Slides
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Building a Between-Visit Provider As of November 6, 2025
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2 Our Mission Bend the curve 2
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3 All forward-looking statements in this presentation are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required under applicable law. Certain information contained in this presentation relates to or is based on studies, publications, surveys, and other data obtained from third-party sources and our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and make no representation as to the adequacy, fairness, accuracy, or completeness of any information. All trademarks, service marks, and trade names appearing in this presentation are the property of their respective holders. Non-GAAP Financial Measures and Key Operational Metrics This presentation includes certain financial measures not presented in accordance with U.S. generally accepted accounting principles ("GAAP"), including non-GAAP gross profit, non-GAAP gross margin, non-GAAP cost of revenue, non-GAAP operating expenses, non-GAAP operating expenses (as a % of revenue), adjusted EBITDA, and adjusted EBITDA margin, which are used by management for financial and operational decision-making and as a means to assist in evaluating period-to-period comparisons. These non-GAAP financial measures have certain limitations and should be considered in addition to, not as a substitute for or in isolation from, financial measures prepared in accordance with GAAP. Any non-GAAP financial measure as defined by us may not be comparable to similar non-GAAP financial measures presented by other companies. Presentation of such financial measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. See Appendix: GAAP to Non-GAAP Reconciliation for a reconciliation of each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with GAAP. Disclaimers This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "goal," "objective," "seeks," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Examples of forward-looking statements contained in this presentation include, but are not limited to, statements we make regarding the anticipated demand for our programs and offerings, our ability to grow our GLP-1 Care Tracks, the size of our addressable markets, our ability to use technology, including artificial intelligence and machine learning, to operate certain features of our programs and to enable certain business processes, our plans for launching new technologies, expectations regarding simulated average gross healthcare savings for our programs, the scalability of our business model and potential for future profitability or other future financial and operating results. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, macroeconomic and industry conditions, and other factors. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, the following: our limited operating history and ability to manage our growth effectively; our history of net losses and ability to achieve or maintain profitability; the ability of our programs to achieve and maintain market acceptance; changes in the healthcare industry and competition; the growth and success of our customers and channel partners; the number of individuals covered by our programs and the number of our programs covered by our customers; the level of member engagement in our programs; our ability to maintain and grow customer and channel partner relationships; concentration of a substantial portion of our sales among a limited number of customers and channel partners; our ability to attract new customers and channel partners and increase member enrollment from existing and new customers and channel partners; our ability to increase the size of our organization; our dependence on a limited number of third-party suppliers; the impact of seasonality on our financial results; our ability to achieve widespread brand awareness and the impact of any negative media coverage; our ability to develop and release new programs and services; cybersecurity threats; our dependence on the interoperability of our programs and connected devices with third-party devices, operating systems and applications; changes in laws or regulations or the implementation of existing laws and regulations; compliance with privacy and security laws and regulations; our and our affiliated professional entities’ compliance with healthcare regulatory laws; any modification in U.S. Food and Drug Administration enforcement policies; our dependence on our relationships with affiliated professional entities; and other risk factors identified in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is being filed at or around the date hereof. Important Notice and Disclaimers
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To deliver unrivaled virtual care between doctor’s visits through a simple, elegant, and seamless experience for both members and buyers. Our Vision 4 Sean
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1. See appendix for a reconciliation to the most comparable GAAP financial measure. FINANCIAL SNAPSHOT OMDA Q3 2025 Strong member and revenue growth and scalable business model have driven good progress towards profitability. 53% Total Member Growth 3Q24 3Q25 543K 831K 49% Revenue Growth 3Q24 3Q25 $45.5M $68.0M 56% Non-GAAP Gross Profit1 Growth 3Q24 3Q25 $29.7M 65.2% GM1 $46.4M 68.2% GM1 $6.0M Net Loss Improvement 3Q24 3Q25 $(9.2M) $(3.2M)58% Gross Profit Growth 3Q24 3Q25 $28.6M 62.8% GM $45.1M 66.3% GM $7.5M Adj. EBITDA1 Growth 3Q24 3Q25 $(5.1M) 5 $2.4M
