- Diabetes startup Omada Health has confidentially filed its S-1 for an Stock Launch, BI has discovered.
- It’s amongst a crop of scorching startups patiently ready for the markets to reopen for healthcare IPOs.
Rumors about diabetes startup Omada Health’s public market debut have been swirling for years. Now, its Stock Launch could lastly be inside attain.
Omada Health confidentially filed its S-1 this summer time to go public, in keeping with one particular person with information of the transaction.
It’s been a very long time coming for Omada, which was based in 2011 to deal with diabetes and different continual circumstances with a mixture of digital teaching and distant monitoring.
Omada final raised a $192 million Series E in 2022, which boosted its valuation over $1 billion. It’s raised about $450 million thus far, in keeping with PitchBook.
An Omada Health spokesperson mentioned the corporate “cannot touch upon rumors or hypothesis at the moment.”
Omada CEO Sean Duffy has by no means spoken publicly concerning the startup’s Stock Launch plans. But Omada may very well be one of many choose healthcare startups to check the Stock Launch waters when the markets heat up, hopefully in 2025.
Hinge Health has employed banks together with Morgan Stanley because the bodily remedy startup prepares to confidentially file its S-1, BI beforehand reported. Hinge is aiming for an Stock Launch in early 2025, markets prepared.
BI beforehand reported that Omada Health and Hinge Health had been among the many prime contenders to check the healthcare Stock Launch waters, alongside startups like Lyra Health and Datavant.
It’s been a tough couple of years for healthcare IPOs. After 20 healthcare startups went public in 2021, just one healthcare firm went public the next 12 months — Akili Interactive, which bought for $34 million this July. No healthcare startups went public in 2023.
2024’s Stock Launch market has remained rocky. Three digital well being firms have gone public this 12 months: income cycle administration firm Waystar, distant being pregnant monitoring firm Nuvo, and precision drugs firm Tempus AI. Both Waystar’s and Tempus’s inventory have surged about 30% since their public market debuts, as of October 1. Nuvo, which went public in a SPAC deal in May, filed for chapter in August.
Cameron Lester, international co-head of expertise, media, and telecom funding banking at Jefferies, instructed Business Insider in August that many firms at the moment are ready till 2025, after the US presidential election has concluded, to contemplate an Stock Launch. He mentioned the agency expects “a robust 2025 with a lot of firms on the point of go public.”
Ben Narasin, founder and normal associate at Tenacity Venture Capital and an early investor in Omada Health, instructed BI he believes the primary quarter of 2024 “will unleash the Stock Launch beast again into the wild, and we are going to see a long-awaited return to liquidity, beginning with the perfect and most compelling firms that at the moment clog a congested pipe of large scale.”
Omada has made loads of progress within the Stock Launch drought, together with by notching a partnership with Amazon in January. It’s additionally sought offers to assist employers handle sufferers on weight-loss medicine like Ozempic.
“Probably yearly for the final 5 years, I get requested about Omada’s Stock Launch,” Duffy instructed BI in January. “We need to make it possible for Omada continues to develop, and that we are the form of enterprise that may thrive independently.”
