Virtual care startup Omada Health files to go public amid IPO drought

Virtual care provider Omada Health has filed to go public, joining a small group of digital health companies willing to test a shaky IPO market.

Founded in 2012, the San Francisco-based health tech startup offers virtual care programs for chronic conditions like diabetes, hypertension, and prediabetes. It positions itself as a “between-visit care model,” supporting patients outside the traditional clinic structure and working alongside primary care. Omada delivers its programs through employers, health plans, and health systems, claiming over 2,000 customers and more than 679,000 members as of the end of Q1.

“Omada Health filed for an IPO on Friday, the latest digital health company to announce its intent to take the leap during a turbulent period for the public markets,” CNBC reported.

The company pulled in $169.8 million in revenue in 2024, a 38% increase from the year before. In the first quarter of this year alone, revenue jumped 57% to $55 million. Losses are narrowing too—down to $9.4 million in Q1 from $19 million the same time last year. For 2024 overall, Omada reported a $47.1 million net loss, compared to $67.5 million in 2023.

Omada Health IPO Filing: Digital Health Firm Bets Big on Chronic Care Market

With more than 156 million Americans living with at least one chronic condition, Omada is betting that demand for scalable, virtual care will grow, especially among employers under pressure to cut healthcare costs. The startup offers personalized care plans that combine clinical support with behavioral health programs. It was the first virtual provider to join the Institute for Healthcare Improvement’s Leadership Alliance, a signal that it wants to be seen as part of—not a replacement for—the traditional healthcare system.

Omada’s backers include big-name investors like Andreessen Horowitz, Fidelity’s FMR LLC, and U.S. Venture Partners, each of whom owns close to 10% of the company.

The IPO filing comes at a strange time. Klarna and StubHub have put their plans on ice. Tariff policy changes and inflation concerns have made public debuts even riskier. Still, Omada isn’t alone in moving forward. In March, Hinge Health—another digital health player focused on physical therapy—filed to go public and just updated investors with fresh earnings, a sign it’s still on track.

“To our prospective shareholders, thank you for learning more about Omada. I invite you to join our journey,” co-founder and CEO Sean Duffy said in the filing. “In front of us is a unique chance to build a promising and successful business while truly changing lives.”