Omada Health Files for IPO, Signaling Potential Revival in Digital Health Public Offerings

Omada Health, a leading virtual chronic care provider, has filed to go public, marking a significant development in the digital health industry. The company's move comes as the second such filing in 2025, potentially heralding a new wave of digital health initial public offerings (IPOs).

Omada's IPO Filing Details

Omada Health has submitted its S-1 filing to the U.S. Securities and Exchange Commission (SEC), intending to list on the Nasdaq Global Market under the ticker symbol "OMDA". While the company has not yet specified the number of shares or price range for the offering, this move follows a confidential draft registration statement filed in June of the previous year.

The company's decision to go public comes on the heels of Hinge Health, a digital physical therapy company, which filed its S-1 in March 2025. These filings suggest a potential resurgence in digital health IPOs, an area that has seen limited activity in recent years.

Company Performance and Market Position

Omada Health has demonstrated significant growth since its inception in 2012. The company now boasts 2,000 customers and over 679,000 total members enrolled in one or more of its programs. Omada's revenue grew by 38% from $123 million in 2023 to $170 million in 2024, with Q1 2025 revenue reaching $55 million, a 57% increase from the same period in 2024.

Despite this growth, Omada has a history of net losses, attributing these to significant investments in program design and platform enhancements. The company reported net losses of $67.5 million in 2023 and $47 million in 2024, with a narrower loss of $9.4 million in Q1 2025.

Omada's market opportunity is substantial, targeting the more than 156 million Americans suffering from one or more chronic conditions. The company's diverse portfolio includes virtual care programs for prediabetes, hypertension, and musculoskeletal conditions, primarily sold to employers and health plans.

Strategic Growth and Future Outlook

Omada Health is pursuing growth through multiple channels, including acquiring new customers and channel partners, expanding within existing partnerships, and exploring new markets such as Medicare Advantage and fully insured lines of business. The company estimates that about 20 million people currently have benefits coverage for one or more Omada programs, representing significant room for expansion across various insurance markets.

The company's "between-visit care" model, which combines healthcare professionals, connected devices, and personalized software experiences, aims to fill gaps in medical care between doctor visits. This innovative approach, coupled with Omada's strong customer retention rate and demonstrated clinical outcomes, positions the company favorably in the competitive digital health landscape.

As the digital health industry watches closely, Omada Health's IPO could serve as a bellwether for future public offerings in this sector, potentially signaling a renewed appetite for investment in virtual care and chronic condition management technologies.