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1. Estimated number of individuals with benefits coverage for one or more Omada programs, where they have a clinical need, as of December 31, 2024. 2. Number of members enrolled in one or more programs as of September 30, 2025 whose participation was billed at least once in the preceding 12 months. 3. As of September 30,, 2025. 4. 3-year average customer retention rate as of December 31, 2024. 5. Average customer satisfaction rate for each of program implementation and customer success, for the year ended December 31, 2024. 6. For customers who purchase our programs through a health plan that supports electronic claims billing of our services. 30% CAGR 2019 2020 2021 2022 2023 2024 Demonstrated Scale 2,000+ Customers3 90%+ Customer Retention4 20M+ Individuals with benefits coverage for one or more Omada programs1 90%+ Customer Satisfaction5 Recurring Revenue Model Platform vs. Point Solution Strategic Opportunities Investment Highlights 6 Prevention & Weight Health Diabetes Hypertension Musculoskeletal GLP-1 Care Tracks Generative AI Data Corpus $170M 1M+ Total All-Time Members Enrolled3 Billable through payer claims6 Model tied to members’ success 831,000+ Members2
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The Status Quo Is Failing Patients With Chronic Conditions 7
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1. Data from the American Journal of Preventive Medicine, Hood CM, Gennuso KP, Swain, GR, Catlin, BB, County Health Rankings: Relationships Between Determinant Factors and Health Outcomes, February 2016; 50(2):129-135. Omada engages with members between doctor’s visits to help them stay on track 8
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1. As of 2021. Centers for Disease Control and Prevention, National Diabetes Statistic Report, 2021, last updated May 2024. 2. As of 2021. Centers for Disease Control and Prevention, High Blood Pressure Facts, last updated January 2025. 3. As of 2019. The Lancet Regional Health—Americas, Musculoskeletal Health: An Ecological Study Assessing Disease Burden and Research Funding, January 2024. 4. Total Addressable Market calculated as: Estimated Number of Commercially Insured Lives in 2023 (154 million) x Estimated Prevalence Rate x Monthly List Price of Omada Program (non-MSK) per Active Member, Multiplied by 12 (or, for MSK, List Price of Omada MSK Program per Member for a Single Episode of Care). Does not include Medicare Advantage opportunity (~$32.3B). Prevalence of Total U.S. Population 98M1 38M1 120M2 127M3 Total Current Addressable Market4 $41.4B $17.3B $31.6B $44.8B 9 Prediabetes Diabetes Hypertension Musculoskeletal (“MSK”) We believe there is an epidemiological crisis that drives market opportunity
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1. Behavioral Health Specialists consult with Omada frontline Care Teams behind the scenes but do not provide direct member care. 2. Type 2 diabetes only. Connected Devices Health Coach Behavioral Health Specialist1 Health Coach2 Diabetes Specialist Behavioral Health Specialist1 Physical Therapist Behavioral Health Specialist1 Program Care Team Health Coach Hypertension Specialist Behavioral Health Specialist1 + Embedded GLP-1 Care Track for Cardiometabolic Programs + Embedded Behavioral Health Tools1 Additional Support 1:1 Care planning Feature Highlights Nutrition counseling Coach-facilitated communities 1:1 PT video consults Activity counseling Biometrics tracking Goal-setting infrastructure Medication support Prevention & Weight Health We cover “in-between” needs for multiple conditions 10 Clinical Indication Prediabetes & At-Risk Type 1 & Type 2 Diabetes High Blood Pressure Joint & Muscle Health Diabetes Hypertension Musculoskeletal
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1. Endotext, Naha S, Gardner MJ, Khangura D, et al., Hypertension in Diabetes, August 2021. 2. Journal of Back and Musculoskeletal Rehabilitation, Kaka B, Maharaj SS, Fatoye F, Prevalence of Musculoskeletal Disorders in Patients with Diabetes Mellitus: A Systematic Review and Meta-analysis, March 2019. 3. Journal of Research in Medical Sciences, Alijanvand, MH, Aminorroaya, A, Kazemi, I, Amini, M, Yamini, SA, Mansourian, M, Prevalence and Predictors of Prediabetes and Its Coexistence with High Blood Pressure in First-degree Relatives of Patients with Type 2 Diabetes: A 9-year Cohort Study, March 2020; 25:31. 11 Significant comorbidities make treatment more complex 1 2 3
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Compassionate Intelligence 12
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Health coach Diabetes & hypertension specialist1 Behavioral health specialist2 Licensed physical therapist Member support agent Blood glucose monitor & continuous glucose monitor ScaleBlood pressure monitor MSK computer vision Smart content recommendations Instant context for Care Teams Human Care Technology Compassionate intelligence 1. Certified diabetes care and education specialist. 2. Licensed clinical social worker. Images, including those of the Omada application, do not reflect real members or information about a specific person. Automatic message tagging for Care Teams 13
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Omada outreach and onboarding experience Receive devices 14 Apply Outreach 98M1 Emails 4,9001 Outreach campaigns2 1. Approximate numbers for the year ended December 31, 2024. 2. Includes email, traditional mail, and workplace promotions. 3. Certified diabetes care and education specialist. 4. Licensed clinical social worker. Images, including those of the Omada application, do not reflect real members or information about a specific person. Meet Care Team Health Coach Diabetes and Hypertension Specialist3 Physical Therapist Behavioral Health Specialist4
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Track progress The Omada member journey 15 Choose path Join Community Set goals Ongoing Care Team Support Images, including those of the Omada application, do not reflect real members or information about a specific person.
