Good morning, everyone. My name is Lisa Gill. I ’m the Head of Health care Services here at JP Morgan. This morning, with great pleasure, I have with us Omada Health. This is actually Omada Health's first time as a public company presenting. I know you've been here many times as a private company. Presenting for the company will be Sean Duffy, and then we will have a little fireside chat afterwards with Wei-Li and Steve Cook. So with that, let me turn it over to you, Sean.
Super. Well, thank you. Thank you, Lisa. Good morning, everybody. So I'm Sean Duffy. I'm the Co-founder and CEO of Omada Health. And Omada Health is a between-visit provider, so excited to share over the course of 20-25 minutes what we do and the big mission of the business. It'll start with, obviously, the most beautiful slide, which is our disclaimers. These can be found on our website, so reading material for tonight. Omada's explicit mission is to bend the curve, and that's to bend the curve of disease and epidemiology. When I was a medical student at Harvard, I saw a problem on a daily basis in front of me, which is that many patients, especially with today's disease realities, have the wrong kind of care. And this was especially true for the 156 million Americans suffering from chronic disease.
And so I sat in the homes of people with obesity, with diabetes, and asked them, what has the health care system offered to you? And the usual answer was, well, I got a medicine, and my doc said, come back in six months. And it became very obvious that to move the needle clinically, an entirely different care model was needed, and a model that supported the patient on a daily basis, longitudinally over the course of time, critically between visits. And that is that, in our view, was the solution. That is how to bend the curve of disease. So that has been the mission from the beginning.
And again, we do that by supporting the medical home, delivering care between doctors' visits in a simple, elegant, and seamless way, which are the themes that you'll hear from me and have been the themes really from the beginning of Omada. So just some of the operating highlights and punchlines here. So Omada's go-to-market is to ask and kind of make the case for employers, plans, and systems who bear the financial cost for our members to pay for the program for their constituents. And so there are now over 20 million Americans in the U.S. and individuals that have benefit coverage for one or more of Omada's programs. The constituency of that is over 2,000 customers across. That's typically employer, plan, and integrated health system. And if you've heard me speak or studied the business at all, there's a couple of strategic themes that I typically highlight.
One is supporting our customers more broadly, so Omada began our journey with prediabetes and obesity care services. We expanded to diabetes, to hypertension, to MSK care, and on our earnings call and in many of the one-on-ones, I talk about 2025 and have talked about 2025 as the year of the Gs. GLP, which my wife doesn't think I know any other acronym besides that one, and then GPT, so that was kind of the theme of 2025. In reflecting on the year, I began to realize I left off two more Gs. You ready for it? Great growth. Starting with a little humor, so we announced on Monday our preliminary and audited results. The midpoint on the revenue was $257 million. That is 52% year-over-year revenue growth. We think that's a reflection of a differentiated capability meeting a market need.
And then we're proud that we now support 886,000 members. And so these are individuals that we're actively supporting, we're actively building on. Omada only charges when people sign up. So when we say members, those are individuals that are under our care, and we're charging for them with our monthly recurring membership fee. So a little bit more on kind of the problem set and the why. I shared a bit of what I saw in people's homes while in medical school. But the truth is, if you unpack what actually can move the needle in chronic disease, it doesn't happen in that 15-minute visit with a doctor. I think that's no surprise. It's very ineffective to hand someone a pamphlet. It's very ineffective to say, hey, come back in six months. Don't forget to take your medicines, lose weight, eat differently, exercise more, check your sugars.
That doesn't work, and so that's the area, that's the white space that Omada felt burdened with the privilege of filling on behalf of our patients, and there are many carriers that fit this rubric where yesterday's care model of being handcuffed in the visits just doesn't work. It will not get us to the promised land of better outcomes and value. The carriers we're in, of metabolic risk, prediabetes, obesity, diabetes, hypertension, MSK, they fit that clinical rubric, and we've expanded into them. When I talk about our expansion, what I always remind folks is this was really customer-driven. It wasn't Omada seeking new TAM. When we talked to the Costcos of the world and our customers, they'd ask us, you know, Omada, it'd be so convenient and beneficial to our employees if you did a little bit more. Any chance you do diabetes? Any chance you'd consider hypertension?
