Slides
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omada Heather Real Omada Member Building a Between - Visit Provider As of Aug 6 , 2026 omadahealth.com
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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, plans to launch a new standalone Cholesterol program, our new prescribing offerings and the potential benefits of these offerings, the impact of GLP-1 medications on our opportunities, statements we make regarding our GLP-1 leadership, our ability to grow our GLP-1 business, 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, profitability, ability to deliver measurable results, 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, performance, 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 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, including the impact of pharmacy benefit manager (“PBM”) reform on our PBM 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 most recently filed Quarterly Report on Form 10-Q. Important Notice and Disclaimers 2
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3 Our Mission Bend the curve 3
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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 Sean 4
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OMDA 2Q26 1. See appendix for a reconciliation to the most comparable GAAP financial measure. FINANCIAL SNAPSHOT 45% Total Member Growth 2Q25 2Q26 73% GAAP Gross Margin 66% 2Q25 74% Non-GAAP Gross Margin1 68% 2Q25 $5M Net Income ($5M) 2Q25 $11M Adjusted EBITDA1 ($0.2M) 2Q25 Business Highlights Revenue Growth 2Q25 2Q26 $61M $88M + Total Members reached 1.1 million at quarter‑end, up 45% year over year, with growth broad‑based across the cardiometabolic suite + We delivered another strong quarter, setting quarterly records for revenue of $88 million, GAAP gross margin of 73%, non-GAAP gross margin of 74%, net income of $5 million, and adjusted EBITDA of $11 million. + Broadened our partnership with HCSC extending Prevention & Weight Health and Hypertension across HCSC's fully insured book in three additional states - an incremental 1.5 million covered lives + Launched cholesterol as a standalone care track for the first time, with one of the nation's largest retailers + Since the announcement of our prescribing program, we have closed our first customer, which would yield revenue in 2027, providing early evidence of market demand 43% 1,091K 752K 5 $284 (+2% YoY) TTM Revenue per Ending Member 2Q26
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1. Estimated number of individuals with benefits coverage that can apply for one or more Omada programs if they have a clinical need, as of December 31, 2025. 2. Number of members enrolled in one or more programs as of June 30, 2026 whose participation was billed at least once in the preceding 12 months. 3. As of June 30, 2026. 4. As of December 31, 2025. 5. 3-year average customer retention rate as of December 31, 2025. 6. Average customer satisfaction rate for each of program implementation and customer success, for the year ended December 31, 2025. 7. For customers who purchase our programs through a health plan that supports electronic claims billing of our services. 2020 2021 34% CAGR 2022 2023 2024 2025 Demonstrated Scale 2,000+ Customers4 90%+ Customer Retention5 25M+ Individuals with benefits coverage for one or more Omada programs1 90%+ Customer Satisfaction6 Recurring Revenue Model Platform vs. Point Solution Strategic Opportunities Investment Highlights Prevention & Weight Health Diabetes Cholesterol Musculoskeletal GLP-1 Care Tracks Generative AI Data Corpus $260M 2M+ All-Time Members Enrolled3 Billable through payer claims7 Model tied to members’ success 1M+ Members2 +45% YoY +53% YoY Hypertension 6
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7 The Status Quo is Failing Patients with Chronic Conditions Part 1
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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 80%+ of factors determining outcomes occur between doctor’s visits.1 High cost of prescriptions Lack of exercise Unhealthy eating habits Inconsistent prescription adherence Lack of social support Trouble understanding recommended care 8
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Prevalence of Total U.S. Population (Gross of comorbidities) 115M1 40M1 120M2 53M3 121M4 Total Current Addressable Market5 $46.4B $18.1B $29.7B $3.0B $40.9B Diabetes Musculoskeletal (“MSK”) Prediabetes Hypertension We believe there is an epidemiological crisis that drives market opportunity Cholesterol 9 1. As of 2023. Centers for Disease Control and Prevention, (2026) National Diabetes Statistics Report, last updated March 2026. 2. As of 2021. Centers for Disease Control and Prevention, High Blood Pressure Facts, last updated January 2025. 3. As of 2023. American Heart Association, Heart Disease and Stroke Statistics - 2023 Update: A Report from the American Heart Association, last updated January 2023. 4. As of 2021. The Lancet Healthy Longevity, Addressing the growing burden of musculoskeletal diseases in the ageing US population: challenges and innovations, May 2025. 5. Total Addressable Market calculated as: Estimated Number of Commercially Insured Lives in 2025 (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).
