Omada Health, Inc. · NASDAQ:OMDA
Omada Health — Q3 2025 Earnings Presentation
44 slides from Omada Health's earnings presentation, Nov 6, 2025
Slide 1: Building a Between-Visit Provider
Building a As of November 6, 2025 Between-Visit Provider
Slide 2: Our Mission: Bend the curve
Our Mission Bend the curve 2
Slide 3: 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 All forward-looking statements in this presentation are based only on U.S. Private Securities Litigation Reform Act of 1995. In some cases, you
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: Financial Snapshot: OMDA Q3 2025
FINANCIAL SNAPSHOT OMDA Q3 2025 Strong member and revenue growth and scalable business model have driven good progress towards profitability. 3Q24 3Q25 53% 831K 58% $45.1M 66.3% GM $6.0M $(3.2M) Total Gross $28.6M Net Loss 543K 62.8% GM Improvement Member Profit Growth Growth $(9.2M) 3Q24 3Q25 3Q24 3Q
Slide 6: Investment Highlights
Investment Demonstrated Scale Recurring $170M Highlights Revenue Model 20M+ 2,000+ Individuals with Customers3 benefits coverage for one or more Omada 30% programs1 90%+ CAGR Customer 831,000+ Retention4 Members2 1M+ 90%+ 2019 2020 2021 2022 2023 2024 Total All-Time Customer Billable through payer cl
Slide 7: The Status Quo Is Failing Patients With Chronic Conditions
The Status Quo Is Failing Patients With Chronic Conditions 7
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 8 1. Data from the American Journal of Preventive Medicine, Hood CM, Gennuso KP, Swain, GR, Catlin, BB, County Health Rankings: Relationships Between Determinant Factors and Health Outcomes, February 2016; 50(2):129-135.
Slide 9: Epidemiological crisis drives market opportunity
We believe there is an epidemiological crisis that drives market opportunity Prediabetes Diabetes Hypertension Musculoskeletal (“MSK”) Prevalence of Total U.S. Population 98M1 38M1 120M2 127M3 Total Current Addressable $41.4B $17.3B $31.6B $44.8B Market4 1. As of 2021. Centers for Disease Control an
Slide 10: We cover in-between needs for multiple conditions
We cover “in-between” needs for multiple conditions Program Prevention Diabetes Hypertension Musculoskeletal & Weight Health Additional + Embedded GLP-1 Care Track for Cardiometabolic Programs Support + Embedded Behavioral Health Tools1 Clinical Indication Prediabetes & At-Risk Type 1 & Type 2 Diabe
Slide 11: Significant comorbidities make treatment more complex
Significant comorbidities make treatment more complex 1 2 3 1. Endotext, Naha S, Gardner MJ, Khangura D, et al., Hypertension in Diabetes, August 2021. 2. Journal of Back and Musculoskeletal Rehabilitation, Kaka B, Maharaj SS, Fatoye F, Prevalence of Musculoskeletal Disorders in Patients with Diabete
Slide 12: Compassionate Intelligence
Compassionate Intelligence 12
Slide 13: Compassionate intelligence
Compassionate intelligence Human Technology Health Care MSK Automatic coach computer message tagging Licensed vision for Care Teams physical therapist Diabetes & Scale Blood pressure hypertension monitor specialist1 Instant Member context for support Smart content Care Teams agent recommendations Be
Slide 14: Omada outreach and onboarding experience
Omada outreach and onboarding experience Outreach Apply Receive devices Meet Care Team 98M1 4,9001 Emails Outreach campaigns2 Health Coach Diabetes and Hypertension Specialist3 Physical Therapist Behavioral Health Specialist4 1. Approximate numbers for the year ended December 31, 2024. 2. Includes e
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 50K data points every 60 minutes1 149M meals tracked2 78M blood glucose readings recorded2 1. As of December 31, 2024. 2. From inception to December 31, 2024. 17 Images, including those of the Omada application, do not reflect real members or information about
Slide 18: Our members love us
Our members love us Percentage of members engaging monthly at Member Engagement1 12 mo 55%+ 24 mo 50%+ 5.4M “Thank yous” sent to Care Team members2 1. Engagement defined as the percentage of members who have completed at least one interaction with us in the indicated program month, across all cardiom
Slide 19: Raising the bar for clinical research in digital health
Raising the bar for clinical research in digital health CONDITIONS STUDY Pre-2020 2020 2021 2022 2023 2024 2025 Multi-condition HE 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 5 peer-reviewed publications; Obs. Retrospective Results1 Cohort Study Results2 Weight Loss at 12 months1 Key Outcomes at 12 months2 -6.0%
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 Health1 $3,128 1 Omada for $3,947 1 Diabetes1 Omada for $3,138 1 Hypertension1 1 Year Omada for $1,116-$1,523 2 MSK2 All projections are modeled based on assu
Slide 22: Go-To-Market Success
To- ~ > ‘4 o, uccess- Market y (
Slide 23: Diverse, customer-centric GTM strategy
Diverse, customer-centric GTM strategy Employers Health Plans, PBMs, Health Systems (Contracting directly) Platform 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 Commercial Medicare PBM Self-Insured Fully Insured Advantage ~1% ~1% ~14% 12% ~9% 13.1M 5.3M+ 315K+ 3.3M of ~97M of ~57M of ~33M of ~275M US Self-funded Fully insured Covered PBM lives3 lives1 lives1 lives 2 ~14% of the self-insured ~9% of
Slide 25: Greenfield opportunities via expanding PBM relationships
Significant greenfield opportunities via expanding PBM relationships Relationships with two of the largest PBMs in the U.S. that each serve 100M+ individuals1 EncircleRxSM Recently added PBM contract Full Suite of Programs Evernorth’s Industry-First Financial Guarantee Prevention & Diabetes Hypertensi
Slide 26: Four critical dimensions that set us apart
Four critical dimensions that we believe set us apart Evidence and Compassion Accreditations Meets Intelligence 29 peer-reviewed Proactive Care publications, Teams, enabled 4 accreditations1 through technology Multi-Condition Scaled, Care Diversified Go-to-Market Care in context, Flexible partnership
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 September 2025 (inclusive), according to Sensor Tower, Inc. data.
