstrating continued operating leverage,” said Steve Cook, Chief Financial Officer of Omada Health. “At the midpoint, our raised full‑year outlook represents approximately 30% year‑over‑year revenue growth and a fourfold increase in adjusted EBITDA, reflecting our extraordinary second‑quarter performance and our path of sustainable profitability.” For the year ending December 31, 2026, Omada Health expects: Revenue in the range of $334 million to $340 million, with the midpoint representing 30% growth compared with 2025; this range is up from the prior range of $322 million to $330 million. Adjusted EBITDA in the range of $21 million to $27 million, with the midpoint representing a four times increase compared with 2025; this range is up from the prior range of $14 million to $20 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. Investor Day Omada Health will host an Investor Day on September 10, 2026 in New York City, where management will present Omada Health’s vision, strategy, and long-term growth plans. Please reach out to investor relations at [email protected] for more information. Conference Call Omada Health will host a conference call at 1:30 p.m. PT/4:30 p.m. ET today, August 6, 2026, during which management will discuss second 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/BI1da25a61227f4480b4afdedba6928bce About Omada HealthOmada Health (Nasdaq: OMDA) is reverse engineering the way healthcare is delivered in America, putting the space between doctor visits–where health is won or lost–at the center of care. Today's healthcare system poorly serves chronic conditions that require ongoing support outside of the exam room, like obesity, diabetes, hypertension, cholesterol, and musculoskeletal conditions. Omada’s virtual-first model combines human-led care teams, connected devices, and AI-enabled technology to deliver personalized care at scale, including support for GLP-1 therapy. Omada has served more than two million members since launch across 2,000+ employers, health plans, pharmacy benefit managers, and health systems. Learn more at omadahealth.com. Cautionary Note Regarding Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements contained in this press release include, but are not limited to, statements we make regarding our ability to deliver profitable growth, business trends, leadership changes, growth prospects and future financial and operating results, and our financial outlook. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, macroeconomic and industry conditions and other factors. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, the following: our limited operating history and ability to manage our growth effectively; our history of net losses and ability to maintain profitability; the ability of our programs to achieve and maintain market acceptance; changes in the healthcare industry and competition; the growth and success of our customers and channel partners; the number of individuals covered by our programs and the number of our programs covered by our customers; the level of member engagement in our programs; our ability to maintain and grow customer and channel partner relationships; concentration of a substantial portion of our sales among a limited number of customers and channel partners; our ability to attract new customers and channel partners and increase member enrollment from existing and new customers and channel partners; our ability to increase the size of our organization; our dependence on a limited number of third-party suppliers; the impact of seasonality on our financial results; our ability to achieve widespread brand awareness and the impact of any negative media coverage; our ability to develop and release new programs and services; cybersecurity threats; our dependence on the interoperability of our programs and connected devices with third-party devices, operating systems and applications; changes in laws or regulations or the implementation of existing laws and regulations; compliance with privacy and security laws and regulations; our and our affiliated professional entities’ compliance with healthcare regulatory laws; any modification in U.S. Food and Drug Administration enforcement policies; our dependence on our relationships with affiliated professional entities; and other risk factors identified in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which is being filed at or around the date hereof. All forward-looking statements in this press release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update, revise, or correct any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required under applicable law. Investor Relations Contact:Craig [email protected] Media Contact:Rose [email protected] Non-GAAP Financial Measures We use certain financial measures not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”) to supplement the financial information in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin, and free cash flow. We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, excluding share-based compensation expense, amortization of intangible assets, and depreciation and amortization. We define adjusted EBITDA as net loss and comprehensive loss reported on our consolidated statements of operations, excluding the impact of interest expense, interest income, change in fair value of warrant liabilities, loss on debt extinguishment, provision for income taxes, share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. Free cash flow is net cash used in operating activities less purchases of property and equipment and capitalized internal-use software costs. We believe these non-GAAP financial measures, when taken collectively with GAAP financial information, are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making. However, there are a number of limitations related to the use of non-GAAP financial measures. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results. Key Metric Total Members: A member is a person who is enrolled in one of our virtual care programs and that generated a billing event in the preceding 12 months. We believe growth in the number of members is a key indicator of the performance of our business for both investors and management as we monitor the performance of our business, as members primarily drive services revenue. The number of members depends, in part, on our ability to successfully market our services to new customers and channel partners, our ability to sell additional programs to existing customers and channel partners, and our ability to promote awareness of our programs among covered individuals and to encourage their enrollment. Reconciliation of GAAP to Non-GAAP Financial Measures The following tables reconcile to the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

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 07, 2026 (GLOBE NEWSWIRE) -- 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. About Omada Health Omada Health (Nasdaq: OMDA) is reverse engineering the way healthcare is delivered in America, putting the space between doctor visits–where health is won or lost–at the center of care. Today's healthcare system poorly serves chronic conditions that require ongoing support outside of the exam room, like obesity, diabetes, hypertension, cholesterol, and musculoskeletal conditions. Omada’s virtual-first model combines human-led care teams, connected devices, and AI-enabled technology to deliver personalized care at scale, including support for GLP-1 therapy. Omada has served more than two million members since launch across 2,000+ employers, health plans, pharmacy benefit managers, and health systems. Learn more at omadahealth.com. Cautionary Note Regarding Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements contained in this press release include, but are not limited to, statements we make regarding our GLP-1 leadership, our new prescribing offerings and the benefits of those offerings, ability to deliver measurable results, business trends, growth prospects and future financial and operating results, and our financial outlook. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, macroeconomic and industry conditions and other factors. