Q4 2025 Omada Health Inc Earnings Call

March 5, 2026

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I would now like to hand the conference over to your speaker today Alan Kells.

Vice president investor relations. Please go ahead.

Thank you. Good afternoon. Welcome to amida Health's fourth quarter and full year. 2025 earnings call joining me today are Shaun Duppy, our co-founder and CEO. We shall president and Steve Cook CFO before we begin. I'd like to note that we'll be discussing non-gaap Financial measures that we consider helpful in evaluating a modest performance. You can find details on how these relate to our gaap measures along with the reconciliations in the press release available on our website.

We'll also be making forward-looking statements based on our current expectations and assumptions, which are subject to risk and uncertainties, including factors listed in our press release, and in the risk factors found in our filings with the SEC, actual results could differ materially, and we assume no obligation to update these forward-looking statements with that. I'll turn the call over to Sean.

Good afternoon everyone and thank you. Alan.

2025 was a milestone year for AMA. We became a public company delivered, 53% Revenue growth for the year and achieved gap profitability for the first time in Q4.

We also significantly outperformed initial expectations, from the time of our IPO, and we believe we are entering 2026 with momentum with ambition, and with a clear plan for what's next

Here are the highlights from Q4 and the full year.

Total members reached 886,000 at year end up 55% compared to 2024.

Revenue grew 58% in Q4 and 53% for the full year to 260 million.

Gross margins, expanded to record levels, we achieved our first quarter of positive, gaap net income in Q4 at 5 million. And we delivered positive full year, adjusted ibida of 6 million.

We believe these results, reflect the impact of strong Market Tailwinds combined, with a decade of Investments.

Technology and operational platform are clinical programs are peer-reviewed research productive distribution channels, and more than a decade of rich and unique data are strongly suited for this exact moment. For when customer demand for chronic, Care Solutions, a rapidly evolving glp1 Marketplace, and AI driven Innovation converge.

We believe that 2025 demonstrated how we can capture that momentum.

But the real story is that the level of the person were supporting as a glp-1 care, track member recently told us.

The amount of program in collaboration with my doctor and the use of glp-1 meds has been life-changing.

I learned real skills needed to lose weight and be healthy for a lifetime.

The beauty of the omata plan was that I did not just jump in with all of these changes on day 1.

The plan guided me to focus on different lessons, each week and then select a goal for the coming week.

When I was stuck my coaches were there to make suggestions and help guide me along the way.

Knowing that someone cared and took the time to check my meal log and comment about a recipe or a new meal idea. I put together that looks good. Helped me feel that I was not doing it alone.

Stories like that, get to the heart of what we do.

Is on a mission to bend the curve of obesity related disease.

40% of adults, have obesity, and nearly 2/3 have at least 1, cardio, metabolic risk factor, such as obesity, diabetes, hypertension or cardiovascular disease.

Wei-Li Shao: We have no obligation to update these forward-looking statements. With that, I'll turn the call over to Shawn.

Allan Kells: We have no obligation to update these forward-looking statements. With that, I'll turn the call over to Shawn.

We believe the Health Care system is structurally. Unable to address this at scale without a fundamentally different care model.

Sean Duffy: Good afternoon, everyone, thank you, Alan. 2025 was a milestone year for Omada. We became a public company, delivered 53% revenue growth for the year, and achieved GAAP profitability for the first time in Q4. We also significantly outperformed initial expectations from the time of our IPO. We believe we are entering 2026 with momentum, with ambition, and with a clear plan for what's next. Here are the highlights from Q4 and the full year. Total members reached 886,000 at year-end, up 55% compared to 2024. Revenue grew 58% in Q4 and 53% for the full year to $260 million. Gross margins expanded to record levels. We achieved our first quarter of positive GAAP net income in Q4 at $5 million. We delivered positive full-year adjusted EBITDA of $6 million.

a person's disease trajectory is determined largely outside the doctor's office through nutrition movements, sleep medications, and care plan, adherence, yet the broader Health Care System still organizes around infrequent 15-minute visits

Omada puts the space between those visits at the center of care through an integrated multi-conductor.

We've built a member experience that brings together care, teams, AI connected devices, and a custom care platform, designed for Quality at scale.

Skeletal care. Glp1, Companion, Care glp1, prescribing and our newly launched cholesterol program, giving employers the convenience of a single partner for multiple highly prevalent conditions.

Sean Duffy: We believe these results reflect the impact of strong market tailwinds combined with a decade of investments. Omada's technology and operational platform, our clinical programs, our peer-reviewed research, productive distribution channels, and more than a decade of rich and unique data are strongly suited for this exact moment. For when customer demand for chronic care solutions, a rapidly evolving GLP-1 marketplace, and AI-driven innovation converge. We believe that 2025 demonstrated how we can capture that momentum. The real story is at the level of the person we're supporting. As a GLP-1 Care Track member recently told us, "The Omada program, in collaboration with my doctor and the use of GLP-1 meds, has been life-changing. I learned real skills needed to lose weight and be healthy for a lifetime.

Gross margins expanded to record levels. We achieved our first quarter of positive GAAP net income in Q4 at $5 million. And we delivered positive full year adjusted EBITDA of $6 million.

We've accumulated a large and growing body of peer-reviewed evidence and accreditations, which we believe is a key reason employers and health plans, choose omata.

We help some Market understand that omata delivers true clinical Quality Healthcare, which enables us to contract and build as a healthcare provider.

Allowing our fees to be treated as medical spend.

We believe these results reflect the impact of strong market tailwinds combined with a decade of investments, MaaS technology and operational platform, our clinical programs, our peer-reviewed research, productive distribution channels, and more than a decade of rich and unique data are strongly suited for this exact moment—for when customer demand for chronic care solutions is rapidly evolving in the GLP-1 marketplace.

We've established thousands of customer relationships across a broad web of distribution channels, spanning an estimated more than 25 million covered lives.

And Aiden Innovation converge.

And an operating for over a decade. We've amassed a robust and unique data set.

tens of millions of care, team messages, and billions of data points that underpin our product

But the real story is that the level of the person we're supporting as a GLP-1 care track member recently told us.

Strengthen our AI capabilities and allow us to innovate more quickly on the back of significant scale.

The amount of program in collaboration with my doctor and the use of GLP-1 meds has been life-changing.

These Investments form, the foundation of everything ahead.

Sean Duffy: The beauty of the Omada plan was that I did not just jump in with all of these changes on day one. The plan guided me to focus on different lessons each week and then select a goal for the coming week. When I was stuck, my coaches were there to make suggestions and help guide me along the way. Knowing that someone cared and took the time to check my meal log and comment about a recipe or a new meal idea I put together that looks good helped me feel that I was not doing it alone. Stories like that get to the heart of what we do. Omada is on a mission to bend the curve of obesity-related disease. 40% of adults have obesity, and nearly two-thirds have at least one cardiometabolic risk factor, such as obesity, diabetes, hypertension, or cardiovascular disease.

I learned real skills needed to lose weight and be healthy for a lifetime.

They allow us to look through the windshield with optimism ambition and excitement.

The beauty of the Omada plan was that I did not just jump in with all of these changes on day one.

2025 served as a significant launch pad for our next chapter and I want to touch on 3 areas where we're particularly proud.

The plan guided me to focus on different lessons each week, and then select a goal for the coming week.

When I was stuck my coaches, were there to make suggestions and help guide me along the way.

First, we believe 2025 was the year. We solidified our position as a leader in Enterprise glp1, compion care.

Wow. Reinforcing that our opportunity expands well beyond glp1.

Knowing that someone cared and took the time to check my meal log and comment about a recipe or a new meal idea I put together—that looks good—helped me feel that I was not doing it alone.

Stories like that get to the heart of what we do.

Employer demand to maximize the value of their glp1 investment and reduce waste drove significant adoption of our glp1 care. Track.

Omada is on a mission to bend the curve of obesity-related disease.

As we've scaled the over, 150,000 members on glp 1's. We've seen what we believe these members need most.

Sean Duffy: We believe the healthcare system is structurally unable to address this at scale without a fundamentally different care model. A person's disease trajectory is determined largely outside the doctor's office through nutrition, movement, sleep, medications, and care plan adherence. The broader healthcare system still organizes around infrequent 15-minute visits. Omada puts the space between those visits at the center of care through an integrated multi-condition care model refined over more than a decade. We've built a member experience that brings together care teams, AI, connected devices, and a custom care platform designed for quality at scale. We've expanded into a multi-condition platform spanning weight health, diabetes, hypertension, musculoskeletal care, GLP-1 companion care, GLP-1 prescribing, and our newly launched cholesterol program, giving employers the convenience of a single partner for multiple highly prevalent conditions.

Forty percent of adults have obesity, and nearly two-thirds have at least one cardiometabolic risk factor, such as obesity, diabetes, hypertension, or cardiovascular disease.

Support to stay on therapy, manage side effects, build sustainable habits, and maintain results. If and when they discontinued

We believe the Health Care system is structurally. Unable to address this at scale without a fundamentally different care model.

Our results have shown that glp1 care truck members on average, achieved greater weight loss. Compared with published real world evidence and critically largely maintained their weight on average 1 year after discontinuing glp1 therapy.

A person's disease trajectory is determined largely outside the doctor's office through nutrition movement, sleep medications, and care plan, adherence, yet the broader Health Care System. Still organizes around, infrequent 15-minute visits

These outcomes challenge, The Narrative of inevitable weight rebound, and underscore the power of behavior. Change layered on top of medication.

In November, we announced our glp1. Prescribing capability.

Omada puts the space between those visits at the center of care through an integrated multi-conductor.

As the landscape grows more complex with oral and injectable, options, varying Doses, and emerging maintenance therapies. Employers are asking us to help them, navigate it all.

We built a member experience that brings together care, teams, AI-connected devices, and a custom care platform designed for quality at scale.

Adding prescribing strengthens our position by helping ensure that the right member is on the right medication at the right time, while also, delivering lifestyle support designed to improve outcomes and minimize waste.

At the same time, the broader Spotlight on glp1 has increased attention on cardio, metabolic disease overall.

Because omata supports weight Health with or without glp ones.

Sean Duffy: We've accumulated a large and growing body of peer-reviewed evidence and accreditations, which we believe is a key reason employers and health plans choose Omada. We helped the market understand that Omada delivers true clinical quality healthcare, which enables us to contract and bill as a healthcare provider, allowing our fees to be treated as medical spend. We've established thousands of customer relationships across a broad web of distribution channels, spanning an estimated more than 25 million covered lives. In operating for over a decade, we've amassed a robust and unique data set, tens of millions of care team messages, and billions of data points that underpin our product, strengthen our AI capabilities, and allow us to innovate more quickly on the back of significant scale. These investments form the foundation of everything ahead. They allow us to look through the windshield with optimism, ambition, and excitement.

We've expanded into a multi-condition, highly prevalent set of conditions.

And helps members manage diabetes, hypertension, and now cholesterol. We've also seen strong growth among members, not on glp 1's.

We've accumulated a large and growing body of peer-reviewed evidence and accreditations, which we believe is a key reason employers and health plans choose Omada.

We helped some markets understand that Omada delivers true clinical quality healthcare, which enables us to contract and bill as a healthcare provider.

Allowing our fees to be treated as medical spend.

For customers that choose not to cover glp, ones or weight. Health, programs support their employees and new options, like our glp1 Flex care. Create flexible paths for employers to offer meaningful support, even when they are not in a position to afford the medicines.

second, we made meaningful progress with AI in 2025,

We've established thousands of customer relationships across a broad web of distribution channels, spanning an estimated more than 25 million covered lives.

And I am particularly excited about our potential for AI Innovation going forward.

We've embedded AI throughout omada.

And an operating for over a decade. We've amassed a robust and unique data set.

Tens of millions of care team messages, and billions of data points that underpin our product.

Strengthen our AI capabilities and allow us to innovate more quickly on the back of significant scale.

These investments form the foundation of everything ahead.

Sean Duffy: 2025 served as a significant launchpad for our next chapter. I want to touch on three areas where we're particularly proud. First, we believe 2025 was the year we solidified our position as a leader in enterprise GLP-1 companion care while reinforcing that our opportunity expands well beyond GLP-1s. Employer demand to maximize the value of their GLP-1 investment and reduce waste drove significant adoption of our GLP-1 Care Track. As we've scaled to over 150,000 members on GLP-1s, we've seen what we believe these members need most: support to stay on therapy, manage side effects, build sustainable habits, and maintain results if and when they discontinue. Our results have shown that GLP-1 Care Track members on average achieved greater weight loss compared with published real-world evidence and critically, largely maintained their weight on average one year after discontinuing GLP-1 therapy.

For members, we launched a modest spark our AI powered assistant, that works alongside human coaches for real-time, nutritional support, motivational challenges, and habit building. We launched that in Q2 of last year and followed with enhancements, in Q4, with meal map and Aiden experience focused on food quality, not just calories.

They allow us to look through the windshield with optimism, ambition, and excitement.

For our care teams. AI enabled tools like contact summarization let coaches spend less time on Administration and more time on personalization.

First, we believe 2025 was the year we solidified our position as a leader in Enterprise GLP-1, Companion Care.

And 100% of our Engineers are equipped with AI, assisted coding tools to improve development speed and output.

Wow. Reinforcing that our opportunity expands well beyond GLP-1.

What makes AI at omada different from a typical software business, is what sits underneath?

Employer demand to maximize the value of their GLP-1 investment and reduce waste drove significant adoption of our GLP-1 care track.

in caring for members, we've received tens of millions of care team messages, billions of data points and more than a decade of specific clinical outcomes, comprising, what we believe is 1 of the most exciting cardio, metabolic data sets in digital health,

As we've scaled to over 150,000 members on GLP-1s, we've seen what we believe these members need most.

Support to stay on therapy, manage side effects, build sustainable habits, and maintain results. If and when they discontinued

That data can improve our AI tools and overall member experience such that interactions with today's members, make the experience better for tomorrow's.

The last area I'm proud of in 2025 is our commercial success.

We close significant additional covered lives which we believe positions, us, well going forward.

Sean Duffy: These outcomes challenge the narrative of inevitable weight rebound and underscore the power of behavior change layered on top of medication. In November, we announced our GLP-1 prescribing capability. As the landscape grows more complex with oral and injectable options, varying doses, and emerging maintenance therapies, employers are asking us to help them navigate it all. Adding prescribing strengthens our position by helping ensure that the right member is on the right medication at the right time, while also delivering lifestyle support designed to improve outcomes and minimize waste. At the same time, the broader spotlight on GLP-1 has increased attention on cardiometabolic disease overall. Omada supports weight health with or without GLP-1s and helps members manage diabetes, hypertension, and now cholesterol, we've also seen strong growth among members not on GLP-1s.

Our results have shown that GLP-1 Care Track members, on average, achieved greater weight loss compared with published real-world evidence, and critically, largely maintained their weight on average one year after discontinuing GLP-1 therapy.

Are between visit care, model and multaq platform. Continue to resonate as we closed contracts in the second half of 2025.

These outcomes challenge the narrative of inevitable weight rebound and underscore the power of behavior change layered on top of medication.

In November, we announced our glp1. Prescribing capability.

Employers and health plans increasingly see the advantage of working with a single scaled evidence-based partner and our year end results. Reflect buyers leaning into that vision.

In 2026, we plan to maintain our focus on the pillars that power or model of growth.

As the landscape grows more complex with oral and injectable options, varying doses, and emerging maintenance therapies, employers are asking us to help them navigate it all.

Adding prescribing strengthens our position by helping ensure that the right member is on the right medication at the right time, while also delivering lifestyle support designed to improve outcomes and minimize waste.

Expanding covered lives through new customers and channel Partnerships, increasing enrollment Effectiveness. So that more eligible people become active members, and driving deeper engagement and retention through AI in a continually improving member experience.

Across these pillars. We're expanding capabilities.

At the same time, the broader Spotlight on glp1 has increased attention on cardio, metabolic disease overall.

Glp1. Prescribing cholesterol and glp1 flex care.

Because Omada supports weight health with or without GLP-1s.

Greater personalization and content through Ai and the use of AI to drive efficiency across engineering operations and Care delivery.

Sean Duffy: For customers that choose not to cover GLP-1s, our weight health programs support their employees. New options like our GLP-1 Flex Care create flexible paths for employers to offer meaningful support even when they are not in a position to afford the medicines. Second, we made meaningful progress with AI in 2025. I am particularly excited about our potential for AI innovation going forward. We've embedded AI throughout Omada. For members, we launched OmadaSpark, our AI-powered assistant that works alongside human coaches for real-time nutritional support, motivational challenges, and habit building. We launched that in Q2 of last year and followed with enhancements in Q4 with Meal Map, an AI-driven experience focused on food quality, not just calories. For our care teams, AI-enabled tools like contact summarization let coaches spend less time on administration and more time on personalization.

And helps members manage diabetes, hypertension, and now cholesterol. We've also seen strong growth among members not on GLP-1s.

These Investments are intentionally designed to balance growth and profitability as we continue to move toward our long-term, ambition of 20% plus percent adjusted ibida margins.

For customers that choose not to cover GLP-1s, our Weight Health program supports their employees and new options, like our GLP-1 Flex Care, create flexible paths for employers to offer meaningful support even when they are not in a position to afford the medicines.

Second, we made meaningful progress with AI in 2025,

We accomplished a great deal in 2025 for a modest Mission and we are entering 2026 with bold Ambitions, to bend the curve of disease. That's what we're here for and that's why we do what we do.

With that, I'll hand things over to we.

And I am particularly excited about our potential for AI innovation going forward.

We've embedded AI throughout omada.

Thanks Sean. And hello everyone. I'm proud of our teams and what they accomplished in 2025 is an exciting time to be at omada and I'm pleased to walk through our results in progress. As Sean shared, we ended the year with 886,000 members of 55% year-over-year. This includes 55,000 net, new member additions, in Q4 nearly double the net adds. In Q4 of 2024.

For members, we launched a modest Park. Our AI powered assistant, that works alongside human coaches for Real Time. Nutritional support, motivational challenges and have it building. We launched that in Q2 of last year and followed with enhancements, in Q4, with meal map and Aiden experience focused on food quality, not just calories.

For the year, we added 314,000 net, new numbers compared to 182,000 in 2024.

