Omada Health filed Friday for a proposed initial public offering.
The digital health coompany sells its chronic condition management, hypertension, diabetes and musculoskeletal programs to employers, pharmacy benefit managers, health systems and health plans that then give access to individual users. It also offers a companion service for patients who take glucagon-like peptide-1 agonist weight loss drugs.
Related: Hinge Health files for IPO
In a filing with the U.S. Securities and Exchange Commission, Omada did not disclose any details about potential pricing of the shares, the number of shares to be offered or the amount it seeks to raise. The company said it would list its Class A common stock on the New York Stock Exchange under the ticker symbol “OMDA.”
Omada is the second digital health company to announce plans IPO plans this year. In March, virtual musculoskeletal health company Hinge Health announced its plans for an IPO.
Both companies will likely serve as early test cases for other digital health companies that could go public this year or in 2026. The sector is continuing to recover from a nearly two-year IPO standstill that ended in June 2024 when healthcare payments company Waystar and precision medicine company Tempus went public.
Omada reported an annual net loss of $47.1 million in 2024 compared with a net loss of $67.5 million in 2023, according to the SEC filing. The company said it was able to increase its revenue to $169.8 million in 2024 from $122.8 million in 2023.
Sales from Omada’s top five health plan and PBM customers or partners represented 69% of the company’s revenue in 2024, according to the filing. The company, which has 849 full-time employees as of March 31, has yet to achieve profitability on an annual basis.
The company had been frequently named as a popular potential IPO candidate by industry observers over the past few years. It last raised a $192 million Series E funding round in February 2022.