Any chance you'd consider MSK care? They recognize the convenience because it's kind of nice to work with one partner across multiple care areas. But equally, they know that their employees have comorbidities amongst these condition sets. I mean, even 58% of people with diabetes also have a musculoskeletal disorder. So there was a really kind of a strategic customer reason for the expansion, as well as a really important reason to organize and support coordinated care for our members. So then that brings us to the how. Equally, when I was in the homes of people before writing a single line of code, I recognized that there wasn't going to be a silver bullet here. We really had to take a full-stack approach, and that approach had to combine people and technology. And the people side is the compassion, the care, the feeling of accountability.
And Omada has that people component, and we're known for it. The technology side is not only how you scale those individuals, but how you leverage these incredible technologies to add efficiency, to add personalization, to create a dynamic experience that's delightful, that's interesting, that feels differently than the care models they may expect. And so that intersection, it's a very difficult, it's an artful intersection that requires a lot of thought, a lot of nuance, and a lot of substance. And that's what excites us about the capabilities we've built and where they're headed. Just to quickly give you kind of a feel for how it works, imagining perhaps you're an employee of Costco, step one is to find out that we're a brand new benefit. Typically, the way we do this is announce that Omada exists through email campaigns, through generalized marketing campaigns.
We've got sometimes what I think of as a little mini ad agency inside of Omada that listens to the customer, listens to the demographics of the employers, kind of looks at our library and patterns of what we've done before to create kind of campaigns that we know will work, then from there, there's a quick application process confirming clinical and coverage eligibility, then we ship any needed connected devices, so in our device arsenal, we have a cellular connected scale, cellular connected blood pressure cuff, glucometer, and CGM, so these are critical because that allows the biometric feedback to come not only to the care teams, but the individual, and then you meet your care teams. All too often in health care, we forget that we should ask for what patients' goals are.
Get to know them, ask what brings them joy, really ask, understand them as people, and cultivate that trust because trust is the currency for improvement in health, and so the care teams are real people. They get to know you. We're proud of who we hire and how we manage that organization, and from there, it brings you to the product. Within the product experience, there's kind of a goal-setting infrastructure where you align with your care team on what the next couple of weeks should look like for you. Against that, there's a curricular pathway and paths that mirror appropriately the goals that you're on. We've got these really neat community layers that provide social support against a specific topic, against a specific thing that you as a member may be up against.
And then there's a progress layer that includes food, activity tracking, biometric tracking in a very elegant, sophisticated way. And throughout the member experience, you're supported on a daily basis from your care teams. Because what we want to create is a feeling that one of Omada's members has, someone in their corner, in their pocket, supporting them on a daily basis that doesn't tend to happen in care. Equally, we recognized early that we kind of had to build all of the pieces of technology, including what we call our care team platform. Think of this as our EHR. This allows us to manage the operations of our care team, hit our margin targets, manage the performance of that organization, but even more importantly, add a lot of personalization and care, and proactive care to our members.
So this is, sometimes I think, of this as the crown jewel behind the scenes that nobody gets to see. How privileged are you? You get to see it. But this was purpose-built over the span of many, many years to support our care teams. And having been our very first health coach, I know how blind I was flying when I first supported my first member, just looking at a chart and kind of praying what to do, not having any data insights or sophistication. So the first question, when we show the Omada experience, we get from folks is, do people use it? We're very proud of the engagement stats. For any of you who've studied consumer engagement curves, I think you'll be equally impressed by these numbers. So at the end of 12 months, you take 100 people. More than 55 will still be engaging with Omada.
You cast that out to two years, 50 of those original 100 will be engaging with Omada. So these are individuals where the goal is to become part of their life and create the sense of like, well, now interesting, Omada is now my care partner. I think of them in support of my health, and they're here for the long haul. So that's step one. And step two is, does it work clinically? We've invested millions of dollars, many, many years in developing a robust arsenal of clinical literature. We have 30 peer-reviewed publications. These range from observational studies to multi-million-dollar academic medical center-led randomized controlled trials. And critically, we look at clinical outcomes. We publish that. We look at economic outcomes. We publish those. So every HE that you see on the slide here, that's a health economic publication showing the financial value of what we do.