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MSK Experience 16 Images, including those of the Omada application, do not reflect real members or information about a specific person.
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1. As of December 31, 2024. 2. From inception to December 31, 2024. Images, including those of the Omada application, do not reflect real members or information about a specific person. 50K data points every 60 minutes1 149M meals tracked2 78M blood glucose readings recorded2 17 Omada’s purpose-built care team platform
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18 Our members love us 50%+ 55%+12 mo Percentage of members engaging monthly at 24 mo Member Engagement1 5.4M“Thank yous” sent to Care Team members2 1. Engagement defined as the percentage of members who have completed at least one interaction with us in the indicated program month, across all cardiometabolic products, for the year ended December 31, 2024. Interactions include logging in or interacting with the Omada mobile app, sending messages to Omada Care Team members, or recording metrics such as weight, blood pressure, or blood glucose values. 2. From Company inception to December 31, 2024.
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Raising the bar for clinical research in digital health 19 Number of publications as of September 30, 2025. ⁺ Study resulted in two separate publications. ⁺⁺ Study resulted in three separate publications. * Manuscript still in preparation or under peer review. Words in parentheses on various rows indicate distinct publications within that umbrella category. CONDITIONS STUDY Pre-2020 2020 2021 2022 2023 2024 2025 Multi-condition Omada Multi-condition Markov Model Musculoskeletal MSK Commercial Study⁺ (Outcomes, Engagement) MSK Older Adults Study MSK Economic Model MSK Claims Analysis Hypertension 12-month HTN Commercial Study Evidation HTN Pilot Stanford HTN RCT* [study in progress] Diabetes 12-month Type 2 Diabetes Commercial Study T2D Economic Model Evidation T2D Pilot Abbott CGM RCT* Prevention & Weight Health PREDICTS RCT⁺ (Costs, Outcomes) Customer Claims PREDICTS RCT⁺ (Implementation, Enrollment) DPP Adaptability Workforce Outcomes⁺ (Iron Mountain, Quest) Medicare Clinical Outcomes Medicaid Population⁺ (Methods, Outcomes) Medicare Value⁺ (Markov Model, Claims) Markov Model VA⁺ (Engagement, Outcomes) Digital DPP Validation⁺⁺ (Year 1, Year 2, Year 3) HE Health EconomicsHE 30 Published peer-reviewed journal articles HE HE HE HE HE HE HE
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Demonstrating clinical value of our programs Omada for Prevention & Weight Health 12 peer-reviewed publications; Randomized Controlled Trial Results1 Omada for Diabetes 5 peer-reviewed publications; Obs. Retrospective Cohort Study Results2 Omada for Hypertension 4 peer-reviewed publications; Obs. Retrospective Cohort Study Results5 Omada for MSK 4 peer-reviewed publications; Obs. Retrospective Study Results7 -6.0% Weight Loss at 12 months1 -5.5% -2.1% % Achieving ≥5% Weight Loss -1.0% -3.0% -5.0% 0.0% -2.0% -4.0% Weight Loss 60% 43% 21%10% 30% 50% 0.0% 20% 40% Omada (n=299) Small Group Education (n=300) P-values <0.05 were considered statistically significant in all studies. 1. American Journal of Preventive Medicine, Katula JA, Dressler EV, Kittel CA, et al., Effects of a Digital Diabetes Prevention Program Program: An RCT, April 2022. 2. The Science of Diabetes and Self-Management and Care, Berthoumieux A, Linke S, Merry M, Megliola A, Juusola J, Napoleone J, Long-Term Results of a Digital Diabetes Self-Management and Education Support Program Among Adults With Type 2 Diabetes: A Retrospective Cohort Study, February 2024. 3. NCQA accreditation is for our type 2 Diabetes and combined type 2 Diabetes and Hypertension programs. 4. Members with A1C ≥8% (n=411) experienced a significant 2-point reduction in A1C at 12 months. 5. JMIR Cardio, Wu J, Napoleone J, Linke S, et al., Long-Term Results of a Digital Hypertension Self-Management Program: Retrospective Cohort Study, August 2023. 6. Members with systolic blood pressure (“SBP”) ≥130 mm Hg (n=788) saw these results. “DBP” = diastolic blood pressure. 7. Archives of Rehabilitation Research and Clinical Translation, Beresford L, Norwood T, Can Physical Therapy Deliver Clinically Meaningful Improvements in Pain and Function Through a Mobile App? An Observational Retrospective Study, February 2022. Outcomes measured at the end of an "episode of care." Physical outcomes measured on a 0-10 function scale where higher numbers equal better function. Pain outcomes measured on a 0-10 pain scale where lower numbers equal less pain. Key Outcomes at 12 months5,6 -8.1 mmHg SBP -4.7 mmHg DBP -6.5 lbs -2pt A1C4 -3% Weight Loss BMI +2.67 points Physical Function -2.69 points Pain Key Outcomes at 12 months2 -1.17 kg/m2 Weight Loss Key Outcomes7 3 20 N=1,322 N=1,117 N=814