Sean Duffy: 100% of our engineers are equipped with AI-assisted coding tools to improve development speed and output. What makes AI at Omada different from a typical software business is what sits underneath. In caring for members, we've received tens of millions of care team messages, billions of data points, and more than a decade of specific clinical outcomes, comprising what we believe is one of the most exciting cardiometabolic data sets in digital health. That data can improve our AI tools and overall member experience, such that interactions with today's members make the experience better for tomorrow's. The last area I'm proud of in 2025 is our commercial success. As Wei Li will share, in 2025, we closed significant additional covered lives, which we believe positions us well going forward.

For our care teams. AI enabled tools like contact summarization let coaches spend less time on Administration and more time on personalization.

And 100% of our engineers are equipped with AI-assisted coding tools to improve development speed and output.

Growth continues to be driven by both multi-option and demand for our GOP. 1 support capabilities, which together positional, Mata as a broad integrated partner for cardio metabolic care.

What makes AI at Omada different from a typical software business is what sits underneath.

We also benefited from improvements in marketing Effectiveness, which drove higher enrollment rates across both new and existing customers.

Key performance drivers in 2025 included.

In caring for members, we've received tens of millions of care team messages, billions of data points, and more than a decade of specific clinical outcomes—comprising what we believe is one of the most exciting cardio-metabolic data sets in digital health.

Estimated covered lives grew by more than 5 million and we ended the year with over 25 million. Estimated eligible lives with strong performance across multiple channels, including the successful launch of a large new channel partner.

That data can improve our AI tools and overall member experience, such that interactions with today’s members make the experience better for tomorrow’s.

The last area I'm proud of in 2025 is our commercial success.

Our email enrollment rate improves significantly with the average percentage of a customer's population that receives our Outreach. And then enrolls increasing by 24% year-over-year.

Sean Duffy: Our between-visit care model and multi-condition platform continue to resonate as we closed contracts in the second half of 2025. Employers and health plans increasingly see the advantage of working with a single scaled evidence-based partner, and our year-end results reflect buyers leaning into that vision. In 2026, we plan to maintain our focus on the pillars that power Omada's growth, expanding covered lives through new customers and channel partnerships, increasing enrollment effectiveness so that more eligible people become active members, and driving deeper engagement and retention through AI and a continually improving member experience. Across these pillars, we're expanding capabilities. GLP-1 prescribing cholesterol and GLP-1 Flexcare, greater personalization and content through AI, and the use of AI to drive efficiency across engineering, operations, and care delivery.

As we leave, we will share in 2025. We closed significant additional covered lives, which we believe positions us well going forward.

Are between-visit care models and multicloud continuing to resonate as we close contracts in the second half of 2025?

Number engagement, remains strong as well as a December 2025 more than 55% of our numbers in their 12th month of cardio. Metabolic programs, still engaged with the platform at least, once during the month, in more than 50% of members in their 24th month engaged, at least once during the month.

Our focus on outcomes. Also remain consistent across our programs

Employers and health plans increasingly see the advantage of working with a single, scaled, evidence-based partner, and our year-end results reflect buyers leaning into that vision.

In 2026, we plan to maintain our focus on the pillars, that power or model the growth.

taken together. We strengthened funnel conversion at multiple layers which gives us confidence heading into 2026.

Expanding covered lives through new customers and channel partnerships, increasing enrollment effectiveness so that more eligible people become active members, and driving deeper engagement and retention through AI in a continually improving member experience.

We ended the year having supported over 150,000 members on GOP, owns adding more than 100,000 in 2025 alone. And as Sean mentioned, we continue to see growth Beyond glp 1's across our cardio, metabolic Suite.

These pillars were expanding capabilities.

GLP-1, prescribing, cholesterol, and GL 211. FlexCare.

Substantial white space remains in our penetration across combined self-insured, and fully insured lives is below 10% of what a total, adjustable Market that we estimate at over 138 billion dollars.

Sean Duffy: These investments are intentionally designed to balance growth and profitability as we continue to move toward our long-term ambition of 20%+ adjusted EBITDA margins. We accomplished a great deal in 2025 for Omada's mission. We are entering 2026 with bold ambitions to bend the curve of disease. That's what we're here for. That's why we do what we do. With that, I'll hand things over to Wei Li.

Greater personalization in content through AI, and the use of AI to drive efficiency across engineering operations and care delivery.

We have also been pleased to see developments in government funded Healthcare such as the passage of the prevent diabetes act, which submitted Medicare coverage for virtual diabetes prevention programs.

These Investments are intentionally designed to balance growth and profitability as we continue to move toward our long-term ambition of 20% plus percent adjusted, even to margins.

To bend the curve of disease. That's what we're here for, and that's why we do what we do.

And while it's early in details are still developing. We are closely watching emerging programs, like balance and access models from CMS this government. Activity. Reinforces that virtual first prevention is increasingly recognized as essential to expanding, access to Quality Care.

Wei-Li Shao: Thanks, Sean, and hello, everyone. I'm proud of our teams and what they accomplished in 2025. It's an exciting time to be at Omada, and I'm pleased to walk through our results and progress. As Sean shared, we ended the year with 886,000 members, up 55% year-over-year. This includes 55,000 net new member additions in Q4, nearly double the net adds in Q4 of 2024. For the year, we added 314,000 net new members compared to 182,000 in 2024. Growth continues to be driven by both multi-condition adoption and demand for our GLP-1 support capabilities, which together position Omada as a broad integrated partner for cardiometabolic care. We also benefited from improvements in marketing effectiveness, which drove higher enrollment rates across both new and existing customers.

With that, I'll hand things over to Wei.

Our strategy is organized around 3, pillars Innovation programs that work and are multi-conductor.

The results we delivered in 2025 are a direct reflection of progress across each.

Thanks, Sean. And hello, everyone. I'm proud of our teams and what they accomplished. 2025 is an exciting time to be at Omada, and I'm pleased to walk through our results and progress. As Sean shared, we ended the year with 886,000 members, up about 55% year-over-year. This includes 55,000 net new member additions in Q4, nearly double the net adds in Q4 of 2024.

for the year, we added 314,000 net, new numbers compared to 18200 in 2024

Beyond the AI capability. Sean described, our Innovation agenda in 2025 extended across. Several additional fronts with respect to glp1. Prescribing, since sharing our plans, we've had many discussions with interested customers and channel Partners who are looking for help managing glp-1 complexity,

Growth continues to be driven by both multi-condition adoption and demand for our GOP 1 support capabilities, which together position Omada as a broad, integrated partner for cardiometabolic care.

employers need to manage switching titration and benefit design in ways that improve Roi, not just increase, spend

Wei-Li Shao: Key performance drivers in 2025 included: estimated covered lives grew by more than 5 million. We ended the year with over 25 million estimated eligible lives with strong performance across multiple channels, including the successful launch of a large new channel partner. Our email enrollment rate improved significantly with the average percentage of a customer's population that receives our outreach and then enrolls increasing by 24% year-over-year. Member engagement remains strong as well. As of December 2025, more than 55% of our members in their 12th month of cardiometabolic programs still engage with the platform at least once during the month. More than 50% of members in their 24th month engage at least once during the month. Our focus on outcomes also remained consistent across our programs.

We also benefited from improvements in marketing effectiveness, which drove higher enrollment rates across both new and existing customers.

Key performance drivers in 2025 included.

Prescribing is a natural extension of our model allowing omoda to act as a glp1 value. Maximizer across the entire Journey from informing prescription decisions to supporting members on therapy to safely discontinuing medication. When appropriate, we look forward to providing updates as we build out this capability,

Estimated covered lives grew by more than 5 million, and we ended the year with over 25 million. Estimated eligible lives showed strong performance across multiple channels, including the successful launch of a large new channel partner.

In addition to prescribing, we also have plans to support more flexible, glp1 access models, including the glp1 flexcare. Option. We announced today

Our email enrollment rate improves significantly with the outage percentage of a customer's population that receives our Outreach. And then enrolls increasing by 24% year-over-year.

The need for alternative glp-1 benefit design Solutions is underappreciated and we believe this could represent a significant opportunity.

The glp1 market for large commercial insured, employers is currently split roughly 45% covering glp 1's for obesity and roughly 55% that don't

Member engagement remains strong. As of December 2025, more than 55% of our members in their 12th month of cardio-metabolic programs still engage with the platform at least once during the month. And more than 50% of members in their 24th month engage at least once during the month.

Wei-Li Shao: Taken together, we strengthened funnel conversion at multiple layers, which gives us confidence heading into 2026. We ended the year having supported over 150,000 members on GLP-1s, adding more than 100,000 in 2025 alone. As Shawn mentioned, we continue to see growth beyond GLP-1s across our cardiometabolic suite. Substantial white space remains, and our penetration across combined self-insured and fully insured lives is below 10% of what a total adjustable market that we estimate at over $138 billion. We have also been pleased to see developments in government-funded healthcare, such as the passage of the PREVENT DIABETES Act, which cemented Medicare coverage for virtual diabetes prevention programs. While it's early and details are still developing, we are closely watching emerging programs like BALANCE and ACCESS Models from CMS.

Our focus on outcomes also remains consistent across our programs.

within this segment that covers 2 of the country's largest pbms have built, glp1 solutions that include or offer omada programs.

1 offers employers Financial reassurance.

Taken together, we strengthened funnel conversion at multiple layers, which gives us confidence heading into 2026.

There was spend guarantee and omada has been a successful partner in that solution.

We ended the year having supported over 150,000 members on glp-1s. Adding more than 100,000 in 2025 alone. And as Sean mentioned, we continue to see growth Beyond glp 1's across our cardio, metabolic Suite

Substantial white space remains and our penetration across combined self-insured, and fully insured lives is below 10% of what a total, adjustable Market that we estimate at over 138 billion dollars.

The other expanded its glp1 offerings last year, and omata programs are an option there as well, but the 55% that aren't covering glp. Ones need something different before moving from waiting and watching to confidently, cover it, that's where glp1 flexcare comes in. It gives employers a structured way to connect eligible, employees, with clinical evaluation prescribing and ongoing medical oversight for glp1, alongside oman's lifestyle behavioral support.

We have also been pleased to see developments in government-funded healthcare, such as the passage of the Prevent Diabetes Act, which submitted Medicare coverage for virtual diabetes prevention programs.

Employers pay for the doctor's visits labs and behavioral, support employees purchase branded GOP, ones out of pocket through credible cash, pay channels.

Wei-Li Shao: This government activity reinforces that virtual first prevention is increasingly recognized as essential to expanding access to quality care. Our strategy is organized around three pillars: innovation, programs that work, and our multi-condition platform. The results we delivered in 2025 are a direct reflection of progress across each. Beyond the AI capabilities Sean described, our innovation agenda in 2025 extended across several additional fronts. With respect to GLP-1 prescribing, since sharing our plans, we've had many discussions with interested customers and channel partners who are looking for help managing GLP-1 complexity. As GLP-1s evolve across oral and injectable forms, different doses, and new mechanisms, employers need to manage switching, titration, and benefit design in ways that improve ROI, not just increase spend.

We believe the future of for glp1 coverage will include multiple benefit. Design Solutions, addressing diverse employer needs including robust, Clinical Services, broad glp1, access lifestyle support and financial reassurance

Our strategy is organized around three pillars: innovation, programs that work, and are multi-conductor.

our strategy is to be part of that Spectrum so employers can access the clinical benefits of our programs, regardless of the benefit design they choose

The results we delivered in 2025 are a direct reflection of progress across each.

Beyond the AI capability, Sean described our innovation agenda in 2025 extended across several additional fronts.

We've also recently expanded our cardio metabolic offerings by adding a cholesterol program. This is a risk area that is often underserved in traditional cardio, metabolic offerings. Despite the fact that up to 70% of adults with obesity have high cholesterol.

with respect to glp1, prescribing, since sharing our plans, we've had many discussions with interested customers and channel Partners who are looking for help managing glp1 complexity,

Evidence from our existing programs is shown that virtual Behavior. First interventions can drive an average 39, Point reduction in total cholesterol in 4 months, among participants with diabetes and high cholesterol.

As glp1 evolve across oral and injectable forms different doses in new mechanisms.

Wei-Li Shao: Prescribing is a natural extension of our model, allowing Omada to act as a GLP-1 value maximizer across the entire journey, from informing prescription decisions to supporting members on therapy, to safely discontinuing medication when appropriate. We look forward to providing updates as we build out this capability. In addition to prescribing, we also have plans to support more flexible GLP-1 access models, including the GLP-1 Flex Care option we announced today. The need for alternative GLP-1 benefit design solutions is underappreciated, and we believe this could represent a significant opportunity. The GLP-1 market for large commercially insured employers is currently split. Roughly 45% covering GLP-1s for obesity and roughly 55% that don't. Within the segment that covers, two of the country's largest PBMs have built GLP-1 solutions that include or offer Omada programs.

Employers need to manage switching, titration, and benefit design in ways that improve ROI, not just increase spend.

Omada for cholesterol will build on that Foundation, connecting, Behavior, change, lab awareness, and ongoing guidance from Clinical Specialists. So cholesterol risk, because visible and actionable within everyday life.

we recently completed an initial commercial launch with a large Enterprise customer, that has more than 300,000 employees and then we expect a broader rollout in 2027

Prescribing is a natural extension of our model, allowing Omada to act as a GLP-1 value maximizer across the entire journey—from informing prescription decisions, to supporting members on therapy, to safely discontinuing medication when appropriate. We look forward to providing updates as we build out this capability.

In addition to prescribing, we also have plans to support more flexible, glp1 access models, including the glp1 flexcare. Option. We announced today

In summary our Innovation allows us to broaden how we support the management of cardio metabolic risk. Leverage AI is a differentiator and deepen, our relevance across a wide range of benefits strategies making omada a more flexible long-term partner for employers and health plans

The need for alternative glp1. Benefit design Solutions is underappreciated and we believe this could represent a significant opportunity.

Our second pillar is programs that work Solutions, grounded in evidence and behavior, change science, that deliver measurable, durable outcomes.

The glp1 market for large commercial insured, employers is currently split roughly 45% covering glp ones for obesity and roughly 55% that don't

Wei-Li Shao: One offers employers financial reassurance through a spend guarantee, and Omada has been a successful partner in that solution. The other expanded its GLP-1 offerings last year, and Omada programs are an option there as well. The 55% that aren't covering GLP-1s need something different before moving from waiting and watching to confidently covering. That's where the GLP-1 Flex Care comes in. It gives employers a structured way to connect eligible employees with clinical evaluation, prescribing, and ongoing medical oversight for GLP-1s alongside Omada's lifestyle and behavioral support. Employers pay for the doctor's visits, labs, and behavioral support. Employees purchase branded GLP-1s out-of-pocket through credible cash pay channels. We believe the future for GLP-1 coverage will include multiple benefit design solutions addressing diverse employer needs, including robust clinical services, broad GLP-1 access, lifestyle support, and financial reassurance.

within this segment that covers 2 of the country's largest pbms have built, glp1 solutions that include or offer an omada programs.

1 offers employers Financial reassurance.

In 2025, we expanded our body of research on glp1 support, 1 analysis. Showed that numbers in our glp1 care track who discontinued medication, largely maintained their weight 1 year later with an average weight. Change of only 0.8% compared to 11 to 12, average, weight regain reported in key clinical trials without ongoing lifestyle support

There was spend guarantee and Mana has been a successful partner in that solution.

But the 55% that aren't covering GOP ones need something different before moving from waiting and watching to confidently covering.

A separate analysis. Found that numbers in our enhanced go1 care track who remained in the program and persisted on the medication for 12 months achieved, average weight loss, of 18% compared to 12% in real world evidence without structured support.

That's where GLP-1 Flex Care comes in. It gives employers a structured way to connect eligible employees with clinical evaluation, prescribing, and ongoing medical oversight for GLP-1, alongside Omada's lifestyle behavioral support.

We also published our 30th peer-reviewed manuscript focused on our joint and muscle health program, which showed that patients using Ada's Virtua, Physical Therapy has lower Total Healthcare utilization and reduced msk related costs and encounters on average at 6 and 12 months compared to in-person PT even after accounting for program costs.

Employers pay for the doctor's visits, labs, and behavioral support. Employees purchase branded GLP-1, out of pocket, through credible cash pay channels.

These results demonstrate that our human-led digitally enabled model can drive outcomes that matter to numbers and customers.

Wei-Li Shao: Our strategy is to be part of that spectrum, so employers can access the clinical benefits of our programs regardless of the benefit design they choose. We've also recently expanded our cardiometabolic offerings by adding a cholesterol program. This is a risk area that is often underserved in traditional cardiometabolic offerings, despite the fact that up to 70% of adults with obesity have high cholesterol. Evidence from our existing programs has shown that virtual behavior first interventions can drive an average 39-point reduction in total cholesterol in four months among participants with diabetes and high cholesterol. Omada for Cholesterol will build on that foundation, connecting behavior change, lab awareness, and ongoing guidance from clinical specialists so cholesterol risk becomes visible and actionable within everyday life.

We believe the future for GLP-1 coverage will include multiple benefit design solutions, addressing diverse employer needs, including robust clinical services, broad GLP-1 access, lifestyle support, and financial reassurance.

Our strategy is to be part of that spectrum so employers can access the clinical benefits of our programs, regardless of the benefit design they choose.

We've also recently expanded our cardiometabolic offerings by adding a cholesterol program. This is a risk area that is often underserved in traditional cardiometabolic offerings, despite the fact that up to 70% of adults with obesity have high cholesterol.

Revenue from our weight health program which increasingly includes members on glp owns for weight loss. Grew more than 50% in revenue. From both our diabetes and hypertension programs grew at rates, 45% or more year-over-year.

That broad-based growth across conditions, reflects employers, and health plans, meaning into a model as they're integrated cardio metabolic partner. Not just a single condition solution

Wei-Li Shao: We recently completed an initial commercial launch with a large enterprise customer that has more than 300,000 employees, and then we expect a broader rollout in 2027. In summary, our innovation allows us to broaden how we support the management of cardiometabolic risk, leverage AI as a differentiator, and deepen our relevance across a wide range of benefit strategies, making Omada a more flexible long-term partner for employers and health plans. Our second pillar is programs that work. Solutions grounded in evidence and behavior change science that deliver measurable, durable outcomes. In 2025, we expanded our body of research on GLP-1 support.

Omano for cholesterol will build on that Foundation, connecting, Behavior, change, lab awareness, and ongoing guidance from Clinical Specialists to cholesterol risk, because visible and actionable within everyday life.

In summary, our progress across, Innovation programs that work and are multi-level, help to drive our strong 2025 results, and provide tangible. Proof that customers are buying into this vision.

We recently completed an initial commercial launch with a large enterprise customer that has more than 300,000 employees, and we expect a broader rollout in 2027.

