Omada Health, Inc. (OMDA) SEC Filings & Earnings Calls

Customer Concentration

“Sales from or through our top five health plan and PBM partners, including any sales to these entities as customers and sales through these entities as channel partners, represented 79% and 76% of our revenue for the three months ended June 30, 2026 and 2025, respectively” · word for word

Tariff and Geopolitical Cost Pressure

“we expect that the prices of these devices may increase as a result of recent tariffs and any new or increased tariffs in the future. In addition, the war in Iran has resulted in modest increases to device-related costs to date due to increased shipping costs.” · word for word

Negative Operating Cash Flow

“Net cash used in operating activities during the six months ended June 30, 2026 of $7.8 million” · word for word

Dependence on Channel Partners

“Partner A and Partner B (affiliates of The Cigna Group) accounted for 31% and 33% of revenue respectively for the three months ended June 30, 2026.”

Leadership transition risk; CEO change may cause strategic uncertainty until transition completes.

“CEO change effective Jan 1, 2027; no compensation changes yet approved.”

Customer concentration risk

“Partner A and Partner B (affiliates of The Cigna Group) accounted for 33% and 33% of revenue for the three months ended March 31, 2026, respectively.”

Dependence on related party

“Includes amounts from a related party of $46.0 million and $29.9 million for services revenue for the three months ended March 31, 2026 and 2025, respectively.” · word for word

Dependence on GLP-1 drug pricing and reimbursement; regulatory changes could impact demand.

“GLP-1 Care Track and prescribing capabilities are central to growth; drug pricing pressure or reimbursement changes could affect member acquisition and revenue.” · word for word

Limited operating history and history of net losses; path to GAAP profitability uncertain.

“Cautionary note mentions limited operating history and history of net loss; adjusted EBITDA positive but GAAP net loss continues.”

Customer concentration risk

“Pursuant to the Cigna Group Customer Agreements, affiliates of The Cigna Group made payments to us of $157.6 million in the year ended December 31, 2025 and $58.1 million since January 1, 2026.” · word for word

Key person dependency on CEO

“Sean Duffy has served as our co-founder, Chief Executive Officer, and as a member of our Board since April 2011.” · word for word

Customer Concentration

“For the year ended December 31, 2025, we had one health plan or PBM that accounted for 32% of our revenue, and a second health plan or PBM that accounted for 33% of our revenue.” · word for word

Accumulated Losses

“As of December 31, 2025, we had an accumulated deficit of $456.7 million.” · word for word

Material Weakness in Internal Controls

“We have identified a material weakness in our internal control over financial reporting.” · word for word

Regulatory Risk - Medicaid/ACA Changes

“In July 2025, the One Big Beautiful Bill Act (the 'OBBBA') was enacted, which imposes significant reductions in the funding of the Medicaid program and restrictions for certain groups to access the ACA Marketplace.” · word for word

Dependence on GLP-1 market growth and reimbursement

“GLP-1 companion support is a key growth driver; new GLP-1 Flex Care offering shifts financial risk to employers; regulatory and competitive risks in GLP-1 space.”

Profitability still nascent; adjusted EBITDA guidance for FY2026 implies modest margin

“FY2026 adjusted EBITDA guidance $7-15M on $312-322M revenue implies ~2-5% margin; still low relative to revenue scale.”

Preliminary results subject to audit adjustment; concentration risk with limited customers.

“Preliminary and unaudited; risk factors include customer concentration.”

Customer Concentration Risk

“Sales from or through our top five health plan and PBM partners, including any sales to these entities as customers and sales through these entities as channel partners, represented 76% and 70% of our revenue for the three months ended September 30, 2025 and 2024, respectively.” · word for word

Tariff Exposure on Hardware

“Cost of hardware revenue increased by $4.0 million, or 63%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by a 53% increase in total members, reflecting new members enrolled in our programs compared to the prior-year period, which drove new devices, supplies, fulfillment costs, which inc” · word for word

History of Net Losses

“We have incurred net losses since our inception, and we may incur net losses in the future. For the three months ended September 30, 2025 and 2024, we incurred net losses of $3.2 million and $9.2 million, respectively.” · word for word

History of net losses and ability to achieve profitability

“Our history of net losses and ability to achieve or maintain profitability.” · word for word

Dependence on market acceptance of programs

“The ability of our programs to achieve and maintain market acceptance.” · word for word