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All projections are modeled based on assumptions and may not be realized by customers and channel partners. 1. Reflects projected average savings for members that report clinical data between their sixth and twelfth month. Assumes improvements in clinical outcomes at year one will be maintained in future years. Table does not include fees paid by customers and channel partners for the Omada programs themselves. 2. Does not include fees paid by customers and channel partners for the Omada program itself. 21 Program Simulated Average Gross Healthcare Savings at: 3 Years Omada for Prevention & Weight Health1 $3,128 Omada for Diabetes1 $3,947 Omada for Hypertension1 $3,138 Omada for MSK2 $1,116-$1,523 Demonstrating the economic value of our programs 1 Year 1 1 1 2 Wei-Li
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Go-To-Market Success 22
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Diverse, customer-centric GTM strategy Employers (Via channel partner/reseller) Health Plans (Fully insured lines of business) Employers (Contracting directly) PBMs (Therapeutic programs) Health Systems (For patients) Health Plans, PBMs, Platform Resellers 23 Evernorth EncircleRx SM
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1. KFF, 2024 Employer Health Benefits Survey, October 2024. 2. KFF, A Snapshot of Sources of Coverage Among Medicare Beneficiaries, September 2024. 3. Pharmaceutical Care Management Association, The Value of PBMs, 2024. Large addressable markets with untapped potential ~14% of the self-insured insurance market Commercial Self-Insured ~9% of the fully insured market Commercial Fully Insured ~1% of the Medicare Advantage market Medicare Advantage 24 13.1M of ~97M Self-funded lives1 315K+ of ~33M Covered lives 2 5.3M+ of ~57M Fully insured lives1 12%~14% ~1% of PBM market PBM 3.3M of ~275M US PBM lives3 ~1% ~9% 20M+ Estimated individuals with benefits coverage for one or more Omada programs, where they have a clinical need, as of December 31, 2024 ~1%
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Initial Pilot Results: Initial pilot4 results showed: Improved engagement & outcomes Weight loss maintained 16 weeks post-discontinuation Enhanced GLP-1 Care Track Prevention & Weight Health Diabetes Hypertension MSK 25 Significant greenfield opportunities via expanding PBM relationships Relationships with two of the largest PBMs in the U.S. that each serve 100M+ individuals1 Recently added PBM contract EncircleRxSM Covered Lives3 120M+ Total Covered Lives3 Evernorth’s Industry-First Financial Guarantee for GLP-1 spend2 + Omada Prevention & Weight Health included when GLP-1 is prescribed for obesity + Remaining Cardiometabolic Suite available through Evernorth One of the Largest PBMs in the U.S. 108M+ Total Covered Lives3 Full Suite of Programs ~9M EncircleRxSM 1. Lives covered by PBMs according to publicly available data as of March 2024. Does not represent lives covered for Omada programs. Populations covered by our various channel partners may overlap. 2. Evernorth Announces Industry-First Financial Guarantee for GLP-1 Spend, Evernorth Health Services, March 7, 2024. 3. New Solution meets changing needs amid GLP-1 Demand, Evernorth Health Services, 2025. Does not represent lives covered for Omada programs. 4. Average engagement and outcomes measured at 16 weeks of participation, compared to members in our cardiometabolic programs and not enrolled in the Enhanced GLP-1 Care Track. Average weight loss maintenance measured at 16 weeks post-discontinuation.
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1. As of December 31, 2024. 2. As of March 31, 2025. Multi-Condition Care Evidence and Accreditations Compassion Meets Intelligence Scaled, Diversified Go-to-Market Four critical dimensions that we believe set us apart 29 peer-reviewed publications, 4 accreditations1 Proactive Care Teams, enabled through technology Flexible partnership & channel offerings for 2,000+ customers2 Competitive Advantage Strategy Care in context, with one partner for key needs 26
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Omada stands out among competitors 27 1. Total number of monthly global app downloads from January 2022 through September 2025 (inclusive), according to Sensor Tower, Inc. data. Monthly Global App Downloads Since 20221
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GLP-1s Create a Moment to Seize 28
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Omada Cardiometabolic Programs We believe GLP-1s can create significant growth opportunities for Omada 29 As GLP-1 coverage expands, we anticipate growing demand for our GLP-1 Care Tracks and increased focus on weight health generally, Wei-Li Omada GLP-1 Care Tracks which can lead to higher demand for all of our cardiometabolic programs.
