1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.Please see analyst certifications and important disclosures beginning on page 38.Omada Health,Inc.Taking Share in Digital Health forCardiometabolic Conditions;GLP-1 Care Track Supports 20%+GrowthWe initiate on OMDA with an OW rating and a$21 PT

3、for 3reasons:(1)large TAM for chronic conditions&GLP-1 CareTracks could be an accelerant to adoption;(2)we think OMDAis taking share with its human-led care&strong partnerships;(3)attractive risk/reward with healthy growth&large TAM.We are initiating on Omada Health with an Overweight rating and$21

4、price target for threereasons:(1)OMDAs digital health solution is addressing a large market given the prevalence ofprediabetes,diabetes,hypertension and musculoskeletal(MSK)issues-we think its GLP-1 CareTrack offerings could be an accelerant to adoption within this TAM;(2)we think Omada isgaining sh

5、are in this cardiometabolic market,particularly from Livongo given OMDAs human-led care,its strong partnerships with leading health plans(Cigna)and PBMs(Express Scripts&CVS Caremark)and its GLP-1 Care Track;(3)we model 20%+revenue growth driven bycontinued adoption by its 20M eligible lives and new

6、partnerships,and as this scale increaseswe model EBITDA breakeven in 2H26-with the stock at 3x FY26E EV/S versus peers at 5-6x,wethink risk/reward is attractive.OMDAs digital health solution is addressing a large market given the prevalence ofprediabetes,diabetes,hypertension and MSK issues-we think