Omada Health (OMDA) investor relations material

Executive summary

• Q3 revenue was $91.3M, up 34% YoY; total members reached 1.134M, up 36%, with growth across cardiometabolic programs.

• GAAP net income was $6.6M versus a $3.2M loss a year earlier; Adjusted EBITDA was $12.4M versus $2.4M.

• Average member tenure reached a record 2 years, 4 months, up 10% YoY; diabetes and hypertension programs led growth.

Financial highlights

• Q3 services revenue was $85.1M, up 35% YoY; hardware revenue was $6.2M, up 22%; total revenue was $91.3M, up 34%.

• GAAP operating income was $4.8M versus a $2.5M loss, and diluted EPS was $0.10 versus a $0.06 loss.

• Adjusted EBITDA was $12.4M versus $2.4M; Adjusted EBITDA margin was 14% versus 3%.

• GAAP gross margin was 76% versus 66% YoY; non-GAAP gross margin was 78% versus 68%.

• 9M revenue was $257.2M versus $184.4M; GAAP net income was $8.9M versus a $17.9M loss.

Outlook and guidance

• FY2026 revenue guidance rose to $344M–$346M from $334M–$340M; midpoint implies ~33% growth versus 2025.

• FY2026 Adjusted EBITDA guidance rose to $32M–$34M from $21M–$27M; midpoint implies ~$27M improvement, or ~5.5x 2025 Adjusted EBITDA.

• Q4 revenue and total members are expected to moderate or step down slightly QoQ as enrollment and engagement normalize seasonally.

• Q4 Adjusted EBITDA is expected to moderate as R&D hiring and Care Team staffing ramp for the 2027 benefit launch.

• Long-term non-GAAP gross margin target is 80%, supported by workflow, tooling, care-team efficiency, supply-chain improvements, AI and higher-value program mix.