We believe we're well positioned for 2026 and Beyond. And with that, I'll turn it over to Steve.

Thank you Willie. Hello everyone.

a walk through our Q4 and full year 2025 results discuss the key drivers and provide our outlook for 2026

In summary, our innovation allows us to broaden how we support the management of cardiometabolic risk. Leveraging AI is a differentiator and deepens our relevance across a wide range of benefits strategies, making Alma a more flexible, long-term partner for employers and health plans.

Let me start with Topline results members grew 55% year-over-year to 886,000 revenue in Q4 was 76 million of 58% year-over-year.

Our second pillar is programs that work—solutions, grounded in evidence and behavior change science, that deliver measurable, durable outcomes.

for the full year, Revenue was 260 million of 53% compared to 2024

Wei-Li Shao: One analysis showed that members in our GLP-1 Care Track who discontinued medication largely maintained their weight one year later with an average weight change of only 0.8% compared to 11% to 12% average weight regain reported in key clinical trials without ongoing lifestyle support. A separate analysis found that members in our enhanced GLP-1 Care Track who remained in the program and persisted on the medication for 12 months achieved average weight loss of 18% compared to 12% in real-world evidence without structured support. We also published our 30th peer-reviewed manuscript focused on our joint and muscle health program, which showed that patients using Omada's virtual physical therapy have lower total healthcare utilization and reduced MSK-related costs and encounters on average at 6 and 12 months compared to in-person PT, even after accounting for program costs.

The primary factor is driving growth. Include a broad industry, focus on cardio, metabolic conditions.

Deeper, penetration and multi condition customers, strong adoption of our glp1 programs and more effective enrollment campaigns.

In 2025, we expanded our body of research on GLP-1 support. One analysis showed that numbers in our GLP-1 care track who discontinued medication largely maintained their weight one year later, with an average weight change of only 0.8%, compared to 11–12% weight regain reported in key clinical trials without ongoing lifestyle support.

As these strong results in macro Trends, feed into our business model, they are creating a durable visible Revenue stream with meaningful operating leverage, which I'll discuss in a moment.

I'd also like to note that in Q4, we had a 1-time transaction that resulted in approximately 2 million dollars of additional Revenue, gross profit, and adjusted ibida.

A separate analysis found that numbers in our enhanced GO1 Care Track who remained in the program and persisted on the medication for 12 months achieved average weight loss of 18%, compared to 12% in real-world evidence without structured support.

While relatively small and immaterial to full year results. I wanted to note it for any impact on sequential modeling from Q4 to q1.

Turning to gross profit. We saw significant margin expansion in both Q4 and the full year.

Wei-Li Shao: These results demonstrate that our human-led, digitally enabled model can drive outcomes that matter to members and customers. Our third pillar is the power of our multi-condition platform relative to point solutions. Customers increasingly recognize the advantage of working with a single scaled partner across multiple conditions. Our ability to support obesity and weight health, diabetes, hypertension, cholesterol, and MSK conditions, and GLP-1 care as one provider continues to be a key differentiator, and the growth across our cardiometabolic suite reflects this. Revenue from our weight health program, which increasingly includes numbers on GLP-1s for weight loss, grew more than 50%, and revenue from both our diabetes and hypertension programs grew at rates of 45% or more year-over-year. That broad-based growth across conditions reflects employers and health plans leaning into Omada as their integrated cardiometabolic partner, not just a single condition solution.

We also published our 30th peer-reviewed manuscript focused on our joint and muscle health program, which showed that patients using omad is Virtua. Physical Therapy has lower Total Healthcare utilization and reduced msk related costs and encounters on average at 6 and 12 months compared to in-person PT even after accounting for program costs.

Q4 gaap gross profit was 54 million of 67% year-over-year with gaap gross margin of 71% versus 67% in the prior year.

These results demonstrate that our human-led, digitally enabled model can drive outcomes that matter to numbers and customers.

For the full year Gap. Gross profit was 171 million up 66% and gaap gross. Margin was 66% versus 61% in 2024.

Our third pillar is the power of our multi-conductor conditions.

Q4 adjusted gross. Profit was 55 million up 65%, compared to Q4 24 and adjusting gross. Margin reaches 73% in Q4 and all-time high. And the 320 basis point Improvement year-over-year, demonstrating our ability to operate above our long-term 70%, plus adjusted gross margin Target for the first time.

Our ability to support obesity and weight health, diabetes, hypertension, cholesterol, and MSK conditions, as well as GLP-1 care as one provider, continues to be a key differentiator, and the growth across our cardiometabolic suite reflects this.

Revenue from our weight health program, which increasingly includes numbers on GLP-1s for weight loss, grew more than 50%, and revenue from both our diabetes and hypertension programs grew at rates 45% or more year-over-year.

For the full year adjusted gross profit increased, 64% to 176 million outpacing, our 53% Revenue growth by 11 points and driving adjusted gross margin of 450 basis points over 2024 to 68% in 2025.

Wei-Li Shao: In summary, our progress across innovation, programs that work, and our multi-condition platform help to drive our strong 2025 results and provide tangible proof that customers are buying into this vision. We believe we're well-positioned for 2026 and beyond. With that, I'll turn it over to Steve.

That broad-based growth across conditions, reflects employers, and health plans, meaning into a model as their integrated cardio metabolic partner. Not just a single condition solution

Over the past 4 years, we've nearly quadrupled revenue and expanded adjusted gross margins by more than 1600, basis points, a trajectory that underscores The Leverage in our business.

In summary, our progress across, Innovation programs that work, and are multi platform helped to drive our strong 2025 results, and provide tangible. Proof that customers are buying into this vision.

This has been driven by our growing member base and multi- conditioned expansion with spreads fixed costs across a larger Revenue base, as well as care team efficiencies enabled by our platform, AI power, tools and optimized Staffing models.

Steve: Thank you, Wei-Li. Hello, everyone. I'll walk through our Q4 and full year 2025 results, discuss the key drivers, and provide our outlook for 2026. Let me start with top-line results. Members grew 55% year-over-year to 886,000. Revenue in Q4 was $76 million, up 58% year-over-year. For the full year, revenue was $260 million, up 53% compared to 2024. The primary factors driving growth include a broad industry focus on cardiometabolic conditions, deeper penetration of multi-condition customers, strong adoption of our GLP-1 programs, and more effective enrollment campaigns. As these strong results and macro trends feed into our business model, they are creating a durable, visible revenue stream with meaningful operating leverage, which I'll discuss in a moment.

Steve Cook: Thank you, Wei-Li. Hello, everyone. I'll walk through our Q4 and full year 2025 results, discuss the key drivers, and provide our outlook for 2026. Let me start with top-line results. Members grew 55% year-over-year to 886,000. Revenue in Q4 was $76 million, up 58% year-over-year. For the full year, revenue was $260 million, up 53% compared to 2024. The primary factors driving growth include a broad industry focus on cardiometabolic conditions, deeper penetration of multi-condition customers, strong adoption of our GLP-1 programs, and more effective enrollment campaigns. As these strong results and macro trends feed into our business model, they are creating a durable, visible revenue stream with meaningful operating leverage, which I'll discuss in a moment.

We believe we're well positioned for 2026 and Beyond. And with that, I'll turn it over to Steve.

Thank you Willie. Hello everyone.

We believe these drivers can continue contributing margin expansion as we pursue our long-term Target of 70% plus full year adjusted gross margins.

I'll walk through our Q4 and full year 2025 results, discuss the key drivers, and provide our outlook for 2026.

Moving to operating expenses, we continue to demonstrate strong, leverage below the growth profit line.

Members grew 55% year-over-year to 886,000. Revenue in Q4 was $76 million, up 58% year-over-year.

For the full year, revenue was $260 million, up 53% compared to 2024.

Q4 Gap, operating expenses increased 28% year-over-year to 50 million dollars for the full year Gap. Operating expenses were up 25% to 183 million

Adjusted, operating expenses grew 27% to 47 million in Q4 and 24% for the full year to 170 million.

that 24% annual growth supported 53%, Revenue growth with strong operating leverage across all 3, operating expense lines,

Steve: I'd also like to note that in Q4, we had a one-time transaction that resulted in approximately $2 million of additional revenue, gross profit, and adjusted EBITDA. While relatively small and immaterial to full-year results, I wanted to note it for any impact on sequential modeling from Q4 to Q1. Turning to gross profit, we saw significant margin expansion in both Q4 and the full year. Q4 GAAP gross profit was $54 million, up 67% year-over-year, with GAAP gross margin of 71% versus 67% in the prior year. For the full year, GAAP gross profit was $171 million, up 66%, and GAAP gross margin was 66% versus 61% in 2024.

Steve Cook: I'd also like to note that in Q4, we had a one-time transaction that resulted in approximately $2 million of additional revenue, gross profit, and adjusted EBITDA. While relatively small and immaterial to full-year results, I wanted to note it for any impact on sequential modeling from Q4 to Q1. Turning to gross profit, we saw significant margin expansion in both Q4 and the full year. Q4 GAAP gross profit was $54 million, up 67% year-over-year, with GAAP gross margin of 71% versus 67% in the prior year. For the full year, GAAP gross profit was $171 million, up 66%, and GAAP gross margin was 66% versus 61% in 2024.

The primary factor is driving growth. Include a broad industry, focus on cardio, metabolic conditions, deeper, penetration and multi-core strong. Adoption of our glp1 programs and more effective enrollment campaigns as these strong results. In macro Trends, feed into our business model, they are creating a durable visible Revenue stream with meaningful operating leverage, which I'll discuss in a moment.

I'd also like to note that in Q4, we had a 1-time transaction that resulted in approximately 2 million dollars of additional Revenue, growth profit and adjusted Eva de

Program architecture and spending discipline as we work towards sustained profitability.

While relatively small and immaterial to full year results, I wanted to note it for any impact on sequential modeling from Q4 to Q1.

Our steadfast commitment and multi-year. Focus on achieving profitability, paid off in 2025 as we reach positive adjusted, EBA a full year ahead of expectations,

Turning to gross profit, we saw significant margin expansion in both Q4 and the full year.

a milestone driven by Financial discipline, strong growth and the operating leverage. I've just described we're proud of this accomplishment.

Q4 GAAP gross profit was $54 million, up 67% year-over-year, with GAAP gross margin of 71% versus 67% in the prior year.

Steve: Q4 adjusted gross profit was $55 million, up 65% compared to Q4 2024, and adjusted gross margin reached 73% in Q4, an all-time high, and a 320 basis point improvement year-over-year, demonstrating our ability to operate above our long-term 70%-plus adjusted gross margin target for the first time. For the full year, adjusted gross profit increased 64% to $176 million, outpacing our 53% revenue growth by 11 points and driving adjusted gross margin up 450 basis points over 2024 to 68% in 2025. Over the past 4 years, we've nearly quadrupled revenue and expanded adjusted gross margins by more than 1,600 basis points, a trajectory that underscores the leverage in our business.

Steve Cook: Q4 adjusted gross profit was $55 million, up 65% compared to Q4 2024, and adjusted gross margin reached 73% in Q4, an all-time high, and a 320 basis point improvement year-over-year, demonstrating our ability to operate above our long-term 70%-plus adjusted gross margin target for the first time. For the full year, adjusted gross profit increased 64% to $176 million, outpacing our 53% revenue growth by 11 points and driving adjusted gross margin up 450 basis points over 2024 to 68% in 2025. Over the past 4 years, we've nearly quadrupled revenue and expanded adjusted gross margins by more than 1,600 basis points, a trajectory that underscores the leverage in our business.

For the full year, Gap gross profit was $171 million, up 66%, and GAAP gross margin was 66% versus 61% in 2024.

Notably Q4 also marked our first quarter of gaap net income profitability specifically we deliver gaap. Net income of 5 million in Q4 which was a 13 million Improvement compared to a net loss of 8 million. In Q4 of 2024,

For the full year Gap. Net loss was 13 million and Improvement of 34 million compared to a loss of 47 million in 2024.

Q4 adjusted gross profit was $55 million, up 65% compared to Q4 '24, and adjusted gross margin reached 73% in Q4, an all-time high. That's a 320 basis point improvement year-over-year, demonstrating our ability to operate above our long-term 70%+ adjusted gross margin target for the first time.

Adjusted IBA in Q4 was $8 million with an 11% margin, an improvement of 12 million and 18 margin points compared to a loss of 4 million and a negative 7% margin in Q4 2424.

Full year, adjusted Eva was $6 million with a 2% margin and Improvement of 35 million and 19 margin points compared to a loss of 29 million and the negative 17% margin in 2024.

For the full year, adjusted gross profit increased 64% to $176 million, outpacing our 53% revenue growth by 11 points and driving adjusted gross margin up 450 basis points over 2024 to 68% in 2025.

Notably be converted, 40% of incremental Revenue to the adjusted Bal line in 2025, which continues to highlight the scalability of our business.

Steve: This has been driven by our growing member base and multi-condition expansion, which spreads fixed costs across a larger revenue base as well as care team efficiencies enabled by our platform, AI-powered tools, and optimized staffing models. We believe these drivers can continue contributing margin expansion as we pursue our long-term target of 70%+ full-year adjusted gross margins. Moving to operating expenses, we continue to demonstrate strong leverage below the gross profit line. Q4 GAAP operating expenses increased 28% year-over-year to $50 million. For the full year, GAAP operating expenses were up 25% to $183 million. Adjusted operating expenses grew 27% to $47 million in Q4, and 24% for the full year to $170 million.

Steve Cook: This has been driven by our growing member base and multi-condition expansion, which spreads fixed costs across a larger revenue base as well as care team efficiencies enabled by our platform, AI-powered tools, and optimized staffing models. We believe these drivers can continue contributing margin expansion as we pursue our long-term target of 70%+ full-year adjusted gross margins. Moving to operating expenses, we continue to demonstrate strong leverage below the gross profit line. Q4 GAAP operating expenses increased 28% year-over-year to $50 million. For the full year, GAAP operating expenses were up 25% to $183 million. Adjusted operating expenses grew 27% to $47 million in Q4, and 24% for the full year to $170 million.

Over the past four years, we've nearly quadrupled revenue and expanded adjusted gross margins by more than 1,600 basis points—a trajectory that underscores the leverage in our business.

To wrap the discussion of our p&l. I'd like to provide some additional perspective after we went public in June initial. Consensus estimates were approximately 222 million of Revenue and a 19 million adjusted, EBA dollar loss for 2025.

This has been driven by our growing member base and multi-conditioned expansion, which spreads fixed costs across a larger revenue base, as well as care team efficiencies enabled by our platform, AI-powered tools, and optimized staffing models.

We believe these drivers can continue contributing margin expansion as we pursue our long-term target of 70%+ full-year adjusted gross margins.

We delivered 260 million of Revenue and 6 million of adjusted IBA, do with the Positive adjusted, EBA occurring a year ahead of projections, we're pleased with that performance and we believe it will reflect our strong Market position, solid execution, and the strength of our business model.

Moving to operating expenses, we continue to demonstrate strong, leverage below the growth profit line.

Specific to our balance sheet. We ended 2025 with 222 million of cash and cash, equivalents

Q4 Gap, operating expenses increased, 28% year-over-year to $50 million for the full year Gap. Operating expenses were up 25% to 183 million

Steve: That 24% annual growth supported 53% revenue growth, with strong operating leverage across all 3 operating expense lines. Key drivers included scale from our channel partnerships and B2B2C go-to-market approach, sales force leverage from selling multiple conditions with 1 sales force, R&D efficiency from our flexible program architecture, and spending discipline as we work towards sustained profitability. Our steadfast commitment and multi-year focus on achieving profitability paid off in 2025 as we reached positive adjusted EBITDA a full 1 year ahead of expectations, a milestone driven by financial discipline, strong growth, and the operating leverage I've just described. We're proud of this accomplishment. Notably, Q4 also marked our first quarter of GAAP net income profitability.

Steve Cook: That 24% annual growth supported 53% revenue growth, with strong operating leverage across all 3 operating expense lines. Key drivers included scale from our channel partnerships and B2B2C go-to-market approach, sales force leverage from selling multiple conditions with 1 sales force, R&D efficiency from our flexible program architecture, and spending discipline as we work towards sustained profitability. Our steadfast commitment and multi-year focus on achieving profitability paid off in 2025 as we reached positive adjusted EBITDA a full 1 year ahead of expectations, a milestone driven by financial discipline, strong growth, and the operating leverage I've just described. We're proud of this accomplishment. Notably, Q4 also marked our first quarter of GAAP net income profitability.

Adjusted operating expenses grew 27% to $47 million in Q4, and 24% for the full year to $170 million.

This gives us a strong financial position to invest in initiatives aimed at driving incremental, growth, and Roi while also maintaining flexibility.

that's 24%, annual growth support is 53%, revenue growth with strong operating leverage across all 3, operating expense lines,

As for our guidance, we expect 2026 Revenue in the range of 312 million to 322 million with the midpoint reflecting 22% growth over 2025.

Key drivers included scale from our Channel Partnerships and B2B to see go to market approach Salesforce, leverage from selling, multiple conditions with 1 Sales force R&D efficiency from our flexible program, architecture, and spending discipline as we work towards sustained, profitability.

We expect 2026, adjust the IBA dot in the range of 7 million to 15 million, with the midpoint reflecting of 5 million increase compared to last year.

our stiffest commitment and multi-year, focus on achieving profitability, paid off in 2025 as we reach positive, adjusted ibida, a full year ahead of expectations,

A milestone driven by financial discipline, strong growth, and the operating leverage. As I've just described, we're proud of this accomplishment.

Similar to our 2025 performance or 2026 guidance is significantly above initial post IPO consensus expectations, with our Revenue, midpoint approximately 50 million higher and adjust zba, approximately 15 million dollars, higher reflecting continued, strong execution.

Steve: Specifically, we delivered GAAP net income of $5 million in Q4, which was a $13 million improvement compared to a net loss of $8 million in Q4 of 2024. For the full year, GAAP net loss was $13 million, an improvement of $34 million compared to a loss of $47 million in 2024. Adjusted EBITDA in Q4 was $8 million with an 11% margin, an improvement of $12 million and 18 margin points compared to a loss of $4 million and a negative 7% margin in Q4 2024. Full year adjusted EBITDA was $6 million with a 2% margin, an improvement of $35 million and 19 margin points compared to a loss of $29 million and a negative 17% margin in 2024.

