Omada Health reported quarterly results for the first time since its initial public offering in June.
Here’s how the company did based on average analysts’ estimates compiled by LSEG:
- Loss per share: 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 loss of 24 cents per share, compared to a net loss of $10.69 million, or a loss of $1.40 per share, during the same period last year.
“It’s a strategically consistent quarter for Omada, happening at an accelerated pace, which is nice,” Omada CEO Sean Duffy said in an interview with CNBC. “At the highest levels, there’s just a huge spotlight on metabolic care right now.”
For its full year, Omada expects to report revenue between $235 million and $241 million, while analysts were expecting $222 million. The company said it expects to report an adjusted earnings before interest, taxes, depreciation and amortization, or 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 2011, offers virtual care programs to support patients with chronic conditions such as 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 start gun of our next chapter just clicked, and we’re running hard,” Duffy said. “It’s been pretty fun.”
CORRECTION: This article was updated to state that Omada Health was founded in 2011. A previous version incorrectly stated the year.