Slide 28: GLP-1s Create a Moment to Seize
GLP-1s Create a Moment to Seize 28
Slide 29: GLP-1s can create significant growth opportunities for Omada
We believe GLP-1s can create significant growth opportunities for Omada Omada Cardiometabolic Programs As GLP-1 coverage expands, we anticipate growing demand for our GLP-1 Care Tracks and increased focus on weight health generally, which can lead to higher demand for all of our cardiometabolic progr
Slide 30: Omada's GLP-1 strategy meets needs of customers and members
Omada’s GLP-1 strategy is designed to meet the needs of customers and members Without Omada Help streamline user experience Pre-Rx Weight Long-term weight health Post-Rx The Opportunity With Omada Bolstered weight loss During Rx Patient stops GLP-1 Time 30 Graph is illustrative and does not reflect a
Slide 31: GLP-1 Care Tracks have demonstrated positive results
GLP-1 Care Tracks have demonstrated positive results Enhanced GLP-1 Care Track members experienced Members in Omada’s GLP-1 Care Track maintained their progress significant weight loss results over first 16 weeks even after stopping medication, showing just 0.8% average including, on average:1 weight
Slide 32: Omada Announces Prescribing Offering
Omada Health Announces ● Expands Omada’s Offerings: Adding Prescribing Offering to prescribing and management of anti-obesity medications, including GLP-1s, to Omada’s Support Growing Member evidence-based behavior change program Population ● Behavioral Intelligence: An approach to support prescribin
Slide 33: Financials & Summary
Financials & Summary 33
Slide 34: Accelerated growth across our business
Accelerated growth across our business 831K+ 3Q25 $68M 3Q25 +53% YoY +49% YoY 572K $170M 31% 30% CAGR 30% CAGR 46% 33% CAGR 38% 31% 38% 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Total Members1 Revenue Multi-Condition Customer % % YoY Growth. 1. Number of me
Slide 35: Financial profile demonstrates significant operating leverage
Financial profile demonstrates significant operating leverage LTM YoY LTM 3Q24 3Q25 Growth Revenue $154M $232M 51% Non-GAAP Gross Profit1 $95M $154M Non-GAAP Gross Margin 1 62% 66% 62% Non-GAAP OPEX1 $131M $160M % of Revenue 85% 69% 22% 35 1. See appendix for a reconciliation to the most comparable GAA
Slide 36: Net dollar retention adding leverage on existing client base
Net dollar retention adding leverage on existing client base Net dollar retention rate1 128% ● Multi-condition Traction: Customers 110% offering more than one Omada program has risen to 31%.2 ● Marketing effectiveness: Average email enrollment rate increased over 60% year-over-year.3 FY23 FY24 1. Ne
Slide 37: Quarterly revenue has increased ~3.4X since 1Q22
Quarterly revenue has increased ~3.4X since LTM 1Q22 (Last Twelve Months) Revenue $232.3M 51% $68.0M $61.4M 49% $154.4M Quarterly Revenue $55.0M 49% 34% y/y Growth % $48.0M 57% $45.5M $41.2M 47% 38% $35.1M 33% $32.9M $32.5M $30.9M 33% $26.4M 50% 29% 42% 31% $25.3M $20.2M $21.8M $21.9M 1Q22 2Q22 3Q22
Slide 38: Quarterly non-GAAP gross profit has increased ~5.5X since 1Q22
Quarterly non-GAAP gross profit1 has increased ~5.5X LTM Non-GAAP since 1Q22 $46.4M Gross Profit1 $154.4M 62% 56% $41.6M 66.4% 61% 68.2% $33.3M 67.7% $33.1M $29.7M 57% $21.2M $21.2M 80% $25.9M 40% $95.2M 89% 46% 69.4% 60.3% 45% 42% $17.8M 65.2% 61.7% $12.3M 45% $18.4M 62.8% $13.5M 36% 59% 65.3% 64.4%
Slide 39: Strong improvements in Adjusted EBITDA
Strategic focus and scalable business model have driven strong improvements in Adjusted EBITDA1 LTM Adj. EBITDA1 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $2.4M LTM 3Q24 LTM 3Q25 ($0.2M) (7.3%) (23.1%) (2.4%) (78.8%) (69.9%) (68.2%) (60.4%) (65.9%) (50.6%) (29.9%) (3
Slide 40: 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 Lucia Savage MD, MPH C
Slide 41: 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 b
Slide 42: Thank you.
Thank you. 42
Slide 43: Key 2024 Financial Model Considerations
Key 2024 Financial Model Considerations Covered Lives1 Customers Average Members2 ARPU3 Revenue 20M+ 2,000+ 482K $353 $170M + Across Self-Insured, + Most contracted + 572K members at + For cardiometabolic + 38% growth over Fully-Insured, through channel end of 2024, up from programs, primarily 2023
Slide 44: Appendix: GAAP to Non-GAAP Reconciliation
Appendix: GAAP to Non-GAAP Reconciliation (in thousands, except percentages) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 Revenue $20,208 $21,775 $21,930 $25,272 $89,185 $26,417 $30,892 $32,928 $32,547 $122,784 $35,095 $41,212 $45,515 $47,978 $169,800 $54