Omada Health Reports 43% Revenue Growth to $87.8 Million in Q2 2026

Omada Health, Inc. reported significant financial growth in its latest quarterly filing, with total revenue reaching $87.8 million for the three months ended June 30, 2026, a 43% increase from $61.4 million in the same period last year. For the first half of 2026, revenue also rose by 43% to $165.9 million, compared to $116.3 million in the prior year. The increase was primarily driven by a substantial rise in services revenue, which grew by 42% to $80.7 million, attributed to a 48% increase in average total members enrolled in their programs. Hardware revenue also saw a notable increase of 62%, totaling $7.1 million for the quarter.

The company reported a net income of $5.3 million for the second quarter of 2026, a significant turnaround from a net loss of $5.3 million in the same quarter of 2025. This positive shift in profitability is reflected in the earnings per share, which improved to $0.09 for the quarter, compared to a loss of $0.24 per share in the previous year. Omada's gross profit for the quarter was $63.8 million, yielding a gross margin of 73%, up from 66% in the prior year, indicating improved operational efficiency and cost management.

Operationally, Omada Health has expanded its member base to approximately 1.1 million as of June 30, 2026, up from 752,000 a year earlier. The company has focused on enhancing its virtual care programs, which include offerings for cardiometabolic conditions and musculoskeletal issues. The increase in membership has been supported by strategic marketing initiatives and partnerships, particularly with health plans and pharmacy benefit managers. The company also reported a 45% increase in the average number of total members during the quarter, which directly contributed to the growth in both services and hardware revenue.

In terms of expenses, Omada's total operating expenses increased to $60.2 million for the second quarter, up from $44.7 million in the same period last year. This rise was driven by increased investments in research and development, sales and marketing, and general administrative costs, reflecting the company's commitment to scaling its operations and enhancing its service offerings. The company’s headcount has also grown, contributing to higher personnel costs, which are a significant component of operating expenses.

Looking ahead, Omada Health remains optimistic about its growth trajectory, emphasizing its focus on acquiring new customers and expanding its existing relationships. The company plans to continue investing in its technology and operational capabilities to support its growth strategy. With cash and cash equivalents of $221.7 million as of June 30, 2026, Omada believes it has sufficient liquidity to fund its operations for at least the next 12 months, while also exploring potential partnerships and acquisitions to further enhance its service offerings.