Revenue growth reached 42.0% in 2026Q1, though gross margins remain volatile, fluctuating between 49.4% and 70.8% over the last six quarters.
| Sales/Revenue | 283.3M | 260.21M | 169.8M | 122.78M | 89.19M |
| Revenue Growth % | - | 53.24% | 38.29% | 37.67% | - |
| Cost of Goods Sold | 95.69M | 89.27M | 66.92M | 52.81M | 46.39M |
| COGS % of Revenue | - | 34.31% | 39.41% | 43.01% | 52.02% |
| Gross Profit | 187.6M | 170.94M | 102.88M | 69.97M | 42.79M |
| Gross Margin % | 66.22% | 65.69% | 60.59% | 56.99% | 47.98% |
| Gross Profit Growth % | - | 66.16% | 47.03% | 63.52% | - |
| Operating Expenses | 195.96M | 182.91M | 146.53M | 135.97M | 115.14M |
| OpEx % of Revenue | - | 70.29% | 86.3% | 110.74% | 129.1% |
| Selling, General & Admin | 114.04M | 142.23M | 110.61M | 102.23M | 88.97M |
| SG&A % of Revenue | - | 54.66% | 65.14% | 83.26% | 99.76% |
| Research & Development | 32.6M | 40.68M | 35.92M | 33.74M | 26.17M |
| R&D % of Revenue | - | 15.63% | 21.16% | 27.48% | 29.34% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 |
| Operating Income | -8.36M | -11.97M | -43.65M | -66M | -72.35M |
| Operating Margin % | -2.95% | -4.6% | -25.71% | -53.75% | -81.12% |
| Operating Income Growth % | - | 72.58% | 33.85% | 8.78% | - |
| EBITDA | -2.69M | -6.48M | -38.85M | -61.55M | -68.02M |
| EBITDA Margin % | -0.95% | -2.49% | -22.88% | -50.13% | -76.27% |
| EBITDA Growth % | - | 83.32% | 36.88% | 9.51% | - |
| D&A (Non-Cash Add-back) | 5.67M | 5.49M | 4.8M | 4.45M | 4.33M |
| EBIT | -7M | -10.24M | -42.63M | -62.81M | -68.32M |
| Net Interest Income | 5.11M | 2.77M | -3.7M | 1.07M | -2M |
| Interest Income | 6.59M | 5.3M | 805K | 5.78M | 2.2M |
| Interest Expense | 1.48M | 2.53M | 4.51M | 4.71M | 4.2M |
| Other Income/Expense | 2.06M | -806K | -3.48M | -1.51M | -168K |
| Pretax Income | -6.3M | -12.78M | -47.14M | -67.51M | -72.52M |
| Pretax Margin % | -2.22% | -4.91% | -27.76% | -54.98% | -81.31% |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.3M | -12.78M | -47.14M | -67.51M | -72.52M |
| Net Margin % | -2.22% | -4.91% | -27.76% | -54.98% | -81.31% |
| Net Income Growth % | - | 72.89% | 30.18% | 6.9% | - |
| Net Income (Continuing) | -6.3M | -12.78M | -47.14M | -67.51M | -72.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | -0.22 | -0.85 | -1.21 | -1.30 |
| EPS Growth % | - | 74.12% | 29.75% | 6.92% | - |
| EPS (Basic) | - | -0.22 | -0.85 | -1.21 | -1.30 |
| Diluted Shares Outstanding | 58.92M | 58.43M | 55.74M | 55.74M | 55.74M |
| Basic Shares Outstanding | 58.92M | 58.43M | 55.74M | 55.74M | 55.74M |
| Dividend Payout Ratio | - | - | - | - | - |
GLP-1 drug adoption disruption
As indicated by the latest quarterly figures, Omada Health achieved a robust 42.0% year-over-year revenue growth in 2026Q1, demonstrating that the company's multi-condition platform strategy is successfully capturing market share within the competitive employer-sponsored insurance landscape despite broader macroeconomic headwinds affecting corporate healthcare budgets.
The consistent top-line expansion suggests that the company's pivot toward a comprehensive cardiometabolic and behavioral health suite is resonating with enterprise clients. Investors should monitor whether this growth trajectory remains sustainable as the company faces potential saturation in its core employer-sponsored segments.
Based on reported financial statements, Omada's gross margin fluctuated significantly from 49.4% in 2024Q1 to 62.4% in 2026Q1, highlighting the inherent challenges of scaling a service-heavy digital health platform that relies on human-in-the-loop coaching alongside proprietary software delivery.
The variability in gross margins suggests that the company has yet to achieve a fully optimized cost structure for its clinical services. This volatility warrants further investigation into whether the recent margin compression is a result of increased personnel costs or shifts in the product mix toward lower-margin offerings.
According to the income statement data, Omada's operating margin of -6.1% in 2026Q1 indicates that the company has not yet achieved the necessary scale to fully absorb its fixed operating expenses, despite significant revenue growth observed over the past two years.
While the company has narrowed its operating losses compared to the -51.3% margin seen in 2024Q1, the persistent negative operating income suggests that SG&A expenses remain high relative to gross profit. Future profitability appears contingent on the company's ability to automate coaching workflows and improve member enrollment efficiency.
As reported in recent filings, Omada's net income is frequently influenced by non-cash items, including stock-based compensation which reached $4.2 million in 2026Q1, potentially masking the underlying operational performance of the business during periods of aggressive headcount expansion.
The reliance on equity-based incentives to attract talent in a competitive digital health market may continue to weigh on reported net income. Analysts should scrutinize these non-cash charges to determine the true cash-generating capability of the core business model.
Based on the provided financial data, the primary risk to Omada's narrative is the potential for margin compression if the rapid adoption of GLP-1 weight-loss medications forces a fundamental restructuring of the company's clinical protocols and pricing models.
Short-term investors may focus on the company's inability to maintain consistent positive operating margins, questioning whether the current business model can survive in a market where drug-first interventions are increasingly prioritized. The company's reliance on employer-sponsored contracts makes it particularly vulnerable to shifts in corporate health benefit strategies.
Quick answers to the most common questions about buying OMDA stock.
For fiscal year 2025, Omada Health (OMDA) reported total revenue of $260.2M. This represents a 191.8% increase compared to $89.2M in 2022.
Omada Health (OMDA) reported a net loss of $12.8M for the fiscal year ending 2025.
Omada Health (OMDA) reported an operating income of $-12.0M, resulting in an operating profit margin of -4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Omada Health (OMDA) generated $170.9M in gross profit for the year, representing a gross profit margin of 65.7%. This demonstrates the company's core pricing power and production efficiency.