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, the following: our limited operating history and ability to manage our growth effectively; our history of net losses and ability to maintain profitability; the ability of our programs to achieve and maintain market acceptance; changes in the healthcare industry and competition; the growth and success of our customers and channel partners; the number of individuals covered by our programs and the number of our programs covered by our customers; the level of member engagement in our programs; our ability to maintain and grow customer and channel partner relationships; concentration of a substantial portion of our sales among a limited number of customers and channel partners; our ability to attract new customers and channel partners and increase member enrollment from existing and new customers and channel partners; our ability to increase the size of our organization; our dependence on a limited number of third-party suppliers; the impact of seasonality on our financial results; our ability to achieve widespread brand awareness and the impact of any negative media coverage; our ability to develop and release new programs and services; cybersecurity threats; our dependence on the interoperability of our programs and connected devices with third-party devices, operating systems and applications; changes in laws or regulations or the implementation of existing laws and regulations; compliance with privacy and security laws and regulations; our and our affiliated professional entities’ compliance with healthcare regulatory laws; any modification in U.S. Food and Drug Administration enforcement policies; our dependence on our relationships with affiliated professional entities; and other risk factors identified in our filings with the Securities and Exchange Commission (the “SEC”), including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which is being filed at or around the date hereof. All forward-looking statements in this press release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required under applicable law. Investor Relations Contact Craig Gracey [email protected] Media Contact: Rose Ramseth [email protected] (1) Includes amounts from a related party of $25.8 million and $22.8 million as of March 31, 2026 and December 31, 2025, respectively. (2) Includes amounts from a related party of $0.5 million and $0.3 million as of March 31, 2026 and December 31, 2025, respectively. (3) Includes amounts from a related party of $0 and $1.0 million as of March 31, 2026 and December 31, 2025, respectively. (4) Includes amounts from a related party of $6.9 million and $4.9 million as of March 31, 2026 and December 31, 2025, respectively. (5) Includes amounts from a related party of $22.2 million and $18.8 million as of March 31, 2026 and December 31, 2025, respectively. (1) Includes amounts from a related party of $46.0 million and $29.9 million for the three months ended March 31, 2026 and 2025, respectively. (2) Includes amounts from a related party of $5.1 million and $3.4 million for the three months ended March 31, 2026 and 2025, respectively. (3) Includes amounts from a related party of $1.3 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively. (4) Includes amounts from a related party of $0.7 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively. (5) Includes amounts from a related party of $8.4 million and $5.6 million for the three months ended March 31, 2026 and 2025, respectively. (6) Includes amounts from a related party of $0.5 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. (1) Includes changes in related party balances of less than $0.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. (2) Includes changes in related party balances of $3.0 million and $4.2 million for the three months ended March 31, 2026 and 2025, respectively. (3) Includes changes in related party balances of $0.1 million and $0 for the three months ended March 31, 2026 and 2025, respectively. (4) Includes changes in related party balances of $1.0 million and $0 for the three months ended March 31, 2026 and 2025, respectively. (5) Includes changes in related party balances of $2.0 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively. (6) Includes changes in related party balances of $3.4 million and $3.5 million for the three months ended March 31, 2026 and 2025, respectively. Non-GAAP Financial Measures We use certain financial measures not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”) to supplement the financial information in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin, and free cash flow. We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, excluding share-based compensation expense, amortization of intangible assets, and depreciation and amortization. We define adjusted EBITDA as net loss and comprehensive loss reported on our consolidated statements of operations, excluding the impact of interest expense, interest income, change in fair value of warrant liabilities, loss on debt extinguishment, provision for income taxes, share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. Free cash flow is net cash used in operating activities less purchases of property and equipment and capitalized internal-use software costs. We believe these non-GAAP financial measures, when taken collectively with GAAP financial information, are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making. However, there are a number of limitations related to the use of non-GAAP financial measures. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results. Key Metric Total Members: A member is a person who is enrolled in one of our virtual care programs and that generated a billing event in the preceding 12 months. We believe growth in the number of members is a key indicator of the performance of our business for both investors and management as we monitor the performance of our business, as members primarily drive services revenue. The number of members depends, in part, on our ability to successfully market our services to new customers and channel partners, our ability to sell additional programs to existing customers and channel partners, and our ability to promote awareness of our programs among covered individuals and to encourage their enrollment. Reconciliation of GAAP to Non-GAAP Financial Measures The following tables reconcile to the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below: (1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs (1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs (1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs

Image source: The Motley Fool. Thursday, May 7, 2026 at 4:30 p.m. ET Chief Executive Officer — Sean Duffy President — Wei-Li Shao Chief Financial Officer — Steven Cook Need a quote from a Motley Fool analyst? Email [email protected] Sean Duffy: Thank you, Craig. Good afternoon, everyone, and thank you for joining us. Q1 2026 was a milestone quarter for Omada. Here is our financial snapshot compared to a year ago; 42% revenue growth with a lower net loss and positive adjusted EBITDA, with a higher gross margin, and a guidance raise. Our business is largely driven by four growth levers. Let me explain the importance of each; expanding reach, the total lives with benefits coverage for our programs through channel and employer relationships; increasing enrollment, how effectively we convert those covered lives into multi-condition members; deepening engagement through advancements in our member experience, including our AI-powered food and behavior platform that includes OmadaSpark and Meal Map; and operational efficiency, the AI, clinical model and operational investments designed to improve outcomes and margins as we scale. I'll walk through the headlines across all four levers. Wei-Li will then take you inside the platform, into the operational and commercial detail behind reach, enrollment and engagement. Steve will walk through the financial picture, including our updated outlook. And I'll come back at the end to bring it all together. The headline of the quarter is reach. In Q1, we saw the new investments in our GLP-1 capabilities begin to demonstrate traction. Omada is proud to join 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. This collaboration marks Omada's first offering of prescribing capabilities within a PBM channel, reflecting our shared commitment to improving coordinated care for employers and members. Omada now has relationships with the nation's leading pharmacy benefit managers, who serve most commercially insured lives and process 80% of prescription claims. And today, we announced that Omada is joining Eli Lilly and Company's Employer Connect to offer our GLP-1 Care Track, also including prescribing capabilities, directly to employers. Across these announcements, Omada can now meet employers where they are, whether they are already covering GLP-1s, exploring coverage for the first time or looking for a lower-cost alternative through an employer defined contribution model. And critically, our GLP-1 capabilities remain the tip of the spear for sales conversations across the broader Omada platform which is driving growth across the full cardiometabolic suite. Turning to enrollment. In Q1, our total members grew 51% year-over-year, crossing 1 million for the first time in