Steve Cook: Specifically, we delivered GAAP net income of $5 million in Q4, which was a $13 million improvement compared to a net loss of $8 million in Q4 of 2024. For the full year, GAAP net loss was $13 million, an improvement of $34 million compared to a loss of $47 million in 2024. Adjusted EBITDA in Q4 was $8 million with an 11% margin, an improvement of $12 million and 18 margin points compared to a loss of $4 million and a negative 7% margin in Q4 2024. Full year adjusted EBITDA was $6 million with a 2% margin, an improvement of $35 million and 19 margin points compared to a loss of $29 million and a negative 17% margin in 2024.

Let me provide context on how we've approached guidance and on our growth trajectory our guided revenue of 22% at. The midpoint comes on top of a 53% growth year, that included a strong first wave of glp1 adoption and significant commercial momentum. This is an exceptional Baseline to build from

For the full year Gap. Net loss was 13 million and Improvement of 34 million compared to a loss of 47 million in 2024.

We built our guidance, starting with our year-end base of 886,000 members and over 25 million estimated covered lives. Then we layer in historical enrollment, conversion rates, and observed engagement, and retention Trends with no significant Improvement assumed.

Adjusted EBA in Q4 was an 11% margin, an improvement of $12 million and 18 margin points compared to a loss of $4 million and a negative 7% margin in Q4 2024.

This allows us to Anchor to what we can consider are more highly visible level of Revenue.

Steve: Notably, we converted 40% of incremental revenue to the adjusted EBITDA line in 2025, which continues to highlight the scalability of our business. To wrap the discussion of our P&L, I'd like to provide some additional perspective. After we went public in June, initial consensus estimates were approximately $222 million of revenue and a $19 million adjusted EBITDA loss for 2025. We delivered $260 million of revenue and $6 million of adjusted EBITDA, with the positive adjusted EBITDA occurring a year ahead of projections. We're pleased with that performance, and we believe it reflects our strong market position, solid execution, and the strength of our business model.

Steve Cook: Notably, we converted 40% of incremental revenue to the adjusted EBITDA line in 2025, which continues to highlight the scalability of our business. To wrap the discussion of our P&L, I'd like to provide some additional perspective. After we went public in June, initial consensus estimates were approximately $222 million of revenue and a $19 million adjusted EBITDA loss for 2025. We delivered $260 million of revenue and $6 million of adjusted EBITDA, with the positive adjusted EBITDA occurring a year ahead of projections. We're pleased with that performance, and we believe it reflects our strong market position, solid execution, and the strength of our business model.

Just as important is what's not in the guide, we have not embedded meaningful contributions from glp1. Prescribing glp1, Flex care or our cholesterol program and we have not assumed further Improvement in enrollment conversion rates or significant revenue from contracts, not yet signed,

Notably, we converted 40% of incremental revenue to the adjusted Vidal line in 2025, which continues to highlight the scalability of our business.

Our adjusted, EBA guidance, reflects the revenue Outlook combined with the Investments we've discussed.

If we achieve Revenue upside, we would expect a portion to contribute to Stronger, adjusted Ava.

To wrap the discussion of our P&L, I'd like to provide some additional perspective. After we went public in June, initial consensus estimates were approximately $222 million of revenue and a $19 million adjusted EBITDA loss for 2025.

We believe this approach reflects appropriate, Prudence for initial guidance and positions us to build on our track record of execution.

We delivered $260 million of revenue and $6 million of adjusted EBITDA, with the positive adjusted EBITDA occurring a year ahead of projections. We're pleased with that performance, and we believe it reflects our strong market position, solid execution, and the strength of our business model.

Steve: Specific to our balance sheet, we ended 2025 with $222 million of cash and cash equivalents, up from $199 million at the end of Q3. We generated positive operating cash flow for the full year, a significant milestone. We have no debt outstanding, having repaid our $30 million credit facility earlier in 2025. This gives us a strong financial position to invest in initiatives aimed at driving incremental growth and ROI while also maintaining flexibility. As for our guidance, we expect 2026 revenue in the range of $312 million to 322 million, with the midpoint reflecting 22% growth over 2025.

Steve Cook: Specific to our balance sheet, we ended 2025 with $222 million of cash and cash equivalents, up from $199 million at the end of Q3. We generated positive operating cash flow for the full year, a significant milestone. We have no debt outstanding, having repaid our $30 million credit facility earlier in 2025. This gives us a strong financial position to invest in initiatives aimed at driving incremental growth and ROI while also maintaining flexibility. As for our guidance, we expect 2026 revenue in the range of $312 million to 322 million, with the midpoint reflecting 22% growth over 2025.

Long-term scalability and profitability of our business.

Specifically to our balance sheet, we ended 2025 with $222 million of cash and cash equivalents, up from $199 million at the end of Q3.

In closing, we are very pleased with our 2025 results which reflected outperformance across all key metrics. Looking ahead, we believe our Market position, strategic Investments and scalable business model position as well for durable profitable growth with that. We'll open the call for questions.

We generated positive operating cash flow for the full year, a significant milestone. We have no debt outstanding, having repaid our $30 million credit facility earlier in 2025. This gives us a strong financial position to invest in initiatives aimed at driving incremental growth and ROI while also maintaining flexibility.

As a reminder to ask a question. Please press star 1, 1 on your telephone, and wait, for your name to be announced.

To withdraw your question. Please press star 1 1 again.

Steve: We expect 2026 adjusted EBITDA in the range of $7 million to 15 million, with the midpoint reflecting a $5 million increase compared to last year. Similar to our 2025 performance, our 2026 guidance is significantly above initial post-IPO consensus expectations. With our revenue midpoint approximately $50 million higher and adjusted EBITDA approximately $15 million higher, reflecting continued strong execution. Let me provide context on how we've approached guidance and on our growth trajectory. Our guided revenue of 22% at the midpoint comes on top of a 53% growth year that included a strong first wave of GLP-1 adoption and significant commercial momentum. This is an exceptional baseline to build from. We built our guidance starting with our year-end base of 886,000 members and over 25 million estimated covered lives.

Steve Cook: We expect 2026 adjusted EBITDA in the range of $7 million to 15 million, with the midpoint reflecting a $5 million increase compared to last year. Similar to our 2025 performance, our 2026 guidance is significantly above initial post-IPO consensus expectations. With our revenue midpoint approximately $50 million higher and adjusted EBITDA approximately $15 million higher, reflecting continued strong execution. Let me provide context on how we've approached guidance and on our growth trajectory. Our guided revenue of 22% at the midpoint comes on top of a 53% growth year that included a strong first wave of GLP-1 adoption and significant commercial momentum. This is an exceptional baseline to build from. We built our guidance starting with our year-end base of 886,000 members and over 25 million estimated covered lives.

As for guidance, we expect 2026 revenue in the range of $312 million to $322 million, with the midpoint reflecting 22% growth over 2025.

In the interest of time, we ask that you please limit yourself to 1 question and 1 follow-up please. Stand by while we compile the Q&A roster,

We expect 2026, adjust the IBA dot in the range of 7 million to 15 million, with the midpoint reflecting of 5 million increase compared to last year.

Our first question comes from David Roman with Goldman Sachs, your line is open.

Similar to our 2025 performance or 2026 guidance is significantly above initial post IPO consensus expectations, with our Revenue, midpoint approximately 50 million dollars higher and the just see the do approximately 15 million dollars. Higher reflecting continued, strong execution.

Uh, thank you. Good afternoon everyone. Uh Steve really appreciate the detail on the guidance basis as as you think about 2026. So maybe I could just push you a little bit on the assumptions there and very specifically. I just want to make sure that we're hearing the alaka correctly. That effectively the guidance contemplates only contribution from the existing business and not necessarily some of the new opportunities. And if that is the case, I just want to make sure that we're not misreading this, and it looks like the guidance suggests some of the base business starting to hit a wall or Market.

Let me provide context on how we've approached guidance and on our growth trajectory. Our guided revenue of 22% at the midpoint comes on top of a 53% growth year, that included a strong first wave of GLP-1 adoption and significant commercial momentum. This is an exceptional baseline to build from.

Decelerate just to make sure that we're we're interpreting that that correctly. And that's how you're intending to frame the guidance.

Steve: We layer in historical enrollment conversion rates and observed engagement and retention trends with no significant improvement assumed. This allows us to anchor to what we consider our more highly visible level of revenue. Just as important is what's not in the guide. We have not embedded meaningful contributions from GLP-1 prescribing, GLP-1 Flexcare, or our cholesterol program, and we have not assumed further improvement in enrollment conversion rates or significant revenue from contracts not yet signed. Our adjusted EBITDA guidance reflects the revenue outlook combined with the investments we've discussed. If we achieve revenue upside, we would expect a portion to contribute to stronger adjusted EBITDA. We believe this approach reflects appropriate prudence for initial guidance and positions us to build on our track record of execution.

Steve Cook: We layer in historical enrollment conversion rates and observed engagement and retention trends with no significant improvement assumed. This allows us to anchor to what we consider our more highly visible level of revenue. Just as important is what's not in the guide. We have not embedded meaningful contributions from GLP-1 prescribing, GLP-1 Flexcare, or our cholesterol program, and we have not assumed further improvement in enrollment conversion rates or significant revenue from contracts not yet signed. Our adjusted EBITDA guidance reflects the revenue outlook combined with the investments we've discussed. If we achieve revenue upside, we would expect a portion to contribute to stronger adjusted EBITDA. We believe this approach reflects appropriate prudence for initial guidance and positions us to build on our track record of execution.

This allows us to anchor to what we consider are more highly visible levels of revenue.

Our adjusted EVA guidance reflects the revenue outlook combined with the investments we've discussed.

Steve: Stepping back from the specifics of our guidance, we believe the most important story is the quality of our growth in 2025. As I shared, we converted 40% of incremental revenue to EBITDA. We achieved our first quarter of GAAP profitability. We generated positive cash flow for the year. We continue to believe in the long-term scalability and profitability of our business. In closing, we are very pleased with our 2025 results, which reflected outperformance across all key metrics. Looking ahead, we believe our market position, strategic investments, and scalable business model position us well for durable, profitable growth. With that, we'll open the call for questions.

Steve Cook: Stepping back from the specifics of our guidance, we believe the most important story is the quality of our growth in 2025. As I shared, we converted 40% of incremental revenue to EBITDA. We achieved our first quarter of GAAP profitability. We generated positive cash flow for the year. We continue to believe in the long-term scalability and profitability of our business. In closing, we are very pleased with our 2025 results, which reflected outperformance across all key metrics. Looking ahead, we believe our market position, strategic investments, and scalable business model position us well for durable, profitable growth. With that, we'll open the call for questions.

If we achieve Revenue upside, we would expect a portion to contribute to a stronger adjusted Eva. We believe this approach, reflects appropriate, Prudence for initial guidance and positions us to build on our track record of execution.

Yeah, David thank you for the question, you know, first, we're obviously extremely proud of the results in 2025, uh, you know, person the prepared remarks, uh, growing 53% in 2025 was well, ahead of expectations. And when we look back at our, your commitments from, you know, just 6 months plus ago, during the IPO, our trending meaningfully about that path at fifty million dollars ahead on revenue and 15 million dollars ahead on ibida. So we're carrying a tremendous amount of momentum and we're a full year ahead of expectations, that we set at that time. It's also worth noting that, you know, from the get-go, we have been communicating externally that we intended to grow this business, for the first seal full future at at, at least the minimum commitment of 20 plus percent. And we think that the guidance, uh, reflects our commitment against the against those projections, uh, as we think about, you know, some of the inputs there. Uh, you're exactly. You're correct in that we're basing it off of 886,000, exit members, we're looking back. We're coming through all of our historical Trends on enrollment,

Stepping back from the specifics of our guidance. We believe the most important story is the quality of our growth in 2025, as I share, we converted 40% of incremental Revenue to ibida. We achieved our first quarter of gaap profitability, and we generated positive cash flow for the year, we continue to believe in the long-term scalability and profitability of our business.

Conversion on engagement rates and assuming that there's no material Improvement across those metrics throughout the course of the year, we have a lot of internal Investments and initiatives focused on improving those metrics to the extent rails to capitalize on those throughout the course of the year. That would be incremental Revenue compared to our guide, and then person of your commentary. We spent some time talking about our prescribing cap.

In closing, we are very pleased with our 2025 results, which reflected outperformance across all key metrics. Looking ahead, we believe our market position, strategic investments, and scalable business model position us well for durable, profitable growth. With that, we'll open the call for questions.

Operator: As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. In the interest of time, we ask that you please limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from David Roman with Goldman Sachs. Your line is open.

Abilities glp1, Flex care, cholesterol, these are also not materially in our guidance numbers are, we're going to be launching a lot of those in Market this year. And as those gain Market traction, uh, and we have more of our customers, uh, purchasing those, those will be reflected in potential upside to the guide.

As a reminder, to ask a question, please press *11 on your telephone and wait for your name to be announced. To withdraw your question, please press *11 again.

Uh super helpful and maybe just a follow-up. Uh as you kind of think about the the what you've observed in January and February from from conversions off of the 2025. Excuse me, 2026 selling season, can you just give us some flavor of of maybe a little more detail, how that

In the interest of time, we ask that you please limit yourself to one question and one follow-up, please. Stand by while we compile the Q&A roster.

Tracked and then how we should think about just the Cadence of Revenue and profitability throughout the year to make sure we have the phasing of the Year, correct?

Our first question comes from David Roman with Goldman Sachs, your line is open.

David Roman: Thank you. Good afternoon, everyone. Steve, really appreciate the detail on the guidance basis as you think about 2026. Maybe I could just push you a little bit on the assumptions there. Very specifically, I just wanna make sure that we're hearing the outlook correctly, that effectively the guidance contemplates only contribution from the existing business and not necessarily some of the new opportunities. If that is the case, I just wanna make sure that we're not misreading this. It looks like the guidance suggests some of the base business starting to hit a wall or markedly decelerate. Just to make sure that we're interpreting that correctly and that's how you're intending to frame the guidance.

Steve: Yeah. David, thank you for the question. You know, firstly, we're obviously extremely proud of the results in 2025. You know, per some of the prepared remarks, growing 53% in 2025 was well ahead of expectations. When we look back at our commitments from, you know, just six months plus ago during the IPO, we're trending meaningfully above that path at $50 million ahead on revenue and $15 million ahead on EBITDA. We're carrying a tremendous amount of momentum, and we're a full year ahead of expectations that we set at that time.

Steve Cook: Yeah. David, thank you for the question. You know, firstly, we're obviously extremely proud of the results in 2025. You know, per some of the prepared remarks, growing 53% in 2025 was well ahead of expectations. When we look back at our commitments from, you know, just six months plus ago during the IPO, we're trending meaningfully above that path at $50 million ahead on revenue and $15 million ahead on EBITDA. We're carrying a tremendous amount of momentum, and we're a full year ahead of expectations that we set at that time.

Some of the new opportunities. And if that is the case, I just want to make sure that we're not misreading this and it looks like the guidance suggests, some of the base business starting to hit a wall or markedly decelerate. So to make sure that we're we're interpreting that that correctly. And that's how you're intending to frame the guidance.

Yeah, hi. This is Willie. Um, let me talk a little bit about how we close the end of the year and, um, to the extent that I can cast a little bit of high level color on what we've seen this year, uh, in, uh, in just the first couple of months. Um, you know, we're we're pretty pleased with how we close the end of the selling season. I mean, we're up over 5 million additional uh eligible. Covered lives uh across our business. Uh, We've also seen continued momentum in terms of multiconductor sales. Uh, and as mentioned earlier, uh, last year we improved our enrollment rate yield or enrollment rate performance, uh you know, more than 20% 24% to be to be precise. Um and so we're pleased with the overall uh funnel

Yeah, David, thank you for the question. You know, first, we're obviously extremely proud of the results in 2025. You know, per the prepared remarks, growing 53% in 2025 was well ahead of expectations. And when we looked back at our commitments from, you know, just six months plus ago during the IPO, we're trending meaningfully above that path.

Steve: It's also worth noting that, you know, from the get-go. We have been communicating externally that we intend to grow this business for the foreseeable future at least a minimum commitment of 20-plus percent. We think that the guidance reflects our commitment against those projections. As we think about, you know, some of the inputs there, you're correct in that we're basing it off of 886,000 exit members. We're looking back, we're combing through all of our historical trends on enrollment rate conversion, on engagement rate, and assuming that there's no material improvement across those metrics throughout the course of the year. We have a lot of internal investments and initiatives focused on improving those metrics to the extent we're able to capitalize on those throughout the course of the year.

Steve Cook: It's also worth noting that, you know, from the get-go. We have been communicating externally that we intend to grow this business for the foreseeable future at least a minimum commitment of 20-plus percent. We think that the guidance reflects our commitment against those projections. As we think about, you know, some of the inputs there, you're correct in that we're basing it off of 886,000 exit members. We're looking back, we're combing through all of our historical trends on enrollment rate conversion, on engagement rate, and assuming that there's no material improvement across those metrics throughout the course of the year. We have a lot of internal investments and initiatives focused on improving those metrics to the extent we're able to capitalize on those throughout the course of the year.

Um, as you might expect, uh, as we as it is every year the additional covered lives, we close in the prior year, often times are going live at the beginning of the year, it's a heavy enrollment season. Um, and uh, that certain pattern or that seasonality, um, certainly um, exists to as well.

Million dollars ahead on revenue and 15 million dollars ahead on ibida. So we're carrying a tremendous amount of momentum and we're a full year ahead of expectations that we set at that time. It's also worth noting that, you know, from the get-go, we have been communicating externally that we intend to grow this business, for the foreseeable future at, at least the minimum commitment of 20 plus percent. And we think that the guidance, uh, reflects our commitment against, uh, against those projections, uh, as we think about, you know, some of the inputs there. Uh, you're exactly. You're correct in that we're basing it off of 886,000, exit members, we're looking back. We're coming through all of our historical Trends on enrollment rate conversion on engagement rates and assuming that there's no material Improvement across those metrics throughout the course of the year, we have a lot of internal Investments and initiatives focused on improving those metrics.

Steve: That would be incremental revenue compared to our guide. Personal to your commentary, we spent some time talking about our prescribing capabilities, GLP-1 FlexCare, cholesterol. These are also not materially in our guidance numbers. We're going to be launching a lot of those in market this year, as those gain market traction, we have more of our customers purchasing those will be reflected in potential upside to the guide.

Steve Cook: That would be incremental revenue compared to our guide. Personal to your commentary, we spent some time talking about our prescribing capabilities, GLP-1 FlexCare, cholesterol. These are also not materially in our guidance numbers. We're going to be launching a lot of those in market this year, as those gain market traction, we have more of our customers purchasing those will be reflected in potential upside to the guide.

