Omada Health v Hinge Health v Doctolib financials and IPO prospects

Lloyd Price
May 15
8 min read

Omada Health v Hinge Health Health v Doctolib financials and IPO prospects

Omada Health v Hinge Health v Doctolib financials and IPO prospects

Omada Health, Hinge Health, and Doctolib are digital health unicorns with B2B, employer-focused models, leveraging AI and technology to drive strong revenue growth. They’re positioned for IPOs in 2025, capitalising on a resilient healthcare market, though Doctolib’s plans remain speculative. Their shared focus on scalable, tech-driven healthcare solutions and significant funding underscores their alignment within the evolving digital health landscape.

Hinge Health leads with a concrete IPO plan, strong financials, and a focused MSK model, making it the most advanced and likely to succeed in the near term. Its $437M raise and $2.42B–$2.9B valuation provide clarity.
Omada Health is a strong contender with a broader platform and growing revenue, but its losses and lack of raise details temper expectations motional appeal may limit its upside. Its Amazon partnership adds credibility.
Doctolib remains speculative without a filing, but its European dominance positions it as a potential IPO candidate. Investors should await confirmed data.

Below is a comparative analysis of Omada Health, Doctolib, and Hinge Health, focusing on their financials and IPO prospects based on available public information. Note that financial data for private companies like these is often limited and Doctolib's financials are less publicly detailed compared to Omada Health and Hinge Health, which have recently filed for IPOs.

1. Omada Health

Omada Health is a San Francisco-based digital health company founded in 2011, specializing in virtual chronic care programs for conditions like diabetes, hypertension, obesity, and musculoskeletal (MSK) issues. It combines AI-driven tools, connected devices, and human coaching to deliver personalised care, primarily to employers, health plans, and pharmacy benefit managers (PBMs).

Financials:

Revenue:
- 2023: $122.8 million
- 2024: $169.8 million (38% YoY growth)
- Q1 2025: $55 million (57% YoY growth from $35.1 million in Q1 2024)
Net Loss:
- 2023: $67.5 million
- 2024: $47.1 million (narrowed by 30%)
- Q1 2025: $9.4 million (down from $19 million in Q1 2024)
Gross Margin: 60% in Q1 2025
Funding: Raised $529.67 million over 14 rounds, with a $1.02 billion valuation in February 2022 (Series E). However, its Forge Price (private market valuation metric) dropped 37% to $4.14 per share by early 2024, though it rebounded 45% from 2023 lows.
Customer Concentration Risk: 69% of 2024 revenue came from its top five health plan and PBM customers, posing a risk if key contracts are lost.

IPO Prospects:

Status: Omada filed for an IPO on May 9, 2025, to list on Nasdaq under the ticker “OMDA,” aiming to raise up to $100 million.
Strengths:
- Strong revenue growth and narrowing losses signal improving financial health.
- Serves over 2,000 customers and 679,000 members, with partnerships like Amazon and CVS Caremark enhancing credibility.
- Operates in a high-demand market, with chronic conditions accounting for 90% of U.S. healthcare spending ($3.7 trillion annually).
- Backed by reputable underwriters (J.P. Morgan, Goldman Sachs, Morgan Stanley, Barclays).
Challenges:
- Unprofitability and reliance on a few major clients (69% of revenue) raise concerns.
- Valuation volatility in private markets may temper investor confidence.
- Competitive pressure from Hinge Health, Sword Health, and others in the digital health space.
- The IPO market for digital health has been tepid since 2023, with no digital health IPOs in 2023 and only $7.1 billion raised in 2024 (up from $2.8 billion in 2023).

Omada’s IPO is a test of investor appetite for digital health post-pandemic. Its focus on chronic care and strong growth make it a compelling candidate, but profitability and client diversification are critical for success. Timing may benefit from improving market conditions in 2025, post-U.S. election.

2. Doctolib

Doctolib, founded in 2013 and headquartered in Paris, France, is a leading European digital healthcare platform that connects patients with healthcare providers. It offers online appointment booking, telemedicine, and medical document-sharing services. Doctolib operates primarily in France, Germany, and Italy, with a growing international presence.