our history, a direct result of our expanded reach and our relentless iteration in enrollment marketing effectiveness. We continued to see strong enrollment across our GLP-1 services, but importantly, across the full suite of our cardiometabolic services like hypertension and diabetes. On engagement, member engagement continued to deepen this quarter as we scaled our nutrition experience, with continued advancements in OmadaSpark and Meal Map. And on efficiency, we narrowed our GAAP loss significantly and delivered positive adjusted EBITDA in Q1, which is historically our most cost-intensive quarter, showing the operating leverage we committed to demonstrating. Behind that result is AI showing up across our business in a structural way. In care delivery, our tooling now summarizes member data and surfaces potential next actions for care team review, reducing the administrative burden on our care teams. In engineering, AI-assisted development has accelerated our product velocity and the ability to say yes to new customer needs. And across operations and member support, we are converting routine manual processes into automated workflows that create capacity without adding cost. Taken together, these investments are not only improving the member and care team experience today, we believe they are beginning to provide a foundation for a structural tailwind to margins. The reason we have scaled this way, adding channels, adding conditions, adding capabilities like prescribing without breaking stride is that each new relationship, each new capability plugs into a complex system that promotes a positive, durable network effect for Omada and differentiates us from our competitors. Part of what underpins our commercial success is a large set of relationships that we have built over the past 15 years. Omada has worked to build institutional trust with many of the nation's largest employers, health plans and PBMs, embedding our programs in benefit designs, clinical workflows and compliance processes, to create integrated partnerships that we believe many of our partners have come to rely upon. Our clients are not paying us to make their business more efficient; they are not buying software or SaaS seats. They are paying us to improve the health of their members and provide measurable outcomes in diabetes, hypertension, cholesterol, weight health and MSK. We have worked thoughtfully for years, investing in areas like clinical sophistication, regulatory and privacy compliance and information security to meet the exacting standards of these partners, not as a software vendor, an automated tool or a consumer wellness solution, but instead as a HIPAA-covered entity and a recognized provider of true healthcare. We also have rich cardiometabolic data assets, tens of millions of care team interactions and billions of data points across weight, diabetes, hypertension musculoskeletal health. This data advantage is a reflection of our scale and operating history and helps us rapidly improve our care. We have published 30 peer-reviewed studies and maintain third-party accreditations from organizations like NCQA and URAC evidencing our ability to meet their exacting standards and further differentiating our clinical, regulatory and compliance capabilities. And we have designed our own co-intelligent care model that combines human coaching with AI tools to deliver personalized care at scale using our unique data to power functional AI workflows for members and care teams, not just model benchmarks. That combination of enterprise-grade distribution, extensive data, clinical and accreditation depth, proven and published outcomes and a care model refined over more than a decade of real-world deployment, that is the durable position that we work to maintain and to widen quarter-after-quarter. Before I turn it over to Wei-Li, I want to ground this in the lives of the people we serve. One member recently shared, I've been using the Omada app for years, and it truly changed my life. Through better choices, discipline and consistency, I've lost over 60 pounds. I don't need a seat belt extender on planes anymore. My toes don't tingle. I make better choices without feeling restricted. For years, I thought food was my best friend. It was comfort. It was coping. Now I see it for what it is, fuel for the life I'm building. Exceptional stories like that are why Omada exists. 3 in 4 American adults have at least one chronic condition, and over half have 2 or more chronic conditions. And the healthcare system still organizes much of their care around limited clinical touchpoints. Omada puts the space between those visits at the center of care. With that, over to Wei-Li. Wei-Li Shao: Thanks, Sean. As Sean shared, we crossed the milestone of 1 million total members. We ended Q1 with 1,025,000 million total members, up 51% year-over-year. This is 139,000 net new members in Q1 '26 compared to 107,000 in Q1 '25. Importantly, growth was broad-based across the cardiometabolic suite. We saw strong year-over-year growth in our hypertension and diabetes programs, reinforcing that our momentum extends well beyond GLP-1 offerings. Multi-condition close rates remain strong. Two complementary drivers are amplifying this growth. First, enhancements to our enrollment experience converted more eligible members across email and direct mail, with particularly strong gains in diabetes and hypertension. Second, we continued to transition a majority of our accounts to Omada-led outreach, which is generating enrollment rates higher than non-Omada-led accounts. Turning to our commercial progress. This quarter we made meaningful strides expanding our channel and customer relationships. We now have relationships with all 3 of the nation's largest pharmacy benefit managers and are deepening our presence across the GLP-1 ecosystem. As Sean mentioned, we are proud to have joined Optum Rx's Weight Engage portfolio. In addition to GLP-1 care, Omada's prevention and weight health, hypertension and musculoskeletal programs are available for Optum Rx clients to purchase. And as an independent program administrator in Eli Lilly and Company's Employer Connect, we plan to support employers seeking direct GLP-1 access by pairing our clinical support and behavioral coaching model. Employers will be able to offer their members transparent, clinically guided access to anti-obesity medications alongside Omada's wraparound care. In the quarter, we also added several large, nationally recognized private employers as customers, including L.L.Bean, QuikTrip and Breakthru Beverage, alongside additional public sector and regional health system wins. Together, these new and expanded relationships meaningfully extend our reach and further multi-condition penetration, while giving us access to a broader and more diverse set of covered lives across PBM, health plan and employer channels. We are still in the early innings of serving many of these newly covered populations, which can take multiple sales cycles to build into. GLP-1s have not just driven demand for medication, they have expanded how many employers think about cardiometabolic care more broadly. Whether or not they choose to cover these therapies, we find that employers are increasingly prioritizing weight and metabolic health and looking for solutions that can support their populations. This shift has played directly to our strengths. This reflects a fundamental reality. 9 out of 10 people taking GLP-1s for obesity are also managing at least one other chronic condition. Since launching our GLP-1 Care Track, we have supported more than 150,000 members as of the end of 2025, building proof points for our wraparound care model. Let me walk you through how our offerings map to the different ways employers approach GLP-1 benefits. For employers already covering GLP-1s through one of our PBM partners, our GLP-1 Care Track delivers companion care, including behavioral coaching, support with side effect management and other clinical support, alongside the pharmacy drug benefit. This is now available through the 3 largest PBM channels. Our GLP-1 Care Track can also help sustain outcomes after discontinuation, with data showing just 0.8% average weight change one year after stopping therapy compared to 11% to 12% regain in key clinical trials without ongoing support. For employers seeking clinically managed prescribing, as GLP-1 therapies evolve, employers need support navigating medication selection and titration across benefit designs intended to improve outcomes and manage cost. Prescribing is a natural extension of our model, and we are excited about our first offering of prescribing capabilities with Optum Rx. Given annual enrollment cycles, we expect revenue contribution from prescribing offerings to