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Omada Health helps people in the United States manage conditions such as diabetes, excess weight and high blood pressure, and provides remote physical therapy through Omada for MSK. Care teams use member data and technology to personalize coaching and care, with connected monitoring devices supporting some programs. It also supports members using GLP-1 therapies.
Employers buy coverage for employees and dependents to help manage healthcare costs. Health plans and pharmacy benefit managers both buy programs for their own members and resell them to other organizations. Most revenue comes from care services, rather than the devices supplied with them. Fees generally depend on enrollment or participation; newer cardiometabolic contracts usually tie monthly charges to member activity.
The business depends on people joining and continuing to use the programs, and on demonstrating health improvements or cost savings. Contracts can require Omada to repay fees when agreed targets are missed. Most revenue comes from or through a small group of health-plan and pharmacy-benefit partners, with two affiliates of The Cigna Group together supplying the majority.
State rules limit how Omada can deliver care. It relies on separate, clinician-owned professional entities for physical therapy and certain medical services; those entities retain control over clinical practice. State restrictions on virtual care have also required suspension or modification of some operations.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Omada’s growth depends on employers and health plans adopting its programs and members using them, while rivals outside this list—Virta Health in cardiometabolic care and Sword Health in musculoskeletal care—also warrant watching.
Teladoc Health’s Livongo chronic-care programs compete with Omada’s cardiometabolic care for contracts paid for by employers and health plans. Watch Livongo’s progress with those customers rather than Teladoc’s consumer-focused BetterHelp therapy business.
Hinge Health competes with Omada for employer and health-plan contracts that pay for digital muscle and joint care. Its employer contract wins matter to Omada: at December 31, 2025, Hinge’s client contracts averaged three years, and it was most often the sole digital musculoskeletal care provider offered to covered members.
Omada depends heavily on The Cigna Group’s health-plan and pharmacy-benefit affiliates, which buy its care programs and resell them to customers; together they accounted for 65% of Omada’s 2025 revenue. Watch whether Cigna’s benefits offerings expand access to Omada, because these relationships connect directly to its enrollment growth.
DarioHealth competes with Omada for employer and health-plan spending on digital cardiometabolic and musculoskeletal care. Watch its subscriptions priced by covered or engaged members: they compete for the same customers as Omada’s programs, whose newer cardiometabolic pricing generally depends on member activity.
Teladoc Health, Inc. earningsTDOC
Teladoc Health’s report will show demand for Livongo chronic-care programs, revealing whether employers and health plans are directing the same cardiometabolic-care budgets toward a direct rival to Omada Health.
Focus on demand for Livongo’s employer- and health-plan-facing chronic-care programs, not Teladoc’s BetterHelp business. Stronger demand would show that a direct rival is drawing on the same customer budgets and enrollment opportunities, tightening Omada’s competition for contracts and renewals; weaker demand would ease that pressure but would not prove those customers are choosing Omada.
Omada Health, Inc. earningsThis company
Omada Health sells virtual care to employers and health plans for their members, and this report will show whether member growth is still lifting service revenue as care costs per member fall.
Read member growth alongside gross margin, the share of revenue left after direct service and hardware costs. More members with a wider margin would show that service revenue is growing while care-team efficiency keeps costs in check; more members with a flat or narrower margin would show that serving them is not becoming more efficient, putting the quality of growth in question.