We're proud of these data. I won't give the punchlines in each care area, but we're proud in all of them. Equally, one thing that we've decided to do is lean into accreditations, attaining things like NCQA accreditation for diabetes. That was an industry first, remains an industry only. In fact, NCQA had not accredited a digital organization before Omada, but we came to them and said, you know what? Digital health is the underdog. We need to show and prove that we can and should be part of existing care models. We need accreditation to do that. So we're proud of the investments required to attain that. Then on the health economic literature and modeling here, when buyers look at Omada and ask us, well, how can we and should we think about savings in metabolic over the course of three years?
You're looking at a 3x-6x ROI in MSK. We tend to look at a year or so time horizon, $1,000-$1,500 gross health care savings. So does the program engage people? Yes. Does it work clinically? Yes. Does it save money? Yes. Those are the three assets that we need to go to market. And the go-to-market for Omada is through three primary routes. Two are the majority. The first is self-insured employers. So we will contract directly with a Costco, large jumbos that self-insure, that are looking at their costs of diabetes, looking at the health of their employees and saying, you know what? The existing network is not working. I need something new. And that's where Omada comes in. We're fine doing the direct contracts.
Equally, oftentimes when we ask the employer, would you prefer to bring us through procurement, or would you prefer to work through your plan or your PBM? The answer is the plan or the PBM as the contracting entity. That tends to be our preference too because you get a lot of scale there. And so we can work with an employer through our contracts with a Blue Cross and Blue Shield of Minnesota, a Cigna, increasingly a PBM. So that's one of the routes to the employer market. And oftentimes these health plans, when they see savings, when they see clinical outcomes, they'll write us into their fully insured benefit as well. And those are the dollars that they're paying on their fully insured lines of business. And then we do a modest amount of work with these systems that are integrated.
So the Intermountain is the world where we are a care partner for Intermountain. Just to give you kind of a sense of the various lines of business and the penetration, these are as of the end of 2024, about 13.1 million self-insured lives. Again, those are self-insured employers that bear the cost of their care. 5.3 million fully insured lives. We're particularly proud of that. It's really an honor for a company in our position when the plan says, hey, this is looking great on my ASO line. I'm going to go ahead and write you into my fully insured line of business as well. And then Medicare Advantage, government-sponsored, that's increasingly a growth opportunity as more MA plans out there recognize that the changing population that they serve requires digital strategies in ways that it hadn't before.
And then PBMs have been an increasing route to market, and many of you may have heard of it. Within our metabolic suite, we launched a GLP-1 Care Track. I'll talk about that. We can bring that and our entire suite of services to market through PBMs as the contracting entity. So if you're an employer and use Express Scripts, great. You can get the full suite of Omada through Express Scripts. If you're an employer and you use CVS Caremark, great. You can get the full suite of Omada through your CVS Caremark contract. So that adds efficiency to the buyer and the employer. And it's a great way to deploy all of our capabilities and an even better way to deploy our GLP-1 Care Track, which again, we will talk about. And in the market, when we ask our customers, well, why did you pick Omada?
What the highlight is, look, we like that you're multi-product. And even if they started with us in one care area, they like the fact that at time they could consider a broader offering with us. They love our evidence. They love the accreditations. They find that to be unique. They like the approach of people plus technology. And that when we talk about AI, which we're leaning heavily into, there's substance behind it. There's use cases. There's the job to be done for that specific member. And they love the fact that we've worked with customers like them, and we're scaled, and we're reliable, and we're SOC 2 Type 2 accredited. And there's a sense that they can trust working with us from an implementation standpoint. So we're proud of that.