build more meaningfully in 2027. For employers not yet covering GLP-1s who want an alternative to traditional coverage, we can support direct-to-employer pathways that give them a more flexible way to begin offering access with more predictable costs. That includes Omada GLP-1 Flex Care, which combines clinical evaluation, prescribing support, behavioral coaching and ongoing virtual care, while eligible members access medication through vetted cash-pay channels. It also includes our work with Lilly's direct-to-employer offering, which provides employers with another option for transparent net cost for Zepbound and allows them to define contribution levels, creating a predictable cost structure for obesity medications. For members discontinuing GLP-1 therapy who need ongoing support, we provide behavioral coaching, clinical guidance and multi-condition care. In published results, members who remained engaged with our Care Track largely sustained their outcomes at 12 months. This is where the full value of the platform becomes clear, supporting members not just during medication use, but across their broader health journey. The strategic takeaway is this, GLP-1s have increased both the demand for and the complexity of cardiometabolic care. Employers need a partner who can navigate that complexity across coverage models, clinical needs and member journeys. And Omada is building exactly that clinical infrastructure, connecting programs, prescribing and support into a unified platform to help maximize the benefits of GLP-1 investments. Now turning to our evidence base. Our newest clinical analysis announced last month, demonstrates that Omada members in our GLP-1 Care Track on average lost 1.8x the total weight and twice the body fat, while preserving their lean muscle mass compared to a control group over a 12-week period. This is a clinically meaningful result that we believe matters to employers seeking to justify spending on GLP-1 medication. Without structured lifestyle and clinical support, employers may end up paying for poor results, funding high pharmacy spend on medication that is not providing the durable outcomes their employees seek. These results, combined with our established body of 30 peer-reviewed studies and insights from supporting 2 million members over the past 15 years, have continued to differentiate Omada in competitive evaluations. Taken together, our expanding commercial relationships, broadening GLP-1 capabilities and growing body of evidence reinforce a simple point, Omada is becoming part of the connective tissue between how employers buy, how members engage and how outcomes are delivered across the digital cardiometabolic landscape. With that, I'll turn it over to Steve. Steven Cook: Thank you, Wei-Li. Hello, everyone. Q1 was the strongest first quarter in Omada's history; on members, on revenue, on gross margin and on adjusted EBITDA. Over the past year, we have been building capabilities to position Omada for durable growth, prescribing infrastructure, AI-empowered care delivery and an expanding set of GLP-1 and cardiometabolic solutions. Revenue was $78 million, up 42% year-over-year, driven by strong GLP-1 Care Track adoption, increased multi-condition penetration across our cardiometabolic suite and continued progress in enrollment effectiveness. As discussed in last quarter's call, Q4 2025 included approximately $2 million of revenue related to a one-time transaction that did not recur in Q1. Adjusting for that item, Q1 revenue grew 6% sequentially over Q4. The strength of these results, combined with the early traction we are seeing across our new commercial relationships, gave us the conviction to raise full year guidance, which I will walk through in a moment. Turning to gross profit. The leverage in our business continued to show as we delivered strong year-over-year gross margin expansion. Our GAAP gross profit was $49 million in Q1, representing a GAAP gross margin of 62%, up from 58% in Q1 '25. On a non-GAAP basis, gross margin was 64%, up from 60% in Q1 '25. As we've shared, Q1 has historically been our lowest gross margin quarter due to higher enrollment volume and the related care team and device costs. The underlying drivers remained strong, efficiency gains from our self-built care team platform, AI-powered tools that enhance care team productivity and the operating leverage inherent in our multi-condition model. As a result, we see a path to continued gross margin expansion over time, and we believe there is a path to exceed our current long-term target of 70% annual gross margin. One item I want to flag briefly is the minor impact we have seen thus far from the conflict in Iran, which modestly increased device-related cost of revenue due to increased shipping costs. This has not been material to Q1, and we currently estimate the full year impact at roughly $1 million. We are also evaluating selectively pre-purchasing certain devices to incur shipping costs upfront as a further hedge against volatility. Let me walk through the unit economics. Total members is our headline metric, but it is a composite of members at different stages with different economic profiles, and that composition is key to understanding our business. Historically, the shape of the member curve has been largely consistent. In year 1, revenue per member has generally been at its highest, because enrollment, devices and initial care activities are concentrated in that period. In years 2 and 3, revenue per member has historically stepped down as members move into streamlined, longer term care, but gross margin per member has stepped up as care delivery costs are meaningfully lower once the front-loaded first year activities are behind us. The member relationship has generally become more profitable on a unit basis as it matures, even as the revenue line moderates. The takeaway in this quarter is a positive structural shift in our member base. Members have stayed with Omada longer, and each successive enrollment year has been larger than the one before it, 2025 most of all. Together, those dynamics mean a structurally higher share of our total members sits in year 2 and beyond entering 2026. That puts near-term pressure on blended revenue per member by design, while lifting typical longer term gross profit per member, the more accretive phase of the curve. This is a good outcome for the business without any change to per program pricing or contract terms. We expect gross profit per member to remain a strength of our model and aim for it to expand further over time as new channel partnerships, our GLP-1 care options and prescribing programs layer incremental economics into the existing member base. Moving to operating expenses. Our approach is unchanged, invest responsibly behind key opportunities and continue driving toward profitable growth. On prior calls, we mentioned our investments into prescribing capabilities, and it's now clear these investments are aligned to serve our new agreement with Optum Rx. While building these capabilities, we also demonstrated operating expense leverage in the quarter. On a percentage of revenue basis, both GAAP and non-GAAP operating expenses declined approximately 5 percentage points year-over-year. That leverage is the output of the drivers we have consistently pointed to, scaling through channel partnerships, getting more from our existing sales force and tight spending discipline across the rest of the business. The other driver, and an increasingly important one, is AI. We are not evaluating the leverage opportunity from AI in only one area of the company, the opportunity reflects a deliberate company-wide evaluation of AI tooling across every function. As AI adoption deepens, we believe it can become a tailwind to operating leverage and margin expansion as we look towards 2027 and beyond. Our GAAP net loss narrowed to $3 million compared to $9 million in Q1 '25 and adjusted EBITDA was $1 million, an improvement of $5 million year-over-year. Delivering positive adjusted EBITDA in our historically highest cost quarter reflects the structural scalability of our model playing out. This strong start to the year has led to an improved full year adjusted EBITDA outlook that I'll discuss in a moment. Our strengthened profitability profile has continued to a strong balance sheet as well. We ended Q1 with cash and cash equivalents of $212 million and continue to carry no debt, having fully repaid our term loan ahead of schedule in 2025. Now let me turn to our outlook. We are raising our full year revenue guidance to $322 million to $330 million, up from our prior range of $312 million to $322 million. For adjusted EBITDA, we expect a range of $14 million to $20 million, up from a prior range of $7 million to $15 million. At