Financials:

Revenue: Limited public data is available, as Doctolib remains privately held and has not filed for an IPO. In 2022, Doctolib reported €250 million (~$270 million USD) in annual recurring revenue, with 30% YoY growth. No 2023–2025 financials are publicly disclosed. [Source: Doctolib press releases, 2022]
Profitability: Doctolib has stated it is not yet profitable, focusing on reinvestment for growth. No specific loss figures are available.
Funding: Raised €800 million ($860 million USD) across multiple rounds, with a €5.8 billion ($6.2 billion USD) valuation in 2022, making it one of Europe’s most valuable health tech startups. Investors include Bpifrance, Eurazeo, and General Atlantic. [Source: Crunchbase]
Customer Base: Serves 80 million patients and 900,000 healthcare professionals across Europe, with 300,000 daily appointments booked.

IPO Prospects:

Status: No confirmed IPO filing as of May 15, 2025. Doctolib has been named a potential IPO candidate for 2024–2025 due to its market leadership and growth, but no concrete plans have been announced.
Strengths:
- Dominant player in Europe’s digital health market, with a scalable platform and strong brand recognition.
- High valuation and significant funding provide financial flexibility.
- Operates in a growing market, with Europe’s healthcare digitisation lagging behind the U.S., offering room for expansion.
Challenges:
- Lack of transparency on recent financials makes it hard to assess current performance.
- No IPO filing suggests caution, possibly due to market volatility or a preference for private funding.
- Regulatory complexities in Europe’s fragmented healthcare systems could complicate scaling.
- Competition from regional players and U.S.-based telehealth companies entering Europe.

Doctolib’s IPO potential hinges on market conditions and its ability to demonstrate profitability or a clear path to it. While it’s a strong candidate due to its scale and market position, the absence of a filing suggests it may wait until 2026 or later, especially given the cautious IPO environment for health tech.

3. Hinge Health

Hinge Health, founded in 2014 and based in San Francisco, provides digital musculoskeletal (MSK) care, including virtual physical therapy and pain management. It uses AI-powered motion tracking, wearable devices (e.g., Enso), and human therapists to deliver personalised care, primarily to employers like Lyft, Target, and GM.

Financials:

Revenue:
- 2024: Not explicitly stated, but revenue for the 12 months ended March 31, 2025, was $432 million (33.4% YoY growth reported for 2024).
- Q1 2025: $123.8 million
Net Loss:
- 2024: Reduced, but specific figures not disclosed in available data.
- Historical context: Hinge has not achieved annual profitability, similar to Omada.
Gross Margin: 81% in Q1 2025, significantly higher than Omada’s 60%.
Funding: Raised over $1 billion, with a $6.2 billion valuation in 2021 (Series E led by Tiger Global and Coatue Management).
Customer Base: Serves over 1 million patients, covered by 50+ health plans, with 2,500 employer clients.

IPO Prospects:

Status: Hinge Health filed for an IPO on March 10, 2025, and plans to raise up to $437 million, targeting a $2.6 billion valuation. It will list on the NYSE under the ticker “HNGE,” with pricing expected the week of May 19, 2025.
Strengths:
- Strong revenue ($432 million) and high gross margin (81%) reflect operational efficiency.
- Reduced net losses and a 33.4% revenue increase in 2024 show financial improvement.
- Large client base and partnerships with major employers enhance market credibility.
- Backed by 14 banks, including Morgan Stanley, Barclays, and BofA Securities, signalling strong institutional support.
- MSK care is a growing market, with 50% of adults affected by joint/muscle pain.
Challenges:
- Valuation ($2.6 billion) is significantly lower than its 2021 peak ($6.2 billion), which may concern investors.
- Faces competition from Omada, Sword Health, Kaia Health, and others in the virtual MSK space.
- The digital health IPO market remains volatile, with recent stagnation (no IPOs in 2023).

