Omada Health, Inc. ($OMDA)

All right. Here to go. Perfect. I think we're live here. Well I want to welcome everyone to the guess the last session of the 26th Goldman Sachs Global Healthcare Conference. Very pleased to have the management team from Omada here with us today. Sean Duffy, Founder and CEO; Steve Cook, Chief Financial Officer. I want to keep this as interactive as possible. I say this in every session, offer the opportunity to ask questions. No one asks any, but they're more than happy to come up [indiscernible] after it and ask you, but this is being webcast on -- the event. You do a question. please just raise your hand, and we'll get a mic to you or I'm happy to repeat the question.

Maybe, Sean, I'll kind of start high level here. You've been public about a year. Maybe just kind of give us your reflections on sort of what you envision for the company began the public market journey and how things have gone.

Well, thank you, David. Hi, everybody. David is saving the best for last here. Yes, we just crossed the year milestone being public and has been extraordinarily proud of the team's progress. I mean if you look at all the commitments we had at the time of IPO, I mean every single one, financial revenue margin profitability profile, strategy we delivered. I think we've come ahead of schedule in many areas. And I think it's all reflected in the Q1 results, I mean a $78 million quarter, 43% growth, adjusted EBITDA positive in the most cost heavy quarter of the year. So just to throw over the progress. And it's against the backdrop of just so much excitement and dynamism in the chronic disease space and the recognition that yesterday's care models of a visit-by-visit approach won't serve tomorrow's needs. So we're feeling that, and it's showing up in the numbers.

And I want to dive into the business model for a second. I want to -- obviously, we'll get to some more of the specifics. But you can be in a space that's been challenging for companies to really figure out a durable growth model. And I think we actually first met in like 2014 or '15 when you were early in Omada's journey, and you were sort of figuring out, I think at that point, we're doing like a risk-sharing model with one of your key customers. And over time, you've sort of evolved the business model. Talk to us about how you landed on the current business model for the company and why you think it's a sustainable growth vehicle?

Yes. I mean the big aha, which has always been a strategy for the business is to be an actual provider of care delivering the real clinical and economic value. And I think if you looked at yesterday's digital health, those business models did not have that characteristic. And that's where real like health care [indiscernible] so a lot. I mean we are a between visit provider. We contract as a covered entity. We file claims. It's [indiscernible] codes, but it allows us to hit the exact same medical expenditures as an HCA would, a tenant would, a Stanford hospital would although, of course, we don't have the clinics that we have to pay to build out. And it's tailor-made specific full chronic care. And so the revenue model is very simple for Omada. We love it. It is when someone times up, we start to charge. And it's a monthly fee. And that monthly fee is filed through claims hits the medical expense no different than if that use a self-insured employer is that employee went across the street to get a procedure [indiscernible] hospital. But it's a monthly fee that includes all of what we do. And so that model really works for a number of reasons. Number one, you're very aligned with your customers. They know that when they're paying for Omada solution, they're paying for people who are engaged, they're paying for value. We love that. Secondly, it has great durability characteristics for the business. I mean you've seen that. If you look at our quarter-by-quarter revenue build, you just see the consistent growth over time. I think the pricing and the revenue model is reflective of that.

And one of the things you referenced there, that I think sometimes goes overlooked is just the breadth and depth clinical data you have, especially when compared to other digital health companies, the way sometimes I described the company to investors and they ask why is this different they will use a lot of companies started as software companies and try to become health care companies. You've actually -- you've made investments very similar to a health care product type company and clinical to clinical data that you're now leveraging software to deliver care. Maybe just sort of talk about your clinical development strategy and how much you think that's contributed to the revenue you've generated.

Yes. So the end market from us is a very risk-averse buyer. And the moment you say hi, especially if you're supporting the [indiscernible] through a channel like a health plan or PBM, you've got the medical directors of these organizations expecting your solution and they want to see data. And I remember in the earlier days, I mean, I left medical school at Harvard and founded Omada. And I kind of asked myself what would convince my critical friends that our solution worked. And these are 1 answer. It's pure [indiscernible] studies. And so we've spent many millions of dollars. I mean, these are multiyear investments. We have are that peer-reviewed publication, they range from operational trials that we optimize for speed to academic medical center led multimillion-dollar RCTs. And when we go to buyers, we can show those data, both clinical and economic as well as things like industry-leading accreditations. Omada was the first many to [indiscernible] in diabetic hypertension and that allows you to earn trust with buyers, which becomes a durable moat at the end of the day.

