Omada Health reported revenue of $78 million in the first quarter, up 42% year over year as the company continues to expand its commercial reach and is seeing traction from its big investments in GLP-1 capabilities.
The virtual chronic care provider reported strong adoption of its GLP-1 Care Track program while the company also continues to successfully sell multiple chronic condition programs to its existing customer base of employers and health plans, executives said during the company's Q1 earnings call on Thursday.
"Q1 was the strongest first quarter in Omada's history; on members, on revenue, on gross margin and on adjusted EBITDA," Steven Cook, Omada Health's chief financial officer, said during the earnings call. "Over the past year, we have been building capabilities to position Omada for durable growth, prescribing infrastructure, AI-empowered care delivery and an expanding set of GLP-1 and cardiometabolic solutions."
Omada Health's membership grew 51% year-over-year to reach 1.02 million at the end of Q1, "reinforcing Omada’s role as an integrated, multi-condition cardiometabolic platform operating at scale," executives said.
The company gained 139,000 net new members in Q1 2026 compared to 107,000 in Q1 2025, Wei-Li Shao, president of Omada Health, told investors on the call. Shao noted that membership growth was broad-based across the cardiometabolic suite. "We saw strong year-over-year growth in our hypertension and diabetes programs, reinforcing that our momentum extends well beyond GLP-1 offerings. Multi-condition close rates remain strong," he said.
The company narrowed its loss from the same period a year ago, reporting a net loss of $3 million compared to a net loss of $9 million in Q1 2025. Omada Health reported adjusted EBITDA of $1 million in Q1, compared with an adjusted EBITDA loss of $4 million in Q1 2025.
"Delivering positive adjusted EBITDA in our historically highest cost quarter reflects the structural scalability of our model playing out," Cook told investors during the call.
"Q1 2026 was a milestone quarter for Omada," said Sean Duffy, Omada Health CEO and co-founder, during the earnings call. Duffy touted the company's four growth levers—expanding reach, the total lives with benefits coverage for its programs through channel and employer relationships; increasing enrollment; deepening engagement through advancements in its member experience; and operational efficiency through investments in artificial intelligence as well as its clinical model and operations.
Omada Health, which went public in June, ties remote monitoring devices with coaching and artificial intelligence to help consumers control their chronic diseases. The company supports diabetes, hypertension, obesity and musculoskeletal conditions and leans on its multi-condition approach to differentiate itself from competitors. The company works with more than 2,000 employers and health plans today.
In 2023, it launched its GLP-1 Care Track, which provides support and wraparound services to health plan members and employees who are taking GLP-1 medications. The company didn't initially offer access to GLP-1 medication prescriptions but instead focused on building out its weight management program. It decided to jump into the GLP-1 market last year, announcing a GLP-1 care companion solution that can include nutrition guidance, education and a care team of health coaches, cardiometabolic specialists or exercise specialists, as well as prescribing and medication management.
"In Q1, we saw the new investments in our GLP-1 capabilities begin to demonstrate traction," Duffy said.
Earlier this month, the company announced it had signed on with Optum Rx to participate in its Weight Engage program, marking the company's first offering of prescribing capabilities within a pharmacy benefit manager channel, Duffy noted.
In addition to GLP-1 care, Omada's prevention and weight health, hypertension and musculoskeletal programs are available for Optum Rx clients to purchase, Shao said.
The company now has relationships with the nation’s three leading PBMs, who serve most commercially insured lives and processed 80% of prescription claims in 2025. Omada joined forces with CVS Health's Caremark last year as part of the PBM's weight management program.
The company also made moves to expand its GLP-1 Care Track program directly to more employers through a partnership with Eli Lilly. Omada Health will serve as an independent program administrator in Eli Lilly and Company’s Employer Connect program. The integration with Lilly’s Employer Connect adds a new direct‑to‑employer channel alongside Omada’s existing PBM and cash‑pay pathways to make it easier for employers to offer weight loss medications with coordinated lifestyle support, executives said.
"Across these announcements, Omada can now meet employers where they are, whether they are already covering GLP-1s, exploring coverage for the first time, or looking for a lower-cost alternative through an employer-defined contribution model. And critically, our GLP-1 capabilities remain the tip of the spear for sales conversations across the broader Omada platform, which is driving growth across the full cardiometabolic suite," Duffy told investors.
