Omada Health reported first-quarter revenue of $78 million, an increase of 42% year-over-year. This is as the company continues to expand its commercial reach, driven by significant investment in GLP-1 capabilities.
While the virtual chronic care provider reported strong adoption of its GLP-1 CareTrack program, the company also continues to successfully sell multiple chronic disease programs to its existing customer base of employers and health plans, executives said during the company’s first quarter earnings call on Thursday.
“The first quarter was the strongest first quarter in Omada’s history in terms of membership, revenue, gross profit and adjusted EBITDA,” said Stephen Cook, Omada Health’s chief financial officer, in an earnings call. “Over the past year, we have built capabilities that position Omada for lasting growth, working to prescribe our infrastructure, deliver AI-powered care, and expand our GLP-1 and cardiometabolic solutions.”
Omada Health’s membership grew 51% year-over-year to 1.02 million at the end of the first quarter, “reinforcing Omada’s role as an integrated multi-condition cardiometabolic platform operating at scale,” executives said.
Weili Xiao, president of Omada Health, told investors on a conference call that the company’s net new membership was 139,000 in the first quarter of 2026, compared to 107,000 in the first quarter of 2025. Shao noted that membership growth is widespread across the cardiometabolic field. “Our hypertension and diabetes programs have shown strong year-over-year growth, confirming that our momentum extends far beyond our GLP-1 offering. Win rates across multiple conditions continue to be strong,” he said.
The company narrowed its losses from the same period last year to a net loss of $3 million, compared to a net loss of $9 million in the first quarter of 2025. Omada Health reported adjusted EBITDA of $1 million in the first quarter, compared to an adjusted EBITDA loss of $4 million in the first quarter of 2025.
“Achieving positive adjusted EBITDA in our most expensive quarter on record reflects the structural scalability of our model deployment,” Cook told investors on a conference call.
“The first quarter of 2026 was a milestone quarter for Omada,” Omada Health CEO and co-founder Sean Duffy said on the earnings call. Duffy touted the company’s four growth levers. Expanding program coverage and lifetime coverage with benefits through channels and employer relationships. Increase in number of registrants. Deepen engagement through advancements in the member experience. Improve operational efficiency through investments in artificial intelligence and its clinical models and operations.
Omada Health, which went public in June, combines remote monitoring devices with coaching and artificial intelligence to help consumers manage chronic diseases. The company supports diabetes, hypertension, obesity, and musculoskeletal conditions, and is focused on a multi-disease approach to differentiate itself from its competitors. The company currently partners with more than 2,000 employers and health plans.
In 2023, the company launched GLP-1 CareTrack to provide support and wraparound services to health plan members and employees taking GLP-1 therapeutics. The company initially did not provide prescription access for GLP-1 drugs, but instead focused on building weight management programs. Last year, the company decided to enter the GLP-1 market and announced the GLP-1 Care Companion Solution, which can include nutritional guidance, education, a care team of health coaches, cardiometabolic experts, exercise experts, and prescription and medication management.
“In the first quarter, new investments in GLP-1 capabilities began to show momentum,” Duffy said.
Earlier this month, the company announced it had signed with Optum Rx to join its Weight Engage program, marking the first time the company will offer prescribing capabilities within the Pharmacy Benefits Manager channel, Duffy said.
In addition to GLP-1 care, Omada’s prevention and weight health, hypertension and musculoskeletal programs are also available for purchase by Optum Rx customers, Xiao said.
The company currently partners with three major PBMs in the country, which serve most commercial insurance lives and will process 80% of prescription claims by 2025. Last year, Omada partnered with CVS Health’s Caremark as part of the PBM’s weight management program.
The company also made a move to directly expand its GLP-1 Care Track program to more employers through a partnership with Eli Lilly. Omada Health serves as an independent program administrator for Eli Lilly and Company’s Employer Connect program. The integration with Lilly’s Employer Connect adds a new direct-to-employer channel to Omada’s existing PBM and cash payment channels, making it easier for employers to offer weight loss medications along with tailored lifestyle supports, executives said.