And a couple of years ago, these accounts that we'd earned trust with started to come to us and saying, you know what? GLP-1s, what do I do? I've chosen to cover the meds, and I'm looking at the cost profile, and I see what feels like a vertical line. Clearly, these meds work. How do I think about this? And this led us to launch our GLP-1 Care Track. And within those capabilities, we find that there's two kind of archetypes of customers. There's the first set of employers, roughly 43% of the kind of 5K market that choose to cover GLP-1s for obesity. And by doing that, they're saying, you know what? These meds work, but they're also worried. What they're worried about is people not getting the behavioral support alongside the med. An injection doesn't get to know you. An oral medication doesn't get to know you.
They're worried that GLPs can help on the quantity side, but not the quality side. So they lean on us to deliver that behavioral support to maximize the potential of these medicines and support their employees who want to try getting off the medicine. In many ways, they view us as a GLP-1 maximizer. Look, if I'm going to cover these meds, I need to do it with sophistication, and I need to maximize the investment dollars and avoid waste. So that's category one. And they'll work with us on GLPs, but they'll also cover the broader solutions. Category two, they just don't cover. Now, employers by disposition, they want to find a way to say yes, but there are employers out there that look at the cost profile, and that's 57% of the market that say, I can't. I want to, but I can't.
And they look at the core Omada offerings, our clinical outcomes, our economic outcomes, and that's a buying decision. And what's helpful as well is it's an answer to their employees who are emailing them saying, you know what, my friend at their company, their company covers Zepbound. Now they can offer something. It's like, look, we can't afford that now, but we're going to introduce you to Omada. And they like that we have the GLP-1 Care Track because they know that today's strategy in this market is not going to be tomorrow's. So if they do start to put the toe in the water to covering the medicines, they know Omada has longitudinal value as a partner to them. And from a member side, the Care Track is all about taking these medicines, leveraging the inertia that these medicines can offer.
When someone has a BMI of 43, you can create a really positive psychology of rolling the boulder down the hill, creating success, and our job is to seize that, work with them to maximize on-therapy weight loss, and listen to their goals if they want to get off the med, have an honest conversation that, look, that's going to be hard, but it's not your destiny. We need to work together in the on-therapy window to help enable your chance of success in doing that, and so that is the care track. Thousands of little details make up the care track because every member journey is unique, and we're proud of the results. For enhanced care track, we're seeing 28% greater weight loss than without the enhanced care track, and looking at discontinuation, we're watching the members that have told us, hey, I'm going to get off the med.
I want your support in keeping the weight off. We've published 12-month data showing a weight change of 0.8% at 12 months. If you look at the RCT evidence on what should have happened in med discontinuation in absence of support, they should have regained about 11%-12%, and so this is about listening to patients' goals, saying, perfect, let's work together. That doesn't have to be your destiny to regain. If that's your goal, let's do what we can to support that, so this is a really neat opportunity. I mean, if I think of one of the many marks that Omada wants to leave on humanity, it's making sure that we best leverage these incredible tools in the toolkit and support our customers with the complexity in the space there.
And we think that that capability and that depth of capability is really reflected in the progress and what's now the 4Gs here, so again, preliminary unaudited results that we put out on Monday, $257 million in revenue. That's 52% year-over-year revenue growth, and so I think that's, I guess, us being proud, but equally, that's our customers saying we trust Omada, and Omada is offering something that we really need, and then we're making progress across the P&L. I mean, if you look at adjusted gross margin percent, LTM 3Q 2025 at the upper 60 %, you can look at the progress from 2022 being in the 50 %. That's the care team platform that's leveraging technology. That's some of the promising early signs of AI, and we're committed to our long-term margin target of 70% +.
And then progress on the bottom line too. Adjusted EBITDA margin of LTM 3Q 2025 -2.4%, whereas in 2022, it was nearly -70%. And then we posted our first adjusted EBITDA positive quarter in the third quarter of 2025 to the tune of $2.4 million. So proud of the revenue, proud of the leverage we're seeing across the cost of revenue, and proud of the OpEx leverage as reflected in the gross margin progress here. And so looking forward, there are three categories, if you will, of a growth algorithm for Omada. And so just to kind of explain, because this is how we think about the business, this is how we underwrite any investment relative to growth. The first is covered lives. And so what that means is the four care areas, which of those can you sell to which lines of business?