Maybe we can sort of jump into the business now. I mean you started as a kind of prevention company and you've evolved in this multi-platform, multiservice line business pretty quickly. So maybe just contextualize for investors where you are in that kind of diversification of offerings and give us a feel of like where adoption is in each of those.

So we began Omada journey in prevention obesity. So really it was kind of the first chapter of Omada. We expanded the diabetes to hypertension, cholesterol to MSK care. And that was not TAM driven. Just to be clear, that was customer-driven. Because what happens is if you earn trust with customers, [indiscernible] over 2,000, 25 million covered lives, over a decade of operating history with them. If you earn us, they ask you to do more for them. And so each one of those condition expansions came from a customer ask where they saw in action, they saw our capabilities and they recognize that they have new needs that they love us to support. And the way we judge those is number one, clinical feasibility. It is to say between this care needs. We are longitudinal day-to-day support matters for patient outcomes and not just an incrementally different way, but a transformation way. That's kind of the first judge. The second judge is their business model and is the commercial adoption. And so if a customer asks that helps answer the yes on the other side. And we've seen really just exciting full platform growth. I mean the -- right around 50% of new customers start Omada journey with a multiproduct fashion. We did announce in kind of last year that the [indiscernible] and diabetes grew over 45%. So it's not just weight, it's not just GLPs for Omada. It's the attention broadly on metabolic [indiscernible] that is supporting the remit of all the clinical.

And maybe just to go 1 level deeper to visualize for us at Type 2 diabetics analogist -- what is -- paint a picture of some of the not maybe a pumper on drugs, like what are those as that...

Let's contrast it to the existing back to monitor -- and it's fine because -- I remember, we did a tour outside of Atlanta and sitting the home with the patient and the health care academic would have said, oh, this individual winter care. Because they have attributed to PCP, they'd be diverse other meds. But then you ask what they received, what's on their mind, and they didn't pick up their [indiscernible] pointed, their health trajectory was heading the wrong direction. They had no idea on their sugar level. And that became the issue. Because if you study this space, it's extraordinarily hard to get any outcome. You really have to drop in the territories in the category and they need day-to-day support that includes a symphony of things, connected devices to monitor progress, education curriculum, community support, care team engagement. It's not just that doctor telling me what to do with the health coach or the diabetes educator that's listening to their goals, supporting them because what you need to create is a feel of accountability and progress. And so what our care teams do is: a, make sure that the person is equipped with all the needed connected devices. So they all cellular scale, [indiscernible] every patient with diabetes -- right at its beginning to free [indiscernible] those are the hardware. Then they meet their care teams, diabetes educator, health coach, the care teams get to know them as individuals. And then the software experience combines all those other pieces. And so that gives the person of feeling of, we, for the first time in my life, I have like someone in my corner in my pocket on a daily basis reading format. -- and you ask them to like what -- to compare and contrast back to standard of care currently and it's a nice day.

And then maybe how does it work on the other end? One of the questions I get from investors like Hamada's offering all these different services, some things [indiscernible] hire a ton of professionals to support that. Help us understand your side of it and how how much infrastructure is required and how technology can be levered...

I mean we did benefit we did. It's interesting. Like I -- we did have to bite off building at all. [indiscernible] thankful those costs numbers. But we had to build every single piece of -- at least what didn't believe you could deliver the member experience needed as an example and you like office health. So we built our entire Care Team platform that our care teams used to support our members ourselves because it's different like the care we deliver is a longitudinal daily engagement model versus fee-for-service [indiscernible] a lot of the HRs are built upon. So we did have to kind of burn of that, but equally, we're appreciating that. I mean our -- if you look at our margin targets, our long-term targets that we've communicated are 70% plus, we ended last year in the upper [ 68% ] [indiscernible] at it. So we have done that without the care team platform, investments in technology. I know I mean I was our first ever health coach for Omada when I founded the company, flying totally blind, just look at wait chart, message or person total guests and the way we run the operations right now is the complete opposite.