With the addition of Lilly’s Employer Connect program, Omada’s GLP‑1 Flex Care cash-pay option and existing PBM pathways, offer employers multiple ways to adapt coverage design to pair medications with behavioral support through Omada’s program, according to executives.
Shao told investors the Lilly Employer Connect program is a "carve out," a solution outside the PBM.
"It really is about a bigger portfolio strategy and allowing employers to opt into a number of different potential benefit design solutions, knowing that Omada is the clinical backbone in the one they would choose," he said.
Demand for anti-obesity medicines is growing and putting pressure on employer budgets. Employer needs are diverse and wide-ranging, Shao noted, and companies are actively evaluating their GLP-1 strategies.
"GLP-1s have not just driven demand for medication—they have expanded how many employers think about cardiometabolic care more broadly. Whether or not they choose to cover these therapies, we find that employers are increasingly prioritizing weight and metabolic health and looking for solutions that can support their populations. This shift has played directly to our strengths. This reflects a fundamental reality. Nine out of 10 people taking GLP-1s for obesity are also managing at least one other chronic condition," Shao said during the call.
Since launching its GLP-1 Care Track, Omada Health has supported more than 150,000 members as of the end of 2025 as it builds out proof points for its wraparound care model, executives said.
Omada’s GLP-1 Care Track can now be deployed through three PBM solutions, direct-to-employer programs and cash-pay options.
"The strategic takeaway is this—GLP-1s have increased both the demand for and the complexity of cardiometabolic care. Employers need a partner who can navigate that complexity across coverage models, clinical needs and member journeys. And Omada is building exactly that clinical infrastructure, connecting programs, prescribing and support into a unified platform to help maximize the benefits of GLP-1 investments," Shao said.
The company also recently released a clinical analysis showing that members in the GLP-1 Care Track lost, on average, 1.8 times their total weight and more than two times the percentage of body fat compared to a control group over a 12-week period, while preserving lean muscle mass.
"This is a clinically meaningful result that we believe matters to employers seeking to justify spending on GLP-1 medication," Shao noted.
The company also continues to make big investments in artificial intelligence capabilities, executives said.
Omada Health is using AI in care delivery to summarize member data and surface potential next actions for care team review. For engineering teams, AI-assisted development has accelerated the company's product velocity. "Across operations and member support, we are converting routine manual processes into automated workflows that create capacity without adding cost," Duffy said.
"We are not evaluating the leverage opportunity from AI in only one area of the company, the opportunity reflects a deliberate company-wide evaluation of AI tooling across every function. As AI adoption deepens, we believe it can become a tailwind to operating leverage and margin expansion as we look towards 2027 and beyond," Cook told investors and analysts on the call.
On the strength of its Q1 performance, Omada Health raised its full-year revenue guidance to $322 million to $330 million, up from its prior range of $312 million to $322 million. For adjusted EBITDA, the company expects a range of $14 million to $20 million, up from a prior range of $7 million to $15 million. At the midpoints, revenue guidance represents approximately 25% growth year-over-year and adjusted EBITDA reflects a nearly 3-fold improvement compared to 2025, Cook said.
"Less than a year ago, we stood in front of you as a newly public company with a bold set of ambitions. We said we would invest responsibly in GLP-1 capabilities and AI, demonstrate operating leverage and prove that clinical quality and scale are not fundamentally at odds," Duffy told investors. "We feel we have delivered on those commitments every quarter since, and Q1 2026 is the latest proof point. Today, we have over 1 million total members. We have significantly expanded our commercial reach. We have an expanding multi-condition platform that includes prevention and weight health, GLP-1 support, diabetes, hypertension, cholesterol and musculoskeletal care.
Duffy noted that Omada Health has an evidence base of 30 peer-reviewed studies and a growing body of real-world data that powers its differentiated use of AI. "We have a financial profile that has tracked meaningfully ahead of where consensus expected us to be at this point in our journey as a public company. Our 2026 plans include rolling out more new offerings than in any year in the history of our company. The foundation is built. We believe the market is responding. And our team has the ambition to expand our impact from here," he said.