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We cover “in-between” needs for multiple conditions Devices Health coach Behavioral health specialist3 Physical therapist Behavioral health specialist3 Program Care Team Additional Support Prevention & Weight Health Diabetes1 Hypertension Features Health coach Hypertension specialist Behavioral health specialist3 Health coach Diabetes specialist (CDCES) Behavioral health specialist3 GLP-1 Care Track for cardiometabolic programs Core Behavior Change Tools | Food, Activity, Sleep, Mindset, Medication Support2 Food, activity + mindset support Smart goals Easy tracking + instant meal feedback Learning paths Self-reported meds + labs Community 1:1 Coaching 1:1 PT video calls Health coach Cardiometabolic specialist Behavioral health specialist3 Cholesterol Musculoskeletal 10 1. NCQA population health accreditation for Diabetes + Hypertension program; ADCES Diabetes Education Accreditation Program (DEAP) for Diabetes Program. 2. Medication support available across Enhanced GLP-1 Care Track, Hypertension and Diabetes. 3. Behavioral Health Specialists operate behind the scenes with other members of the care team and do not have a member-facing role.
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Significant comorbidities make treatment more complex 3 74% of people with diabetes also have hypertension1 58% of people with diabetes also have a musculoskeletal condition2 30% of people with pre-diabetes also have hypertension3 Diabetes Hypertension Musculoskeletal Prediabetes 11 1. Endotext, Naha S, Gardner MJ, Khangura D, et al., Hypertension in Diabetes, August 2021. 2. Clinical Medicine, Harry Ward, Ali S. Jawad, Musculoskeletal manifestations of diabetes mellitus – an update, January 2026. 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.
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12 Compassionate Intelligence Part 2
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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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1. Approximate numbers for the year ended December 31, 2025. 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. Omada outreach and onboarding experience Receive devices Apply Outreach 112M1 Emails 5,7001 Outreach campaigns2 Meet Care Team Health Coach Diabetes and Hypertension Specialist3 Physical Therapist Behavioral Health Specialist4 14
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Track progress The Omada member journey Choose path Join Community Set goals Ongoing Care Team Support 15 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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75K data points every 60 minutes1 41M total messages exchanged2 130M blood glucose readings recorded2 163M meals tracked2 893B steps tracked2 Omada’s purpose-built care team platform 17 1. As of December 31, 2025. 2. From inception to December 31, 2025. 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 2025, more than 55% of members in month 12 and more than 50% of members in month 24 of our cardiometabolic programs still engaged with the platform at least once during the respective month. 2. From inception to December 31, 2025. Our members love us 50%+ 55%+12 mo Percentage of members engaging monthly at 24 mo Member Engagement1 6.7M“Thank yous” sent to Care Team members2 Heather Real Omada Member 18
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Number of publications as of December 31, 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. Raising the bar for clinical research in digital health 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 19
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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: 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 N=1,322 N=1,117 N=814 20
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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. 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 21
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22 Part 3 Go-To-Market Success
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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 Evernorth EncircleRx SM 23
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1. Includes mutually exclusive lives from Commercial Self-Insured and PBM lines of business. 2. Due to overlap between PBM and Self Insured market, used overall US PBM Market (275M) rather than adding the Self insured Market (97M) as well. 3. KFF, 2024 Employer Health Benefits Survey, October 2024. 4. Pharmaceutical Care Management Association, The Value of PBMs, 2024. 5. KFF, A Snapshot of Sources of Coverage Among Medicare Beneficiaries, September 2024. Large addressable markets with untapped potential ~8% of the self-insured + PBM market Commercial Self-Insured + PBM ~10% of the fully insured market Commercial Fully Insured ~1% of the Medicare Advantage market Medicare Advantage 21.1M1 of ~275M2 Self-funded3 + PBM4 lives ~10% 289K of ~33M Covered lives 5 6.0M of ~57M Fully insured lives2 ~8% 25M+ Estimated individuals with benefits coverage that can apply for one or more Omada programs if they have a clinical need, as of December 31, 2025 ~1% 24
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Significant greenfield opportunities via expanding PBM relationships 1. The Top Pharmacy Benefit Managers of 2025, DRUG CHANNELS. Top three PBMs processed ~80% of prescription claims in 2025. 2. Evernorth Announces Industry-First Financial Guarantee for GLP-1 Spend, Evernorth Health Services, March 7, 2024. 3. Solution marks milestone amid GLP-1 surge, Evernorth Health Services, 2026. Does not represent lives covered for Omada programs. Enhanced GLP-1 Care Track 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 Two more of the nation’s largest PBM’s 108M+ Total Covered Lives3 Programs Can Include, Depending on the PBM 11M+ EncircleRxSM Integrated GLP-1 Prescribing 25 Relationships with all three of the nation’s leading PBMs - together processing ~80% of prescription claims1 21 MSK Hypertension Diabetes Prevention & Weight Health 3
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1. As of December 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 30 peer-reviewed publications, 4 accreditations1 Proactive Care Teams, enabled through technology Flexible partnership & channel offerings for 2,000+ customers1 Competitive Advantage Strategy Care in context, with one partner for key needs 26 1. As of December 31, 2025.
