OMDA

Omada is executing a textbook scale-up. Revenue compounded from $123M (FY2023) to $170M (FY2024) to $260M (FY2025) — a +53.2% latest year — while the net loss collapsed from -$67.5M to -$47.1M to just -$12.8M. The leverage is real and structural: gross margin sits at 65.7%, operating margin has closed to -4.6%, and the company already generated +$18.3M of operating cash flow on only $1.32M of capex. With 886,000 members and 2,000+ customers across prediabetes, diabetes, hypertension, cholesterol, MSK and GLP-1 care tracks, the platform shows clear operating leverage as fixed Care-Team and technology investments spread over a growing base. This is no longer a cash-burning story — it is a near-breakeven one.

The balance sheet removes the usual early-stage solvency risk. Cash of $222M (up 190.7%, consistent with recent IPO proceeds given equity +159.7% and total assets +102.4%) against zero long-term debt and a low 0.33x liabilities/equity ratio means Omada can fund its path to GAAP profitability without dilution pressure or financing dependence. The -$457M accumulated deficit is history; the forward cash dynamics are what matter, and they are positive.