For the quarter ended March 2025, the firm’s revenue shot up 57% year-over-year to $55 million.

Shares of Omada Health, Inc. (OMDA) shot up over 42% from their initial public offering price to trade over $26 during their Nasdaq debut on Friday.

The virtual healthcare provider had announced on Thursday that it had priced its initial public offering (IPO) of 7.9 million shares of its common stock for $19.00 per share.

“Today is the right moment for us,” Sean Duffy, Omada’s CEO, told CNBC on Friday. “We like the scale of the model, we like the scale of the business, equally, we felt pull from the capital markets.”

Morgan Stanley, Goldman Sachs, and JPMorgan were the lead book-running managers for the offering, while Barclays and Evercore ISI were joint book-running managers. Canaccord Genuity and Needham & Company were the co-managers for the offering.

In its prospectus, Omada Health indicated that its revenue increased by 38% from $122.8 million to $169.8 million for the years ended Dec. 31, 2023, and 2024, respectively.

For the quarter ended March 2025, the firm’s revenue shot up 57% year-over-year to $55 million.

“We have a history of net losses, due in part to the significant investments we have made in the design and development of our programs and platform enhancements, and have not yet achieved profitability on an annual basis,” the company explained in its prospectus.

It incurred net losses of $67.5 million and $47.1 million for the years ended Dec. 31, 2023, and 2024, respectively, and $19.0 million and $9.4 million for the three months ended March 31, 2024, and 2025, respectively.

As of Dec. 31, 2023, and 2024, the company had an accumulated deficit of $396.8 million and $444.0 million, respectively.

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