It's kind of a matrix. Four care areas, self-insured employers, fully insured lines, government-sponsored is kind of the primary. So efforts and unique strategies in each. The second is, oh great, you now have this as a benefit. How do you just continue to year over year, effort over effort, deepen your sophistication in sharing that this is a benefit that people should sign up for? And this is enrollment effectiveness because the more people obviously that enroll in any given deal, the better you're leveraging the sales and marketing resources that you've put forward to close that account, which is where the lion's share of the costs lie relative to the CAC. So that's enrollment effectiveness. And then the third is engagement. How do we leverage these incredible technologies like AI? We launched an entire feature set called Omada Spark. Each year, we think, how do we dream bigger?
How do we leverage the scale that we have to ensure that every member that joins makes the program better for that next member? And so that's engagement. Where is the North Star of how engaging Omada can be and how we can best build trust for those members, deepen their engagement, deepen the value that we can provide to them, not just for today, but ideally for the life of that member? So those are the growth categories. And it's a wonderful moment in time. I mean, if you pull up, there is a spotlight on chronic disease. There's a recognition that yesterday's care models do not best support patients in the spirit of improving their outcomes, in the spirit of improving the financial health of the country. And within that landscape, we feel great about the decade-plus of investments we've made in building a differentiated care model.
This is a de novo care model. This is a recognition that fee-for-service was just not unfortunately going to cut it for today's diseases. It works for yesterday's, but not today's. And then against that care model, we found a business model where our customers win, we win, we're aligned financially, and we're getting leverage with that business model. And I'm deeply proud as well of the leadership team we've brought in. I was in medical school, I shared at Harvard when I founded the company. Part of that worked in technology at Google. And the number one remit I have is to pull two worlds that don't often sit together, get them in the same room, and think, how do we leverage the best of each to innovate on behalf of our core mission, which is, of course, to bend the curve of disease. So that's Omada.
Happy to be here at the first conference, proud of the progress, and we're dreaming big about what could be ahead of us here. So thank you so much.
Great. Thank you so much, Sean.
Obviously, the pre-announcement was very nice on Monday. 52% revenue growth, 886,000 members. As I think about back to the IPO exceeding all of the expectations, can you maybe just spend a couple of minutes around what actually drove the outsize growth versus your expectation? And then how does that set you up going into 2026?
Yeah, sure. So similar to some of the themes I shared, it starts with a differentiated capability. That's kind of step one. Multi-product GLP-1 Care Track that met the need three years ago, ahead of the market, 30 peer-reviewed publications, and then a market that's fed up with yesterday's care reality. So I think those two really supported the growth. And then, frankly, our 2024 investments in the three growth pillars that we underwrote supported 2025. And that's how we thought about the investments in 2025 for the next year.
One of the announcements you made on the third quarter was the decision to start prescribing GLP-1s. Can you maybe just walk us through why you decided to do it at this time, what the customer demand has been?
Yeah, why don't I start and then we let you pile on. So I think if we were to remain in a therapeutic landscape of two injectables, roughly the same price point, similar efficacy, we wouldn't have need to prescribe. But that's not the era that we've just entered. If you fast forward, obviously subject to approvals, we're likely to see single agonists, dual agonists, triagonists, multiple orals. In fact, if you were at Lilly’s presentation yesterday, they highlighted 24 incretins in development. That therapeutic landscape creates new questions and complexity for our buyers. They're thinking, well, it's not just how do I optimize these simple med regimens for lifestyle. It's how do I make sure that the right med is being applied to the right member at the right value.
In order to provide that optimization, provide what they're asking us for, which is GLP-1 maximization of the value that those meds are providing, we needed to prescribe.
And maybe if I can add on to that, Sean, is we've always said also that what drives our roadmap for development across product is also a factor of what our customers are actually asking for. And what happened out throughout 2025 is we made headway into the GLP-1 companion product market space with our care track. Our customers actually were asking us, "hey, can you start prescribing?" And it was a little bit befuddling for us, to be honest with you, because we were saying, "gosh, the last thing that the market needs is another commoditized GLP-1 prescriber." There are thousands of them out there. And so as we began to hear more and more noise towards us about, "why don't you get into prescribing?" We started talking to our customers about it.