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Help streamline user experience Pre-Rx Bolstered weight loss During Rx Long-term weight health Post-Rx Patient stops GLP-1 Weight Without Omada The Opportunity With Omada Time Omada’s GLP-1 strategy is designed to meet the needs of customers and members 30 Graph is illustrative and does not reflect actual data.
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On average, Enhanced GLP-1 Care Track members maintained weight loss2 results at 16 weeks after discontinuation 31 GLP-1 Care Tracks have demonstrated positive results 1. Omada Health, Inc. (2024). From June through early August 2024, a total of 2,183 members in Omada for Prevention & Weight Health and Omada for Hypertension were offered the opportunity to join the Omada Enhanced GLP-1 Care Track. This retrospective analysis reviewed data received directly through participation in the program from all of the 1,624 members that chose to enroll in Omada’ s Enhanced GLP-1 Care Track, together with either Omada for Prevention & Weight Health or Omada for Hypertension, between June and early August, 2024. Where metrics compare these members to members not included in Omada’s Enhanced GLP-1 Care Track, the comparison group consists of data from members that self-reported the same requirements for GLP-1 use and no diabetes diagnosis at time of application and enrolled in Omada Health for Prevention & Weight Health and Omada for Hypertension between May and early June 2024. The analysis was retrospective, and members in the analysis were not required to take any special actions that other members in our programs were not, except for voluntarily opting into the Enhanced GLP-1 Care Track. 2. Eligibility criteria included being on a GLP-1 for ≥3 months, discontinuing their GLP-1 between 3/21/24 and 10/21/24, and remaining off GLP-1s for 6, 9 and/or 12 months. Members also needed to have weight data baseline and 6, 9 and/or 12 months and meet a minimum threshold for program engagement during discontinuation. GLP-1 medications were considered discontinued when pharmacy claims data indicated the absence of a medication refill ≥60 days following their last prescription’s supply. Values shown for listed randomized control trials ("RCTs") reflect the approximate weight gain values depicted at the indicated times in graphs of weight change over time included in the third-party RCT manuscripts (SURMOUNT-4; STEP 1). Enhanced GLP-1 Care Track members experienced significant weight loss results over first 16 weeks including, on average:1 +28% greater weight loss Omada members on a GLP-1, enrolled in Enhanced GLP-1 Care Track Omada members on a GLP-1, not enrolled in Enhanced GLP-1 Care Track Percent weight change 16 weeks after discontinuing GLP-1s STEP 1 RCT 3 GLP-1 Discontinuation Week 0 Post-Discontinuation Week 16 8% 7% 6% 5% 4% 3% 2% 1% 0% -1% 7% 5.8% -0.1% SURMOUNT-4 RCT 3Omada GLP-1 Discontinuation path 8% 11% 12% 7% 9% 11% 0.03% 0.6% 0.8% Average Weight Change (%) GLP-1 Discontinuation (Month 0) 6 Months Post-Discontinuation 9 Months Post-Discontinuation 12 Months Post-Discontinuation Members in Omada’s GLP-1 Care Track maintained their progress even after stopping medication, showing just 0.8% average weight change 12-months post-discontinuation.2 Omada for Prevention & Weight Health and Hypertension Members Zepbound® (SURMOUNT-4) RCT Wegovy® (STEP 1) RCT
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32 Omada Health Announces Prescribing Offering to Support Growing Member Population ● Expands Omada’s Offerings: Adding prescribing and management of anti-obesity medications, including GLP-1s, to Omada’s evidence-based behavior change program ● Behavioral Intelligence: An approach to support prescribing decisions using health metrics, motivational readiness, and behavioral data to tailor care before, during, and after treatment ● Connected, Between-Visit Care: Prescribing integrated with Omada’s between-visit model — supporting members in their daily lives ● Employer & Payer Flexibility: Omada delivers a modular set of care tracks to align with benefit strategy goals and help customers thoughtfully manage GLP-1 spend while preserving clinical value ● Demonstrated Results: Built on insights from serving 100,000+ members taking GLP-1s and outcomes that have outperformed key real-world benchmarks1,2 1. Weight maintenance is possible after GLP-1s—with the right support. Omada Health. Published Sept 8, 2025 2. GLP-1 medication persistence, a key component of weight loss. Omada Health. Published June 17, 2025.
