Needham initiated coverage of Omada Health (OMDA) with a Buy rating and $23 price target The firm says clinical leadership is a core tenet of the Omada solution and this clinical rigor is helping the company rapidly gain market share vs. legacy incumbents. Chronic conditions are a leading driver of healthcare cost increases and the emergence of GLP-1s is creating a refresh cycle as employers look for alternatives to coverage of these expensive drugs, Needham notes. When combining this with Omada’s rapidly expanding PBM relationships and growing cross-sell success, the firm believes the business is poised to generate 35%-plus growth while approaching adjusted EBITDA breakeven.
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