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1. Total number of monthly global app downloads from January 2022 through April 2026, according to Sensor Tower, Inc. data. Omada stands out among competitors Monthly Global App Downloads Since 20221 27
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28 Part 4 GLP-1s Create a Moment to Seize
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Don’t Cover GLP-12 Cover GLP-1 43% Employers 5K+1 57% Employers 5K+1 GLP-1 PBM Solutions Omada Chronic Programs (DM, CHOL, HTN, MSK) Core Omada Programs for Weight Health 1 Omada Chronic Programs (DM, CHOL, HTN, MSK) Core Omada Programs for Weight Health Omada will support employers that cover GLP-1s for obesity as well as those who don’t GLP-1 Flex Care2 & Other Cash Pay Programs 29 1. 2025 Employer Health Benefits Survey (KFF, 10/22/2025); 43% of employers with 5,000+ employees indicated they cover GLP-1s for weight loss and 57% indicated they don’t cover or don’t know. 2. GLP-1 Flex Care is expected to be commercially available 2026.
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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 creates opportunity for differentiated results1 Rx support using health metrics, motivational readiness, and behavioral data 30 1. Graph is illustrative and does not reflect actual data.
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1. Source: Stanton LA, Chang H, Devaraj S, Naqvi J, Norwood T, Linke S. Optimizing The Quantity and Quality of GLP-1 Weight Loss: Evidence from a 12-Week Comparative Study. April 2026. 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). GLP-1 Care Tracks have demonstrated positive results 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 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 3.0x increase in muscle mass* 1.8x greater weight loss* *Compared to control participants (n=94) Omada members enrolled in the GLP-1 Care Track lost 2x more body fat percent at 12 weeks on average while preserving muscle mass, compared to controls.1 2.1x decrease in body fat* 31
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+ 55% engaged at 12 months; 50% at 24 months6 + GLP-1 Care Track can increase engagement and retention + AI features such as OmadaSpark and MealMap can enhance engagement + Increased engagement is highly accretive to revenue and margins + 112M emails / 5,700 campaigns in 20255 + Multi-Program penetration → Diabetes / Hypertension / Cholesterol → Prescribing + Investing in AI to optimize funnel conversion + 5 products, multiple end markets + 25M+ covered lives1 + 1-10% penetration across major segments2 + Relationships with large PBMs who together process ~80% of prescription claims3 + 2,000+ customers with 90%+ retention4 Engagement Drive outcomes, retention and recurring revenue Covered Lives Expand addressable market Profitable Revenue Growth + Recurring revenue model amplified by retention, NDR, and multi-condition expansion + Still early in GLP-1 growth and PBM channel + Strong business model leverage with further cost and opex leverage potential via AI Enrollment Effectiveness Convert eligible lives to active members Three pillars powering Omada’s growth 32 1. Estimated number of individuals with benefits coverage that can apply for one or more Omada programs if they have a clinical need, as of December 31, 2025. 2. See slide 24 for details and sources. 3. The Top Pharmacy Benefit Managers of 2025, DRUG CHANNELS. Top three PBMs processed ~80% of prescription claims in 2025. 4. Customers as of 12/31/25; 3-year average customer retention rate as of December 31, 2025. 5. Approximate numbers for the year ended December 31, 2025. 6. As of December 2025, more than 55% of members in month 12 and more than 50% of members in month 24 of our cardiometabolic programs still engaged with the platform at least once during the respective month.
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33 Part 5 Financials & Summary
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Revenue Adj. Gross Margin1 Percent 43% CAGR 2022 2024 20252023 +53% YoY Adj. EBITDA Margin1 Percent 2022 2024 20252023 2022 2024 20252023 52.3% 60.1% 63.2% 67.7% (68.8%) (42.9%) (17.3%) 2.5% +38% +38% Strong growth and scalable model has driven rapid margin expansion 34 1. See appendix for a reconciliation to the most comparable GAAP financial measure.
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TTM 2Q25 TTM 2Q26 YoY Growth Revenue $210M $310M 48% Non-GAAP Gross Profit1 Non-GAAP Gross Margin1 $138M 66% $217M 70% 57% Non-GAAP OPEX1 % of Revenue $151M 72% $194M 63% 29% Financial profile demonstrates significant operating leverage 35 1. See appendix for a reconciliation to the most comparable GAAP financial measure.
