Omada Health, a pioneer in chronic care management, is eyeing a $1.1 billion valuation as it preps for its IPO under the ticker OMDA on the Nasdaq. With a focus that’s evolved from prediabetes to full-spectrum cardiometabolic and MSK care, Omada is betting big on virtual, data-driven coaching for the chronically ill.
Its revenues surged to $169.8 million in 2024, yet net losses remain significant—$47.1 million last year, with $9.4 million already reported in Q1 2025. Still, Omada’s offer of 7.9 million shares at $18–$20 each comes on the heels of Hinge Health’s successful IPO, suggesting investor appetite for virtual chronic care platforms is heating up again.
But as the digital health IPO window cautiously reopens, the big question looms: Will Omada’s model scale profitably—or follow the fate of other unprofitable health tech hopefuls?