Omada Health, Inc. · NASDAQ:OMDA
Omada Health — Q1 2026 Earnings Presentation
42 slides from Omada Health's earnings presentation, May 7, 2026
Slide 1: Building a Between-Visit Provider
Heather Real Omada Member Building a Between-Visit Provider As of May 7, 2026 omadahealth.com
Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers Disclaimers This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private All forward-looking statements in this presentation are based only on information Securities Litigation Reform Act of 1995. In som
Slide 3: Our Mission: Bend the curve
Our Mission Bend the curve 33
Slide 4: Our Vision
Our Vision To deliver unrivaled virtual care between doctor’s visits through a simple, elegant, and seamless experience for both members and buyers. 4
Slide 5: OMDA Q1 2026
OMDA Q1 2026 FINANCIAL SNAPSHOT Business Highlights 51% 42% + Total Members reached 1.02 million at quarter‑end, up 51% year over year, with growth broad‑based across the cardiometabolic suite Total Member Growth Revenue Growth + Joined Optum Rx’s Weight Engage portfolio, giving employers a way to p
Slide 6: Investment Highlights
+53% YoY Investment Demonstrated Scale Recurring $260M Highlights Revenue Model 25M+ 2,000+ Individuals with benefits Customers4 34% CAGR coverage for one or more Omada programs1 90%+ +51% YoY Customer 1M+ Retention5 Members2 2M+ 90%+ 2020 2021 2022 2023 2024 2025 All-Time Members Customer Billable t
Slide 7: The Status Quo is Failing Patients with Chronic Conditions
Part 1 The Status Quo is Failing Patients with Chronic Conditions
Slide 8: Omada engages with members between doctor’s visits to help them stay on track
Omada engages with members between doctor’s visits to help them stay on track 80%+ of factors determining outcomes occur between doctor’s visits. 1 High cost of Lack of Unhealthy Inconsistent Lack Trouble prescriptions exercise eating prescription of social understanding habits adherence support rec
Slide 9: We believe there is an epidemiological crisis that drives market opportunity
We believe there is an epidemiological crisis that drives market opportunity Prediabetes Diabetes Hypertension Cholesterol 6 Musculoskeletal (“MSK”) Prevalence of Total U.S. Population (Gross of comorbidities) 115M1 40M1 120M2 53M3 121M4 Total Current Addressable Market 5 $46.4B $18.1B $29.7B $3.0B
Slide 10: We cover “in-between” needs for multiple conditions
We cover “in-between” needs for multiple conditions Program Prevention & Hypertension Cholesterol1 Diabetes2 Musculoskeletal Weight Health Additional Support GLP-1 Care Track for cardiometabolic programs Core Behavior Change Tools | Food, Activity, Sleep, Mindset, Medication Support3 Health coach He
Slide 11: Significant comorbidities make treatment more complex
Significant comorbidities make treatment more complex 74% of people with 58% of people with 30% of people with diabetes also have diabetes also have pre-diabetes also 3 hypertension1 a musculoskeletal have hypertension 3 condition2 Diabetes Hypertension Musculoskeletal Prediabetes 1. Endotext, Naha S
Slide 12: Compassionate Intelligence
Part 2 Compassionate Intelligence
Slide 13: Compassionate intelligence
Compassionate intelligence Human Technology Health Care MSK computer Automatic message coach tagging for Care Licensed vision Teams physical therapist Diabetes & Scale Blood pressure hypertension monitor specialist 1 Member Instant context support for Care Teams Smart content agent recommendations B
Slide 14: Omada outreach and onboarding experience
Omada outreach and onboarding experience Outreach Apply Receive devices Meet Care Team 112M1 5,7001 Emails Outreach campaigns2 Health Coach Diabetes and Hypertension Specialist3 Physical Therapist Behavioral Health Specialist4 1. Approximate numbers for the year ended December 31, 2025. 2. Includes
Slide 15: The Omada member journey
The Omada member journey Set goals Choose path Join Community Track progress Ongoing Care Team Support 15 Images, including those of the Omada application, do not reflect real members or information about a specific person.
Slide 16: MSK experience
MSK experience 16 Images, including those of the Omada application, do not reflect real members or information about a specific person.