Hinge’s IPO is a bellwether for digital health, following a two-year IPO drought. Its higher revenue and margins give it an edge over Omada, but the lower valuation and competitive landscape are hurdles. Success depends on proving scalability and capitalising on renewed investor interest in healthcare tech (2024 saw $7.1 billion in U.S. healthcare IPOs).

Comparative Summary

Metric	Omada Health	Doctolib	Hinge Health
Focus	Chronic care (diabetes, hypertension, MSK)	Healthcare booking/telemedicine	Musculoskeletal care (virtual PT)
Revenue (Latest)	$169.8M (2024); $55M (Q1 2025)	~$270M (2022, no recent data)	$432M (12M to Mar 2025); $123.8M (Q1 2025)
Revenue Growth	38% YoY (2024); 57% YoY (Q1 2025)	30% YoY (2022, no recent data)	33.4% YoY (2024)
Net Loss (Latest)	$47.1M (2024); $9.4M (Q1 2025)	Not profitable, no figures disclosed	Reduced (2024, no specific figure)
Gross Margin (Q1 2025)	60%	Not available	81%
Funding	$529.67M, $1.02B valuation (2022)	$860M, $6.2B valuation (2022)	$1B+, $6.2B valuation (2021)
IPO Status	Filed May 2025, Nasdaq “OMDA”	No filing, potential 2024–2025 candidate	Filed Mar 2025, NYSE “HNGE”
IPO Target	$100M	Not applicable	$437M, $2.6B valuation
Key Risk	Client concentration (69% from top 5)	Lack of financial transparency	Lower valuation vs. 2021 peak
Market Opportunity	$3.7T U.S. chronic care market	Growing EU healthcare digitization	50% of adults with MSK issues

Financial Comparison:

Hinge Health leads in revenue ($432M vs. Omada’s $169.8M) and gross margin (81% vs. 60%), reflecting stronger operational efficiency. Its $437M IPO target dwarfs Omada’s $100M, but its valuation ($2.6B) is lower than its 2021 peak ($6.2B).
Omada Health shows faster revenue growth (38% vs. 33.4% YoY in 2024) and a clearer path to reducing losses, but its client concentration risk is a concern.
Doctolib’s financials are opaque, with only 2022 data available (~$270M revenue). Its high valuation ($6.2B) suggests scale, but lack of recent metrics or IPO plans limits comparability.

IPO Prospects:

Hinge Health is the furthest along, with a filing in March 2025 and pricing imminent (May 19, 2025). Its larger revenue base and high margins position it as a stronger candidate, though valuation concerns linger.
Omada Health’s May 2025 filing follows Hinge, capitalizing on similar market momentum. Its chronic care focus aligns with a massive market, but profitability and client diversification are critical.
Doctolib lags, with no IPO filing despite speculation. Its European focus and lack of financial transparency make it a less immediate prospect, likely waiting for better market conditions.

Market Context:

The digital health IPO market has been dormant since 2021 (20 IPOs) and 2022 (2 IPOs), with none in 2023. A 2024 rebound ($7.1B raised) suggests improving sentiment, but volatility and post-election uncertainty could impact 2025 outcomes.
All three face competition (e.g., Sword Health, Kaia Health for Hinge/Omada; regional telehealth platforms for Doctolib) and regulatory/reimbursement risks.

Conclusion

Hinge Health is the strongest IPO candidate due to its higher revenue, margins, and advanced IPO timeline. However, its reduced valuation requires investor confidence in future growth.
Omada Health is a close second, with robust growth and a clear chronic care niche, but it must address client concentration and profitability to succeed publicly.
Doctolib remains speculative, with no IPO filing and limited financial data. Its European dominance is promising, but it may delay going public until market conditions improve.

For investors, Hinge offers the most immediate opportunity, followed by Omada, while Doctolib is a longer-term watch. Both Hinge and Omada’s IPOs will test the digital health market’s revival, with outcomes likely influencing Doctolib’s strategy.

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