David Roman: Super helpful. Maybe just a follow-up. As you kind of think about the... what you've observed in January and February from conversions off of the 2025, or excuse me, 2026 selling season, can you just give us some flavor of maybe a little more detail how that tracked, and then how we should think about just the cadence of revenue and profitability throughout the year to make sure we have the phasing of the year correct?

To the extent we are able to capitalize on those throughout the course of the year, that would be incremental revenue compared to our guide. And then per some of your commentary, we spent some time talking about our prescribing capabilities—GLP-1, Flex Care, cholesterol—these are also not materially in our guidance numbers. We're going to be launching a lot of those in market this year. And as those gain market traction, and we have more of our customers purchasing those, those will be reflected in potential upside to the guide.

And David, I'll just add a little bit of color on some of the revenue, and the EBA do progression, uh, per your question. Uh, we do expect, you know, we had an extremely strong Q4. We saw 11%, uh, sequential growth quarter over quarter, that's stronger. Compared to what we've observed historically. If you looked at 2024, we only saw 5% increase there. So we didn't expect as big of a jump on Q4 revenue on q1 Revenue, uh basing off of where we exited the year. And we also did have that 1 time uh 2 million dollar adjustment, which we don't intend to repeat going through the year. Uh, so q1 should roughly be, you know, expected to be flat relative to Q4 when accounting for that 2 million and then we'll sequentially grow Revenue, uh, throughout the course of the year. And then, as you're aware, um, q1 is our largest net new enrollment volume quarter. It carries additional costs associated with increased device shipments as well as increased costs for our care teams, as there's more labor in the first quarter. And then we'll steadily climb out of that as we go throughout the year. Uh, improving growth

Margin and Caribbean IBA do margin. Uh, throughout the remainder of the year.

Uh, great thanks so much.

Thank you.

Uh super helpful and maybe just a follow-up. Uh as you kind of think about the the what you've observed in January and February from from conversions off of the 2025 excuse me, 2026 selling season, can you just give us some flavor of of maybe a little more detail, how how that tracked and then how we should think about just the Cadence of Revenue and profitability throughout the year to make sure we have the phasing of the Year, correct?

Our next question comes from Sean Dodge with BMO Capital markets, your line is open.

Wei-Li Shao: Hi, this is Wei-Li Shao. Let me talk a little bit about how we closed the end of the year, and to the extent that I can cast a little bit of high-level color on what we've seen this year, in just the first couple of months. You know, we're pretty pleased with how we closed the end of the selling season. I mean, we're up over $5 million additional eligible covered lives across our business. We've also seen continued momentum in terms of multi-condition product sales. As mentioned earlier, last year, we improved our enrollment rate yield or enrollment rate performance, you know, more than 20%, 24% to be precise.

Yeah, thanks. Uh, good afternoon. Um, I just want to start maybe understanding a little bit better than mechanics. Uh, of the new glp1, flex CARE program and it sounds like the existing glp1 care check, but now just builds in, uh, some connections for the member to get a script and and actually buy the drug. Does does building that in? Does that change the economics of the program for you at all? Do you get compensated for facilitating those connections? Or is this just more about kind of broadening? Uh, the, the, the appeal, and, and kind of the, the utility of the, the, the program to more employers.

Yeah, hi. This is Willie. Um, let me talk a little bit about how we close the end of the year, and, um, to the extent that I can cast a little bit of high level color on what we've seen this year, uh, in, in just the first couple of months. Um, you know, we're we're pretty pleased with how we close the end of the selling season. I mean, we're up over 5 million additional eligible covered lives, uh, across our business. Uh, We've also seen continued momentum in terms of multiconductor sales. Uh, and as mentioned earlier, uh, last year we improved

Wei-Li Shao: We're pleased with the overall funnel developments, if you wanna put it that way, or funnel conversion improvement. You know, as mentioned by Steve, you know, that's gonna be carried on into how we think about this year's performance. I won't go into too much quantitative characterization of January and February. Suffice it to say that things are tracking, and we like what we see there. As you might expect, as it is every year, the additional covered lives we closed in the prior year oftentimes are going live at the beginning of the year, it's a heavy enrollment season. That certain pattern or that seasonality, certainly, exists too as well.

Uh, yeah. Thank you, Sean. This is Sean here. I happy to talk about Flex here. Let me just start with a characterization on the segments.

Uh in the employer Market specific to glp 1's for BC because there are 2 primary groups. Uh the first is those who cover

So that's roughly 45% of the market. They cover glp ones for obesity. Uh, historically. When we talked about our care track, that's who that was targeted toward uh, those are folks who want to maximize the value of that investment. There's actually a bigger segment, uh, and that's 55% roughly 55% of the large employers. And those that just do not cover GLT ones for obesity yet.

Steve: David, I'll just add a little bit of color on some of the revenue and the EBITDA progression, per your question. You know, we had an extremely strong Q4. We saw 11% sequential growth quarter-over-quarter. That's stronger compared to what we've observed historically. If you looked at 2024, we only saw a 5% increase there. We didn't expect as big of a jump on Q1 revenue, basing off of where we exited the year. We also did have that one-time $2 million adjustment, which we don't intend to repeat going through the year. Q1 should roughly be, you know, expect to be flat relative to Q4, when accounting for that $2 million, we'll sequentially grow revenue throughout the course of the year.

Steve Cook: David, I'll just add a little bit of color on some of the revenue and the EBITDA progression, per your question. You know, we had an extremely strong Q4. We saw 11% sequential growth quarter-over-quarter. That's stronger compared to what we've observed historically. If you looked at 2024, we only saw a 5% increase there. We didn't expect as big of a jump on Q1 revenue, basing off of where we exited the year. We also did have that one-time $2 million adjustment, which we don't intend to repeat going through the year. Q1 should roughly be, you know, expect to be flat relative to Q4, when accounting for that $2 million, we'll sequentially grow revenue throughout the course of the year.

Our enrollment rate yield or enrollment rate performance, uh, you know, more than 20% 24% to be to be precise. Um, and so, we're pleased with the overall, uh, funnel development. If you want to put it that way or funnel conversion improvements. Um, and um, you know, um, as mentioned by Steve, you know, that's, um, going to be carried on into how we think about this year's performance. Um, I won't go into too much quantitative characterization of January and February, um, but suffice it to say that um, things are tracking and we like what we see there. Um, as you might expect, uh, as as it is every year the additional covered lives. We close in the prior year, often times are going live at the beginning of the year, it's the heavy enrollment season um and uh that certain pattern or that seasonality certainly exists to as well.

But equally, they do want a way to support their employees and that is what the GLT Flex care solution, is targeted toward, uh, because it gives these employers a structured model. Uh, where yes, for your comments, they do pay omada and would pay omada more for the GL2 1 Flex care. Offering because that includes clinical evaluation prescribing lab ordering and Ada's lifestyle and behavioral support. Um while eligible employees can purchase the Branded glps out of pocket. Through vetted cash. Pay channels of course with a focus on accessing the lowest available price

so this in turn allows that segment of the market to still offer their employees. A chance for high-quality glp1, care with strong oversight, uh, without immediately taking on that full drug, spend risk.

And David, I'll just add a little bit of color on some of the revenue, and the IBA dot progression. Uh, per your question. Uh, we do expect, you know, we had an extremely strong Q4. We saw 11%, uh, sequential growth quarter over quarter, that's stronger. Compared to what we've observed historically. If you looked at 2024, we only saw 5% increase there. So we didn't expect as big of a jump on Q4 revenue on q1 Revenue, uh basing off of where we exited the year. And we also did have that 1 time uh 2 million dollar adjustment, which we don't intend to repeat going through the year. Uh, so q1 should roughly be, you know, expected to be flat relative to Q4.

Steve: As you're aware, Q1 is our largest net new enrollment volume quarter. It carries additional costs associated with increased device shipments, as well as increased costs for our care team. There's more labor in the Q1. We'll steadily climb out of that as we go throughout the year, improving gross margin and improving EBITDA margin throughout the remainder of the year.

Steve Cook: As you're aware, Q1 is our largest net new enrollment volume quarter. It carries additional costs associated with increased device shipments, as well as increased costs for our care team. There's more labor in the Q1. We'll steadily climb out of that as we go throughout the year, improving gross margin and improving EBITDA margin throughout the remainder of the year.

Okay, uh, that that's super helpful. Thanks, Sean. And then will you mentioned, uh, having improved enrollment yield 20? I think you said 24% last year. So driving significant efficiencies on the, the, the marketing front. Um, is there anything you can anything more? You can share on just like how you've been able to do that and I I think you mentioned Ai and playing a role there and then just maybe how much runway you see being left when it comes to driving, you know, kind of incremental margins or marketing efficiencies

Margin throughout the remainder of the year.

David Roman: Great. Thanks so much.

Uh, great thanks so much.

Operator: Thank you. Our next question comes from Sean Dodge with BMO Capital Markets. Your line is open.

Thank you.

Yeah sure Sean. Um let me address that um in terms of how we were able to achieve that um uh as you and others may recall, we do a lot of digital marketing. Um and as a result of that uh we actually have the ability to do um dozens if not hundreds of AD tests.

Sean Dodge: Yeah, thanks. Good afternoon. I just wanna start maybe understanding a little bit better the mechanics of the new GLP-1 Flex Care program. It sounds like the existing GLP-1 Care Track, but now just building some connections for the member to get a script and actually buy the drug. Does building that in, does that change the economics of the program for you at all? Do you get compensated for facilitating those connections, or is this just more about kind of broadening the appeal and kind of the utility of the program to more employers?

Our next question comes from Sean Dodge with BMO Capital markets, your line is open.

Steve: Yeah. Thank you, Shawn. This is Shawn here. Happy to talk about FlexCare. Let me just start with the characterization on the segments in the employer market specific to GLP-1s for obesity, because there are two primary groups. The first is those who cover, so that's roughly 45% of the market. They cover GLP-1s for obesity. Historically, when we talked about our Care Track, that's who that was targeted toward. Those are folks who want to maximize the value of that investment. There's actually a bigger segment, and that's 55%—roughly 55% of the large employers, and those that just do not cover GLP-1s for obesity yet. Equally, they do want a way to support their employees, and that is what the GLP FlexCare solution is targeted toward.

Sean Duffy: Yeah. Thank you, Shawn. This is Shawn here. Happy to talk about FlexCare. Let me just start with the characterization on the segments in the employer market specific to GLP-1s for obesity, because there are two primary groups. The first is those who cover, so that's roughly 45% of the market. They cover GLP-1s for obesity. Historically, when we talked about our Care Track, that's who that was targeted toward. Those are folks who want to maximize the value of that investment. There's actually a bigger segment, and that's 55%—roughly 55% of the large employers, and those that just do not cover GLP-1s for obesity yet. Equally, they do want a way to support their employees, and that is what the GLP FlexCare solution is targeted toward.

Yeah, thanks. Uh, good afternoon. Um, I just want to start maybe understanding a little bit better. The mechanics. Uh of the new glp1. Flex CARE program. It sounds like the existing glp1 care check. But now just builds in uh, some connections for the member to get a script and and actually buy the drug. Does does building that in? Does that change the economics of the program for you at all? Do you get compensated for facilitating those connections? Or is this just more about kind of broadening? Uh, the, the, the appeal, and, and kind of the, the utility of the, the, the program to more employers.

The other component, of course, is a multi-channel component. Um, and when we, when we say multi-channel or Omni Channel, we mean about digital signage,

Uh, yeah. Thank you, Sean. This is Sean here. I'm happy to talk about Flex here. Let me just start with a characterization on the segments.

Uh, in the employer market, specific to GLP-1s for BC, because there are two primary groups. Uh, the first is those who cover...

So that's roughly 45% of the market. They cover GLT ones for obesity. Uh, historically. When we talked about our care track, that's who that was targeted toward those are folks who want to maximize the value of that investment. There's actually a bigger segment, uh, and that's 55% roughly 55% of the large employers, and those that just do not cover, GL2 ones for obesity yet, but equally they do.

Steve: Because it gives these employers a structured model, where, yes, per your comments, they do pay Omada and will pay Omada more for the GLP-1 Flex Care offering because that includes clinical evaluation, prescribing, lab ordering, and Omada's lifestyle and behavioral support. While eligible employees can purchase the branded GLPs out of pocket through vetted cash pay channels, of course, with a focus on accessing the lowest available price.

Sean Duffy: Because it gives these employers a structured model, where, yes, per your comments, they do pay Omada and will pay Omada more for the GLP-1 Flex Care offering because that includes clinical evaluation, prescribing, lab ordering, and Omada's lifestyle and behavioral support. While eligible employees can purchase the branded GLPs out of pocket through vetted cash pay channels, of course, with a focus on accessing the lowest available price.

On site at an employer, especially if they have a large distribution center with large warehouse, for instance, uh, employees that are on site. Uh, and then, um, other other forms, uh, including Direct Mail other types of Flyers, so on and so forth. And even in those particular channels, we can then optimize again the frequency. How often we send, uh, what is the depth of the content, the copy, the creative, and then we can actually look across entire campaigns and how we Define a campaign is really a combination of all those things. In a multi-channel approach to understand how we stack them on each other. And so there's multiple Dimensions upon, which we can actually optimize and improve yield rates or employee, uh, enrollment rate. Um, and um, we think again that there's still a Runway to improve that, um, in 2026. And, and that certainly is, is on the docket for us to do. So,

Okay. Uh, thanks for the details and uh, congratulations on the great year.

Thank you.

Sean Duffy: This in turn allows that segment of the market to still offer their employees a chance for high quality GLP-1 care with strong oversight, without immediately taking on that full drug spend risk.

Thank you. Our next question comes from Craig hettenbach with Morgan Stanley. Your line is open.

Employers want a way to support their employees, and that is what the GLT Flex Care solution is targeted toward, because it gives these employers a structured model. Where, yes, to your comments, they do pay ADA and would pay ADA more for the GLT 1 Flex Care offering, because that includes clinical evaluation, prescribing, lab ordering, and ADA's lifestyle and behavioral support. While eligible employees can purchase the branded GLPs out of pocket, through vetted cash pay channels—of course, with a focus on accessing the lowest available price—so this, in turn, allows that segment of the market to still offer their employees a chance for high-quality GLP-1 care with strong oversight, without immediately taking on that full drug spend risk.

Sean Dodge: Okay. That's super helpful. Thanks, Sean. Wei-Li Shao, you mentioned having improved enrollment yields I think you said 24% last year, so driving significant efficiencies on the marketing front. Is there anything more you can share on just, like, how you've been able to do that? I think you mentioned AI playing a role there. Just maybe how much runway you see being left when it comes to driving, you know, kinda incremental margin or marketing efficiencies?

Great, thank you. Uh, Sean just going back to AI uh planted a debate on the impact uh including potential disruption to business models. So again it's a backdrop of some of the concerns in the marketplace. Where do you see omata as most insulated and what are some of the things you're doing to benefit from AI as opposed to being, uh, disrupted?

Wei-Li Shao: Yeah, sure, Sean. Let me address that. In terms of how we were able to achieve that, as you and others may recall, we do a lot of digital marketing. As a result of that, we actually have the ability to do dozens, if not hundreds of ad tests. Those ad tests can switch out concepts, creative, language, call to action, you name it, across the spectrum of what one would think about optimizing in our campaign outreach. That certainly is a component of that, and we did that last year. We did that in 2024. We did that in 2023. We're gonna do it again in 2026. We still think that there's runway to optimize those campaigns in that outreach.

Yeah. Hi Craig. You know thank you for the question. Uh it is 1 that I and we think about a lot uh pulling up Beyond domada I believe. We are on the frontier of just a remarkably Innovative moment in the history of healthcare.

Uh, and this is the moment where in our view, it's being propelled by Ai. And so against that, there are a number of things that I think frankly any Innovative Innovative company can do that. These include leveraging AI coding assistance using AI to improve member support using exciting Frontier models within their app. So aat is doing these.

Yeah, sure, Sean. Um, let me address that, um, in terms of how we were able to achieve that, um, uh, as you and others may recall, we do a lot of digital marketing. Um, and as a result of that, uh, we actually have the ability to do, um, dozens if not hundreds of ad tests.

Uh, we're already seeing signs of how this impacts uh, the business on a day-to-day basis. Our members on a day-to-day basis and that is, of course, an important part of ongoing improvements to margins. Um, that being said, those are perhaps table Stakes. Um, yet there there is 1 thing that we believe that is true today and will be true tomorrow.

And that is the value of unique data sets, uh that in many cases, take years to build.

Wei-Li Shao: The other component, of course, is a multi-channel component. When we say multi-channel or omni-channel, we mean about digital signage, on site at an employer, especially if they have a large distribution center with a large warehouse, for instance, employees that are on site. Then, other forms, including direct mail, other types of flyers, so on and so forth. Even in those particular channels, we can then optimize again the frequency, how often we send, what is the depth of the content, the copy, the creative. Then we can actually look across entire campaigns, and how we define a campaign is really a combination of all those things in a multi-channel approach to understand how we stack them on each other.

We have tens of millions of care team conversations, hundreds of millions of biometric data points and billions of real world data points. And so what that allows us to do and what we're excited, it allows us to customize and personalize care in a way that's unique.

And in a way that's valuable. So it will take time to prove this out.

Uh, those AB tests can switch Out Concepts creative, language call to action, you name it, uh, across the spectrum of what 1 would think about optimizing in our campaign Outreach. And so that certainly is a, is a component of that, and we did that. Uh, last year, we did that in 2024, we did that in 2023. We're going to do it again, uh, in 2026. Um, and we still think that there's Runway to optimize those campaigns in that Outreach. The other component, of course, is a multi-channel component. Um, and when we, when we say multi-channel or Omni Channel, we mean about digital signage, uh, and on site at an employer, especially if they have a large distribution center with large warehouse, for instance, uh, employees that are on site. Uh, and then, um, other other forms, uh, including Direct Mail other types of Flyers, so on and so forth. And even in those particular channels, we can then optimize again the frequency. How

Uh, and it'll take time because we are in healthcare. We're regulated. We have devices hard, hardware supply, chain and complex web of distribution relationships. And we're dealing with people's lives, which we take very seriously. So, when I'm asked that question, I, I don't tend to view it, um, as, uh, if AI will disrupt Healthcare or disrupt omada. Rather I view it as a question of who is going to build it in the right way, in healthcare and I believe we have the unique foundations to do just that here at omada

Wei-Li Shao: There's multiple dimensions upon which we can actually optimize and improve yield rates or employee enrollment rate. We think again that there's still a runway to improve that, in 2026, and that certainly is on the docket for us to do so.