the midpoints, revenue guidance represents approximately 25% growth year-over-year and adjusted EBITDA reflects a nearly 3-fold improvement compared to 2025. For both revenue and adjusted EBITDA, the low-end of the new guidance range is approximately at the high-end of our previous range, reflecting the strength of the quarter and our improved outlook for the year. The raise reflects 2 drivers; continued commercial momentum across our channel and PBM partnerships and sustained enrollment effectiveness across the cardiometabolic suite. We believe the new and expanded commercial relationships, along with the record number of planned new program launches, position Omada well for durable growth, more diversified revenue and increasing profitability. Several of those programs and relationships are still in the early stages of commercial ramp, and we do not expect them to contribute materially to revenue in 2026. However, we are in the active selling season for 2027, and that is where we expect these relationships to begin converting to revenue. We believe our growth rate and margin trajectory together demonstrate the financial profile of a durable, high-quality growth business with a clear line of sight to the next wave of revenue from new programs and expanded commercial relationships. With that, I'll turn it back to Sean for some closing remarks before we open it up for questions. Sean Duffy: Thank you, Steve. Let me bring it together. Less than a year ago, we stood in front of you as a newly public company with a bold set of ambitions. We said we would invest responsibly in GLP-1 capabilities and AI, demonstrate operating leverage and prove that clinical quality and scale are not fundamentally at odds. We feel we have delivered on those commitments every quarter since, and Q1 2026 is the latest proof point. Today, we have over 1 million total members. We have significantly expanded our commercial reach. We have an expanding multi-condition platform that includes prevention and weight health, GLP-1 support, diabetes, hypertension, cholesterol and musculoskeletal care. We have an evidence base of 30 peer-reviewed studies and a growing body of real-world data that powers our differentiated use of AI and helps us demonstrate ROI to customers. And we have a financial profile that has tracked meaningfully ahead of where consensus expected us to be at this point in our journey as a public company. Our 2026 plans include rolling out more new offerings than in any year in the history of our company. The foundation is built. We believe the market is responding. And our team has the ambition to expand our impact from here. With that, we will open it up for questions. Operator: [Operator Instructions] Our first question comes from Craig Hettenbach at Morgan Stanley. Craig Hettenbach: Wei-Li, nice to see you stay close to your former employer. GLP-1 developments are moving fast, and you outlined a bunch of these. Can you just touch on where you're seeing the most interest from current and prospective customers? Wei-Li Shao: Craig, Wei-Li here. Good to hear your voice. Thanks for the question. In terms of where the market is moving as it relates to interest from customers for GLP-1s, we're really seeing it kind of spread fairly evenly across the spectrum. And so maybe it's worth kind of reminding people what that spectrum is. You can basically look at the GLP-1 marketplace, from an employer standpoint, split into 2 buckets. The first one is those that have leveraged the various number of GLP-1 benefit design solutions to their PBM or their health plan. And then those who have yet started -- have not yet provided coverage for GLP-1s but are actually wanting to, and that represents at least half the marketplace. And so what we're seeing across the spectrum is really interest in 2 categories. Again, the PBM provided solutions, they're diverse. They meet certain market needs. And then also a new segment that's taking a look at alternatives that include different benefit design solutions, different defined benefit contributions and so on and so forth. This year is, from our perspective, the year where employers will take a look at all these different solutions, determine which one makes sense and they'll be experiencing a wider range of benefit design solutions to meet what we see as a very diverse and wide-ranging set of needs. Having said all that, we are building traction in our GLP-1 Flex Care program. Obviously, we've just now become part of an option within the Lilly Employer Connect program. And so we'll begin building pipe there. And then obviously, Optum Rx as well as the relationship with CVS Caremark that we mentioned last year. So we're really seeing kind of even table growth in our pipeline across all those relationships. And we see that as reflecting the, again, diverse and wide range needs from GLP-1 coverage options across the employer landscape. Sean Duffy: And Craig, this is Sean here. So just to pile on top. To summarize the strategy, Omada endeavors to have a version of our GLP-1 solution that meets whatever version of your strategy sits in. And we think that's strategic because it is a dynamic market. You find employers that want to cover, you find employers that can't and the flexibility in our solutions allows us to address all of these segments. Craig Hettenbach: Very helpful. And then just as my follow-up, any update on just the multi-condition sales? Kind of how that's trending and implications to the operating leverage in the business? Wei-Li Shao: Yes. Thanks, Craig. Wei-Li here. In terms of the multi-condition sales, we continue to build momentum in that direction. As you know, others know, that's been a long-standing strategy for us, consistent strategy for us. We have shared in previous earnings calls that our multi-condition close rates or attach rates are on average between 40% to 50%. That hasn't changed. We continue to see that, which we think is a good lead indicator and reinforcer of the strategy and the momentum we will continue to experience in multi-condition sales. Operator: Our next question comes from Constantine Davides at Citizens. Constantine Davides: Just on the PBM partnerships you announced, obviously, ESI is furthest along, but I'd love to understand what's similar or leverageable from one PBM relationship to another? And then as you look at Caremark ramping up and soon Optum, what nuances require a little bit of learning or heavy lifting on your part? Wei-Li Shao: Yes. Constantine, Wei-Li here. Thanks for the question. In general, if you're referring to the go-to-market motion with each of the PBMs, if that's the question, I would say, in general, the approach is similar directionally. And the way I would describe that is basically we partner with their sales teams, their account executives. They oftentimes number in the thousands, which helps us expand our share of voice and selling footprint out in the marketplace. And we're certainly doing that across CVS Caremark, Optum Rx. We've begun doing that now, of course, as you might expect, and of course, ESI or Evernorth. So that part is similar and is a scalable motion for us given the enablement is similar and we can do that. The other one that is similar, of course, is multiple of our products are available through each and every one of those channels. So you'll find a complement of our cardiometabolic as well as MSK programs available in addition to GLP-1. So that too is similar as well. The other one that I think would be reliably similar across them, which again speaks to the scale of the opportunity across all 3 is that the sales motion and sales cycle is similar from a timing and what it would take, and they actually feather and layer on top of each other. So what do I mean? So obviously, we've had a longer-standing relationship with ESI and Evernorth. That's a mature business. It continues to grow nicely. We build pipe. Last year, we announced CVS Caremark. And at that time, when I -- when we announced that, I said our first order of business is to build pipe. We did that. Our second order of business in the back half of the year was to close deals. We did that too as well. And then the third order of business, of course, was Q1 this year is to deploy those deals. And we've got now thousands and thousands of new members coming into our business through the CVS channel. We expect and certainly plan to do the similar thing with Optum Rx. So we'll follow that same first, second, third order of business with material gains and contribution from Optum Rx predominantly beginning in Q1 of next year. Operator: Our next question comes from Richard Close at Canaccord Genuity. Richard Close: Yes. Congratulations. I'm curious on the Lilly announcement direct-to-employer, how that specifically