Omada Health, Inc. Common Stock Investor Day 2026

Good afternoon, everyone, and welcome. Thank you for being here today. Today marks an important milestone for Omada. I was reflecting back, and it was just over a year ago today that we took the business public right here at the Nasdaq with a very high set of expectations of what we intended to accomplish. Now just over a year later, we have exceeded those expectations in many aspects. At this moment in time, we expected to be at 850,000 members. We are now at 1.1 million. We were supposed to be at 66% gross margin. We are now at 70% gross margin and climbing. What I want to take you away today is, we are not talking about where we have come from, we are talking about where we are going. Today, you are going to hear about the opportunity that lies ahead of us.

We are going to hear from our leadership on specific investments and bets that we are making across our commercial organization, across our product organization, across technology and care delivery, and how we are also leveraging AI across our business. You are also going to hear us raise the bar on ourselves. We are going to be issuing new long-term targets across both gross margin and adjusted EBITDA, which we believe really put us in rarefied air across the digital healthcare sector. With that, let us get into it. As always, financial disclaimer, we will be talking about forward-looking statements. Please make sure that you read the disclaimer associated with the presentation. We really felt it was important to not just bring our presenters here today, but bring our entire management team. It really showcases the breadth and overall depth that we have in our leadership.

They have helped us get to where we are today, and they are really setting the foundation of where we are going in the future. Let me walk through the run of show today. Sean is going to kick us off. He is going to attempt to distill down 15 years of progress and execution into about 10 minutes. We are then going to go to Weili. Weili is going to talk about where we are going, our future, our vision, and how we are going to capture the market opportunity that is in front of us. I am going to spend about 20 minutes going through our financial model, about our growth algorithm, about how we are building for the future, as well as issuing our new long-term targets. I am going to pass it off to Britt. She is our VP of Cardiometabolic Care.

She is going to talk about our commercial initiatives, how we are going to continue to focus on adding more covered lives, as well as continue to focus on improve our enrollment rate. Then I am going to pass it on to Dr. Tom, to Danica, and to Jennifer. They are going to walk through our clinical strategy, our product roadmap, as well as initiatives that were taking place in our care delivery organization. Finally, we are going to pass it off. We are going to do a customer panel with two of our customers. We have representatives from Harris County and from Costco. They are going to talk about how they have deployed Omada within their organization and the success that they have been realizing. At the end, save your questions. You can keep all the hard-hitting stuff at the end for Sean, Weili, and I.

We'll have a dedicated Q&A session towards the end of the day. With that, I'd like it to turn it over to my friend, my colleague, Sean Duffy, co-founder, current CEO for not much longer. But here he goes. Thank you.

Awesome. Thank you so much, Steve. Hello, everybody. I got an applause. How fun. All right. How about that? Welcome, everybody. Welcome to Omada's first inaugural Investor Day as a public company. We're thrilled to have you here. For those of you who traveled in, thank you for doing so. For those of you on the webcam, hello. We'll seek to make this as engaging as possible for you, even though you're not able to join here in person. We hope you leave the day with a crisper, more detailed understanding of the business that we all care so much about here at Omada. But equally, we hope you leave with as much energy and enthusiasm, for what we plan to accomplish here in the business to drive value for customers, for members, for shareholders alike.

Per Steve, most of this will be about the future, but I do want to start with a little walk down memory lane, especially for those of you who are newer to the story. I founded Omada Health while at Harvard Medical School, and it was against a reality that I saw on a day-to-day basis. That reality was that traditional healthcare does not work for Chronic Disease. I'd watch PCPs with patients that maybe had diabetes, say, "Here's your script. Please come back in 6 months. Take your medicines. Don't forget to check your sugars. Try to lose weight, eat differently, exercise more." Unfortunately, none of that would happen. Each month that went by, these people got sicker, and their cost to the system rose. That became the challenge. We asked the question, well, it's obvious that the existing care system doesn't work.

