Thirty-Four Percent Growth and a Double Raise on the Year
Omada's investor release put revenue at $91 million for the quarter ended September 30, 2026, up from $68 million a year earlier. Options Analysis Suite and Kalkine put the print at $91.3 million against a Street revenue bar near $85.6 million, and EPS at $0.10 against an estimate near $0.07. Gross margin was 76% and non-GAAP gross margin 78%, up from 66% and 68% a year earlier. Net income was $7 million in the release (about $6.6 million in Kalkine's write-up), versus a $3 million loss a year earlier, and Adjusted EBITDA rose to $12 million from $2 million.
Total members reached 1.1 million, up 36% year over year, with average tenure about two years and four months. Trailing 12-month revenue per total member rose about 5% to $294, and cash and cash equivalents were $243 million. Full-year 2026 revenue guidance moved to $344 million to $346 million from $334 million to $340 million, and Adjusted EBITDA guidance moved to $32 million to $34 million from $21 million to $27 million — both midpoints higher than the prior bands.
Soft Fourth-Quarter Seasonality and a Barclays Trim
The cash tape focused less on the beat than on the near-term map. Kalkine reported that management expects fourth-quarter revenue below the third quarter, with new enrollments declining sequentially on seasonality and total members stepping down slightly, while Adjusted EBITDA moderates as R&D headcount and care-team staffing ramp for the 2027 benefit launch. Management also said GLP-1 coverage uncertainty is extending the selling season deeper into the fourth quarter and declined to quantify 2027 covered lives, even as an HCSC expansion estimated at about 1.5 million covered lives is set to launch January 1, 2027 — the same day Wei-Li Shao becomes CEO and co-founder Sean Duffy becomes Executive Chair.
TipRanks / TheFly said Barclays cut its price target to $22 from $24 while keeping an Overweight rating. Yahoo Finance's quote page also showed that Barclays maintain-and-lower action dated November 6, 2026. A beat-and-raise that still leaves a seasonal step-down and a trimmed Street target is the kind of print that can reprice short-dated options even when the headline numbers clear consensus.
Seventeen Percent Cash Inside a Twenty-Five Percent Band, With Options Running Hot
Options Analysis Suite marked a 25.40% expected move into the report as of November 5, with spot near $18.63 and ATM implied volatility near 88.6%. Frenzy Capital showed the November 5 7-day at-the-money straddle at $2.65 and the 30-day straddle at $4.47, with ATM IV near 80.8% and IV rank near 81%, then a post-move November 6 7-day straddle of $2.05 and 30-day straddle of $2.90 as IV cooled toward 73.3%. Against Thursday's $18.95 close, a 25.4% band puts approximate break-evens near $14.14 and $23.76. A cash print near $15.72 is about 17.1% lower — inside that envelope — while the earlier Yahoo print near $15.20 was about 19.8% lower, still short of the full priced range.
Yahoo Finance said about 9,944 OMDA options had crossed the tape by mid-session, or 38.4 times average intraday volume, with negative net option delta volume of roughly 874 shares, a bearish lean that matched the gap. Delayed Cboe quotes are a reference for Friday's chain rather than fills: spreads can widen after a double-digit gap, and November 6 same-day premium decays into the close. Long weekly puts that needed a sustained move past the lower break-even have been paid on the stock leg so far only if the tape holds the early lows; short straddles that sold the roughly 25% event band remain inside their envelope at these later prints, before spreads and pin risk. Our implied volatility guide covers how event premium often falls once the uncertainty resolves, and the OCC options disclosure document explains the risks of standardized options.
Sources
*By the OptionsPilot Editorial Team. Published November 6, 2026, 9:17 AM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