Helpful. Thank you. And as a follow-up I want to focus in on just the hypertension diabetes programs. I feel like they tend to get overshadowed just buy all the excitement and interest in glp1. So can you talk about the traction you're seeing in in those programs and just how you see the runway for growth in the coming years?

Often we send, uh, what is the depth of the content, the copy, the creative, and then we can actually look across entire campaigns and how we Define a campaign is really a combination of all those things. In a multi-channel approach to understand how we stack them on each other. And so there's multiple Dimensions upon, which we can actually optimize and improve yield rates or employee, uh, enrollment rates. Um, and um, we think again that there's still a Runway to improve that, um, in 2026. And, and that certainly is, is on the docket for us to do.

Sean Dodge: Okay. thanks for the details and congratulations on the great year.

Wei-Li Shao: Thank you.

Okay, thanks for the details, and congratulations on the great year.

Thank you.

Operator: Thank you. Our next question comes from Craig Hettenbach with Morgan Stanley. Your line is open.

Yeah. Hi correct. This is Wei Li and and you get extra points for asking a non-general. Uh, so I appreciate that. Um, yeah, we, um, we've always said that the glp1 moment is actually a cardi metabolic moment.

Craig Hettenbach: Great. Thank you. Sean, just going back to AI, plenty of debate on the impact, including potential disruption to business models. Against the backdrop of some of the concerns in the marketplace, where do you see Omada as most insulated, and what are some of the things you're doing to benefit from AI as opposed to be, disrupted?

Emailing your line is open.

Sean Duffy: Yeah. Hi, Craig. You know, thank thank you for the question. It is one that I and we think about a lot. Pulling up beyond Omada, I believe we are on the frontier of just a remarkably innovative moment in the history of healthcare. This is a moment where, in our view, it's being propelled by AI. Against that, there are a number of things that I think frankly any innovative company can do. These include leveraging AI coding assistance, using AI to improve member support, using exciting frontier models within their app. Omada is doing these. We're already seeing signs of how this impacts the business on a day-to-day basis, our members on a day-to-day basis, and that is, of course, an important part of ongoing improvements to margin.

Great, thank you. Uh, Sean just going back to AI uh planning a debate on the impact uh, including potential disruption to business models. So again it's a backdrop of some of the concerns in the marketplace. Where do you see omada as most insulated and what are some of the things you're doing to benefit from AI as opposed to the uh disrupted? Yeah. Hi Craig, you know, thank you for the question. Uh it is 1 that I and we think about a lot uh pulling up Beyond omada, I believe we are on the frontier of just a remarkably Innovative moment in the history of healthcare.

Uh, and this is the moment where, in our view, it's being propelled.

By Ai. And so against that there are a number of things that I think. Frankly any innovate Innovative company can do that. These include leveraging AI coding assistance using AI to improve member support using exciting Frontier models within their app. So aat is doing these.

Sean Duffy: That being said, those are perhaps table stakes. Yet there is one thing that we believe that is true today and will be true tomorrow, and that is the value of unique data sets that in many cases take years to build. We have tens of millions of care team conversations, hundreds of millions of biometric data points, and billions of real-world data points. What that allows us to do, and what we're excited, is it allows us to customize and personalize care in a way that's unique and in a way that's valuable. It will take time to prove this out, and it'll take time because we are in healthcare. We're regulated. We have devices, hardware, a supply chain, a complex web of distribution relationships, and we're dealing with people's lives, which we take very seriously.

Uh, we're already seeing signs of how this impacts the business on a day-to-day basis, our members on a day-to-day basis and that is, of course, an important part of ongoing improvements to margin. Um, that being said, those are perhaps table Stakes.

Yet there there is 1 thing that we believe that is true today and will be true tomorrow.

And that is the value of unique data sets, uh that in many cases, take years to build.

We have tens of millions of care team conversations, hundreds of millions of biometric data points and billions of real world data points. And so what that allows us to do and what we're excited is it allows us to customize and personalize care in a way that's unique.

And in a way that's valuable. So it will take time to prove this out.

Have hypertension as we all know. And that's why we provide a multi-conductor is strategically important and a huge strategic Focus for us. And we've talked about our, our progress, on that, it continues. Uh, we continue to make progress on that and we're happy with that. Um, but maybe a way to, uh, talk about the results in our portfolio products is that we saw strong growth not only across our cardio metabolic Suite, but across um, you know, the individual programs and so prevention. Uh or weight health, obesity grew more than 50% in both diabetes and hypertension group, uh, 45% or more year-over-year and we think that breath uh, of growth really reflects the customers increasingly uh using omada as their integrated cardi metal block, cardi cardi metabolic partner, excuse me, and not just for a single uh condition. Uh so we're seeing growth, uh, um, and then summary um, in both

Sean Duffy: When I'm asked that question, I don't tend to view it as if AI will disrupt healthcare or disrupt Omada. Rather, I view it as a question of who is going to build it in the right way in healthcare, and I believe we have the unique foundations to do just that here at Omada.

Diabetes and hypertension, almost directionally similar to the overall growth rate, uh, that we saw last year overall on Revenue.

Helpful call. Thank you.

Thank you. Our next question comes from Ryan McDonald with Neiman company. Your line is open.

Uh, and it'll take time because we are in healthcare. We're regulated. We have devices, hardware, a supply chain, a complex web of distribution relationships, and we're dealing with people's lives, which we take very seriously. So, when I'm asked that question, I—I don't tend to view it, um, as if AI will disrupt healthcare or disrupt Omada. Rather, I view it as a question of who is going to build it in the right way, in healthcare, and I believe we have the unique foundations to do just that here at Omada.

Craig Hettenbach: Helpful. Thank you. As a follow-up, I wanted to focus in on just the hypertension diabetes programs. I feel like they tend to get overshadowed just by all the excitement and interest in GLP-1. Can you talk about the traction you're seeing in those programs and just how you see the runway for growth in the coming years?

Wei-Li Shao: Yeah. Hi, Craig. This is Wayley, and you get extra points for asking a non-GLP-1 question, so I appreciate that. Yeah, we've always said that the GLP-1 moment is actually a cardiometabolic moment, insofar as meaning that the discussion is a gateway into the broader cardiometabolic kind of condition, question, and challenge that our customers face. In fact, when you look at the cardiometabolic landscape, the overwhelming majority of people who suffer from those conditions are not taking a GLP-1. It actually represents a TAM that is as, if not larger than The current GLP-1 assessable market. What does that mean in terms of our performance?

Helpful. Thank you. And as a follow-up I want to focus in on just the hypertension diabetes programs. I feel like they tend to get overshadowed just buy all the excitement and interest in GLT 1. So can you talk about the traction you seeing in in those programs and just how you see the runway for growth in the coming years?

Yeah, hi, correct. This is Wei, and you get extra points for asking a non-general question, so I appreciate that. Um, yeah, we've always said that the GLP-1 moment is actually a cardiometabolic moment.

Uh, in so far as meaning that uh, the discussion is a gateway into the broader cardio. Metabolic um,

All right, thanks for taking my questions and congrats on Ice quarter, uh, Steve, maybe first for you. Um, uh, just so as we're thinking through the 20126 guidance. So obviously you mentioned sort of no material changes or improvements in sort of uh enrollment you know yields and rates uh from there. So should we sort of take a take, the guidance is um sort of uh uh you know, you grew covered lives 25% a year over year basis. And so if you assume that sort of same conversion rate that sort of member count grows about that 25% rate and then you see, then some some declines in average revenue per member. And if that's the case, can you help us understand what you're seeing from a program mixed perspective that may be driving sort of those the continued sort of our RPM declines. Thanks.

Wei-Li Shao: You know, we've always said, from the get-go, that a pillar of our strategy is to understand and realize that people who suffer from, let's say, obesity, also have diabetes, also have hypertension, as we all know. That's why we provide a multi-condition platform. Multi-condition sales continues to be something that is strategically important and a huge strategic focus for us. We've talked about our progress on that. It continues. We continue to make progress on that, and we're happy with that. Maybe a way to talk about the results in our portfolio products is that we saw strong growth, not only across our cardiometabolic suite, but across, you know, the individual programs.

Absolutely right and happy. Happy to provide some color there. Again per the sum of the prior comments, uh just to recalibrate on what's in our Baseline assumptions. It's just starting with that 886,000 members and then layering on some historical assumptions around enrollment conversion as well as engagement rate. I think the easiest way to Think Through the next year is that our post stays relatively flat historically. It's been roughly just shy of $300 per ending member, uh, and so and then building up your total member base off of that growing.

Kind of condition question and and challenge that our customers face. Uh, and in fact, when you look at the cardi B, metabolic landscape, the overwhelming majority of people who suffer from those conditions are not taking a glp-1. So, uh, it actually represents, uh, a tam that is, as if not larger than the current GOP 1 access market. So what does that mean in terms of our performance? You know we've always said uh from the get-go that a a pillar of our strategy. Um is to understand and realize that people who suffer from let's say, obesity also have diabetes also have hypertension as we all know and that's why we provide a multi-conductor continues to be something that is strategically important and a huge strategic Focus for us. And we've talked about our, our progress, in that, it continues. Uh, we continue to make progress on that and we're happy with that. Um, but maybe a way to, uh,

Wei-Li Shao: Prevention, or weight health, obesity grew more than 50%, Both diabetes and hypertension grew 45% or more year over year. We think that breadth of growth really reflects the customers increasingly using Omada as their integrated cardiometabolic partner, excuse me, and not just for a single condition. We're seeing growth, in summary, in both diabetes and hypertension, almost directionally similar to the overall growth rate that we saw last year overall in revenue. Helpful color. Thank you.

Craig Hettenbach: Helpful color. Thank you.

Talk about the results in our portfolio products is that we saw strong growth not only across our cardio metabolic Suite, but across um, you know, the individual programs and so prevention. Uh, or weight health, obesity grew more than 50% in both diabetes and hypertension group, uh, 45% or more year-over-year and we think that breath, uh, of growth really reflects the customers increasingly, uh, using omada as their integrated. Cardi metal block cardium, metabolic partner. Excuse me, and not just for a single, uh, condition. Uh, so we're seeing growth, uh, um, and then summary, um, in both diabetes and hypertension, almost directionally similar to the overall growth rate, uh, that we saw last year, overall on Revenue.

Helpful call. Thank you.

Operator: Thank you. Our next question comes from Ryan MacDonald with Needham & Company. Your line is open.

Thank you.

Ryan MacDonald: Thanks for taking my questions, and congrats on a nice quarter. Steve, maybe first for you, just so as we're thinking through the 2026 guidance. Obviously you mentioned sort of no material changes or improvements in sort of enrollment, you know, yields and rates from there. Should we sort of take the guidance as, you know, you grew covered lives 25% a year-over-year basis. If you assume that sort of same conversion rate, that sort of member count grows about that 25% rate, then you see some declines in average revenue per member. If that's the case, can you help us understand what you're seeing from a program mix perspective that may be driving those continued ARPU declines? Thanks.

Your line is open.

Super helpful. I appreciate the finer point on that. And then, uh, maybe the secondary question, um, uh, for Willie or Sean, you know, earlier this week, we're at a benefits conference and, and what the conversation really centered around sort of, for this year. Was so this idea that, you know, your average employee benefits portfolio is about 28, different point Solutions today. And that, uh, the conversation is really around in the current budgetary environment with healthcare costs. Continuing to rise at accelerate and rates is more of a consolidation looking to see where there are duplicate Solutions and then optimizing for outcomes would love to know if this is something you're seeing sort of in the early stages of the 2026 selling season and how uh, maybe this could potentially Savor your multi-conductor relative.

To sort of individual Point Solutions providers, thanks. Yeah. Ryan, yeah. Thank you. Thank you for the question. I mean, if you, uh, served as a head of benefits and and we're on LinkedIn, you'd have about, you know, 50 messages a week coming in from uh, you know, Point solution providers. And that does that does grow tiring. And that's a message we hear frequently about

Steve: Yeah, absolutely Ryan. Happy to provide some color there. Again, per some of the prior comments, just to recalibrate on what's in our baseline assumptions, it's just starting with that 886,000 members and then layering on some historical assumptions around enrollment conversion as well as engagement rate. I think the easiest way to think through the modeling next year is that ARPU stays relatively flat. Historically, it's been roughly just shy of $300 per ending member. Building up your total member base off of that, growing roughly in line with revenue guidance at 22%. What's important is what's not in the guide, and we talked a little bit about this, all which have the ability to drive incremental ARPU throughout the year.

Steve Cook: Yeah, absolutely Ryan. Happy to provide some color there. Again, per some of the prior comments, just to recalibrate on what's in our baseline assumptions, it's just starting with that 886,000 members and then layering on some historical assumptions around enrollment conversion as well as engagement rate. I think the easiest way to think through the modeling next year is that ARPU stays relatively flat. Historically, it's been roughly just shy of $300 per ending member. Building up your total member base off of that, growing roughly in line with revenue guidance at 22%. What's important is what's not in the guide, and we talked a little bit about this, all which have the ability to drive incremental ARPU throughout the year.

All right, thanks for taking my questions and congrats on Ice quarter, uh, Steve, maybe first for you. Um, uh, just so as we're thinking through the 2026 guidance. So obviously you mentioned sort of no material changes or improvements in sort of uh enrollment you know yields and rates uh from there. So should we sort of take a take, the guidance is um sort of uh uh you know, you grew covered lives 25% a year over year basis. And so if you assume that sort of same conversion rate that sort of member count grows about that 25% rate. And then you see, then some some declines in average revenue per member. And if that's the case, can you help us understand what you're seeing from a program mix perspective, that may be driving sort of those the continued sort of our RPM declines. Thanks.

Proofing concept of this uh approach right in front of us in cholesterol. Um, we announced a model for cholesterol, that's a natural extension of a carton, metabolic Suite. Um uh, we like that high cholesterol often as shared in the remarks, coexists, with obesity, diabetes, hypertension, uh, and 1 of the reasons, uh, that we got excited to do it. Is we heard about it from our largest customers who said, this is a clinical area where I care about omada, we trust you. We'd love if we could work together on it, uh, and then we're starting out of the gate uh, either with a with a customer lined up there for a moderator cholesterol.

Absolutely, right and happy. Happy to provide some color there. Again per the some of the prior comments, just to recalibrate on what's in our Baseline assumptions. It's just starting with that 8886000 members and then layering on some historical assumptions around enrollment conversion, as well as engagement rate. I think the easiest way to Think Through the modem next year is that our post stays relatively flat historically. It's been roughly just shy of $300 per ending member, uh, and so, and then building up your total member based off of that. Growing roughly in line with Revenue guidance at at 22%. Uh, what's important is what's not in the guide and we talked a little bit about this all, which have the ability to drive.

Steve: The first being some of the new product categories we're entering to the extent we're able to layer on GLP-1 Flex Care prescribing cholesterol. These are all accretive to ARPU throughout the year. We are creating internally some investments around driving more engagement through increased product and feature enhancement. The longer we can keep folks in program, that also has the ability to drive additional ARPU with little incremental cost as we go throughout the year. The really way to just take it the basis is to grow the member count by 22% and keep revenue roughly flat.

Steve Cook: The first being some of the new product categories we're entering to the extent we're able to layer on GLP-1 Flex Care prescribing cholesterol. These are all accretive to ARPU throughout the year. We are creating internally some investments around driving more engagement through increased product and feature enhancement. The longer we can keep folks in program, that also has the ability to drive additional ARPU with little incremental cost as we go throughout the year. The really way to just take it the basis is to grow the member count by 22% and keep revenue roughly flat.

Ryan MacDonald: Super helpful. I appreciate the finer point on that. Then, maybe as a secondary question, for Wei-Li or Sean. You know, well, earlier this week we were at a benefits conference, and what the conversation really centered around sort of for this year was, so this idea that, you know, your average employee benefits portfolio is about 28 different point solutions today. The conversation is really around in the current budgetary environment with healthcare costs continuing to rise at accelerated rates, is more of a consolidation, looking to see where there are duplicate solutions and then optimizing for outcomes.

Incremental RPO throughout the year. The first being some of the new product categories. We're entering to the extent, we're able to layer on glp1, Flex care, prescribing cholesterol, these are all accretive to our food throughout the year. We are creating uh, internally some Investments around driving more engagement through increased products. And feature enhancement, the longer we can keep folks in program that also has the ability to drive additional arpu with a little incremental cost as we go throughout the year. Uh, so the really way to just take the basis, is to grow the member count by 22% and keep, uh, Revenue roughly flat,

And if I were just to tag on a little bit to that and add, um, you know, in what really drove that particular situation, and we're seeing this repeated across a, number of opportunities is exactly what you mentioned around, a fatigue around single point Solutions. Uh, imagining somebody who suffers from obesity diabetes, hypertension and now, of course, uh, some discipline or high cholesterol, they could be on as many of 4 different applications in the consolidation into 1 multi product, uh, company omada, uh, that has proven evidence-based results and outcomes in Roi, certainly is attracted to buyers. And we're seeing that play through which is why we continue to see momentum and multi-product sales and growth across the portfolio of programs. The last bit. I would also mention is that we happen to be in the actual therapeutic areas where disease areas that HR benefits company. CEOs, CFOs understand are actually the biggest drop

Ryan MacDonald: Would love to know if this is something you're seeing sort of in the early stages of the 2026 selling season and how maybe this could potentially favor your multi-condition platform relative to sort of individual point solutions providers. Thanks.

Fibers of their Healthcare spend, cardiovascular events, cholesterol, uh, heart attacks, uh, diabetes, obesity msk, they always register small company, big company. Uh always to the top of the top 5, top 6 areas that are driving spend and so as employers and benefit solution providers, uh decide to consolidate away from the quote unquote, what you said, 28 different point, solution providers. There are obviously going to think about omada, they're going to think about multaq uh,

Wei-Li Shao: Yeah. Ryan, you know, thank you for the question. I mean, if you served as a head of benefits and were on LinkedIn, you'd have about, you know, 50 messages a week coming in from, you know, point solution providers. That does grow tiring, and that's a message we hear frequently about. It's one that we respond to. It's been a recurring theme that customers love the fact that they can get quality care across multiple care areas, from Omada. We see that across our portfolio suite. Even we see that within GLP-1, where one buyer is one buyer. Equally, they recognize that tomorrow's strategy, specific to their GLP-1s, may not be the same as today's. We are thrilled with that.