“Through these announcements, Omada can now meet employers anywhere, whether they already have GLP-1 coverage, are considering coverage for the first time, or are looking for a lower-cost alternative through an employer-defined contribution model. And importantly, our GLP-1 capabilities continue to be the tip of the spear in the sales conversation across the broader Omada platform that is driving growth across the cardiometabolic suite,” Duffy told investors.
With the addition of Lilly’s Employer Connect program, Omada’s GLP‑1 FlexCare cash payment option and existing PBM pathways will give employers multiple ways to adapt their coverage design to combine medications and behavioral support through Omada’s programs, executives said.
Hsiao told investors that the Lilly Employer Connect program is a “carve-out” and a solution outside of PBMs.
“This is really about a larger portfolio strategy, allowing employers to choose from a variety of potential benefit design solutions, knowing that the clinical backbone of the solution they choose is Omada,” he said.
Demand for anti-obesity drugs is growing, putting pressure on employer budgets. Mr. Shao pointed out that employer needs are diverse and wide-ranging, and companies are actively evaluating GLP-1 strategies.
“GLP-1 has not only driven demand for medicines, it has also expanded the number of employers thinking more broadly about cardiometabolic care. Whether targeting these treatments or not, employers are increasingly prioritizing weight and metabolic health and seeking solutions that can support their populations. “This change has a direct impact on our strengths. This reflects an underlying reality: 9 out of 10 people who take GLP-1 for obesity are also managing at least one other chronic disease,” Hsiao said during the call.
Since launching the GLP-1 Care Track, Omada Health has supported more than 150,000 members as of the end of 2025 as it builds proof points for its wraparound care model, executives said.
Omada’s GLP-1 Care Track is now available for deployment through three PBM solutions, a direct-to-employer program, and a cash payment option.
“The strategic takeaway is that GLP-1 has increased both the demand and complexity of cardiometabolic care. Employers need a partner who can navigate that complexity across coverage models, clinical needs, and member journeys. And Omada is helping build exactly that clinical infrastructure, connecting programs, prescriptions, and support into an integrated platform and maximizing the benefits of their GLP-1 investment.”
The company recently published a clinical analysis showing that GLP-1 CareTrack members lost an average of 1.8 times their total body weight and more than twice their body fat percentage over 12 weeks, while maintaining lean muscle mass, compared to a control group.
“We believe this is a clinically meaningful result and important for employers looking to justify spending on GLP-1 therapeutics,” Shao said.
The company also continues to invest heavily in artificial intelligence capabilities, executives said.
Omada Health uses AI in healthcare delivery to summarize member data and uncover potential next actions for review by medical teams. For the engineering team, AI-assisted development has accelerated the company’s product development velocity. “Across operations and member support, we are converting routine manual processes into automated workflows that create capacity without adding cost,” Duffy said.
“Rather than evaluating AI leverage opportunities in just a few areas of our company, this opportunity reflects an intentional company-wide evaluation of AI tools across all divisions,” Cook told investors and analysts on a conference call.
Due to strong first-quarter results, Omada Health raised its full-year revenue guidance to $322 million to $330 million, up from the previous estimate of $312 million to $322 million. The company expects adjusted EBITDA to be in the range of $14 million to $20 million, up from the previous range of $7 million to $15 million. Cook said that at the midpoint, revenue guidance indicates approximately 25% year-over-year growth and adjusted EBITDA reflects a nearly three-fold improvement compared to 2025.
“In less than a year, we stood before you as a startup with bold ambitions. We said we would invest responsibly in GLP-1 capabilities and AI, demonstrate operating leverage, and prove that clinical quality and scale are fundamentally compatible,” Duffy told investors. “We feel like we have delivered on that promise every quarter since then, and Q1 2026 is our latest proof point. We now have more than 1 million total members. Our commercial reach has expanded significantly. We are expanding our multi-condition platform to include 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 the differentiated use of AI. “Our financial profile has progressed more meaningfully than consensus would expect at this point in our journey as a public company. Our 2026 plans include rolling out more new products than in any year in our history. The foundation has been laid. We believe the market is responding, and our team has ambitions to grow our impact from here,” he said.
