Latest news with #AndrewDiMichele
CNBC
4 days ago
- Business
- CNBC
Omada shares open at $23 in Nasdaq debut after health-tech company's IPO
Omada Health shares opened at $23 in their Nasdaq debut on Friday after the virtual chronic care company priced its stock at $19 per share in its IPO. The company said in a press release late Thursday that it sold 7.9 million shares in the offering, amounting to about $150 million. The pricing was in the middle of the expected range, and valued the company at just over $1 billion, though that number could be higher on a fully diluted basis. Omada, founded in 2012, is trading under ticker symbol "OMDA." The company offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. Sean Duffy, Omada's CEO, co-founded the company with Andrew DiMichele and Adrian James, who have both moved on to other ventures. It's the second digital health IPO in a matter of weeks following an extended drought for the industry. Digital physical therapy startup Hinge Health debuted on the New York Stock Exchange in May. Hinge is currently trading at $38.20 after selling shares in its IPO at $32. The tech IPO market has been showing signs of life, with Hinge being one of the latest offerings. On Thursday, shares of crypto company Circle Internet soared 168% in their New York Stock Exchange debut. Fintech company eToro started trading last month, and Chime Financial, which offers online banking services, is set to hit the market next week. "Today is the right moment for us," Duffy told CNBC's "Squawk Box" on Friday. "We like the scale of the model, we like the scale of the business, equally we felt pull from the capital markets." Omada's revenue increased 57% in its first quarter to $55 million from $35.1 million a year earlier, according to its prospectus. For 2024, revenue rose 38% to $169.8 million from $122.8 million the previous year. The company's net loss narrowed to $9.4 million in the first quarter from $19 million a year ago. U.S. Venture Partners, Andreessen Horowitz and Fidelity's FMR LLC are the largest outside shareholders in the company, each owning between 9% and 10% of the stock.
CNBC
5 days ago
- Business
- CNBC
Omada Health prices IPO at $19 per share, in middle of expected range
Omada Health priced its IPO at $19 per share on Thursday, in the middle of the expected range. The virtual chronic care company said in a press release that 7.9 million shares are being sold in the offering, amounting to $150 million. Omada, founded in 2012, will trade on the Nasdaq under the ticker symbol "OMDA." The company filed its initial prospectus in May and updated the document with an expected pricing range of $18 to $20 per share. At the IPO price, Omada is worth about $1.1 billion, though that number could be higher on a fully diluted basis. That's right around its private market valuation from 2022, when Omada announced a $192 million funding round that pushed its valuation above $1 billion. U.S. Venture Partners, Andreessen Horowitz and Fidelity's FMR LLC are the largest outside shareholders in the company, each owning between 9% and 10% of the stock. Omada offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. Sean Duffy, Omada's CEO, co-founded the company with Andrew DiMichele and Adrian James, who have both moved on to other ventures. It's the second digital health IPO in a matter of weeks following an extended drought for the industry. Digital physical therapy startup Hinge Health debuted on the New York Stock Exchange in May. The tech IPO market has been showing signs of life, with Hinge being one of the latest offerings. On Thursday, shares of crypto company Circle Internet soared 168% in their New York Stock Exchange debut. Fintech company eToro started trading last month, and Chime Financial, which offers online banking services, is set to hit the market next week. Omada's revenue increased 57% in its first quarter to $55 million from $35.1 million a year earlier, according to its prospectus. For 2024, revenue rose 38% to $169.8 million from $122.8 million the previous year. The company's net loss narrowed to $9.4 million in the first quarter from $19 million a year ago.
CNBC
29-05-2025
- Business
- CNBC
Omada Health aims to go public with market cap of up to $1.1 billion
Omada Health plans to raise up to $158 million in its up coming IPO, attaining a market cap of about $1.1 billion at the top end of its expected range, according to a filing on Thursday. The virtual chronic care company filed its prospectus earlier this month, and has just updated the filing with an expected pricing range of $18 to $20 per share. Omada said it plans to sell 7.9 million shares in the offering. The size of the offering and share price could change, and the market cap could be higher on a fully diluted bases. The IPO is expected to take place next week. Omada, which offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension, will be the second digital health company to hit the market in a matter of weeks after an extended drought. Digital physical therapy startup Hinge Health debuted on the New York Stock Exchange earlier this month. Omada, based in San Francisco, describes its approach as a "between-visit care model" that is complementary to the broader health-care ecosystem, according to its prospectus. Sean Duffy, Omada's CEO, co-founded the company in 2012 with Andrew DiMichele and Adrian James, who have both moved on to other ventures. Omada's revenue increased 57% in its first quarter to $55 million from $35.1 million a year earlier, the filing said. For 2024, revenue rose 38% to $169.8 million from $122.8 million the previous year. The company's net loss narrowed to $9.4 million in the first quarter from $19 million a year ago. "To our prospective shareholders, thank you for learning more about Omada," Duffy said in the prospectus. I invite you to join our journey." The company will trade on the Nasdaq under the ticker symbol "OMDA." Morgan Stanley, Goldman Sachs and JPMorgan Chase are leading the offering. Omada's top shareholders are U.S. Venture Partners, Andreessen Horowitz and Fidelity.