Slide 17: Omada’s purpose-built care team platform
Omada’s purpose-built care team platform 75K data points every 60 minutes1 41M total messages exchanged2 130M blood glucose readings recorded2 163M meals tracked2 893B steps tracked2 1. As of December 31, 2025. 2. From inception to December 31, 2025. 17 Images, including those of the Omada applicati
Slide 18: Our members love us
Our members love us Percentage of members engaging monthly at Member Engagement 1 12 mo 55%+ 24 mo 50%+ “Thank yous” sent to Care Team members 2 6.7M 1. As of December 2025, more than 55% of members in month 12 and more than 50% of members in month 24 of our cardiometabolic programs still engaged wi
Slide 19: Raising the bar for clinical research in digital health
Raising the bar for clinical research in digital CONDITIONS health STUDY Pre-2020 2020 2021 2022 2023 2024 2025 HE Multi-condition Omada Multi-condition Markov Model MSK Commercial Study⁺ (Outcomes, Engagement) Musculoskeletal MSK Older Adults Study MSK Economic Model HE MSK Claims Analysis HE Hyper
Slide 20: Demonstrating clinical value of our programs
Demonstrating clinical value of our programs 3 Omada for Prevention & Weight Health Omada for Diabetes 12 peer-reviewed publications; Randomized Controlled Trial Results1 5 peer-reviewed publications; Obs. Retrospective Cohort Study Results2 Weight Loss at 12 months 1 Key Outcomes at 12 months 2 -6.
Slide 21: Demonstrating the economic value of our programs
Demonstrating the economic value of our programs Simulated Average Gross Healthcare Savings at: Program 3 Years Omada for Prevention & Weight Health 1 $3,128 1 Omada for $3,947 1 Diabetes 1 Omada for $3,138 1 Hypertension 1 1 Year Omada for MSK 2 $1,116-$1,523 2 All projections are modeled based on
Slide 22: Go-To-Market Success
Part 3 Go-To-Market Success
Slide 23: Diverse, customer-centric GTM strategy
Diverse, customer-centric GTM strategy Employers Health Plans, PBMs, Platform Health Systems (Contracting directly) Resellers (For patients) Employers Health Plans PBMs (Via channel partner/reseller) (Fully insured lines of business) (Therapeutic programs) Evernorth EncircleRx SM 23
Slide 24: Large addressable markets with untapped potential
Large addressable markets with untapped potential Commercial Self-Insured Commercial Medicare + PBM Fully Insured Advantage 12% ~1% ~8% ~10% 21.1M1 6.0M 289K of ~275M2 of ~57M of ~33M Self-funded3 + Fully insured Covered PBM4 lives lives2 lives 5 ~8% of the self-insured + ~10% of the fully ~1% of th
Slide 25: Significant greenfield opportunities via expanding PBM relationships
Significant greenfield opportunities via expanding PBM relationships Relationships with all three of nations leading PBMs that process ~80% of prescription claims1 EncircleRxSM Recently added PBM contracts Programs Can Include, Depending on the PBM Evernorth’s Industry-First Financial Guarantee for GL
Slide 26: Four critical dimensions that we believe set us apart
Four critical dimensions that we believe set us apart Evidence and Compassion Accreditations Meets Intelligence 30 peer-reviewed Proactive Care Teams, publications, enabled through 4 accreditations 1 technology Multi-Condition Scaled, Care Diversified Care in context, with Flexible partnership & Go-t
Slide 27: Omada stands out among competitors
Omada stands out among competitors Monthly Global App Downloads Since 20221 27 1. Total number of monthly global app downloads from January 2022 through March 2026, according to Sensor Tower, Inc. data.