works? What's the, I guess, program offering you're offering? And is it the employers are giving the member essentially a certain amount of money to purchase the drug directly and then you're essentially getting paid by the employer for the companion program? Just help us better understand that. Sean Duffy: Yes, Richard, this is Sean. Let me just characterize which segment that sits in, and then I'll pass it to Wei-Li for the details there. So the Lilly Direct program is for the employers that do not cover GLP-1s. And so it's a similar category as our GLP-1 Flex Care. And so it offers the chance for those employers to give their employees something. And although in that instance, they're not paying for the med, they can create an employer-specific benefit contribution to the med. Wei-Li Shao: Yes. Thanks, Sean. Let me follow through in terms of how it works. Obviously, Lilly would be the definitive body to talk about the entire program, but I certainly can talk about how it relates to Omada. The Lilly Employer Connect program is a solution that is outside the PBM, it's a carve-out. And employers will opt into the Lilly Employer Connect solution. And as part of that, have the option to actually engage and utilize Omada should they actually choose Omada as their clinical backbone. If they do, there are 3 components. The first one is the clinical part of it, which is a scaled offering of our GLP-1 prescribing solution seamlessly married up to our GLP-1 Care Track, which is our lifestyle wraparound solution. The second one is through Lilly and the Employer Connect program is to be able to access a net transparent cost or price for Zepbound. And then the third is, as you mentioned, an option for employers to actually reduce the out-of-pocket cost for the GLP-1, in this case, Zepbound, through a defined benefit contribution and employers in partnership with the different administrators on the platform could pick the level that they want to do so. All in all, the goal is to provide an alternative to -- because again, the need for coverage and how they want to do coverage and how employers choose to do that, the needs are diverse and wide ranging, and this represents an opportunity to meet a significant amount or a few segments in that buyer selection. And so I think I'd cap it off by saying, as Sean just said, to reinforce that, we're proud and privileged to be able to be part of the Lilly Employer Connect program, but it really is about a bigger portfolio strategy and allowing employers to opt into a number of different potential benefit design solutions, knowing that Omada is the clinical backbone in the one they would choose. Richard Close: Okay. Very helpful. And then we've been hearing a lot more of employers in the face of these rising costs historically have waited to implement programs with January, the new benefit year. But we've been increasingly hearing that they need to do something now. So I'm curious what you're hearing? What you're thinking about like the opportunity for intra-year launches? Just any update there would be helpful. Wei-Li Shao: Yes. Richard, I take your question to me not just about GLP-1s, but writ large in the category and what's impact to Omada is. I'll speak to GLP-1s first, then I'll speak to the broader cardiometabolic sector, obviously, that we lead in. On GLP-1s, yes, I mean, it's true. There are a number of employers that have made their benefit design solution decision, some of which obviously are rolling them out, some of which are kind of waiting and watching and evaluating this year. Suffice it to say, I think a lot of employers, regardless of their solution are accelerating their decision-making process, meaning they're engaging in that process sooner in the year than they normally do. Now whether or not that leads to an acceleration for off-cycle closed deals, we're too early in the year to be able to see that. But we know that the pipeline is building nicely in that regard across the portfolio of benefit design solutions. So I think there's stuff there yet to be seen. But certainly, the conversations would be more active than typical, I guess, is the way I would put it. Across the cardiometabolic suite, because GLP-1s is kind of the gateway to a broader cardiometabolic discussion to support clinically those employees that are not taking a GLP-1, that is kind of riding the coattails of the GLP-1 discussion. And so we find that also to be increasing in activity and is certainly contributing to pipe build. But again, too early to call as to whether or not that's going to lead to more off-cycle builds. Where we do see -- our off-cycle deals. Where we do see more off-cycle deals coming through is when we're launching actually new programs. For instance, we announced our cholesterol program last year, we are seeing more off-cycle deal closes sooner in the year than we normally would have for a product that may be for a few years. Operator: Our next question comes from David Roman at Goldman Sachs. David Roman: Steve, I wanted just to come back to your commentary around pricing, and I don't know if the right metric is revenue per member. Is that a metric that are you suggesting is going to be flat over time? Is that going to go up as we look at an increased number of multi-condition contracts? I'm just trying to make sure I understand the direction of travel that you were pointing us to on that dynamic. Steven Cook: Yes, David, great to hear from you, and thank you so much for the question. For some of the prepared remarks, this is really the output of 2 features in the business that we actually believe to be beneficial. The first is that we're just improving churn, and we're having members stay with us longer into their second, their third and even their fourth year of Omada tenure. And as a result of that, what you have happened is you see a little bit more moderated revenue contribution into those second, third and fourth years. But what's most important there is those carry very little incremental cost as most of the cost is front-loaded into the first year of their engagement. And as such, they're driving -- they're some of our highest margin members in our total member base. We do expect that to be relatively flat for the rest of this year, in line with Q1. But first, from the prepared remarks, we still have remaining upside across continuing to execute on some of our prescription opportunities, driving engagement initiatives. We have internal motions directed at both of those internally, and we will potentially be able to uplift ARPU in the back half of this year, if not more into 2027. David Roman: Very helpful. And then as we think about the profitability profile, clearly, you've hit an inflection here earlier than you had expected. How are you thinking about on a go-forward basis opportunities to drop profitability to the bottom line, but also where there might be the potential to reinvest, whether that's organically or even inorganically given the scope of your distribution and just a number of smaller participants that are out there? Steven Cook: Yes. We think both Q1 and our full year guidance reflect this dynamic. On a $4 million top line beat, we dropped $4 million of EBITDA to the bottom line. And then on our guidance raise of $9 million, we're carrying forward $6 million of incremental EBITDA. So flowing through 2/3 of the revenue beat down to the bottom line as well. But that said, look, we said -- we did what we said we were going to do. We did invest in the back half of Q4 as well as into Q1 into standing up this prescribing capability and launching Optum Rx. And we believe that's going to give us the ability to drive durable revenue at really attractive margins in the years to come. That's going to be ongoing dialogue where we're going to be looking at abilities to invest in key responsible areas that are going to benefit us in the future. Sean Duffy: And David, maybe I can take the back of the question there. We have communicated the primary engine of growth for Omada is going to be focused on organic. I mean we like the capabilities we have, large end markets. I think Richard's comments on the employer dynamism summarized really what we're feeling at the level of the buyer here. That being said, you do highlight something that we think is a great competitive advantage for Omada, which are large-scale distribution channels to a complex risk-averse buying market. And we do have capabilities to sell multi-product. And so of course, we'll keep an open mind, but be selective relative to anything inorganic. Operator: Our next question comes from Sean Dodge at BMO Capital Markets. Sean Dodge: Maybe, Steve, just going back to your comments again, just on the member curves and how revenue and margins develop as the enrollment