Exclusive: Omada Health confidentially filed its S-1 for public release

• BI has learned that diabetes startup Omada Health has confidentially filed an S-1 for an initial public offering.
• It is among a group of hot startups patiently waiting for markets to reopen for health care IPOs.
• Another healthcare startup, Hinge Health, has hired banks as it prepares to confidentially file its S-1 filing.

Rumors about the public debut of diabetes startup Omada Health have been circulating for years. Now its IPO may finally be within reach.

Omada Health confidentially filed an S-1 this summer to go public, according to one person with knowledge of the deal.

It took a long time for Omada to be founded in 2011 to treat diabetes and other chronic diseases through a combination of virtual coaching and remote monitoring.

Omada last raised $192 million in a Series E round in 2022, boosting its valuation by more than $1 billion. According to PitchBook, approximately $450 million has been raised so far.

An Omada Health spokesman said the company “cannot comment on rumors or speculation at this time.”

Omada CEO Sean Duffy has never spoken publicly about the startup’s IPO plans. However, Omada could be one of the select healthcare startups to test the IPO possibilities when markets warm up, hopefully in 2025.

Hinge Health has hired banks including Morgan Stanley as the physical therapy startup prepares to confidentially file its S-1 filing, BI previously reported. Hinge aims to pursue an initial public offering in early 2025, market permitting.

BI had earlier reported that Omada Health and Hinge Health were among the top contenders to test the healthcare IPO waters, alongside startups such as Lyra Health and Datavant.

It’s been a difficult few years for healthcare IPOs. After 20 healthcare startups went public in 2021, only one healthcare company went public the following year – Akili Interactive, which sold for $34 million in July. In 2023, no healthcare startup debuted on the stock exchange.

The IPO market in 2024 remains difficult. This year, three digital health companies went public: Waystar, a revenue cycle management company, Nuvo, a remote pregnancy monitoring company, and Tempus AI, a precision medicine company. Shares of Waystar and Tempus have increased by approximately 30% since their debut on the public market on October 1. Nuvo, which went public in May as part of a SPAC transaction, filed for bankruptcy in August.

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Cameron Lester, co-head of global technology, media and telecommunications investment banking at Jefferies, told Business Insider in August that many companies are currently waiting until 2025, after the US presidential election, to consider an IPO. He said the company expects “a strong 2025 as many companies prepare to go public.”

Ben Narasin, founder and general partner at Tenacity Venture Capital and an early investor in Omada Health, told BI that he believes the first quarter of 2024 will “release the IPO beast back into the wild and we will see a long-awaited return to liquidity, starting with the best and the most persuasive companies that are currently clogging up the congested pipe on a massive scale.

Omada has made significant progress amid the IPO drought, including by forming a partnership with Amazon in January. Offers that could help employers were also sought manage patients taking weight loss medications such as Ozempic.

“I’ve probably been asked every year for the last five years about Omada’s IPO,” Duffy told BI in January. “We want to make sure that Omada continues to grow and that we are a company that can grow independently.”