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Financials & Summary 33
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1. Number of members enrolled in one or more programs as of December 31, 2024 (572K) and September 30, 2025 (831K+), whose participation was billed at least once in the preceding 12 months. 2. $170M Accelerated growth across our business 34 572K Total Members1 33% CAGR Revenue 2019 2020 2021 2022 2023 2024 30% CAGR Multi-Condition Customer % 30% CAGR 2020 2021 2022 20242023 31% 2019 2020 2021 2023 20242022 % YoY Growth. 38% 46% 38% 31% 831K+ 3Q25 +53% YoY $68M 3Q25 +49% YoY
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Financial profile demonstrates significant operating leverage LTM 3Q24 LTM 3Q25 YoY Growth Revenue $154M $232M 51% Non-GAAP Gross Profit1 Non-GAAP Gross Margin1 $95M 62% $154M 66% 62% Non-GAAP OPEX1 % of Revenue $131M 85% $160M 69% 22% 35 Steve 1. See appendix for a reconciliation to the most comparable GAAP financial measure.
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1. Net dollar retention rate, for customers who were contracted as of the beginning of the prior period, is measured as of December 31, 2024, and calculated as total billings generated in a particular period divided by total billings generated in the prior period. 2. As of December 31, 2024. 3. Average email enrollment rate refers to the percentage of a customer’s population receiving our email enrollment campaigns that enrolls in our programs, for the year ended December 31, 2024 compared to the year ended December 31, 2023. FY23 FY24 Net dollar retention adding leverage on existing client base 36 110% 128% Net dollar retention rate1 ● Multi-condition Traction: Customers offering more than one Omada program has risen to 31%.2 ● Marketing effectiveness: Average email enrollment rate increased over 60% year-over-year.3
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Quarterly revenue has increased ~3.4X since 1Q22 $41.2M 33%$35.1M 33%$32.5M 29% $32.9M 50% $61.4M 49%$55.0M 57%$48.0M 47%$45.5M 38% LTM 3Q24 LTM 3Q25 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $154.4M 34% LTM (Last Twelve Months) Revenue Quarterly Revenue y/y Growth % $232.3M 51% $21.9M $21.8M $26.4M 31% $30.9M 42% $25.3M 37 $68.0M 49% $20.2M
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$ Non-GAAP Gross Profit1 % YoY Growth % Non-GAAP Gross Margin1 $21.2M 46% $18.4M 36% $21.2M 89% $33.3M 57% 64.4% 65.3% 52.3% 62.8% LTM Non-GAAP Gross Profit1 65.2% 69.4%$25.9M 45% $29.7M 40% $33.1M 80% 60.3% 61.7% $41.6M 61% LTM 3Q24 LTM 3Q25 67.7% $95.2M 42% 66.4% $154.4M 62% 1. See appendix for a reconciliation to the most comparable GAAP financial measure. 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $11.2M 57.7% 51.3%57.6% 51.2%56.5% $12.3M $14.6M $13.5M 59% $17.8M 45% Quarterly non-GAAP gross profit1 has increased ~5.5X since 1Q22 38 $46.4M 56% 68.2% 42.2% $8.5M
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($9.9M) ($9.8M) ($14.0M) (29.9%) (30.0%) (39.9%) % Adj. EBITDA Margin1 $ Adj. EBITDA1 ($5.5M) (23.1%) (2.4%)(16.5%) ($6.8M) LTM Adj. EBITDA1 (11.3%) (7.3%) ($5.1M) ($3.5M) (7.7%) ($4.2M) LTM 3Q24 LTM 3Q25($0.2M) ($35.7M) (0.3%) 1. See appendix for a reconciliation to the most comparable GAAP financial measure. (69.9%) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 (65.9%)(68.2%) (60.4%) (50.6%) ($15.6M)($17.4M) ($15.3M)($15.0M)($15.2M) Strategic focus and scalable business model have driven strong improvements in Adjusted EBITDA1 39 $2.4M 3.5%(78.8%) ($15.9M)
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Our team combines healthcare and technology backgrounds Sean Duffy Co-Founder & Chief Executive Officer Nathan Salha General Counsel Steve Cook Chief Financial Officer Wei-Li Shao President Sunil Kayiti Chief Technology Officer Nancy Vitale Chief People Officer Danika Harrison Chief Product & Growth Officer William Dougherty Chief Information Security Officer Lucia Savage Chief Privacy & Regulatory Officer Sean Thomas Tsang, MD, MPH Chief Medical Officer 40
