Intriguing IPOs: Omada Health (OMDA)

The business of managing diabetes, hypertension, and other chronic conditions is bringing many new concepts to market.

The Healing of Tobit, Caravaggio, 1620 oil on canvas (Berlin Gemäldegalerie)

I suppose one of the themes for 2025 is healthcare companies focused on chronic disease care. Metsera (NASDAQ: MTSR) went public back in February after some promising clinical trial data related to its GLP-1 inhibitor. A few weeks ago, Hinge Health (NASDAQ: HNGE), a service company using AI sofware and wearable devices to manage musculoskeletal care better.

This week, Omada Health (NASDAQ: OMDA) is looking to go public. The long-term diabetes, hypertension, and weight management care program is also part of a new cohort of health companies looking to tackle chronic care.

For me, what makes this one intriguing isn’t necessarily the business model. Instead, it has to do with what Omada doesn’t have compared to so many other companies going public recently.

Let’s dig in.

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