Sean Duffy: Yeah. Ryan, you know, thank you for the question. I mean, if you served as a head of benefits and were on LinkedIn, you'd have about, you know, 50 messages a week coming in from, you know, point solution providers. That does grow tiring, and that's a message we hear frequently about. It's one that we respond to. It's been a recurring theme that customers love the fact that they can get quality care across multiple care areas, from Omada. We see that across our portfolio suite. Even we see that within GLP-1, where one buyer is one buyer. Equally, they recognize that tomorrow's strategy, specific to their GLP-1s, may not be the same as today's. We are thrilled with that.

Platforms. But they're also going to think about those providers that are in the sweet spots that are driving most of their year-over-year Healthcare spend and it happens to be the ones we're in.

Appreciate all the color, thanks.

Super helpful. I appreciate the finer point on that. And then, uh, maybe the secondary question, um, uh, for way or Sean, you know, we earlier this week we were at a benefit to conference and, and what the conversation really centered around sort of for this year. Was so this idea that, you know, your average employee benefits portfolio is about 28, different point Solutions today. And that, uh, the conversation is really around in the current budgetary environment with healthcare costs, continue to rise at accelerate races more of a consolidation looking to see where there are duplicate Solutions and then optimizing for outcomes would love to know if this is something you're seeing sort of in the early stages of the 2026 selling season and how uh, maybe this could potentially Savor your multi condition. Uh uh uh platform relative to sort of individual Point Solutions providers. Thanks, yeah. Ryan you thank you. Thank you for the question. I mean, if you uh, served as a head of benefits and and were on LinkedIn,

and you'd have about, you know, 50 messages a week coming in from uh you know, Point solution providers and that does that does grow tiring and that's a message we hear frequently about

Thank you. Our next question, comes from Elizabeth Anderson with evercore, isi. Your line is open.

Wei-Li Shao: In fact, I think we have a proof in concept of this approach right in front of us in cholesterol. We announced Omada for Cholesterol. That's a natural extension of our cardiometabolic suite. We like that. High cholesterol, often as shared in remarks, coexist with obesity, diabetes, hypertension. One of the reasons that we got excited to do it is we heard about it from our largest customers who said, This is a clinical area where I care about. Omada, we trust you. We'd love if we could work together on it. Then we're starting out of the gate, you know, with a customer lined up there for Omada for Cholesterol.

Sean Duffy: In fact, I think we have a proof in concept of this approach right in front of us in cholesterol. We announced Omada for Cholesterol. That's a natural extension of our cardiometabolic suite. We like that. High cholesterol, often as shared in remarks, coexist with obesity, diabetes, hypertension. One of the reasons that we got excited to do it is we heard about it from our largest customers who said, This is a clinical area where I care about. Omada, we trust you. We'd love if we could work together on it. Then we're starting out of the gate, you know, with a customer lined up there for Omada for Cholesterol.

Uh, and uh, it's one that we respond to. Um, it's been a recurring theme that customers love the fact that they can get quality care across multiple care areas from Omada. We see that across our portfolio suite. And even, we see that within GLP-1s, where one buyer is one buying that, and equally they recognize that tomorrow, strategy specific to their GLP-1s, uh, may not be the same as today, uh, and so uh, we are thrilled with that. In fact, I think we have a proof of concept of this approach right in front of us in cholesterol.

Hi guys. Good evening, thanks so much for the question. Um, I would like approve, the improving. Gross margins. Um, Steve obviously heard what you said about the contribution to gross margins, um, from the 2 million dollars, but still improved to quite nicely even, um, without that. So can you talk about that and how you see those flowing through into into 2026? I understand that. Obviously, you guys have seasonality, that that will impact, particularly, the 1q numbers, but just sort of how to think of that incrementally. And then, if there's any more color, you can provide on sort of what that, um, adjustment was in the fourth quarter, that would also be super helpful. Thank you.

Wei-Li Shao: If I were just to tag on a little bit to that and add, you know, and what really drove that particular situation, and we're seeing this repeated across a number of opportunities, is exactly what you mentioned around a fatigue around single point solutions. Imagining somebody who suffers from obesity, diabetes, hypertension, and now of course, some dyslipidemia or high cholesterol, they could be on as many as 4 different applications. The consolidation into one multi-product company, Omada, that has proven evidence-based results and outcomes and ROI certainly has attracted the buyers. We're seeing that play through, which is why we continue to see momentum in multi-product sales and growth across the portfolio of programs.

Yeah, we announced a model for cholesterol, that's a natural extension of our Cardema Ballet Suite. Um, uh, we like that high cholesterol, often as shared in the remarks, coexists with obesity, diabetes, hypertension, uh, and one of the reasons, uh, that we got excited to do it is we heard about it from our largest customers who said, this is a clinical area where I care about Omada, we trust you, we'd love if we could work together on it. Uh, and then we're starting out of the gate, uh, either with a customer lined up there for a modified for cholesterol.

Yeah, maybe I'll I'll start there with the adjustment in the fourth quarter. Um we did have a million dollar 1-time true-up, uh this is an issue negotiation, that was uh cascading throughout the year, with 1 of our larger Partners, uh, wealth to resolve that in the fourth quarter. Um and as such for at least that Revenue, um, if we had negotiated it and resolved it earlier in the year, you would have seen that Revenue recognized randomly throughout the course of the year. We don't expect that to recur on, on a go forward basis.

And if I were just to tag on a little bit to that and add, um, you know, what really drove that particular situation—and we're seeing this repeated across a number of opportunities—is exactly what you mentioned around a fatigue around single point solutions. Uh, imagining somebody who suffers from obesity, diabetes, hypertension, and now, of course, uh,

Um, with regard to gross margin. Uh, again, tremendously proud of our, our performance in Q4 hitting 73% gross margin. As we've communicated, uh, consistently our terminal annualized Target. It continues to be 70% plus, so we believe Q4 really demonstrates our ability to to March towards that Target in the long term.

Wei-Li Shao: The last bit I would also mention is that we happen to be in the actual therapeutic areas or disease areas that HR benefits companies, CEOs, CFOs understand are actually the biggest drivers of their healthcare spend. Cardiovascular events, cholesterol, heart attacks, diabetes, obesity, MSK. They always register, small company, big company, always to the top of the top 5, top 6 areas that are driving spend. As employers and benefit solution providers decide to consolidate away from the quote unquote, what you said, 20 different point solution providers, they're obviously gonna think about Omada, they're gonna think about multi-condition platforms, but they're also gonna think about those providers that are in the sweet spot, that are driving most of their year-over-year healthcare spend, and it happens to be the ones we're in.

2 main drivers here. Uh, the first being ongoing traction with, uh, multi- conditioned customers. Uh, so the more diabetes and hypertension Revenue that we drive through, those are coming through at our, those are higher highest price products and they drive incremental gross margin dollars and and gross profit dollars for us. That was a large contributor and then the second piece is just more cost efficiencies and that came in in 2 forms. The first is us just continuing to optimize our, our labor across the cost, across our care teams. We've experimented with dozens of Staffing models and we really feel like we fine-tune that uh over the course of the past several years, which led to additional margin expansion as well as some of the prepared. Remarks us continuing just to use Ai and using a contact

Summarization making our care teams more effective and more efficient, and we're going to be planning, to roll some of those that momentum throughout the course of the next year, and we envision 2026 being another key. Stepping stone on our path to getting into 70, plus percent gross margin.

Super helpful. Thank you. Congrats.

Happened to be in the actual therapeutic areas where disease areas that HR benefits company. CEOs CFOs understand are actually the biggest drivers of their health care. Spend, cardiovascular events cholesterol, uh, heart attacks, uh, diabetes, obesity msk, they always register small company, big company. Uh, always to the top of the top 5, top 6 areas that are driving spend, and so as employers and benefits Solutions providers, uh decide to consolidate away from the quote unquote, what you said, 28 different point, solution providers. They're obviously going to think about ADA, they're going to think about

Platforms. But they're also going to think about those providers that are in the sweet spots, that are driving most of their year-over-year healthcare spend, and it happens to be the ones where

Elizabeth Anderson: Appreciate all the color. Thanks.

Ryan MacDonald: Appreciate all the color. Thanks.

With Wells, Fargo, your line is open.

Appreciate all the color, thanks.

Operator: Thank you. Our next question comes from Elizabeth Anderson with Evercore ISI. Your line is open.

Elizabeth Anderson: Hi, guys. Good evening. Thanks so much for the questions. How much growth, improving gross margins? Steve, obviously heard what you said about the contribution to gross margins from the $2 million, but still improved quite nicely even without that. Can you talk about that and how you see those flowing through into 2026? I understand that obviously you guys have seasonality that will impact particularly the Q1 numbers, but just sort of how to think of that incrementally. If there's any more color you can provide on sort of what that adjustment was in Q4, that would also be super helpful. Thank you.

Thank you. Our next question comes from Elizabeth Anderson with Evercore ISI. Your line is open.

Good evening. Thanks for taking my questions. First time retention Dynamics on any comments that they're pretty steady over 12 and 24 months. I'm curious, whether the new products that come out of spark and new map. Um, whether they've demonstrated any measurable Improvement in engagement that you can point to

Hi, guys. Good evening, thanks so much for the question. Um, I would just like to throw in the improving gross margins. And Steve, obviously, I heard what you said about the contribution to gross margins from the $2 million, but still, it improved quite nicely even without that. So, can you talk about that and how you see those flowing through into 2026? I understand that, obviously, you guys have seasonality that will impact, particularly...

Steve: Yeah. Maybe I'll start there with the adjustment in Q4. We did have a $2 million one-time true-up. This was a negotiation that was cascading throughout the year with one of our larger partners. We also resolved that in Q4, and as such, released that revenue. If we had negotiated it and resolved it earlier in the year, you'd have seen that revenue recognized ratably throughout the course of the year. We don't expect that to recur on a go-forward basis. With regard to gross margin, again, tremendously proud of our performance in Q4, hitting 73% gross margin. As we've communicated consistently, our terminal annualized target, it continues to be 70% plus. We believe Q4 really demonstrates our ability to march towards that target in the long term.

Steve Cook: Yeah. Maybe I'll start there with the adjustment in Q4. We did have a $2 million one-time true-up. This was a negotiation that was cascading throughout the year with one of our larger partners. We also resolved that in Q4, and as such, released that revenue. If we had negotiated it and resolved it earlier in the year, you'd have seen that revenue recognized ratably throughout the course of the year. We don't expect that to recur on a go-forward basis. With regard to gross margin, again, tremendously proud of our performance in Q4, hitting 73% gross margin. As we've communicated consistently, our terminal annualized target, it continues to be 70% plus. We believe Q4 really demonstrates our ability to march towards that target in the long term.

The 1 2 numbers, but just sort of how to think of that incrementally. And then, if there's any more color, you can provide on sort of what that, um, adjustment was in the fourth quarter. That would also be super helpful. Thank you. Yeah, maybe I'll, I'll start there with the adjustment in the fourth quarter. Um, we did have a 2 million 1-time true-up. Uh, this is a no negotiation. That was uh cascading throughout the year, with 1 of our larger Partners. Uh we have to resolve that in the fourth quarter. Um and as such for at least that Revenue, um, if we had negotiated it and resolved it early in the year, you would have seen that Revenue recognized randomly throughout the course of the year. We don't expect that to recur on, on a go forward basis.

Yeah. Uh, thanks a lot. Stay in way lie here, uh, let me take this 1 around a modest spark. So we launched the, uh, in the first half of last year and then fast forward with some enhancements, uh, to mod spark. And so, we're, we're proud of that. And, and, and it allows our members to essentially have a nutritional AI system. Food is such an important part of the behavior change process. Uh, and then, of course, the meal map allows, uh, individuals to either dictate their food, snapshot, their food with their camera, uh, log their food in a number of different ways. And then the nutritional density, uh, of the food is actually registered very accurately. And then, then that information, then translates into what meaningful changes. Can they make? Um, and so I, I, I kind of recourse all of that, uh, because you can imagine the value that numbers, uh, have in seeing this knowing that nutrition and food and food quality, uh, and nutritional density is such an important part to generating a

Steve: Two main drivers here. The first being ongoing traction with multi-condition customers. The more diabetes and hypertension revenue that we drive through, those are our highest price products, and they drive incremental gross margin dollars and gross profit dollars for us. That was a large contributor. The second piece is just more cost efficiencies, and that came in two forms. The first is us just continuing to optimize our labor costs across our care teams.

Steve Cook: Two main drivers here. The first being ongoing traction with multi-condition customers. The more diabetes and hypertension revenue that we drive through, those are our highest price products, and they drive incremental gross margin dollars and gross profit dollars for us. That was a large contributor. The second piece is just more cost efficiencies, and that came in two forms. The first is us just continuing to optimize our labor costs across our care teams.

Um, with regard to gross margin again, we're tremendously proud of our performance in Q4, hitting a 73% gross margin. As we've communicated consistently, our terminal annualized target continues to be 70% plus, so we believe Q4 really demonstrates our ability to march towards that target in the long term.

Steve: We've experimented with dozens of staffing models, we really feel like we fine-tuned that, over the course of the past several years, which led to additional margin expansion, as well as some of the prepared remarks, us continuing just to use AI and using a contact summarization, making our care teams more effective and more efficient. We're gonna be planning to roll that momentum throughout the course of the next year. We envision 2026 being another key stepping stone on our path to getting to 70-plus percent gross margin.

Steve Cook: We've experimented with dozens of staffing models, we really feel like we fine-tuned that, over the course of the past several years, which led to additional margin expansion, as well as some of the prepared remarks, us continuing just to use AI and using a contact summarization, making our care teams more effective and more efficient. We're gonna be planning to roll that momentum throughout the course of the next year. We envision 2026 being another key stepping stone on our path to getting to 70-plus percent gross margin.

2 main drivers here. Uh the first being ongoing traction with of multi- conditioning customers. Uh so the more diabetes and hypertension Revenue that we drive through, those are coming through at our those are our higher highest price products and they drive incremental gross margin dollars and and gross profit dollars for us. That was a large contributor and then the second piece is just more cost efficiencies and that came in in 2 forms. The person that's just continuing to optimize our, our labor across the cost, across our care teams. We've experimented with dozens of Staffing models and we really feel like we

Positive outcome, not just in obesity and weight Health, but across diabetes, hypertension and now cholesterol and believe it or not, even in msk, uh, as well. We're encouraged, uh, by the early results members, who interact with a lot of spark, our health AI assistant, uh, along with Neil mapap are demonstrating, higher levels of ongoing engagement, uh, and in fact, because of that are returning to the at more frequently compared to those who haven't yet used the tools. Um, and so we're seeing, uh, that lifts now specifically to meal map, which is, uh, the part and parcel of understanding. What you eat, and then matching the behavior change. We're also seeing meaningful lifts and actual food, tracking behavior, um, which is 1 of our strongest predictors of sustained weight management. And so all of these, uh, of course, uh, drive more activity when the app. Uh, and because we build based upon activity for the majority of our business. Uh, we do, um, we do believe over the Long Haul, uh, and over time that this should, um, potentially, uh,

Create um, some meaningful uh, Improvement. Uh, and in terms of financial performance,

Elizabeth Anderson: Super helpful. Thank you. Congrats.

Fine-tune that uh over the course of the past several years, which led to additional margin expansion as well as some of the prepared. Remarks us continuing just to use Ai. And using a contact summarization, making our care teams more effective and more efficient. And we're going to be planning, to roll some of those that momentum throughout the course of the next year, and we envision 2026 being another key. Stepping stone on our path to getting into 70, plus percent gross margin.

Super helpful. Thank you. Congrats.

Operator: Thank you. Our next question comes from Stan Berenshteyn with Wells Fargo. Your line is open.

Thank you. And then uh I just want to follow up on the covered lives. I think you mentioned 25 million that's about 5 million incremental from your prior disclosures. Can you share with us what is the mix of self-insured versus fully insured within those 5 million that you onboarded. Thank you.

Thank you. Our next question comes from Stan Baron Sting with Wells Fargo. Your line is open.

Wei-Li Shao: Good evening. Thanks for taking my questions. First on retention dynamics, I know you commented that they're pretty steady over 12 and 24 months. I'm curious whether the new products like Omada Spark and MealMap, whether they've demonstrated any measurable improvement in engagement that you can point to. Yeah. Thanks a lot, Stan. Wei Li here. Let me take this one around Omada Spark. We launched this in the first half of last year and then fast-followed with some enhancements to Omada Spark. We're proud of that and it allows our members to essentially have a nutritional AI assistant. Food is such an important part of the behavior change process.

Stan Berenshteyn: Good evening. Thanks for taking my questions. First on retention dynamics, I know you commented that they're pretty steady over 12 and 24 months. I'm curious whether the new products like Omada Spark and MealMap, whether they've demonstrated any measurable improvement in engagement that you can point to.

Wei-Li Shao: Yeah. Thanks a lot, Stan. Wei Li here. Let me take this one around Omada Spark. We launched this in the first half of last year and then fast-followed with some enhancements to Omada Spark. We're proud of that and it allows our members to essentially have a nutritional AI assistant. Food is such an important part of the behavior change process.

Hey, good evening. Thanks for taking my questions. Um, first, time retention dynamics—you commented that they're pretty steady over 12 and 24 months. I'm curious whether the new products that come out of Spark and Neomap, um, whether they've demonstrated any measurable improvement in engagement that you can point to.

Yeah, sure, um, right. So of the 5 million that we closed. Um, the way to think about it. Um and characterize that um is that, you know, it was driven by strength across multiple commercial channels in across the product portfolio, so it wasn't densely concentrated in 1 significant over the other. Um, but if you were to look at the mix, um, our PBM channel was the largest contributor followed by strong performance in our self-insured uh fully insured in ASO business.

Thank you.

Thank you as a reminder, to ask a question. Please press star, 1, 1 1 on your telephone,

Wei-Li Shao: Of course, the Meal Map allows individuals to either dictate their food, snapshot their food with their camera, log their food in a number of different ways, and then the nutritional density of the food is actually registered very accurately, and then that information then translates into what meaningful changes can they make. I, I kind of recourse all of that because you can imagine the value that members have in seeing this, knowing that nutrition and food and food quality, and nutritional density is such an important part to generating a positive outcome, not just in obesity and weight health, but across diabetes, hypertension, and now cholesterol, and believe it or not, even in MSK, as well. We're encouraged by the early results.

Again that is star 1, 1. 1 to ask a question.

Our next question comes from Richard, close with canaccord genuity, your line is open.