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1. As of September 30, 2025. 2. 3-year average customer retention rate as of December 31, 2024. 3. Total Addressable Market calculated as: Estimated Number of Commercially Insured Lives in 2023 (154 million) x Estimated Prevalence Rate x Monthly List Price of Omada Program (non-MSK) per Active Member, Multiplied by 12 (or, for MSK, List Price of Omada MSK Program per Member for a Single Episode of Care). Does not include Medicare Advantage opportunity (~$32.3B). Differentiated Between-Visit Care model → Multi-condition platform in prevalent and higher-cost areas → Clinical leadership demonstrated by 30 peer-reviewed studies1 → Positioned to benefit from GLP-1 growth → Vast and rich data enabling targeted and innovative interventions Strong business model and growth opportunities → Scalable revenue model → 2,000+ customers1 with 90%+ customer retention rate2 has driven recurring revenue → $135B+ TAM3 with significant untapped opportunities Experienced leadership team → Broad experience in both healthcare and technology → True mission-driven culture Omada in Summary Sean 41
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Thank you. 42
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Covered Lives1 Customers Average Members2 ARPU3 Revenue 20M+ 2,000+ 482K $353 $170M 1. Estimated individuals with benefits coverage for one or more Omada programs, where they have a clinical need, as of December 31, 2024. 2. Average members for 2024 calculated as the average of year-end members as of December 31, 2023 and year-end members as of December 31, 2024. 3. ARPU calculated as revenue for FY 2024 divided by average members for 2024. 4. 3-year average customer retention rate as of December 31, 2024. 5. Average customer satisfaction rate for each of program implementation and customer success, for the year ended December 31, 2024. 6. Net dollar retention rate, for customers who were contracted as of the beginning of the prior period, is measured as of December 31, 2024, and calculated as total billings generated in a particular period divided by total billings generated in the prior period. 7. Engagement defined as the percentage of members who have completed at least one interaction with us in the indicated program month, across all cardiometabolic products, for the year ended December 31, 2024. Interactions include logging in or interacting with the Omada mobile app, sending messages to Omada Care Team members, or recording metrics such as weight, blood pressure, or blood glucose values. Key 2024 Financial Model Considerations 43 + Across Self-Insured, Fully-Insured, Medicare Advantage, PBMs, and other customers and channel partners + Significant white space remains + Most contracted through channel partners + 90%+ retention4 + 90%+ satisfaction5 + 128% Net Dollar Retention rate6 + ~31% offer multiple Omada programs + 572K members at end of 2024, up from 391K in 2023 + Work with customers and channel partners to develop tailored, multi-channel outreach programs + Average enrollment rates equal to 14% of eligible populations through Omada-led email campaigns in 2024 + For cardiometabolic programs, primarily charge only for members that engage + Monthly fees vary by program + 55% engaged at one year; 50% at two years7 + 38% growth over 2023 + Revenue has historically been highly visible and largely recurring due to − High customer retention & satisfaction − Strong NDR − High member engagement
