Healthcare · Profile from Healthcare Research Companion
Omada Health, Inc.
The San Francisco "virtual-first" chronic-care company that began in 2011 by turning the National Institutes of Health's Diabetes Prevention Program into an online, coach-led course with a connected scale. It grew into a multi-condition programme (prediabetes and weight, type 2 diabetes, hypertension, musculoskeletal pain and support for people taking GLP-1 drugs) sold to employers and health plans and paid for mostly per enrolled member. It survived what Livongo did not: the 2021 valuation peak, the 2022–24 digital-health bust and a critical independent evaluation of digital diabetes programmes in 2024. It listed on Nasdaq in June 2025 at $19 per share, reached its first quarterly GAAP profit at the end of 2025 and passed one million members in 2026. Its long run shows the B2B2C model working slowly: a decade of evidence-building, channel partnerships with PBMs and insurers, and steady gains in margin, rather than a single breakout.
At a glance
- Founded
- 2011 (incorporated in Delaware 25 April 2011), San Francisco, California; member of Rock Health's first accelerator class (June 2011)
- Founders
- Sean Duffy (CEO; BS neuroscience, Columbia; left Harvard's MD/MBA programme; earlier at Google and IDEO, reported), Adrian James and Andrew DiMichele (both since moved on)
- Headquarters
- San Francisco, California
- Ownership / structure
- Public company, Nasdaq: OMDA (IPO 6 June 2025). Clinical services, including MSK physical therapy (Physera Physical Therapy Group, PC) and GLP-1 prescribing, are delivered through affiliated professional entities, the usual corporate-practice-of-medicine structure
- Leadership (2026)
- Sean Duffy, co-founder and CEO (becomes Founder and Executive Chair on 1 January 2027); Wei-Li Shao, President (joined 2019 as chief commercial officer; 18 years at Eli Lilly earlier), CEO from 1 January 2027; Steve Cook, CFO; Jeri Hilleman, board chair since July 2020, to become lead independent director
- Segment and buyer
- Digital health / chronic condition management (B2B2C). Buyers: self-insured employers, health plans (e.g. Cigna Healthcare, HCSC), PBMs (Express Scripts by Evernorth, Optum Rx and a third national PBM), health systems. Members use the programme free at the point of care
- Scale
- ~679,000 members (31 March 2025, S-1); 886,000 members at end-2025 (+55%); ~1.02m (Q1 2026); ~1.09–1.1m (Q2 2026, +45%); >2,000 customers; ~25m covered lives at end-2025
- Revenue
- 2023 $122.8m; 2024 $169.8m (+38%); 2025 $260.2m (+53%); 2026 guidance $334–340m (raised August 2026)
- Capital raised / valuation
- ~$450m of convertible preferred before the IPO (balance sheet, reported); notable rounds: $48m (2015), $50m led by Cigna (2017), $73m led by Wellington (2019), $57m led by Perceptive (2020), $192m Series E led by Fidelity at >$1bn (February 2022); IPO ~7.9m shares at $19 (~$150m), ~$1.1–1.3bn valuation; ~$1.16bn market value at ~$19 (late October 2026, reported)
- Signature moves (incl. failures)
- Founding and digital DPP (2011–12); payer investors and the Cigna channel (2015–17); diabetes, hypertension and CGM (2018–19); Physera MSK acquisition (2020); unicorn Series E at the peak (2022); PHTI critique of digital diabetes care (2024); GLP-1 Care Track to prescribing (2023–26); Nasdaq IPO (2025); profitability, Investor Day and CEO transition (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2011
Founding and Digital Diabetes Prevention
Founding / launch / business model
2017
Cigna Investment and Payer Channel
Funding round and distribution partnership
2018
Diabetes Hypertension and CGM Expansion
Product expansion and device partnership
2020
Physera MSK Acquisition
Acquisition (with a growth round)
2022
Series E Unicorn Round
Funding round
2023
GLP1 Care Track to Prescribing
Product launch and pivot (support → prescribing)
2024
PHTI Evaluation and Response
Evidence challenge and strategic response (an external setback)
2025
Nasdaq IPO
IPO
2026
Profitability and CEO Transition
Strategy (profitability and long-term targets) and leadership change