Yeah. Uh thanks a lot. Stay on way Lee here. Uh, let me take this 1 around modest Sparks. So we launched the uh, see in the first half of last year and then fast forward with some enhancements, uh, to omata spark. And so we're we're proud of that. And and, and it allows our members to essentially have a nutritional AI assistant. Food is such an important part of the behavior change process. Uh, and then of course, the meal map allows, uh, individuals to either dictate their food,

Great. Thanks for the question and all the success this year. Um, Sean maybe on gop's. Um, you know, welcome your perspectives and on how you think about go uh glp prices coming down and how that impacts the growth opportunity um for Alma. Um, you know, I do think there's some fears out there as those prices come down maybe demand for programs like omada, you know, uh, gets impacted.

Wei-Li Shao: Members who interact with OmadaSpark, our health AI assistant, along with Meal Map, are demonstrating higher levels of ongoing engagement. In fact, because of that, are returning to the app more frequently compared to those who haven't yet used the tools. We're seeing that lift. Now, specifically the Meal Map, which is the part and parcel of understanding what you eat and then matching the behavior change.

Food, and food, quality, and nutritional density is such an important part to generating a positive outcome. Not just in obesity and weight Health, but across diabetes hypertension to now cholesterol and believe it or not, even in msk, uh, as well. We're encouraged, uh, by the early results members, who interact with a lot of spark. Our health AI assistant, uh along with Neil map are demonstrating higher levels of ongoing engagement uh and in fact because of that are returning to the at more frequently compared to those who haven't yet, used the tools.

Wei-Li Shao: We're also seeing meaningful lifts in actual food tracking behavior, which is one of our strongest predictors of sustained weight management. All of these, of course, drive more activity within the app, and because we bill based upon activity for the majority of our business, we do, we do believe over the long haul, and over time, that this should potentially create some meaningful improvement in terms of financial performance.

Um, and so we're seeing, uh, that lifts now specifically to Meal Map, which is the part and parcel of understanding what you eat and then matching the behavior change. We're also seeing meaningful lifts in actual food tracking behavior.

Um, which is one of our strongest predictors of sustained weight management. And so, all of these, uh, of course, drive more activity within the app. Uh, and because we build based upon activity for the majority of our business, uh, we do, um, we do believe over the long haul, uh, and over time, that this should, um, potentially, uh, create, um, some meaningful improvement, uh, and in terms of financial performance,

Stan Berenshteyn: Thank you. I just wanna follow up on the covered lives. I think you mentioned 25 million. That's about 5 million incremental from your prior disclosures. Can you share with us what is the mix of self-insured versus fully insured within those 5 million that you onboarded? Thank you.

To supporting members realized outcomes while in therapy and of course, to safely discontinued uh, when appropriate and so, um, net relative, the price of the meds. We believe these lower price points actually have the potential to increase glp1 utilization, uh, which increases access to the medicines and thus increases the need for care, track services, like omada. Uh, and equally, uh, for the market where employers, say, look, uh, I just can't afford these meds, um, and that's where our glp1 Flex care offering comes in. And that's the 55% of the employer market segments, specific to GL2 owns for obesity.

Wei-Li Shao: Yeah, sure. Right. Of the $5 million that we closed, the way to think about it, and characterize that, you know, it was driven by strength across multiple commercial channels and across the product portfolio, so it wasn't densely concentrated in one significantly over the other. If you were to look at the mix, our PBM channel was the largest contributor, followed by strong performance in our self-insured, fully insured, and ASO business.

Okay. And then Steve uh maybe as a follow-up. You I think you mentioned all the new programs are creative. Um, can you put that uh you know into perspective in terms of our poo?

Yeah, sure. Um right. So of the 5 million that we closed the way to think about it. Um and characterize that um, is that, you know, it was driven by strength across multiple commercial channels in a cross the product portfolio, so it wasn't densely concentrated in 1 significant over the other. Um, but if you were to look at the mix, our PBM channel was the largest contributor followed by strong performance in our self-insured uh, fully insured in ASO business.

Stan Berenshteyn: Thank you.

Thank you.

Operator: Thank you. As a reminder, to ask a question, please press star one one on your telephone. Again, that is star one one to ask a question. Our next question comes from Richard Close with Canaccord Genuity. Your line is open.

Thank you as a reminder, to ask a question. Please press star, 1, 1 1 on your telephone,

Again that is star 1, 1. 1 to ask a question.

Yeah, that's a great question. You know, we have priced across prescribing cholesterol and our glp1 Flex care. Uh, you know, above our current rates. Uh so for cholesterol specifically that's roughly Place priced in mine with hypertension. But as we view uh you know, as we observe more customers uh, in taking these products, these all have the potential to uplift. Our poo above where our current, our current run rates are at $300 per year per average member. Uh, so as we get more traction in Market again, these are very nice and products for just uh starting out with them. We'll be able to provide more specific guidance on the exact measure of uplift that we're observing.

Serving, uh, as we get traction with some clients.

Okay, thank you.

Our next question comes from Richard, close with Canaccord Genuity. Your line is open.

Richard Close: Great. Thanks for the question and all the success this year. Sean, maybe on GLPs, you know, welcome your perspectives and on how you think about GLP prices coming down and how that impacts the growth opportunity for Omada. You know, I do think there's some fears out there as those prices come down, maybe demand for programs like Omada, you know, gets impacted.

Thank you.

And our final question comes from Carly Becker with Barclays. Your line is open.

Hi. You have Carly on for a second here. Thanks for taking our question.

Sean Duffy: Yeah, Richard, thank you for the question. It's certainly an important one. Within that, it's also important to share that the way our accounts and customers view Omada is not a cost on top of their medication spend, but rather a value maximizer of their decision to cover GLP-1s for obesity. Again, right now, the accounts that cover GLP-1s for obesity, it's roughly 45% of the market. They know the cost of that decision, and what they're after is reduced waste. Omada's care tracking capabilities allow us to support them across the entire journey, from helping inform prescription decisions with our new prescribing capabilities, to supporting members realize outcomes while on therapy, and of course, to safely discontinue when appropriate.

If we look back to 2018 when omada launched its diabetes and hypertension programs, can you walk us through? What the adoption curve looked like for those programs over time as we think about kind of a parallel to help frame the launch of the cholesterol program. How long did it take to roll out the diabetes and hypertension modules. More broadly. And when did you start to see adoption, really pick up steam and drive incremental Revenue? Yeah, I can start because again, those are, those are good examples of how we love to innovate, which is on the back of really listening deeply to customer needs and asks, and ideally finding kind of about 1 or multiple Marquee customers to start the Innovation Journey with you. And so that, that was um, a couple long-standing customers that had said, you know what, omada,

Great. Thanks for the question and all the success this year. Um, Sean maybe on gop's. Um, you know, welcome your perspectives and on how you think about go uh GOP prices coming down and how that impacts the growth opportunity um for Ada. Um you know, I do think there's some fears out there as those prices come down maybe demand for programs like omada, you know, uh, gets impacted. Yeah, Richard thank you for the question. It's, it's certainly an important 1. Uh, and within that it's also important to share that the way our accounts and customers view amata is, is not a cost on top of their medication spend. Um, but rather a value maximizer of their decision to cover GL2 ones for obesity. And so again, right now the accounts that coverage GOP ones for obesity, it's roughly 45% of the market. Um, they know the

Sean Duffy: Net, relative to the price of the meds, we believe these lower price points actually have the potential to increase GLP-1 utilization, which increases access to the medicines and thus increases the need for care track services, like Omada. Equally, for the market where employers say, Look, I just can't afford these meds, that's where our new GLP-1 Flex Care offering comes in, and that's the 55% of the employer market segment specific to GLP-1s for obesity.

We love what you do in prevention and it'll be in obesity and weight Health. Um, would you consider diabetes? And so, so that started the journey. Um, and then we did highlight the growth rates, uh, um, you know, which are comparable to prevention, which I think, um, is a statement on how that journey is gone. Um, and so, you know what, we're hoping to rinse and repeat with. Um, uh, you know, with the course cholesterol hoping to rinse and repeat with that same process of listening intently on things like glp1, prescribing glp1, Flex care,

Cost of that decision and what they're after is reduced waste. And so Omada is care. Tracking capabilities allow us to support them across the entire journey, from helping inform prescription decisions with our new prescribing capabilities, to supporting members realize outcomes while on therapy, and of course to safely discontinue when appropriate. And so, net relative to the price of the meds, we believe these lower price points actually have the potential to increase GLP-1 utilization, which increases access to the medicines.

Because we know uh, you know, based on how those grow how they can be a creative over time, but um I don't know Wheatley if you have any comments on top of what I've shared.

This increases the need for care, track services, like Omada. Uh, and equally

For the market where employers say, look, uh, I just can't afford these meds, I mean, that's where our GLP-1 Flex Care offering comes in, and that's the 55% of the employer market segments, specific to GL2 owns for obesity.

Richard Close: Steve, maybe as a follow-up, I think you mentioned all the new programs are accretive. Can you put that, you know, into perspective in terms of ARPU?

Okay. And then Steve, uh, maybe as a follow-up—you, I think you mentioned all the new programs are creative. Um, can you put that, uh, you know, into perspective in terms of ARPU?

Steve: Yeah, that's a great question. You know, we have priced across prescribing, cholesterol and our GLP-1 Flex Care, you know, above our current rates. For cholesterol specifically, that's roughly priced in line with hypertension. As we view, you know, as we observe more customers, in taking these products, these all have the potential to uplift ARPU above where our current run rates are at $300 per year per average member. As we get more traction in market, again, these are very nascent products, we're just starting out with them. We'll be able to provide more specific guidance on the exact measure of uplift that we're observing, as we get traction with some clients.

Steve Cook: Yeah, that's a great question. You know, we have priced across prescribing, cholesterol and our GLP-1 Flex Care, you know, above our current rates. For cholesterol specifically, that's roughly priced in line with hypertension. As we view, you know, as we observe more customers, in taking these products, these all have the potential to uplift ARPU above where our current run rates are at $300 per year per average member. As we get more traction in market, again, these are very nascent products, we're just starting out with them. We'll be able to provide more specific guidance on the exact measure of uplift that we're observing, as we get traction with some clients.

Yeah, the only thing I would share on top of would be kind of qualitative and just um, imagining kind of the intent of the question. You know, that was 6 7 years ago in the omada That Was Then in 2018, we're a very very different, omad day, our capabilities, um um are far more evolved uh across the entire conversion funnel starting with closing lives with channels and then employers and of course, enrollment rate and engagement and so on and so forth, activation through the numbers, all that to say to me that, um, you know, I think what would have taken us, you know, uh 3 4 years to eventually sell through a payer or pvm and then build a book of business through employers and then begin to enroll. Um, I think we've gotten better at that and I know we've gotten a better at that. Um, and so we certainly think that, um, we can beat those time Curves in terms of a full-scale adoption.

Richard Close: Okay. Thank you.

Uh, so as we get more traction in market again, these are very nice products for just, uh, starting out with them. We'll be able to provide more specific guidance on the exact measure of uplift that we're observing, uh, as we get traction on some clients.

Okay, thank you.

Operator: Thank you. Our final question comes from Jailen Sikes with Barclays. Your line is open.

Thank you.

The last thing I I'd also remind everyone to as well is that our approach, uh, over the last few years in innovating and expanding new programs? Um, has not really just been looking at Tam, but is as, as Sean mentioned, really listening to our customers and oftentimes the trigger for us, which accelerates adoption is um, actually when a customer says, boy, if you do this we'll buy it, uh, and we're seeing that.

Wei-Li Shao: Hi. You have Carly on for Sackett here. Thanks for taking our question. If we look back to 2018 when Omada launched its diabetes and hypertension programs, can you walk us through what the adoption curve looked like for those programs over time as we think about kind of a parallel to help frame the launch of the cholesterol program? How long did it take to roll out the diabetes and hypertension modules more broadly, and when did you start to see adoption really pick up steam and drive incremental revenue?

Carly Buecker: Hi. You have Carly on for Sackett here. Thanks for taking our question. If we look back to 2018 when Omada launched its diabetes and hypertension programs, can you walk us through what the adoption curve looked like for those programs over time as we think about kind of a parallel to help frame the launch of the cholesterol program? How long did it take to roll out the diabetes and hypertension modules more broadly, and when did you start to see adoption really pick up steam and drive incremental revenue?

And our final question comes from Carly Becker with Barclays. Your line is open.

Hi, you have Carly on for a second here. Thanks for taking our question.

These launches, you know, we, we believe they really add up, I mean between glp1, prescribing glp1, Flex care or modif for cholesterol.

Sean Duffy: Yeah, I can start 'cause again, those are good examples of how we love to innovate, which is on the back of really listening deeply to customer needs and asks, and ideally finding kind of a one or multiple marquee customers to start the innovation journey with you. That was a couple longstanding customers that had said, "You know what, Omada? We love what you do in prevention in obesity and weight health. Would you consider diabetes?" That started the journey. We did highlight the growth rates, you know, which are comparable to prevention, which I think is a statement on how that journey has gone.

If we look back to 2018, when a model launched its diabetes and hypertension programs, can you walk us through what the adoption curve looks like for those programs over time as we think about kind of a parallel to help frame the launch of the cholesterol program. How long did it take to roll out the diabetes and hypertension modules. More broadly. And when did you start to see adoption really pick up steam and drive incremental Revenue.

As I reflect on the journey we've been on, uh, we are on Pace to roll out more new offerings in 2026 uh, than in any year, uh, in the history of our company. And so, uh, what this translates into of course, is a big opportunity set.

Translates into new ways to support specific customer needs and and we believe a solid foundation for durable growth.

Yeah, I can start because, again, those are good examples of how we love to innovate, which is on the back of really listening deeply to customer needs and asking, and ideally finding kind of one or multiple of those marquee customers to start the innovation journey with you. And so that was a couple of long-standing customers that had said, you know what, Omada,

Very helpful. Thank you. All.

This concludes today's conference call.

Sean Duffy: You know, what we're hoping to rinse and repeat with, you know, with, of course, cholesterol, hoping to rinse and repeat with that same process of listening intently on things like GLP-1 prescribing, GLP-1 Flex Care, because we know, you know, based on how those grow, how they can be accretive over time. I don't know, Whaley, if you have any comments on top of what I've shared.

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Wei-Li Shao: The only thing I would share on top of would be kind of qualitative and just imagining kind of the intent of the question. You know, that was 6, 7 years ago, the Omada that was then in 2018, we're a very, very different Omada today. Our capabilities are far more evolved across the entire conversion funnel, starting with closing lives with channels and then employers and of course, enrollment rate and engagement and so on and so forth, activation through the numbers. All that to say to mean that, you know, I think what would have taken us, you know, 3, 4 years to eventually sell through a payer or a PBM and then build a book of business with employers and then begin to enroll, I think we've gotten better at that.

We love what you do in prevention and it'll be in obesity and weight Health. Um, would you consider diabetes? And so, so that started the journey. Um, and then we did highlight the growth rates, uh, um, you know, which are comparable to prevention, which I think, um, is a statement on how that journey is gone. Um, and so, you know what, we're hoping to rinse and repeat with. Um, uh, you know, with, of course, cholesterol hoping to rinse and repeat with that same process of listening, intently on things like glp1, prescribing glp1, Flex care because we know, uh, you know, based on how those grow, how they can be a creative over time. But, um, I don't know why lie. If you have a any comments on top of what I've shared.

Wei-Li Shao: I know we've gotten better at that. We certainly think that we can beat those time curves in terms of full-scale adoption. The last thing I'd also remind everyone too as well is that our approach over the last few years in innovating and expanding new programs has not really just been looking at TAM, but is, as Shawn mentioned, really listening to our customers. Oftentimes the trigger for us, which accelerates adoption is actually when a customer says, Boy, if you do this, we'll buy it. We're seeing that reflected with our cholesterol program, where a large customer came to us and said, Hey, we're seeing this being a cost driver in our healthcare spend.

Yeah, the only thing I would share on top of would be kind of qualitative and just um, imagining kind of the intent of the question. You know, that was 6 7 years ago and the omada That Was Then in 2018, we're a very, very different omad day, our capabilities um, are far more evolved uh, across the entire conversion funnel starting with closing lives with channels and then employers and of course, enrollment rate and engagement and so on and so forth, activation through the numbers, all that to say to me that, um, you know, I think what would have taken us, you know, uh 3 4 years to eventually sell through a payer or pvm and then build a book of business to employers and then begin to enroll. Um, I think we've gotten better at that and I know we've gotten a better at that. Um, and so we certainly think that, um, we can beat those time Curves in terms of a full-scale

Adoption the last thing. I, I'd also remind everyone to as well, is that our approach, uh, over the last few years in innovating and expanding new programs?

Um, has not really just been looking at TAM, but as, as Sean mentioned, really listening to our customers, and oftentimes the trigger for us.

Wei-Li Shao: We'd love to partner with you all. We built that, and immediately went into contracting and launched that customer, you know, earlier this year. The approach there is as such.

Sean Duffy: Last thing here. Just stepping back, what's fun is if you look at all these launches, you know, we believe they really add up. I mean, between GLP-1 prescribing, GLP-1 Flex Care, or Omada for Cholesterol, as I reflect on the journey we've been on, we are on pace to roll out more new offerings in 2026 than in any year in the history of our company. What this translates into, of course, is a bigger opportunity set, translates into new ways to support specific customer needs, and we believe a solid foundation for durable growth.

Which accelerates adoption is, um, actually when a customer says, 'Boy, if you do this, we'll buy it.' Uh, and we're seeing that reflected with our cholesterol program. Uh, where a large customer came to us and said, 'Hey, we're seeing this, um, being a cost driver in our healthcare spend. We'd love to partner with you all.' And we built that, uh, and immediately went into contracting and launched that customer, um, uh, you know, earlier this year. And so, the, uh, the approach there is as such. And then the last thing here—so just stepping back—what's fun is, if you look at all these launches, you know, we believe they really add up, I mean, between GLP-1 prescribing, GLP-1 Flex Care, or Modif for cholesterol.

As I reflect on the journey we've been on, uh, we are on Pace to roll out more new offerings, in 2026, than in any year, uh, in the history of our company. And so what, this translates into of course, is a bigger opportunity set.

Elizabeth Anderson: Very helpful. Thank you all.

Carly Buecker: Very helpful. Thank you all.

Translates into new ways to support specific customer needs, and we believe a solid foundation for durable growth.

Very helpful. Thank you. All.

Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

Thank you. This concludes today's conference call.

Thank you for participating. You may now disconnect.

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