Chronic care management company Omada Health filed an S-1 with the Securities and Exchange Commission (SEC) to go public on Friday, making it the second digital health company to seek an IPO this year.
The company did not specify how many shares would be offered or the price range for the proposed offering. It intends to list under the ticker symbol OMDA.
Omada, founded in 2011, got its start in prediabetes management. However, the company’s services expanded to include management for diabetes, cardiometabolic health, hypertension and musculoskeletal conditions.
The San Francisco-based company offers a virtual care program focused on helping individuals manage their own health conditions through personalized data-driven behavior change coaching. The platform aims to help users track their diet, exercise, blood glucose and other metrics. Patients can also access virtual care for support.
In the filing, the company reported full-year revenue for 2024 of $169.8 million, up 38% from $122.8 million in 2023. Revenue for the first three months of 2025, as of March 31, 2025, was $55 million.
Still, the company reported net losses of $47.1 million for 2024 and $9.4 million for the first three months of 2025.
“We have a history of net losses, due in part to the significant investments we have made in the design and development of our programs and platform enhancements, and have not yet achieved profitability on an annual basis,” the company said in the filing.
The company also reported an accumulated deficit of $444 million for 2024 and $453.4 million for the first three months of 2025. Cash and cash equivalents were reported as $76,392 for 2024, and $59,397 for 2025 up to March 31.
THE LARGER TREND
In 2024, Amazon announced the launch of its Health Condition Programs, which allow customers to tap into digital health benefits offered through their employer or insurance carrier, with Omada Health as the company’s launch partner.
In 2022, Omada scored $192 million in Series E funding, bringing its total raise to more than $256 million.
That same year, the company announced it would include behavioral health support in its programs.
The integration included anxiety and depression assessment, resources to manage social determinants of health, stress management and sleep tools, and triage and guidance in serious mental health crises.
In 2020, Omada purchased digital physical therapy company Physera to add musculoskeletal care to its offerings.
Another digital health company seeking IPO status is Hinge Health. In March, the digital musculoskeletal care platform filed for an IPO to go public under the symbol HNGE.
Hinge, a San Francisco-based company, was founded in 2015. It provides virtual care for individuals with musculoskeletal conditions, including access to health coaches, orthopedic surgeons, physical therapists and technological resources, such as surgery decision support.
Hinge also offers a pelvic women’s health program and its FDA-cleared wearable Enso, which provides electrical pulses to relieve everyday pain.