And what they said is, actually, what we really, really want is for our employees and our members from the first prescription of their GLP-1 to basically have no gap getting into your GLP-1 Care Track. Because if you think about the journey of a member and employee, they may get a prescription from their doctor that they've been seeing for years and years and years, and they may never find Omada and the support that they need to get the maximum outcomes and adherence and persistent support they need. And so our customers are saying, can you put these things together? Can you close the gap? And certainly, we've responded to that, which led to the announcement of prescribing. But strategically, also, we see that the prescribing and utilization of GLP-1s become far more nuanced and targeted over the coming years.
There's both a short-term and medium-term strategic need for this.
Wei-Li, when I think about just different chronic conditions, and you're obviously talking about GLP-1 specifically, but do you see prescribing for other areas as well within chronic conditions where you could close that gap in care as well?
I mean, certainly, we've talked about this. We've been in our long-term strategy process. We always talk about, okay, what more value can we actually create for our members and our buyers and our customers? And we've talked about this one. We certainly are not here to announce anything broader from an expansion standpoint into other chronic conditions. But it's probably not hard to understand that if we have success here and we think we will, that it might be something that we consider in the future. But again, we look to our customers, and if they're pounding on their proverbial desks asking us to do it, we'll listen and we'll consider it.
So coming back to the Gs, we'll come back to GLP-1s for a minute here. How do you think about the drivers of long-term margin expansion and how GLP-1 prescribing plays into that?
Steve.
Yeah, I can absolutely take that. As we've disclosed, we intend to price our GLP-1 offering, our prescribing offering, at a premium to our current offerings in market. So as more employers uptake that product and they attach that, we're going to see weighted average R pool lift across our book of business. But with that, we're still seeing a tremendous amount of opportunity across our cost profile. There's still a lot of efficiencies to gain from our cost of revenue across making our care teams more efficient, continuing to leverage within our supply chain across our device ecosystem. And then really, I think next year in 2026 and 2027, we'll be able to really start to harness AI and make this the cost profile more efficient across the board.
So let's spend a minute there when we think about artificial intelligence. It's been brought up pretty much at every single presentation here this year. Can you maybe talk about where you would see the efficiencies with artificial intelligence and what potential cost savings you could see?
Yeah, I can start with maybe the member experience. I mean, we've launched a number of AI features that are member-forward. The umbrella name for that is Omada Spark. And we're proud of a lot of them. I mean, they include nutrition, motivational interviewing. Yesterday's Omada care team member, if they got a member saying, hey, any ideas for a healthy fish recipe? We have a library. They'd think about the context of how they work with that member and provide something. Today, we leverage our nutritional intelligence agent. They almost delegate that work. There's no reason that a person needs to be doing that work. I mean, that nutritional intelligence agent, it's been trained and fine-tuned over 3 million foods, 150 countries, and it has context of that person's clinical status, their dietary preferences already.
And so that adds not only efficiency, which is important, but the trap with efficiency is you can't do it if it doesn't increase personalization, especially with a model where the more engagement you get, the more revenue you get. And so that's one example. And the goal is to take hundreds of those little tiny product features and use cases and add them up to a differentiated experience for our members.
On the third quarter, you talked about 2026 being an investment year, and we should expect a slower ramp in EBITDA post the positive results on EBITDA in the third quarter. Can you maybe just walk us through what some of the investments are and how we should think about them going into 2026?
Yeah, I think Sean teed it up really nicely at the beginning. It's the year of the Gs. So you're going to see a lot of investment across the AI initiatives and then as well as standing up our prescribing capabilities. We think both of these areas are critical moments in time to make these investments so they can drive further durability and our revenue growth long-term. What I want everyone to just take away is we've remained extremely committed to hitting our 70% gross margin target. We did 68% in Q2, another 68% in Q3, so we're getting pretty close to that, and then hitting our 20%+ adjusted EBITDA margin target in the years to come. In 2026 and 2027, we'll be stepping stones along that path.
Yeah.