I think 1 -- just from an economic standpoint. On the R&D side, we want to spin up a new car on our existing tech stack. We approach that with like modularity and flexibility migrate new GLP-1 product just a couple of months tech stack. So we don't need to go back and deploy tens of million or to reinvest to stand that up. And so that's going to continue to benefit us from an operating leverage perspective as well.

And maybe that's a good segue to talk about GLP-1 -- yes, I was just at [indiscernible] is past weekend. So sorry, all the range of them. I don't know if [indiscernible] has gone to that part of the quite yet. But maybe just talk to us about why you launched the GLP-1 care track and talk about the prescribing thing in a second. Maybe we start the care track. Why you -- what you said is probably you sound be customer-driven. What were customers telling you about GLP-1s to that development? And what have you seen in the utilization so far?

Yes. I mean this is an area where I think we're thinking ourselves for, in our view, getting really ahead of the market here because 3 or 4 years ago, I mean, [indiscernible], we've got thousands of customers at that point in the journey, a lot of them are [indiscernible] best customers. Some of them started to cover GLT1 for BCD. And then they started calling us. And there -- the average voice would say, Sean, we're looking at the cost of this and the slope of the curve and it looks vertical. There is no slope in the curve. What does this go to infinity. Like what do we do? Equally, we're looking at persistence data. And we're seeing that our employees who are paying for these bands for are not persistent on the meds. We're seeing a regain in real-world evidence. Like help us think through what to do because clearly, the med can be effective. But equally, we're worried about waste, and we want to think through how to maximize the value. And this is an area that we care a lot about because these are incredible medicines, and they're incredible pairing with comprehensive lifestyle solutions. And so we developed the first version of our Care Track, just kind of Gen 1, which paired the Omada alongside of GLP-1, optimizing for on-therapy outcomes. And then if the patient call was to discontinue doing everything we can to reduce or ideally eliminate regain after discontinuation. And then every year, we've built upon that knowledge and kind of a risk and repeat fashion leading us to the most recent version of the Care Track, which includes all the bells and whistles, including prescribing integration of the medicines themselves because the market is getting more and more complex and more and more difficult for [indiscernible], despite some, obviously, moderation in the price, you take almost any unit price for GLPs and multiply it by the prevalence. And this is an enormous cost [indiscernible] for employers. So for Omada to come in to almost manage effectively that end really a value Max adviser in GLP operating system layer for the accounts has been attractive to the market.

And do you have a sense of how customers are measuring the success that they look at their medical spend and they add GLP-1 to it, is their intention that we had a medical set of some number. We had GLP-1 and this number comes down to justify the investment or -- and what are you seeing play out in the world...

So you've got a 40-60 split -- 45% or so you got the minority of import or the letter is -- are those 2 copper ones for VC. They're not covering it right now because they are hoping for a total cost of care reduction. They're covering it because they see that these meds are effective, and they are positive to employee voices. And so they bring Omada in really in the hopes of gaining what we're all after, which is that saving, and it's a savings to medical outcome. So they want to see from Omada, are the right employees using demand. And so that's where our prescribing network can come in. Of course, aligned with all the obesity society guidelines, best-in-class clinical practices. So how kind of avoid the stores you hear of the dermatologists that it's like a fitness center prescribing a GLP-1. And so there's kind of the clinical [indiscernible] take rate piece that they're going for Omada. And then there's the weight loss outcomes well with that of which we've seen a 30% increase in weight loss on our Care Track or not. And then discontinuation because you talk to a patient, a very common goal is to try to get off demand. And so what we can say to the individual is, David, that's an amazing goal. It's not going to be an easy one, but it's not your destiny to have to set your goal to regain. Let's work together well on therapy. And the analogy we often use is would you run a marathon tomorrow without training. And the answer is obvious no. And so you can use that on therapy window to support rethinking nutrition habits, exercise habits. It's going to ask what a week in their life looks from an eating standpoint, ask them if there's anything they ever wanted to do physically that they can't. We built some success there. And then we've seen that in the discontinuation and we followed patients after a year in [indiscernible] minimal, minimal regain at the end of the year, whereas the natural progression should be 6% to 7% increase at that point.

Got it. GLP-1s obviously represent a huge opportunity. But I -- sometimes I think investors do get a little bit over their skis in the sense of GLP-1s is all the growth in members. And we try to do some math behind what sort of GLP-1 and GLP member growth is contributing these rises in that the non-GLP member growth actually represents the majority of your growth and GLP-1 is additive to that. Maybe help us think through the -- is that an accurate interpretation? And how do you want investors to think about GLP-1s and then the aggregate...