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$260.2M 53% YoY $41.2M 33%$35.1M 33% $61.4M 49%$55.0M 57%$48.0M 47%$45.5M 38% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Quarterly Revenue y/y Growth % $169.8M 38% YoY $68.0M 49% FY24 FY25 $75.8M 58% Quarterly revenue has increased ~2.5X since 1Q24 $78.0M 42% 36 $87.8M 43%
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$ Non-GAAP Gross Profit1 % YoY Growth % Non-GAAP Gross Margin1 $18.4M 36% $33.3M 57% 52.3% 62.8% 65.2% 69.4% $25.9M 45% $29.7M 40% $33.1M 80% 60.3% 63.2%$41.6M 61% 67.7% 67.7% $176.2M 64% 1. See appendix for a reconciliation to the most comparable GAAP financial measure. $46.4M 56% 68.2% Non-GAAP Gross Profit1 $55.1M 65% 72.6% $107.3M 45% Quarterly non-GAAP gross profit1 has increased ~3.6X since 1Q24 64.3% $50.2M 51% 37 FY24 FY251Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 74.4% $65.4M 57%
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(39.9%) % Adj. EBITDA Margin1 $ Adj. EBITDA1 ($14.0M) $6.5M (17.3%) 2.5% (16.5%) ($6.8M) (11.3%) (7.3%) ($5.1M) ($3.5M) (7.7%) ($4.2M) ($0.2M) ($29.4M) (0.3%) 1. See appendix for a reconciliation to the most comparable GAAP financial measure. $2.4M 3.5% FY24 FY25 Adj. EBITDA1 $8.5M 11.2% $0.9M 1.2% 38 Strategic focus and scalable business model have driven strong improvements in Adjusted EBITDA1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $10.8M 12.3%
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Sean 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 Thomas Tsang, MD, MPH Chief Medical Officer Our team combines healthcare and technology backgrounds Jennifer Becker Chief Care Delivery Operating Officer 39
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1. As of December 31, 2025. 2. 3-year average customer retention rate as of December 31, 2025. 3. 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. 4. Total Addressable Market calculated as: Estimated Number of Commercially Insured Lives in 2025 (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). Total includes Cholesterol which is expected to roll out fully in 2027. 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 → Relationships with the nation’s leading PBMs, who serve most commercially insured lives and process ~80% of prescription claims → $138B+ TAM4 with significant untapped opportunities Experienced leadership team → Broad experience in both healthcare and technology → True mission-driven culture Omada in Summary Sean 40
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Thank you. 41
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1. Depreciation and amortization includes amortization of capitalized internal-use software costs. Appendix: GAAP to Non-GAAP Reconciliation 42 (in thousands, except percentages) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 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 $75,846 $260,210 $78,048 $87,835 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 $22,184 $89,271 $29,355 $24,048 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 $20,752 $84,052 $27,874 $22,457 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 $53,662 $170,939 $48,693 $63,787 Add: Share based compensation expense 119 77 84 (26) 254 21 21 17 28 87 52 53 57 57 219 38 33 33 65 169 62 101 Amortization of intangible assets 440 476 476 476 1,868 476 439 439 439 1,793 439 439 439 438 1,755 439 439 439 440 1,757 439 439 Depreciation and amortization¹ 401 412 433 456 1,702 468 481 501 524 1,974 532 568 623 683 2,406 741 786 839 927 3,294 980 1,051 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 $55,094 $176,157 $50,174 $65,378 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% 70.8% 65.7% 62.4% 72.6% 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% 72.6% 67.7% 64.3% 74.4% 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 $50,381 $182,911 $53,474 $60,238 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) (3,680) (12,786) (4,147) (5,530) Amortization of intangible assets (63) (62) (63) (63) (251) (63) (62) (63) (63) (251) (63) (63) (63) (63) (252) (63) (31) - - (94) - - Depreciation and amortization¹ (122) (129) (134) (125) (510) (116) (113) (104) (97) (430) (91) (101) (104) (94) (390) (90) (96) (81) (80) (348) (89) (91) Loss on disposal of property and equipment - (2) (1) (3) (6) (4) (5) (1) (141) (151) - (1) (1) - (2) (1) (1) (1) (5) (8) (2) (25) 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 $46,616 $169,675 $49,236 $54,592 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% 66.4% 70.3% 68.5% 68.6% 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% 61.5% 65.2% 63.1% 62.2% GAAP net income (loss) and comprehensive income (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) $5,159 $(12,778) $(2,970) $5,294 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 13 2,534 18 14 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) (1,891) (5,305) (1,829) (1,759) 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 - 1,468 - - Loss on debt extinguishment - - - - - - 1,536 - - 1,536 - - - - - - - 2,109 - 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 3,745 12,955 4,209 5,631 Amortization of intangible assets 503 538 539 539 2,119 539 501 502 502 2,044 502 502 502 501 2,007 502 470 439 440 1,849 439 439 Depreciation and amortization¹ 523 541 567 581 2,212 584 594 605 621 2,404 623 669 727 777 2,796 831 882 920 1,007 3,642 1,069 1,142 Loss on disposal of property and equipment - 2 1 3 6 4 5 1 141 151 - 1 1 - 2 1 1 1 5 8 2 25 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 $8,478 $6,482 $938 $10,786 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% 11.2% 2.5% 1.2% 12.3%