Omada Health appoints Thomas Tsang as chief medical officer

SAN FRANCISCO - Omada Health (NASDAQ:OMDA), a virtual healthcare provider with a market capitalization of $1.49 billion and strong financial health according to InvestingPro data, has appointed Thomas Tsang, MD, MPH as its new Chief Medical Officer, the company announced Monday.

Dr. Tsang will lead Omada’s clinical organization and advance clinical quality, outcomes, strategy, and innovation across the company’s multi-condition platform, which generated revenues of $209.83 million in the last twelve months.

Tsang brings experience from academia, clinical care delivery, and health information technology. He previously served as founding CEO and later Chief Strategy Officer of Valera Health, where he scaled virtual specialty care while expanding access to underserved populations.

During his tenure at Valera Health, Tsang led the company through significant growth, raising over $75 million in funding and scaling to more than 500 employees in five years. The behavioral health specialty care provider earned recognition from Digital Health New York and Fast Company.

His previous roles include Chief Medical Officer of Merck Healthcare Services and Solutions, Medical Director at the Office of the National Coordinator for Health Information Technology during the Obama Administration, and a Robert Wood Johnson Foundation/Institute of Medicine Health Policy Fellow on the U.S. House Ways and Means Committee.

Tsang currently serves on the boards of Blue Cross and Blue Shield of Kansas City and the National Committee for Quality Assurance (NCQA).

"I am thrilled to join Omada Health at this pivotal moment in healthcare delivery," said Dr. Tsang in the press release statement.

The appointment comes as Omada Health continues to expand its GLP-1 Care Track, which has served over 100,000 members since launch, and enhances its artificial intelligence capabilities with recent launches including OmadaSpark and Meal Map.

Omada Health provides virtual healthcare for individuals with diabetes, hypertension, prediabetes, and musculoskeletal issues, serving over 2,000 customers including health plans, health systems, and employers. The company maintains a strong financial position with a current ratio of 4.68 and more cash than debt on its balance sheet, though InvestingPro analysis suggests the stock is trading above its Fair Value. For deeper insights into Omada’s financial health and growth prospects, including additional ProTips and detailed metrics, investors can explore InvestingPro’s comprehensive analysis platform.

In other recent news, Omada Health reported strong second-quarter revenue results, achieving $61.4 million, which marks a 48.9% increase compared to the same period last year. This revenue surpassed the expectations of both Goldman Sachs, which had anticipated $56.1 million, and consensus estimates of $55.3 million. Goldman Sachs responded to these results by raising its price target for Omada Health to $31 while maintaining a Buy rating, attributing the revenue outperformance to stronger member growth and higher implied pricing.

Conversely, Freedom Broker lowered its price target for Omada Health to $20 from $26, despite maintaining a Buy rating. The firm noted that the second-quarter results exceeded both its own and consensus estimates. Meanwhile, Baird initiated coverage on Omada Health with a Neutral rating, setting a price target of $24. The research firm highlighted the company’s potential for long-term growth as an attractive aspect of the investment case. These developments underscore the varied perspectives among analysts regarding Omada Health’s future prospects.

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