Let me talk about the selling motion and then pass off to Steve. The selling motion for the GLP-1 Care Track involves the same highest self-insured employers, just like we would any other [indiscernible] employer. Now we are proud that we now work with the 3 largest PDMs in the country to deploy not just our Care Track, but the broader suite of a lot of services. And so if an employer wants to contact Omada for GLPs, very quickly, the conversation turns into a wait, I probably should just cover Omada for those employees that are using GLPs [indiscernible] turns into a broader platform sale, which is reflected in the numbers. I mean we did -- just to help absolve concerns there. I mean we do periodically and plan to continue to kind of share a little kind of view at the aggregate GLPs. And end of last year, we announced -- we crossed 150,000 that folks in Omada care programs we're supporting them alongside of GLP...

886,000 total.

Yes, that's right. And ending Q1 numbers was just north of 1 million. So it gives you a general sense. Because in any given account, there's still going to be the minority on a GLP, we expect that those proportions to continue.

Yes. Look, we got our started prevention we help, what we previously disclosed is that 75% of our revenue prevention with [indiscernible] the GLP-1 revenue sits and then the other 25% is in diabetes and hypertension. And for Sean, I think given we're using the GLP-1 conversation [indiscernible] to engage with the employers. We've seen growth across all of them fairly equally. One is not really outpacing the other. And it's important because the [indiscernible] and the hypertension economics. There are some of the most profitable members that are going to program the longest at the top end of our range. So we really like the profile of those members in our overall P&L build.

And on the growth, I was talking about the Omada yesterday and they asked you said, well, they have 50% retention at year 1, if you have 1 million members to grow that does that 1 million go to 500,000, then you've got to grow 700,000 to get to 20% growth like sort of a confusing dynamic for people, and I was like, I think, no, it doesn't work that way. But maybe just illuminate that for folks more broadly.

Yes, absolutely. This is just -- it's very -- it's simpler than it seems. So you are right that if you look at the shape of a member who joins at about the end of the first year, north of 55% are still engaging monthly and the year 2 north of 50%. So you do -- clearly, obviously, you lose people along the way. Some of that loss is for people leaving their organization. And so what happens mechanically is every single year, you're getting thousands of new enrollments from old accounts that just come in the door. So you look at some of our legacy customers like a Costco, every single year, we get thousands and thousands of new business as usual, Costco, new members coming in. And the whole cost structure for Omada, the lion's share of the cost structure is getting that account. It's not the e-mail marketing to get the member. Those are just automated once we close the account. And so that, once we explain that, it tends to help people get a little bit more comfortable. So it's not like we're refilling that 50%. A lot of that's coming from the existing accounts because of those exact dynamics.

The revenue durability is at the account layer. We've gone back and looked at every customer vintage mod its history and the net dollar retention has always been above 100 because of that dynamic. If costs 100,000 they lose 10,000 every year. They're replacing those 10,000 and they're growing on top of that. And then we're going back in and we're adding more products across our existing customer base. And so you just get these really durable, really predictable revenue cohorts across the employer base.

That's a very helpful framing. And maybe just to kind of pull on the 3 PBM contracts where you now have access. Maybe just how should we think about the conversion of the PBM contracts access to member to revenue.

Yes, let's look at just the shape of the self-insured employer market. So we have about 8% of that. And then the white space within that, those are employer accounts that, ideally, we can knock on their doors and convince them to work with Omada. The thing about employers is the vast majority would far prefer not doing a direct contract with Omada or any solution in our space. They don't want to have to bring you to procurement, if they can avoid it per the risk-averse buying standpoint, they're like, "Well, I'd like my health plan and my PBM's medical leadership to look at this to see if it's worth its salt to evaluate the clinical data." So that's another argument for why they love to go through channels. And so that's all great. It does create a moat if you can get the channel. Right now, if you add up the market share of the 3 major PBMs, CVS, Caremark, Optum Rx, something like 80% of scripts. So if you're a sales rep and you happen to be at the conference board talking to heads of benefits or self-insured employers. The first question you're going to ask if you're on the Omada team is what PBM do you use? Because the majority answer is going to be one that we work with. And so that turns into a fast follow where you can say, "Hey, that's fabulous. We have an integrated relationship with CVS Caremark." We've worked for years a wonderful listing it Express. Did you care about our new optimation?" That turns into that meeting where we can talk about the easy button to deploy not just our care track, but the broader suite of a lot of services.

