Omada Health $OMDA (+0,3%)
Key financial figures (reporting date: 07.05.2026)
- Revenue: $78.0m (+42% YoY vs. $55m in prior year)
- Net loss (GAAP): -3.0 million $ (previous year: -9 million $)
- Adjusted EBITDA: +1.0 million $ (positive for the first time in the first quarter)
- Gross margin: 62% (+4% year-on-year)
- Member base: 1,025,000 (+51% YoY)
Analysis & strategy
- Profitability threshold: Despite typically high costs in Q1, Omada was able to achieve positive adjusted EBITDA through AI-enabled scaling in care. At -$0.05, the loss per share was well above analysts' forecasts (-$0.08).
- GLP-1 & Partnerships: Growth is massively supported by the cooperation with Eli Lilly (Employer Connect) and the integration into programs of large PBMs (Pharmacy Benefit Managers). The integration of GLP-1 companion programs is currently the key growth driver in the B2B sector.
- Forecast increase (FY 2026):
- Revenue: USD 322 - 330 million (previously USD 312 - 322 million)
- Adj. EBITDA: USD 14 - 20 million (previously USD 7 - 15 million)
Critical classification:
The market is currently focusing heavily on the GLP-1 issue. However, the actual fundamental strength lies in the increase in efficiency through automation. While revenue per member is stagnating due to longer retention periods in the system, margins are improving due to lower marginal costs per new user. Investors should monitor whether the dependence on PBM contracts will increase price pressure in the long term.