Omada Health files for IPO as digital health momentum builds

USA – Omada Health, a leading virtual care provider focused on chronic conditions, has officially filed for an initial public offering (IPO) and plans to list its shares on the Nasdaq under the symbol OMDA.

This move marks a significant moment in the digital health sector, following closely behind Hinge Health’s earlier IPO filing in 2025. The company has not yet disclosed the number of shares or expected price range.

Founded in 2012, Omada initially offered a digital diabetes prevention program and has since expanded to include care for prediabetes, hypertension, musculoskeletal conditions, and GLP-1 weight loss support.

The company now serves over 679,000 active members and has supported more than one million people to date.

With over US $500 million raised in funding, including a US $192 million Series E round in 2022, Omada has earned its place as a health tech unicorn.

Its client base includes employers, health plans, and pharmacy benefit managers (PBMs), with some of the largest revenue streams tied to The Cigna Group.

Despite a net loss of US $47 million in 2024 and US $9.4 million in Q1 2025, the company’s revenue has grown 38% year-over-year to reach US $170 million in 2024 and US $55 million in Q1 2025 alone.

The company’s care model, which blends human-led clinical guidance with AI-backed digital tools, is called “Compassionate Intelligence.”

Omada says this approach helps deliver highly personalized care between traditional doctor visits.

It has published 29 peer-reviewed studies highlighting improvements in patient outcomes like reduced A1c levels, blood pressure, and medication adherence.

Omada’s IPO comes at a time when digital health is regaining momentum in public markets. Recent IPOs from Waystar, Tempus AI, and BrightSpring Health have shown renewed investor confidence.

Omada’s partnership with Amazon in early 2024 also reflects growing mainstream adoption of virtual chronic care.

However, not all feedback has been glowing. The Peterson Health Technology Institute (PHTI) recently critiqued the effectiveness of behavior-driven digital health programs, including Omada’s, in managing hypertension.

Still, the company claims its solutions can save employers nearly US $3,900 per diabetes patient over three years.

With J.P. Morgan, Goldman Sachs, Morgan Stanley, and Barclays underwriting the offering, Omada is preparing to capitalize on growing demand for scalable, cost-effective chronic care solutions in the U.S., where over 156 million people live with at least one chronic condition.