cohorts mature. Just to make sure I understand, you said revenue declines in year 2, but gross margins go up. If we think about that in terms of gross profit dollars on a per member basis, how do the absolute dollars per member compare in year 2 to year 1? Is that also up? And can you kind of frame for us maybe how much? Steven Cook: No, that's exactly right. You hit the nail on the head. So gross margins are going up in year 2. The absolute gross profit dollars do go down on a total basis because we're just recognizing overall less revenue as those folks go into their more mature years going to the second, third and fourth year in aggregate. And so on a margin profile, it is accretive. On a gross profit dollar perspective, it does step down in the second and third years. Sean Dodge: Okay. And then maybe just on the enrollment conversion rates. Wei-Li, you talked before about the work you're constantly doing to optimize those. You're always experimenting with different messages and content and channels. Maybe just to put it in context, the improvement in e-mail conversion rates you all were able to drive in 2025, you talked about 24% improvement in that metric. How does that compare to what you're able to do in years prior? And then maybe how does that compare to what you hope to achieve in 2026? I guess, how much do you think you can continue to increment up your conversion rates in any given year? Wei-Li Shao: Yes. Thanks, Sean. I appreciate that, and I appreciate the reference to prior discussions we've all had regarding our efforts in enrollment rate, yield rate improvements. But for the others, just to rehash, each year, we go through an extensive process, usually commencing in the middle part of the year after we've seen H1 results and response rates, an extensive set of A/B testing, so on and so forth. We've pretty much got this engine down pretty good. And each year for the last several years, we've been able to improve our yield rate significantly. And the range is varied anywhere from the low side of 20% to the upside of 60%. We certainly did that and repeated that process last year across both direct mail, other multi-channel things, including e-mail as well as frequency, duration of campaigns and so on and so forth. And we are seeing what we had expected, which is increased enrollment yield rates in Q1. We certainly, at this particular point, not disclosing numerically what it is because we really need to see what Q2, Q3, Q4 and the remainder looks like. But we have optimism to believe that the majority of what we're seeing in Q1 should be carrying through for the rest of the year based upon the results we've seen so far. Operator: Our next question comes from Elizabeth Anderson at Evercore ISI. Ayush Vyas: This is Ayush on for Elizabeth. Building on some of the prior questions that were asked, on your last call, you did compose gross margin as a combination of multi-condition mix and care team labor optimization. Earlier, you mentioned the potential to grow beyond the 70% long-term gross margin target. Is that mainly coming from the condition mix or labor optimization or is it sort of a mix of both? Could you maybe just put some rough weights around that and how you kind of get to that higher margin? Steven Cook: Yes. You hit the nail on the head. You got 2 of the 3. So we're obviously really happy with the Q1 results. 64% non-GAAP gross margin is the highest in the company's history. So we have direct near-term sight into hitting our long-term target at 70% plus on an annualized basis. And we are going to be conducting our Investor Day later this year in September in New York, where we likely will revisit our long-term gross margin target and potentially lift it from there. The only other one that you missed was AI. That's where we're investing significantly, and that's why we're gaining additional confidence that we can actually push gross margin beyond 70% in the future. We're using -- we have a ton of examples internally on really impactful use cases that are making our care teams more efficient. And so we're really excited with what we're seeing there. Operator: Our next question comes from Saket Kalia at Barclays. Carly Buecker: You have Carly on for Saket. Sean or Wei-Li, maybe for you. I'd love to touch on some of the AI-related solutions you've developed like the nutritional AI assistant and Meal Map, which I think you've embedded into your program. What kind of feedback have you gotten from customers and end users so far? Are you starting to see those features drive more activity in the app or is that more of a longer term opportunity? Wei-Li Shao: Yes. Thank you for the question. It's such an exciting moment in software, and stating the obvious, the software velocity and the code creation at Omada has certainly increased. And our customers are driving value from that and our ability to create more new things for them, but you've highlighted some of their members -- some of the value our members have experienced as well. And each and every day, we really push the frontier of the intersection between what models can do and what people can do. And we've seen really heartening data with the tools we've rolled out. I mean with Meal Map, for instance, we've seen nearly a 16% relative lift in the weekly active meal tracking among new members. So for those where their job is to track and they're working with their care teams on doing that, that just makes it easier, you get a lift. And then equally, the speed upon which a model can get back to our members on something specific is just really incredible. I mean in yesterday's world, if a member wanted to say a recipe, they might ask their care team member and they might pull from one of our libraries. Now they ask our nutritional education tool, which we've fine-tuned over 3 million foods that has context on that person's clinical status, their dietary preferences, et cetera. So it's great. The way we look at it is every single product manager across Omada is really thinking through an AI-first lens on how they can embed AI in whatever surface area they're working on. And this is an area where we're blessed, in that we've built every single piece of the care team platform ourselves, the member experience ourselves so we can embed AI really throughout. Operator: Our next question comes from Stan Berenshteyn at Wells Fargo Securities. Stanislav Berenshteyn: Maybe going back to Optum Rx first, I'd love for you to elaborate on the scope of this partnership. I'm curious, are there any other vendors besides Omada offering similar solutions here? I just want to get your thoughts on that. Wei-Li Shao: Yes. Stan, Wei-Li here. Regarding Optum Rx, kind of a little bit more detail around that and your question about are there any other vendors, there are 2 others that were preexisting inside the Weight Engage Optum Rx program, and that makes us obviously the third addition there, too, as well. I think what's important about the Optum Rx opportunity is a few-fold. First is that it represents our first large-scale deployment around GLP-1 prescribing married seamlessly up to our GLP-1 Care Track, which is the lifestyle support program for GLP-1s. And that's important. But it's not just about GLP-1s. Alongside that, we now have the opportunity through this relationship to expand the utilization and uptake of the rest of our cardiometabolic programs as well. So it's really a GLP-1 plus expansive cardiometabolic opportunity for us, which obviously we like, and we see that as a major value proposition advantage for our buyer segments out there. That's number one. Number two, the Optum Rx relationship singularly is important, but in aggregate from a portfolio strategy is very, very important in the sense that, obviously, it's kind of like the last puzzle piece to crack the big 3. And together now the big 3 across those PBMs, we have the ability to tangibly and materially realize a market that is associated with more than 70% of all patients covered by those PBMs in the United States, 80% of all commercial prescriptions are adjudicated by those 3. And so it represents an incredible material opportunity for us to realize going forward. And of course, all sites and efforts are on doing that. And we like that too as well, because again, it feathers in on top of the CVS Caremark announcement we had last year as well. The third and last point is that with the addition of Optum Rx, and of course, as I just mentioned, the other 2 PBMs, it's an opportunity for us to significantly diversify our business over time. Stanislav Berenshteyn: That's helpful. I appreciate the color. Just as my follow-up, I just want to go back to the prepared remarks regarding the Omada-led outreach, improving member adoption rates. Just if I think about