The Omada Health logo is displayed on a smartphone screen.
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Omada Health reported quarterly results for the first time since its IPO in June.
Here’s how the company did based on average analysts’ estimates compiled by LSEG:
- Loss: Loss per share of 24 cents.
- Revenue: $61 million vs. $55.2 million expected
The virtual care company’s revenue increased 49% in its second quarter from $41.21 million a year earlier. The company reported a net loss of $5.31 million, or a 24-cent loss per share, compared to a net loss of $10.69 million, or $1.40 loss per share, during the same period last year.
“We believe our Q2 performance reflects Omada’s ability to capture tailwinds in cardiometabolic care, to effectively commercialize our GLP-1 Care Track, and to leverage advances in artificial intelligence for the benefit of our members,” Omada CEO Sean Duffy said in a release.
For its full year, Omada expects to report revenue between $235 million to $241 million, while analysts were expecting $222 million. The company said it expects to report an adjusted EBITDA loss of $9 million to $5 million for the full year, while analysts polled by FactSet expected a wider loss of $20.2 million.
Omada, founded in 2012, offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. The company describes its approach as a “between-visit care model” that is complementary to the broader health-care ecosystem.
The stock opened at $23 in its debut on the Nasdaq in June. At market close on Thursday, shares closed at $19.46.
Omada said it finished its second quarter with 752,000 total members, up 52% year over year.
The company will discuss the results during its quarterly call with investors at 4:30 p.m. ET.
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