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OMDA

Omada Health, Inc.
7 filings tracked
healthcarebiotechnologyMID ($2B-10B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Omada Health has reached a critical inflection point, surpassing the one million member threshold while demonstrating a clear path toward operational efficiency.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the headline growth, Omada Health faces a precarious level of customer concentration. A staggering 78% of Q1 2026 revenue is derived from its top five health plan and PBM partners, with affiliates of The Cigna Group alone accounting for 66% of services revenue.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a company in a high-stakes transition from a venture-backed startup to a disciplined public operator. The ability to grow revenue by 42% while narrowing net losses to $2.97 million suggests that the business model is scalable. However, the reliance on a few massive partners, specifically Cigna, transforms the investment thesis from a broad market play into a bet on the stability of a few key corporate relationships. Investors must weigh the impressive member growth and AI-driven margin expansion against the systemic risks of internal control failures and extreme revenue concentration. While the IPO proceeds provide a significant runway, the underlying operational cash flow remains negative. The ultimate success of the company will depend on its ability to diversify its customer base and remediate its accounting weaknesses while navigating a complex regulatory environment for GLP-1 prescriptions.

Selected Quarter

Core Takeaway

Omada is proving its ability to scale via AI and GLP-1 programs, but its revenue is dangerously concentrated in a few partners.

Investor Lens

The trade-off between impressive top-line momentum and the systemic risk of extreme customer concentration.

Watch Next

Remediation of the material weakness in internal controls and diversification of the PBM/Health Plan partner mix.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.30Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 8

Revenue grew 42% YoY with total members exceeding 1 million.

earnings beat
80%
bullishMay 8

Gross margin expanded 430 bps to 62.4% due to AI efficiency initiatives.

margin expansion
70%
bearishMay 8

Material weakness identified in internal controls over financial reporting.

management change
60%
bullishMay 8

Revenue grew 42% YoY with total members exceeding 1 million.

earnings beat
80%
bullishMay 8

Gross margin expanded 430 bps to 62.4% due to AI efficiency initiatives.

margin expansion
70%
bearishMay 8

Material weakness identified in internal controls over financial reporting.

management change
60%
bullishMay 8

Revenue grew 42% YoY with total members exceeding 1 million.

earnings beat
80%
bullishMay 8

Gross margin expanded 430 bps to 62.4% due to AI efficiency initiatives.

margin expansion
70%
bearishMay 8

Material weakness identified in internal controls over financial reporting.

management change
60%
bullishMay 8

Revenue grew 42% YoY with total members exceeding 1 million.

earnings beat
80%
bullishMay 8

Gross margin expanded 430 bps to 62.4% due to AI efficiency initiatives.

margin expansion
70%
bearishMay 8

Material weakness identified in internal controls over financial reporting.

management change
60%
bullishMay 8

Revenue grew 42% YoY with total members exceeding 1 million.

earnings beat
80%
bullishMay 8

Gross margin expanded 430 bps to 62.4% due to AI efficiency initiatives.

margin expansion
70%
bearishMay 8

Material weakness identified in internal controls over financial reporting.

management change
60%
bullishMay 8

Revenue grew 42% YoY with total members exceeding 1 million.

earnings beat
80%
bullishMay 8

Gross margin expanded 430 bps to 62.4% due to AI efficiency initiatives.

margin expansion
70%
bearishMay 8

Material weakness identified in internal controls over financial reporting.

management change
60%
bullishMay 8

Revenue grew 42% YoY with total members exceeding 1 million.

earnings beat
80%
bullishMay 8

Gross margin expanded 430 bps to 62.4% due to AI efficiency initiatives.

margin expansion
70%
bearishMay 8

Material weakness identified in internal controls over financial reporting.

management change
60%

Filing History

10-QMay 8, 2026
Expand Sequence

The Q1 2026 filing presents a company in a high-stakes transition from a venture-backed startup to a disciplined public operator. The ability to grow revenue by 42% while narrowing net losses to $2.97 million suggests that the business model is scalable. However, the reliance on a few massive partners, specifically Cigna, transforms the investment thesis from a broad market play into a bet on the stability of a few key corporate relationships. Investors must weigh the impressive member growth and AI-driven margin expansion against the systemic risks of internal control failures and extreme revenue concentration. While the IPO proceeds provide a significant runway, the underlying operational cash flow remains negative. The ultimate success of the company will depend on its ability to diversify its customer base and remediate its accounting weaknesses while navigating a complex regulatory environment for GLP-1 prescriptions.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.