Omada Health, Inc.

Good day and thank you for standing by. Welcome to the Amada Health Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alan Kells, Head of Investor Relations for Amada Health. Please go ahead.

Thank you. Good afternoon. Welcome to Amada Health's third quarter 2025 earnings call. Joining me today are Sean Duffy, co-founder and CEO, Wei-Li Xiao, our president, and Steve Cook, our CFO. Before we begin, I'd like to note that we will be discussing non-GAAP financial measures that we consider helpful in evaluating NOMADA's performance. You can find details on how these relate to our GAAP measures along with the reconciliations in the press release that is available on our website. We'll also make forward-looking statements based on our current expectations and assumptions, which are subject to risk and uncertainties, including factors listed in our press release and in the risk factors found in our filings with the SEC. Actual results could differ materially, and we assume no obligation to update these forward-looking statements. With that, I'll turn the call over to Sean.

Good afternoon, everyone, and thank you, Alan, for the introduction. I appreciate all of you for taking the time to join us today. Let me begin with highlights from our third quarter, which was another strong step forward for AMADA. Total members climbed 53% year-over-year to 831,000. Revenue grew 49% year-over-year to $68 million. Gap gross margin reached 66%, with non-gap at 68%, both up sharply from Q3 last year. We tightened the bottom line, reducing our net loss to $3 million versus $9 million in Q3-24. And for the first time, we delivered a positive adjusted EBITDA quarter, with Q3 landing at $2 million compared with a $5 million loss at Q3 a year ago. These numbers are encouraging, but the real story is the impact behind them. One of our GLP-1 care track members recently told us, having struggled with weight for most of my life, I realized there is no quick fix. GLP-1 medicines are helpful, no doubt, but I needed to develop tools and a mindset geared toward my long-term success. Well, Mada has been very helpful in getting me thinking about what I can do to better my life now and in the future. Stories like that remind us why we're here, to deliver evidence-based care between doctors' visits, care that weaves together clinical services, wraparound support for next-generation therapeutics such as GLP-1s, and cutting-edge AI-driven experiences. Our long-term mission at Omada is simple but bold. bend the curve for the more than 150 million Americans living with chronic conditions, such as prediabetes and obesity, diabetes, hypertension, and musculoskeletal disease. We pursue this mission on behalf of employers and health plans that seek healthier populations at lower costs. And during the third quarter, I believe we demonstrated meaningful progress towards this mission. First, innovation remains front and center. Today we announced prescribing for anti obesity medications within our GLP-1 care track as a planned option for our clients. We believe it addresses many of today's market needs and positions us to better support the next wave of oral and injectable GLP-1 therapies, which we believe will span various price points in the future. As those therapies evolve, so will questions employers face. Chief among them, in addition to lifestyle support, how do we help ensure the right member is on the right medication at the right time? Our answer at Omada combines behavioral intelligence, which are learnings from health metrics, readiness, and engagement data from serving more than 100,000 GLP users, behavioral support to drive outcomes well on the medicines and sustainability well not, and flexibility that enables employers to tailor their GLP-1 benefit strategies against their unique needs. The customer conversations we've had as we've shaped this offering have been clear. Many customers want help thoughtfully managing GLP-1 spend while preserving clinical value. They want a partner that can be configurable and flexible as they evolve their benefit strategies year over year. And they want a partner who is built for scale. Our new capability squarely targets these customer needs. Beyond product innovation, in Q3, we deepened our research. August marked our 30th peer-reviewed publication, highlighting significant savings from our joint and muscle health program. We also published data from our weight health program, showing members in the analysis largely maintained weight on average one year after discontinuing GLP-1 therapy. evidence that challenges the narrative of inevitable rebound weight gain. We're also proud that the business has been scaling efficiently. Through the first nine months of 2025, revenue is up 51% and membership is up 53% versus the same period last year, while operating expenses rose only 24% and cost of revenue only 31%. That gap shows our ability to grow on top of strong foundations. Key drivers of that operating leverage include years of investment in technology, clinical research, and streamlined operations, plus a deliberate multi-product approach. One sales team currently sells four programs, so clients can work with a single trusted partner instead of managing different point solutions. The result is leverage for Armada and often loyalty from our customers. As we look into 2026, we're excited about the path ahead. Our annual planning has surfaced two clear investment themes, making 2026 what I like to call the year of the Gs. The first G is GLP-1s. We plan to invest in both the prescribing offering announced today, as well as other improvements that can deepen our solutions across the GLP-1 lifecycle. The second G is GPTs and broader AI. We plan to keep weaving AI into many layers of our program, including more tools for members and the care team experience, as well as leveraging these tools to drive internal productivity amongst our teams. We believe these investment areas can add value as we seek to widen our competitive mode and fuel sustainable, responsible growth. Lastly, we were honored to welcome Dr. Tom Tseng as Omada's chief medical officer. Tom is a physician, innovator, and seasoned operator. More recently, Tom was the CEO and co-founder of Valera Health. He also sits on the boards of NCQA and Blue Cross Blue Shield of Kansas City. His expertise in clinical quality, value-based care, and telehealth perfectly aligns with our next chapter. In short, I believe the stage is set for an exciting moment at Omada. We're proud of this quarter's results and even more energized by what lies ahead. We have the privilege and the responsibility to dream big on behalf of the more than 150 million Americans living with chronic disease. And as we execute, we believe that one day we can truly bend the curve. With that, I'll hand things over to Wei Li, who will walk through the quarter in more detail.