Omada Health Reports $12.8M Net Loss and $260.2M Revenue for 2025

Omada Health, Inc. reported a net loss of $12.8 million for the year ended December 31, 2025, a significant improvement compared to the $47.1 million loss in 2024 and the $67.5 million loss in 2023. The company's total revenue reached $260.2 million, a 53% increase from the $169.8 million reported in the previous year. This growth was primarily driven by a 53% increase in services revenue, which totaled $241.0 million, and a 60% increase in hardware revenue, reaching $19.2 million. As of December 31, 2025, Omada Health had an accumulated deficit of $456.7 million.

The increase in services revenue was attributed to a rise in total members, with the average number of members during 2025 increasing by 52% compared to 2024, and a slight increase in average fees per member. Hardware revenue growth was directly correlated to the 55% increase in total members, reflecting the delivery of devices to new enrollees. Cost of revenue also increased, but at a slower pace than revenue, rising by 33% to $89.3 million. This resulted in a gross profit of $170.9 million and a gross margin of 65.7%, compared to $102.9 million and 60.6% in the prior year, respectively.

Operating expenses totaled $182.9 million, a 23% increase from $146.5 million in 2024. Sales and marketing expenses increased by 32% to $90.0 million, driven by higher administrative fees paid to channel partners and increased personnel costs. Research and development expenses rose by 13% to $40.7 million, primarily due to increased personnel costs and technology infrastructure expenses. General and administrative expenses increased by 23% to $52.2 million, reflecting higher personnel costs, local taxes, and professional fees associated with operating as a public company. Other expenses, net, decreased to $0.8 million, primarily due to higher interest income from IPO proceeds and the extinguishment of debt.

Key operational developments included supporting over 150,000 members across programs using GLP-1s as of December 31, 2025, and the launch of Omada for Cholesterol expected in 2026 with a broad launch planned for 2027. As of December 31, 2025, Omada Health had more than 2,000 customers and over 886,000 total members enrolled in one or more programs. The company's growth strategy centers on expanding covered lives, improving enrollment effectiveness, and driving sustained member engagement. The company's three-year average customer retention rate was over 90%, and customer satisfaction rate was over 90% for both program implementation and customer success. As of December 31, 2025, the company had 916 full-time employees.