Omada Health smart devices in use.
Courtesy: Omada Health
Omada Health plans to boost as much as $158 million in its up coming IPO, attaining a market cap of about $1.1 billion at the highest end of its expected range, based on a filing on Thursday.
The virtual chronic care company filed its prospectus earlier this month, and has just updated the filing with an expected pricing range of $18 to $20 per share. Omada said it plans to sell 7.9 million shares within the offering.
The dimensions of the offering and share price could change, and the market cap might be higher on a completely diluted bases. The IPO is expected to happen next week.
Omada, which offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension, might be the second digital health company to hit the market in a matter of weeks after an prolonged drought. Digital physical therapy startup Hinge Health debuted on the Latest York Stock Exchange earlier this month.
Omada, based in San Francisco, describes its approach as a “between-visit care model” that’s complementary to the broader health-care ecosystem, based on its prospectus.
Sean Duffy, Omada’s CEO, co-founded the corporate in 2012 with Andrew DiMichele and Adrian James, who’ve each moved on to other ventures.
Omada’s revenue increased 57% in its first quarter to $55 million from $35.1 million a yr earlier, the filing said. For 2024, revenue rose 38% to $169.8 million from $122.8 million the previous yr.
The corporate’s net loss narrowed to $9.4 million in the primary quarter from $19 million a yr ago.
“To our prospective shareholders, thanks for learning more about Omada,” Duffy said within the prospectus. I invite you to affix our journey.”
The corporate will trade on the Nasdaq under the ticker symbol “OMDA.”
Morgan Stanley, Goldman Sachs and JPMorgan Chase are leading the offering. Omada’s top shareholders are U.S. Enterprise Partners, Andreessen Horowitz and Fidelity.
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