Omada Health (OMDA) Investor Day 2026 summary

Strategic vision and market opportunity

• Targets a vast market of 188 million Americans with treatable conditions, with only 1.1 million currently enrolled, highlighting significant white space for expansion.

• Focuses on four growth drivers: expanding covered lives, increasing enrollment rates, boosting engagement, and improving care quality and efficiency, supported by targeted investments, AI deployment, and ongoing PBM and health plan channel expansion.

• Pursues a holistic, integrated cardiometabolic care platform, expanding beyond current offerings (prevention, diabetes, hypertension, cholesterol, MSK, GLP-1) into new conditions and services based on customer demand.

• Sees GLP-1 medications, AI/ML, and wearables as converging market tailwinds, driving demand for integrated digital care and enabling new product and engagement strategies.

• Maintains a customer-driven innovation model, rapidly launching new products and expanding multi-product adoption among clients, with multi-condition platform and partnerships with the three largest PBMs and 2,000+ customers.

Financial performance and guidance

• Achieved 45% CAGR in members over 2.5 years, growing from 391,000 to 1.1 million, with revenue rising from $123M to $310M and gross margin expanding from 60% to 70%.

• Updated long-term targets: minimum 20% annual revenue growth, gross margin raised from 70% to 80%, and adjusted EBITDA margin increased from 20% to 30%, driven by AI, automation, and operational efficiency.

• Margin expansion driven by both top-line (multi-product sales, higher-priced products, engagement) and cost-side (AI-enabled efficiency, supply chain optimization, workflow automation) initiatives.

• Customer retention remains above 90%, with member retention improving from 43% to 58% over 2.5 years, and multi-product contracts now at 33%.

• Member payback occurs within one quarter, and revenue per member is highest for prescribing and diabetes programs.

Commercial and product strategy

• Commercial engine leverages partnerships with all three major PBMs, 25+ health plans, and 2,000+ customers, including 28% of Fortune 50 and 23% of Fortune 100 companies.

• Multi-channel outreach (email, direct mail, paid media, on-site) has doubled email conversion rates in two years, directly boosting enrollment and revenue.

• GLP-1 solutions are a major growth lever, with 52% YoY billing growth and 14% higher engagement for GLP-1 members; programs deliver superior weight loss durability and ROI compared to GLP-1 alone.

• Product innovation focuses on engagement, personalization, and seamless integration of devices, AI, and human care teams, with 55% of members engaged at 12 months.

• AI is deployed across care delivery, product, and operations, driving both member outcomes and operational efficiency, with cost of revenue per member dropping from $146 to $85 in two years.