Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

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

Omada Health (OMDA): Virtual Healthcare Provider Pops 20% After Midpoint Pricing

Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer

Equity Bottom-Up

<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