OMDA · CIK 0001611115
What Omada Health, Inc. told the SEC could break it.
Omada's disclosures center on concentration at both ends of its virtual-care business. Its revenue funnels through a few channel partners — its top five health-plan and PBM partners were 77% of 2025 revenue, with two Cigna-affiliated plans alone at 32% and 33% — so losing one would be severe. On the supply side, most of the devices it ships with its programs (scales, blood-pressure and glucose monitors) are manufactured in China, concentrating that supply chain in one country and exposing its cost of revenue to recent and potential tariffs. A sharper dependency sits in its diabetes program, which relies on a single supplier and exclusive partner for continuous glucose monitors and a single distributor to deliver them.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Top-five health plan / PBM partners (77% of revenue)high
Revenue is heavily concentrated in a few channel partners: the top five health plan and PBM partners represented 77% of revenue in 2025 (up from 69% and 68% in 2024 and 2023); within that, two Cigna-affiliated plans/PBMs were 32% and 33% of 2025 revenue.
“Sales from or through our top five health plan and PBM partners, including any sales to these entities as customers and sales through these entities as channel partners, represented 77%, 69% and 68% of our revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”
SEC filing →As of 2026
Geographic concentration
- Device manufacturing concentrated in Chinamedium
Most devices and supplies delivered with Omada's programs (scales, BP monitors, glucose monitors) are manufactured in China, concentrating the supply chain in a single country.
“Most of the devices and supplies delivered in connection with our programs are currently manufactured in China and may be manufactured in other international markets in the future.”
Regulatory & policy
- U.S. tariffs on China-manufactured devicesmedium
Because most program devices are China-made, the company expects device prices to rise from recent and potential future tariffs, pressuring cost of revenue and gross margin.
“Most of the devices delivered in connection with our programs are manufactured in China and may be manufactured in other international markets in the future, and we expect that the prices of these devices may increase as a result of recent tariffs and any new or increased tariffs in the future.”
SEC filing →As of 2026
Supplier concentration
- Continuous glucose monitors — single supplier and single distributormedium
Omada relies on a single supplier/exclusive partner for the continuous glucose monitors used in its diabetes program and a single distributor to deliver them, a sole-source dependence for a core program input.
“We utilize a single supplier and exclusive partner for continuous glucose monitors provided in Omada for Diabetes and work with a single distributor for delivery of the continuous glucose monitors.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Each of these health plans or PBMs are affiliates of The Cigna Group.”
Cited →
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