Slide 28: GLP-1s Create a Moment to Seize
Part 4 GLP-1s Create a Moment to Seize
Slide 29: Omada will support employers that cover GLP-1s for obesity as well as those who don’t
Omada will support employers that cover GLP-1s for obesity as well as those who don’t 1 Cover GLP-1 2 Don’t Cover GLP-1 43% Employers 5K+ 1 57% Employers 5K+ 1 Core Omada Programs Core Omada Programs for Weight Health for Weight Health GLP-1 Flex Care 2 & GLP-1 PBM Solutions Other Cash Pay Programs
Slide 30: Omada’s GLP-1 strategy creates opportunity for differentiated results
Omada’s GLP-1 strategy creates opportunity for differentiated results Without Help streamline user experience Omada Pre-Rx Weight Rx support using health metrics, motivational readiness, and Long-term weight health behavioral data Post-Rx The Opportunity With Omada Bolstered weight Patient stops loss
Slide 31: GLP-1 Care Tracks have demonstrated positive results
GLP-1 Care Tracks have demonstrated positive results Omada members enrolled in the GLP-1 Care Track lost 2x more body Members in Omada’s GLP-1 Care Track maintained their progress even after fat percent at 12 weeks on average while preserving muscle mass, stopping medication, showing just 0.8% avera
Slide 32: Three pillars powering Omada’s growth
Three pillars powering Omada’s growth Enrollment Covered Lives Engagement Effectiveness Expand addressable Drive outcomes, retention market Convert eligible lives to and recurring revenue active members + 5 products, multiple end + 112M emails / 5,700 campaigns + 55% engaged at 12 months; markets in
Slide 33: Financials & Summary
Part 5 Financials & Summary
Slide 34: Strong growth and scalable model has driven rapid margin expansion
Strong growth and scalable model has driven rapid margin expansion 67.7% 2.5% (68.8%) (42.9%) (17.3%) 63.2% 43% CAGR +53% YoY 60.1% +38% +38% 52.3% 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Revenue Adj. Gross Margin 1 Percent Adj. EBITDA Margin 1 Percent 34 1. See appendix for a re
Slide 35: Financial profile demonstrates significant operating leverage
Financial profile demonstrates significant operating leverage LTM 1Q25 LTM 1Q26 YoY Growth Revenue $190M $283M 49% Non-GAAP Gross Profit1 1 $122M $193M 58% Non-GAAP Gross Margin 64% 68% Non-GAAP OPEX1 $142M $182M 28% % of Revenue 75% 64% 35 1. See appendix for a reconciliation to the most comparable GA
Slide 36: Quarterly revenue has increased ~3.0X since 1Q23
Quarterly revenue has increased ~3.0X since 1Q23 $260.2M 53% YoY $78.0M $75.8M 42% 58% $68.0M $169.8M 49% 38% YoY Quarterly Revenue $61.4M 49% y/y Growth % $55.0M 57% $48.0M $45.5M 47% $41.2M 38% $35.1M 33% $32.9M $32.5M $30.9M 33% 50% 29% $26.4M 42% 31% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
Slide 37: Quarterly non-GAAP gross profit has increased ~3.7X since Q23
1 Quarterly non-GAAP gross profit has increased ~3.7X since 1Q23 Non-GAAP Gross Profit 1 $176.2M 64% 67.7% $107.3M 45% $55.1M $46.4M 65% $50.2M 63.2% $41.6M 56% 51% $33.3M $33.1M 61% 72.6% $29.7M 57% 80% 68.2% 64.3% $25.9M 67.7% $21.2M 40% $21.2M 45% 69.4% 60.3% $17.8M 46% $18.4M 65.2% 89% 62.8% $13.5
Slide 38: Strategic focus and scalable business model have driven strong improvements in Adjusted EBITDA
Strategic focus and scalable business model have driven strong improvements in Adjusted EBITDA 1 Adj. EBITDA1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 FY24 FY25 $8.5M $6.5M $0.8M $2.4M 11.2% 1.0% 3.5% 2.5% (65.9%) (50.6%) (29.9%) (30.0%) (39.9%) (16.5%) (11.3%) (7.3%) (0.3%)
Slide 39: Our team combines healthcare and technology backgrounds
Our team combines healthcare and technology backgrounds Sean Duffy Wei-Li Shao Steve Cook Nancy Vitale Nathan Salha Co-Founder & President Chief Financial Officer Chief People Officer General Counsel Chief Executive Officer Thomas Tsang, Danika Harrison Sunil Kayiti William Dougherty Jennifer Becker MD, MP
Slide 40: Omada in Summary
Omada in Summary Differentiated Between-Visit Care model → Multi-condition platform in prevalent and higher-cost areas → Clinical leadership demonstrated by 30 peer-reviewed studies1 → Positioned to benefit from GLP-1 growth → Vast and rich data enabling targeted and innovative interventions Strong bu
Slide 41: Thank you.
Thank you.
Slide 42: Appendix: GAAP to Non-GAAP Reconciliation
Appendix: GAAP to Non-GAAP Reconciliation (in thousands, except percentages) 1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 Revenue $26,417 $30,892 $32,928 $32,547 $122,784 $35,095 $41,212 $45,515 $47,978 $169,800 $54,963 $61,371 $68,030 $75,846 $260,210 $78,048 GAAP