Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>Last week, SRRK gained from muscle-building data in SMA, with positive read-through for obesity and BHVN.</li><li>WW joined HIMS in selling NVO GLP-1 copies, while the FDA backed off on LLY copiers after a lawsuit.</li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.Last week, SRRK gained from muscle-building data in SMA, with positive read-through for obesity and BHVN.WW joined HIMS in selling NVO GLP-1 copies, while the FDA backed off on LLY copiers after a lawsuit.

Biopharma Week in Review - October 14, 2024

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>Last week, HIMS and unapproved GLP-1 sellers (LFMD) were put on notice by the FDA.</li><li>KZR’s study was stopped and placed on clinical hold, but the stock rose.</li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.Last week, HIMS and unapproved GLP-1 sellers (LFMD) were put on notice by the FDA.KZR’s study was stopped and placed on clinical hold, but the stock rose.

Biopharma Week in Review - October 7, 2024

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  </li>
<li>The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.</li>
<li>I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.</li>
</ul>


Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  
The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.
I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.


Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Hims & Hers Health Inc / Equity Bottom-Up

<ul><li>Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize access to personalized, high-quality healthcare.</li><li>The company reported a 73% increase in revenue to $545 million year-over-year, with a strong adjusted EBITDA margin of over 15%.</li><li>This growth is underpinned by a substantial subscriber base of over 2.4 million, facilitated by offerings in areas like dermatology and weight management.</li></ul>

Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize access to personalized, high-quality healthcare.The company reported a 73% increase in revenue to $545 million year-over-year, with a strong adjusted EBITDA margin of over 15%.This growth is underpinned by a substantial subscriber base of over 2.4 million, facilitated by offerings in areas like dermatology and weight management.

Hims & Hers: Advancing At-home Lab Testing and Preventive Health To Up Their Game!

<ul>
<li>San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.</li>
<li>In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.  </li>
<li>The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.</li>
</ul>


San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.
In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.  
The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.


Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

United States

Hims & Hers Health, Inc. provides health care software solutions. The Company offers multi-specialty telehealth platform that connects consumers to licensed healthcare providers, enabling them to access high-quality medical care for numerous conditions related to mental health, sexual health, dermatology, and primary care. Hims & Hers Health serves customers in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hims & Hers Health Inc (HIMS US)

Biopharma Week in Review - October 14, 2024

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A. Last week, SRRK gained from...

Water Tower Research

Biopharma Week in Review - October 7, 2024

Last week, HIMS and unapproved GLP-1 sellers (LFMD) were put on notice by the FDA. KZR’s study was stopped and placed on clinical hold, but the...

Water Tower Research

Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...

Andrei Zakharov

Hims & Hers: Advancing At-home Lab Testing and Preventive Health To Up Their Game!

Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize...

Baptista Research

Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

Omada Health, a next-gen digital health provider, announced strong 2Q'FY25 results. Revenue grew 49% y/y, total members increased to ~752,000...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Biopharma Week in Review - October 14, 2024

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A. Last week, SRRK gained from...

Water Tower Research

Biopharma Week in Review - October 7, 2024

Last week, HIMS and unapproved GLP-1 sellers (LFMD) were put on notice by the FDA. KZR’s study was stopped and placed on clinical hold, but the...

Water Tower Research

Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

​Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...

Andrei Zakharov

Hims & Hers: Advancing At-home Lab Testing and Preventive Health To Up Their Game!

Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize...

Baptista Research

Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

Omada Health, a next-gen digital health provider, announced strong 2Q'FY25 results. Revenue grew 49% y/y, total members increased to ~752,000...

Andrei Zakharov

Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...