benefit managers that oftentimes want to have control of the channel between themselves and their employees. If we think about the totality of your covered lives, what percentage of those lives do you have the capability to pursue directly using this strategy? Wei-Li Shao: Yes. It is true in general, Stan, that if you were to ask any generalized or generic digital health or virtual care company out there, do their clients prefer to do their own deployments? I think the general response would be yes. I think that is increasingly not the response you would get from Omada Health. We have worked over the years to demonstrate to our employee base or employer client base that when we lead the enrollment, of course, in partnership with them, but lead the enrollment efforts, you get about 2x to 3x better yield rate. And the overwhelming majority of our clients like that because their mission is aligned with ours, which is helping as many of their employees as possible across the various programs that we deploy with them. In terms of your other part of your question in terms of, I think it was just overall like Omada-led outreach penetration across our client base. Suffice it to say, it's not 100%, but it's the majority. And so while we're being increasingly successful year-over-year-over-year moving our clients over to Omada-led outreach, we're not done yet, but it's the majority of our clients at this time. Operator: Our next question comes from Ryan MacDonald at Needham & Company. Ryan MacDonald: Congrats on a nice quarter. Wei-Li, maybe first for you. As you think about the new Optum Rx program and the Lilly direct-to-employer program, I think as you mentioned before, you're not sort of the only vendor within these programs. So as you join them, can you just talk about sort of the allocation of resources from a go-to-market and a marketing perspective to sort of ensure that you're getting sort of mind share within those large populations? And how much help are you getting from Lilly or do you expect to get from Lilly and Optum Rx as you sort of ramp those efforts there? Wei-Li Shao: Yes. Great question. And maybe I'd frame it this way is that you've heard Sean and I talk about our portfolio strategy for GLP-1s as it relates to benefit design solution options for the employer. That's really the strategy to get the share of voice and the mind share of employers. And the reason is the following. When you step back and you look at the landscape today, there is a wide and diverse set of needs that employers have because every employer, for lack of better words, is in their own financial, what they can afford situation related to GLP-1 coverage. Some have a different strategy to provide them at a very, very low co-pay. Others have a strategy that says, hey, listen, we're in a different financial situation, we can't afford as much and we need a defined benefit contribution plan where we pay only 10% of the monthly GLP-1 cost. So you have people and employers across the entire spectrum. So back to your question about mind share and share of voice, how do you get it? Well, our strategy allows us to get it because no matter where you are on that spectrum, our strategy is to make sure that we are plugged in and part of that various and diverse set of benefit design solutions so that you as an employer can concentrate on what is financially the best coverage decision for your employees, not having to worry about what the best clinical option is because Omada is the clinical backbone in a range and number of solutions across that spectrum. That affords us to be at the table and be called at the table when employers are considering making a GLP-1 solution because we know that we're essentially in a number of different benefit design solutions. So that really is the predominant strategy to create mind share and share of voice. And we're seeing that work because we're building pipe across the various benefit design solutions that we talked about here on this earnings call. The second piece is that our go-to-market for Optum Rx as it is with other health plans as well as other PBMs is very, very much to enable and partner very, very closely with their sales forces, which of course, number in the hundreds and thousands, as mentioned before. And so really by that, we were able to extend presence and extend share of voice, and we have a number of enablement meetings coming up to drive that. That's a recipe and that's a strategy that's worked well for us. We have no reason to believe that it won't be a durable model for us, and we're going to execute like crazy on that, as you might imagine. Rounding out your last question in terms of Lilly. That's probably a question you'd want to ask Lilly in terms of what commercial resources they're putting behind advertising that and marketing that. But we're proud to be part of that platform. And certainly, as we talk to employers and lay out the spectrum of benefit design solutions that are available to them, rest assured, we will definitely be putting that up there because it's receiving great interest. Ryan MacDonald: Appreciate all the color there, Wei-Li. And Steve, maybe a follow-up for you. Obviously, great to see the improved retention rates and the longer duration that you're seeing there. I think historically, you've talked about sort of about 55% or so of members sort of stay on past 1 year. How much of an uplift are we talking about in terms of the improvements off of that 55% number? And then are there any specific programs you would call out where you're seeing sort of the greatest improvements in 1-year plus retention rates? Steven Cook: Yes, absolutely, Ryan. I think the first most important point here is just our ongoing success with multi-condition traction. So we've added more diabetic and hypertensive members for those chronic conditions. Those members just tend to stay in program significantly longer. Again, recall, we launched those programs in the 2019, 2020 time frame. So we're actually observing some members in really their fourth and even their fifth year in a modest tenure. And so that's a big driver of where we're seeing some of the uplift there. We haven't exactly calibrated it to be apples-to-apples with the 55% and the 50%. We'll potentially release that data in the upcoming Investor Day and share some updated color from that perspective. Operator: Our last question comes from Gene Mannheimer at Freedom Holdings. Eugene Mannheimer: Congrats on a good start to the year. A lot of good information here. Did you call out how many total members are now on GLP-1s? And do you break that out across your original Care Track versus the new Flex Care pathway? And then my follow-up on that would just be, can you or would you provide an update on your cholesterol program? And whether that's still targeted for availability next year? Wei-Li Shao: Yes, Gene, Wei-Li here. We disclosed just by way of reminder to folks that through the end of 2025, we had brought in a total membership of around 150,000 or so. We've not yet disclosed Q1 in terms of at the product level offering, which includes, of course, our GLP-1 Care Track. We're likely to do so each year from an annual standpoint. But suffice it to say, the momentum and frothiness of the GLP-1 marketplace continues. In terms of our cholesterol program, I think your question was about the same in terms of what the uptake and traction looks like there. We're encouraged and primarily also not surprised, because as we know, when you have diabetes, hypertension, obesity or are at risk of diabetes, some or one of the above, the likelihood that you have unfortunately high cholesterol is very, very high, anywhere from 40% to 70% depending on the population you're looking at. So naturally, when we talk about our cardiometabolic programs to our employer audience, they naturally gravitate towards the cholesterol program. Last year, when we announced late in the year the launch of the cholesterol program, we basically had closed a couple of clients, one of which was a very large retail customer, over 300,000 global employees. We since added to that list of deals closed, including a few more enterprise clients as well as 2 large jumbo clients, one in the multi-industry -- industries segment as well as energy and natural resources segment for several hundred thousand additional lives as well as some other enterprises. It's worthy to note that pursuant to the interest that I talked about with cardiometabolic, with cholesterol, these obviously were closed off cycle, which I think is a reflection of the value proposition in the marketplace. Operator: This concludes the question-and-answer session. Thank you for your participation in today's conference. 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