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1. Depreciation and amortization includes amortization of capitalized internal-use software costs. Appendix: GAAP to Non-GAAP Reconciliation 44 (in thousands, except percentages) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 Revenue $20,208 $21,775 $21,930 $25,272 $89,185 $26,417 $30,892 $32,928 $32,547 $122,784 $35,095 $41,212 $45,515 $47,978 $169,800 $54,963 $61,371 $68,030 GAAP cost of revenue $12,640 $10,440 $11,697 $11,617 $46,394 $13,837 $13,994 $12,692 $12,290 $52,813 $17,747 $16,378 $16,954 $15,844 $66,923 $23,063 $21,065 $22,959 Non-GAAP cost of revenue $11,680 $9,475 $10,704 $10,711 $42,570 $12,872 $13,053 $11,735 $11,299 $48,959 $16,724 $15,318 $15,835 $14,665 $62,542 $21,845 $19,807 $21,648 GAAP gross profit $7,568 $11,335 $10,233 $13,655 $42,791 $12,580 $16,898 $20,236 $20,257 $69,971 $17,348 $24,834 $28,561 $32,134 $102,877 $31,900 $40,306 $45,071 Add: Share based compensation expense 119 77 84 (26) 254 21 21 17 28 87 52 53 57 57 219 38 33 33 Amortization of intangible assets 440 476 476 476 1,868 476 439 439 439 1,793 439 439 439 438 1,755 439 439 439 Depreciation and amortization¹ 401 412 433 456 1,702 468 481 501 524 1,974 532 568 623 683 2,406 741 786 839 Non-GAAP gross profit $8,528 $12,300 $11,226 $14,561 $46,615 $13,545 $17,839 $21,193 $21,248 $73,825 $18,371 $25,894 $29,680 $33,312 $107,259 $33,118 $41,564 $46,382 GAAP gross margin (as a % of revenue) 37.5% 52.1% 46.7% 54.0% 48.0% 47.6% 54.7% 61.5% 62.2% 57.0% 49.4% 60.3% 62.8% 67.0% 60.6% 58.0% 65.7% 66.3% Non-GAAP gross margin (as a % of revenue) 42.2% 56.5% 51.2% 57.6% 52.3% 51.3% 57.7% 64.4% 65.3% 60.1% 52.3% 62.8% 65.2% 69.4% 63.2% 60.3% 67.7% 68.2% GAAP operating expense $26,235 $28,979 $28,121 $31,806 $115,141 $32,682 $ 35,419 $ 34,213 $ 33,654 $135,968 $35,341 $34,871 $37,086 $39,233 $146,531 $40,296 $44,650 $47,584 Less: Share based compensation expense (1,601) (1,276) (1,737) (1,786) (6,400) (1,551) (1,778) (2,992) (2,332) (8,653) (2,817) (2,026) (2,103) (2,255) (9,201) (2,806) (2,796) (3,503) Amortization of intangible assets (63) (62) (63) (63) (251) (63) (62) (63) (63) (251) (63) (63) (63) (63) (252) (63) (31) - Depreciation and amortization¹ (122) (129) (134) (125) (510) (116) (113) (104) (97) (430) (91) (101) (104) (94) (390) (90) (96) (81) Loss on disposal of property and equipment - (2) (1) (3) (6) (4) (5) (1) (141) (151) - (1) (1) - (2) (1) (1) (1) Non-GAAP operating expense $24,449 $27,510 $26,186 $29,829 $107,974 $30,948 $33,461 $31,053 $31,021 $126,483 $32,370 $ 32,680 $34,815 $36,821 $136,686 $37,336 $41,726 $43,999 GAAP operating expense (as a % of revenue) 129.8% 133.1% 128.2% 125.9% 129.1% 123.7% 114.7% 103.9% 103.4% 110.7% 100.7% 84.6% 81.5% 81.8% 86.3% 73.3% 72.8% 69.9% Non-GAAP operating expense (as a % of revenue) 121.0% 126.3% 119.4% 118.0% 121.1% 117.2% 108.3% 94.3% 95.3% 103.0% 92.2% 79.3% 76.5% 76.7% 80.5% 67.9% 68.0% 64.7% GAAP net loss and comprehensive loss $(18,885) $(17,829) $(18,004) $(17,800) $(72,518) $(19,818) $(19,803) $(13,965) $(13,925) $(67,511) $(18,969) $(10,692) $(9,227) $(8,249) $(47,137) $(9,448) $(5,311) $(3,178) Add: Interest expense 983 997 1,046 1,175 4,201 1,202 1,207 1,168 1,128 4,705 1,130 1,132 1,147 1,097 4,506 1,074 1,094 353 Interest income (16) (160) (735) (1,291) (2,202) (1,681) (1,684) (1,431) (979) (5,775) (529) (85) (17) (174) (805) (542) (863) (2,009) Change in fair value of warrant liabilities (749) (652) (195) (235) (1,831) 195 223 251 379 1,048 375 (392) (428) 227 (218) 520 736 212 Loss on debt extinguishment - - - - - - 1,536 - - 1,536 - - - - - - - 2,109 Provision for income taxes - - - - - - - - - - - - - - - - - - Share based compensation expense 1,720 1,353 1,821 1,760 6,654 1,572 1,799 3,009 2,360 8,740 2,869 2,079 2,160 2,312 9,420 2,844 2,829 3,536 Amortization of intangible assets 503 538 539 539 2,119 539 501 502 502 2,044 502 502 502 501 2,007 502 470 439 Depreciation and amortization¹ 523 541 567 581 2,212 584 594 605 621 2,404 623 669 727 777 2,796 831 882 920 Loss on disposal of property and equipment - 2 1 3 6 4 5 1 141 151 - 1 1 - 3 1 1 1 Adjusted EBITDA $(15,921) $(15,210) $(14,960) $(15,268) $(61,359) $(17,403) $(15,622) $(9,860) $(9,773) $(52,658) $(13,999) $(6,786) $(5,135) $(3,509) $(29,429) $(4,218) $(162) $2,383 Adjusted EBITDA margin (as a % of revenue) (78.8%) (69.9%) (68.2%) (60.4%) (68.8%) (65.9%) (50.6%) (29.9%) (30.0%) (42.9%) (39.9%) (16.5%) (11.3%) (7.3%) (17.3%) (7.7%) (0.3%) 3.5%