Exclusive: Diabetes startup Omada Health has confidentially filed its S-1 to go public

• The diabetes startup Omada Health has confidentially filed its S-1 for an IPO, BI has learned.
• It’s among a crop of hot startups patiently waiting for the markets to reopen for healthcare IPOs.
• Hinge Health, also a healthcare startup, has hired banks as it prepares to confidentially file its S-1.

Rumors about the diabetes startup Omada Health’s public-market debut have been swirling for years. Now, its IPO may finally be within reach.

Omada Health confidentially filed its S-1 this summer to go public, a person with knowledge of the transaction said.

It’s been a long time coming for Omada, which was founded in 2011 to treat diabetes and other chronic conditions with a combination of virtual coaching and remote monitoring.

Omada last raised a $192 million Series E funding round in 2022, which boosted its valuation to over $1 billion. It has raised about $450 million to date, according to PitchBook.

An Omada Health spokesperson said the company “can’t comment on rumors or speculation at this time.”

Omada CEO Sean Duffy has never spoken publicly about the startup’s IPO plans. But Omada could be one of the select healthcare startups to test the IPO waters when the 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, Business Insider previously reported. Hinge is aiming for an initial public offering in early 2025, markets willing.

BI previously 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 rough couple of 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. No healthcare startups went public in 2023.

2024’s IPO market has remained rocky. Three digital-health companies have gone public this year: the revenue-cycle-management company Waystar, the remote-pregnancy-monitoring company Nuvo, and the precision-medicine company Tempus AI. As of Tuesday, both Waystar’s and Tempus’ stocks had surged about 30% since their public-market debuts. Nuvo, which went public in a special-purpose-acquisition-company deal in May, filed for bankruptcy in August.

Cameron Lester, a global cohead of technology, media, and telecom investment banking at Jefferies, told BI in August that many companies were waiting until 2025, after the US presidential election has concluded, to consider an IPO. He said the firm expected “a strong 2025 with lots of companies getting ready to go public.”

Ben Narasin, Tenacity Venture Capital’s founder and general partner and an early investor in Omada Health, told BI he believed the first quarter of 2025 “will unleash the IPO beast back into the wild, and we will see a long-awaited return to liquidity, starting with the best and most compelling companies that currently clog a congested pipe of massive scale.”

Omada has made plenty of progress in the IPO drought, including by notching a partnership with Amazon in January. It has also sought deals to help employers manage patients on drugs used for weight loss such as Ozempic, a diabetes drug.

“Probably every year for the last five years, I get asked about Omada’s IPO,” Duffy told BI in January. “We want to make sure that Omada continues to grow and that we’re the sort of business that can thrive independently.”