Omada Health (OMDA) Canaccord Genuity's 46th Annual Growth Conference summary

Company evolution and product expansion

• Founded in 2010 to address cardiometabolic disease, now serving 1.1 million members and partnered with major PBMs and health plans.

• Expanded from a single prevention product to include diabetes, hypertension, MSK (via acquisition), cholesterol, and GLP-1 offerings.

• Product development is driven by customer feedback, with cross-selling across all condition types.

• Recent management transition: Co-founder CEO became Executive Chairman, with a seasoned internal leader taking over as CEO.

Financial performance and revenue model

• Achieved record Q2 revenue of $88 million, up 43% YoY, with highest-ever gross margin at 74% and $10.8 million adjusted EBITDA.

• Revenue model is activity-based: billing only occurs when members are actively engaged, aligning incentives with outcomes.

• Bills as a covered medical provider using a digital-specific CPT code, with no cost to end users.

• Seasonality impacts revenue, with strongest member growth and costs in Q1, and revenue tapering in H2 due to fewer net new adds.

Growth strategy and market opportunity

• Focused on expanding through channel partnerships (PBMs, health plans) rather than direct sales, leveraging small, senior sales teams.

• Majority of business now flows through channel partners, with favorable economics and broader product offerings.

• Currently covers 25 million lives, with significant runway in large partner books (CVS, Optum, Health Care Service Corporation).

• Pipeline is diversifying beyond legacy partners, reducing concentration risk and supporting future growth.