You've heard us in the company say, look, the core compass here in the North Star is balance and progress, and those are the two words to emphasize.
You've talked a lot about the crucial effect of behavior management and program adherence to the long-term success for people on GLP-1s for weight loss, and especially as people want to try to get off the drug or wean themselves from the drug. In your customer conversations, are you seeing a cohesive process in combining prescribing behavioral management into a single offering, and do you actually see people in their ability to come off the drug?
Yeah, maybe I'll take that one. So there's a couple of things in that question around, do we see a cohesive offering? Do we see success in people coming off GLP-1s? So let me kind of parse it out a little bit. As mentioned, our customers see an opportunity and a need to actually combine prescribing just alongside a GLP-1 Care Track, and we feel positioned well to be able to do that. And because they see it that way, it's probably not surprising or not hard to think about maybe there'll be a bundled offering there because they want to buy them together. They synergistically work. We believe we'll be able to demonstrate better outcomes, persistence, and engagement for patients or members. So we haven't disclosed pricing or anything like that. Look forward to maybe doing some of that a little bit later in a few months.
But again, not hard to imagine that there's some sort of bundling offering there too as well. I think it's also probably an important time to reinforce also that while we're certainly expanding the foundations around our GLP-1 offering with prescribing and a companion care track program, it really is continuing to serve as a gateway to actually talk about the rest of our cardiometabolic platform offering too as well. And so we continue to see momentum in both those particular areas as the broader cardiometabolic landscape begins to take center stage with our buyers.
Sean, you touched on what Lily’s talked about and the number of different iterations of GLP-1s that will come to market. Obviously, one that everybody seems to be very excited about is the recent launch of an oral GLP-1, right? We're only what, 11 or 12 days into that now.
Indeed.
How do you think that that changes the landscape of the market? I know a lot of times people don't like the injection. If you travel for, say, work, carrying around something that has to be refrigerated, does that really change the opportunity in the marketplace?
Yeah, I mean, more tools we believe correlate with more demand and more GLP use. And I mean, we ran a panel on Monday, and one of the panel participants, she runs the pharmacy practice for Willis Towers Watson. And she was talking about her customers and what they feel and what they're thinking about with orals. And this is like, wow, increased demand for my employees and increased spend and an increased need to find paths to support them. And if I'm even going to cover them, maximize the benefit of that. So it's fascinating. I mean, at the end of the day, I think more tools, the better. Equally, what we need to do per prescribing is help rationalize some of the complexity there. When specifically should an oral be the right medicine?
It could be lifestyle, it could be travel, it could be biology, it could be what's working for you, it could be side effect profile. And that's a job that I think we need to do to serve.
Yeah. And maybe if I can add on to that, sometimes when people ask us, hey, Omada, what is the effect and impact of orals on your own business in terms of your GLP-1 Care Track demand? Well, certainly, we perceive every new formulation, every new modality of administration to kind of be a growth driver for the overall GLP-1 TAM. I think they said yesterday, both Novo and Lilly said about 10% of people that are probably clinically eligible are using GLP-1. So I think the headroom there is still significant. So we certainly consider that to see continued momentum and growth for us.
But I think the other thing that they're sometimes asking about is if the price of orals continues to come down, what is the willingness for employers and payers to continue to pay for a GLP-1 Care Track or service like Omada? And the best way to maybe understand it is I think maybe the question is a little bit misplaced because it misunderstands what employers are actually trying to achieve and what they're actually trying to pay for. And so instead of seeing Omada as an additional service cost on top of a falling price, the better way to understand the value proposition is that the GLP-1 Care Track by Omada is actually a GLP-1 maximizer. It's an amplifier. We just released 12-month outcomes as well as persistency results.
And what you basically see is that we exceed basically what you see in real life on both of those dimensions. And so when our buyers see that, they begin to see us as an enabler and a reduction of waste. And what that means to them is a reduction in the medium-long-term in cost of care, ROI. And that equation is beginning to compute quite sensibly within our buyers. And so that's kind of how our buyers are going to understand what it is that we're doing as prices fall.
Our understanding is, in talking to employers, they want to cover these drugs.
