Omada Health smart devices in use.
Courtesy: Omada Health
Virtual care company Omada Health filed for an IPO on Friday, the newest digital health company that is signaled its intent to hit the general public markets despite a turbulent economy.
Founded in 2012, Omada offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. The corporate describes its approach as a “between-visit care model” that’s complementary to the broader health-care ecosystem, in keeping with its prospectus.
Revenue increased 57% in the primary quarter to $55 million, up from $35.1 million through the same period last yr, the filing said. The San Francisco-based company generated $169.8 million in revenue during 2024, up 38% from $122.8 million the previous yr.
Omada’s net loss narrowed to $9.4 million during its first quarter from $19 million through the same period last yr. It reported a net lack of $47.1 million in 2024, in comparison with a $67.5 million net loss during 2023.
The IPO market has been largely dormant across the tech sector for the past three years, and inside digital health, it has been almost completely dead. After President Donald Trump announced a sweeping tariff policy that plunged U.S. markets into turmoil last month, taking an organization public is a fair riskier endeavor. Online lender Klarna delayed its long-anticipated IPO, as did ticket marketplace StubHub.
But Omada Health is not the primary digital health company to file for its public market debut this yr. Virtual physical therapy startup Hinge Health filed its prospectus in March, and provided an update with its first-quarter earnings on Monday, a signal to investors that it’s seeking to forge ahead.
Omada contracts with employers, and the corporate said it really works with greater than 2,000 customers and supports 679,000 members as of March 31. Greater than 156 million Americans suffer from a minimum of one chronic condition, so there may be a big market opportunity, in keeping with the corporate’s filing.
In 2022, Omada announced a $192 million funding round that pushed its valuation above $1 billion. U.S. Enterprise Partners, Andreessen Horowitz and Fidelity’s FMR LLC are the biggest outside shareholders in the corporate, each owning between 9% and 10% of the stock.
“To our prospective shareholders, thanks for learning more about Omada. I invite you join our journey,” Omada co-founder and CEO Sean Duffy said within the filing. “In front of us is a novel probability to construct a promising and successful business while truly changing lives.”
WATCH: The IPO market is more likely to pick up near Labor Day, says FirstMark’s Rick Heitzmann
