Omada Health, a San Francisco-based digital health company specialising in chronic condition management, has filed for an initial public offering (IPO) on the Nasdaq under the ticker symbol "OMDA." The company aims to raise up to $100 million through the offering, signaling its intent to expand further into chronic care management across the US.

Founded in 2011, Omada Health provides virtual care programs for conditions such as diabetes, hypertension, obesity, and musculoskeletal issues. As of March 31, 2025, Omada has supported over one million members, with more than 679,000 currently enrolled in its programs. The company primarily offers its services through employers, health plans, and pharmacy benefit managers, with plans to further expand into Medicare Advantage and government programs, including partnerships with the Department of Defense and Veterans Affairs.

Financially, Omada has reported substantial growth, with revenues of approximately $170 million in 2024, marking a 38% increase from the previous year. For the first quarter of 2025, the company posted revenues of $55 million, representing a 56.6% year-over-year increase. However, despite the revenue gains, Omada has not yet achieved profitability, with a net loss of $47 million in 2024, down from $67.5 million in 2023.

The digital health sector has seen a resurgence in IPO activity, with healthcare IPOs on US exchanges raising $7.1 billion in 2024, more than double the previous year's total. Omada’s IPO follows Hinge Health’s filing earlier this year, indicating growing investor interest in digital health solutions as the sector continues to expand.

Omada’s IPO is underwritten by major financial institutions, including J.P. Morgan, Goldman Sachs, Morgan Stanley, and Barclays. With a focus on expanding its reach and solidifying its position in the chronic care management market, the company is poised to leverage its evidence-based, virtual-first care model to drive continued growth and impact.