They do.
At the end of the day, they want what's best for their employees. But to your point, they want a return on their investment. They don't want to just pay for an expensive drug and not get that return. Really, the hope is that you're going to lower a lot of other metabolic conditions, right? Not just the weight loss, but cardiovascular.
It's a cascading compounding ROI over the long term. And of course, healthcare costs for employers are growing astronomically year over year. They're seeing that, and they're like, gosh, okay, how do I get the biggest return from my investment?
Yeah, no, I agree. Let's move in the last couple of minutes to talk about your selling season for 2026. Through the third quarter, you've closed multiple clients representing 180,000 eligible lives with double-digit year-over-year growth in deal volume. Can you give an update on your conversations as you close out the year? And where do you expect the momentum kind of going into next year?
Right. Certainly, lots of curiosity, getting lots of questions about that throughout the conference, understandably so. Obviously, in our Q4, kind of full year 2025 earnings call in March, we'll disclose more details about that. So mark that on your calendars. We look forward to talking to you. I guess I'd reinforce what we said during Q3. We're seeing momentum. We like what we see in terms of the deals in pipe. We ended the last year basically closing more both on deals and covered lives we did in the year before. So that's good. We continue to see progress in our multi-product sales percent closing. So we feel like the momentum was good in 2025, and that's really important because it sets the foundation for 2026.
Talking just about the multi-signings, I think you've talked about 75% of new signing clients offered more than one of the conditions. Can you just give us a baseline of what you've seen historically? Is that unusual for what you've been able to sign in 2025?
So certainly, we continue to make that a particular focus, again, because of the comorbidities of people unfortunately with diabetes, have hypertension, obesity, so on and so forth. And so what I can characterize is what we said before. It's been pretty consistent. 40%-50% of our new deals that we close oftentimes on average are multi-program sales. And we certainly continue to see those multi-product sales manifest in the closing of the year as well.
You touched a little bit on the different relationships you have from a payer perspective, and you touched a little bit on Medicare Advantage. Can you spend just a minute talking about the current administration who seems to be really focused on Make America Healthy Again? We're looking at them covering GLP-1s, right, going into 2026 this year. What are the opportunities you see there? And if there's any conversations that you're having with the administration that you could share?
They've certainly given us a lot of reading material, and I'm sure you all feel in December with Balance, Access, Tempo, five other programs. I love the spirit. More broadly, there is more of a focus on chronic disease in the care areas that we serve right now from the government than ever in my decade plus of leading the organization. That's exciting. There may be opportunities to seize with CMS. Obviously, there's a lot of details forthcoming, even with access to prices not been announced. We've rolled up our sleeves. We've learned. We've positioned ourselves that if there is something to do there, we're excited to do it, but there's details forthcoming. More broadly, the conversation is helpful. The conversation on dialogue on chronic is really at a high.
My guess would be when I just look at that small percentage of Medicare Advantage and I look at what's happening with cost trend in Medicare Advantage and how much is tied to chronic conditions, do you see those opportunities? Because I mean, a lot of them are the same payers that you see in the commercial market.
Yeah, absolutely. I mean, the earlier five, six years ago conversations I'd have with MA is like, I don't really know if the tech environment for our seniors is there. Today, it's, yep, our seniors need technology, and we can imagine care services that are digital that work for them. So it's a different nature of conversations, and we view it as a growth driver.
Sean, we only have one minute left. Went very quickly. Just if we're sitting here together next year, what do you hope that investors will appreciate about Omada that maybe they don't today?
Yeah, I mean, I think it's us continuing to lead in innovation across GLPs, recognizing that it's a very complex landscape, both in how you cover them, how you best support the member, and that complexity requires sophistication and somewhat of an operating layer. And I think I like what Lilly said as a GLP-1 maximizer. And so we are ambitious. We feel good about the lead there. And sometimes when you're in the lead, the goal is to make the moat even deeper. And so I'm excited to share a lot of updates at the next conference on that strategy.
All right, great. Thank you very much, everybody.
Super.
Thank you all.
Appreciate it.
Great talk. Thank you.