The IPO Buzz: Omada Health (OMDA) Prices IPO at $19 Mid-Point

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A middle-of-the-road moment:  Omada Health (OMDA), a provider of virtual healthcare to people living with diabetes and other chronic conditions, priced its IPO at $19.00 – the mid-point of its $18.00-to-$20.00 range – and raised $150.1 million on Thursday night, June 5, 2025. Omada Health priced 7.9 million shares – the number of shares in the prospectus. Shares of Omada Health jumped to $23.00 – up $4.00 for a gain of 21.1 percent from their IPO price – at the opening trade at 11:46 a.m. EDT today – Friday, June 6, 2025 – on NASDAQ volume of 937,183 shares.

Omada Health’s deal got a lift from the successful IPO of Hinge Health (HNGE), which went public in late May. 

Morgan Stanley, Goldman Sachs and J.P. Morgan served as  the lead joint book-runners of Omada Health’s IPO. Barclays and Evercore ISI also were on the joint book-running team, according to the prospectus.

Principal shareholders of Omada Health include Andreesen Horowitz and Fidelity.

San Francisco-based Omada Health was founded in 2011. The company provides  virtual care to people with diabetes, hypertension and other chronic health conditions. The company serves more than 2,000 customers, including health plans, health systems and employers ranging in size from small businesses to Fortune 500 companies, according to the prospectus.

The company focused on its strong revenue growth in 2024 vs. 2023 as well as in the first quarter of 2025 – compared with the year-ago quarter – in marketing its IPO to investors:

  • Revenue rose to $169.8 million for the year that ended Dec. 31, 2024 – an increase of 38 percent from revenue of $122.8 million for the year that ended Dec. 31, 2023.

  • Revenue rose to $55.0 million for the three months that ended March 31, 2025 – up 57 percent from revenue of $35.1 million for the year-ago quarter that ended March 31, 2024.

Omada Health, however, is not profitable: The company reported a net loss of $47.1 million on revenue of $169.8 million for the year that ended Dec. 31, 2024.

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