So what is the right care model? What is the right kind of care for the 156 million Americans suffering from Chronic Disease? We sat in the homes of patients. We sat in their living rooms. We listened to their goals, what the healthcare system had offered, unpacked their needs. We studied the literature on care models that have worked in chronic, and we thought deeply about how they could be translated digitally. The answer was right in front of us. The answer to the right kind of care was that people needed proactive, longitudinal care between their doctor's visits. They needed a combination of devices, care services, software. They needed a feeling that someone was rooting for them in their corner, in their pocket persistently at all moments in time.

So that became the marching order. Then we looked at the task ahead. Unfortunately, the existing healthcare system from a regulatory standpoint, a billing standpoint, a technology standpoint, it is not set up to deliver that care model. We had to start from scratch. That is when we founded Omada Health in 2011. We got hard at work building the very first version of Omada's care experience for prevention in weight, launching that in 2012. Quickly, I realized that digital health was the underdog, and we needed to earn the trust of the existing healthcare system, which is a very risk-averse buying market. I knew I had to convince my classmates that were going to be clinicians that our product work. We began publishing evidence. We spun up a research agenda.

As we produced peer-reviewed evidence, quickly we began to earn the trust of the system, really beginning with the CDC where we partner with them on trial designs and evidence generation, such that we could earn a place as a fully recognized National Diabetes Prevention Program provider. We then took our body of evidence to the American Medical Association and partnered with them. We knew we needed to do this because in order to deliver between-visit care, we had to be able to bill as an actual healthcare provider. There were no CPT codes for digital providers. We worked with them to create the industry first, the first ever digital specific CPT code that allowed us to bill through claims as a between-visit care provider that was digital. Never had been done before. Our trials enabled us to do that.

That set the stage for us to bill into real medical spend, actual medical expenditures, not as an invoice into a wellness budget, no different than an HCA Healthcare, a Tenet Healthcare, a Stanford Health Care, existing providers. We then turned internally. We wanted to make sure we could recruit the very best and build a culture of high ambition, high delivery success, earned many awards organizationally, including earning a place on the Fast Company's most innovative healthcare list. When you get great talent working on big problems, success compounds, and quickly we earn the right with customers to do more for them. Expanding to diabetes, expanding to hypertension. We quickly from there eclipsed to over 1,000 customers, and the data set began amassing at over 50 million weight readings, longitudinal readings, watching our patients and our members engage.

From there, we expanded into musculoskeletal care, and we kept alongside this, the publication engine running. That allowed us to do things like earn the very first NCQA accreditation for a digital company in our space. Published the 18th peer review publication, earned URAC MSK accreditation, again, working to find a place to be a proper healthcare provider within the U.S. healthcare system. In 2023, started looking at GLPs and hearing the pain points from our customers and deployed our GLP-1 Care Track, I think ahead of the curve, designed to optimize for outcomes while on medicine, optimize for durability while not on medicine, and support a very complex decision for our benefits buyers on if they do cover the med, how they should do it, and if they don't cover the med, what can they offer even though they can't afford the medicine at present?

These tailwinds compounded, and it left us feeling confident to list on the Nasdaq in Q2 2025. As Steve's highlighted, that's where our leverage has really shown through in Q4 of 2025, delivering our first adjusted EBITDA positive quarter. As shared on the last earnings call, we're in a position now with Omada with more channels, more distribution partners, more customers, more care offerings to offer those customers than ever before in Omada's history. The thing I'm most proud about is over the last 15 years, we have built an asset. That asset has cost hundreds of millions of dollars to build, and that is a full stack between-visit care platform. To accomplish those industry firsts, we had to have a complex care services layer that involved licensure, operational complexity, operational precision to scale to the many millions.

We had to have a technology stack to be able to sell to very risk-averse enterprise buyers. An entire device supply chain to make sure we can fulfill and give our members connected devices that automatically feed back into the Omada platform to guide their care in partnership with their care teams. We built software not just for our members, but we built the entire software for our care team employees because it was obvious that an EMR was not going to cut it for between-visit care. Equally, we build in a different way. We don't use fee for service billing. We charge a monthly membership fee that's recurring, billed through the CPT code. We had to develop our very own reimbursement infrastructure to be able to bill in this alternative model that's more aligned with customers and members alike.