So if you think about like their own the selling cycle to the PBM is then they also to go there's a it a couple of different steps there. So if you think about optimism an example where you've just announced access to you've talked about not being reflected in your 2026 guidance. But maybe just operationally, what are the steps that have to take place now to bring Optum members onto Omada.

Give the average selling cycle for employers is building pipeline in first half and closing in the second half. And so in the building pipeline stage, we have our field reps that are out there. We have a channel management team that aligns all the needed relationships in every single market, figures out a way to structure joint pipeline reviews, make sure that the Optum Rx sales teams have all the right training, there's great collaborations between build pipeline and then you close in back half for deployment in the first half of the next year. That's the typical -- there always is the off-cycle account that's like, hey, I really want this tomorrow. And so we may see some of those this year. But in terms of what we underwrite, for any new channel, it's pipe build in first half, closing in second half for deployment the next year.

And just can you just remind us of the size of the member population or the the accessible population that getting Optum brings you.

I mean it's -- I mean Optum Rx overall has nearly 70 -- I think 70 million to 80 million covered lives that include fully insured plans. They sit I believe, is closer to 30 million. But if you add up the overall ASO market roughly 75% to 80% will work with a PBM that we work with. Is the best way to think.

The other point, I think from a cost perspective, -- our sales team is roughly 25 total people because you're leveraging the health plans and the PBMs to distribute a [indiscernible], you're partnering with them, we've been able to keep our sales force relatively flat over time, and that's just created a significant amount of operating leverage in marketing over time. So it's a really nice feature of how we're contracting then ultimately deploying to employers.

And as you think about member growth or Steve, as you and your team do your planning for the year and the budgeting like 1 of the things I always get asked how do you know, like, member growth 30%, be 35%, be 20%, 50%. I mean, it seems like there's a wide range of outcomes. How do you think about forecasting that number? And what are some tools that you can give investors to gain visibility into the outlook there?

It's like for the prior point, we have a decade plus of amazing data on all of our existing book of business. So we know at the account level, how much like on average Costco is going to ultimately refresh and add that population. That's ultimately a 75%, 80% -- it's just the business you closed in the year is going to cascade for to the next year. And then we're going to work really closely our sales team, look at all of our pipeline build, make some assumption on cover lives conversion, pipeline conversion and then determine like kind of stress test like a high mid low scenario on how much we expect to close in year. But it's, really, you have so much great insight at the end of the year because you know how much pipe you built in H2, and that's going to be your Q1 revenue build. And that's where you see the majority of our new enrollments come in is in that first quarter. And so we have a lot of great data [indiscernible] like ascertain where we're going to land early on in the year, and that's how we run our entire planning process.

And as we translate that to revenue, you don't give ARPU per se, like trailing 3-year thing gave at the time and the time of the IPO, I think -- but everyone tries to come up with a sort of PMPM or some reflection of pricing. How should investors think about that translation from member growth to revenue?

Yes. So pricing and revenue per member are distinctly different in our business. Pricing, we've steadily increased through time. Revenue per member is a combination of channel, product mix, customer vintage. So it's a multifactorial way to ultimately calculate that. Last year, in Q1, we were at $279. This year, we had $276. So roughly flat on a year-over-year basis, we're looking at it on a trailing 12-month basis. That's how we think it's the most apples-to-apples way to look at revenue per member because definitely, our members are someone who's been built once in the last 12 months. So it's a complete apples-to-apples compare. What's not in the guide and where we view potential upside is on additional product closures in the back half of the year, more cholesterol being added, potentially some early wins in prescribing that we realized in the year. And then we have several internal motions on driving engagement up. So if we can keep folks in program longer by making the product experience more compelling and increase the attach and they stay in extra 2, 3, 6 months, that's incremental ARPU that drops directly to the bottom line because it has very little incremental carrying cost. And so you can [indiscernible] that as being upside to the current the current guide.

And as you bring on new accounts, I think if you look at this market historically, one of your competitors, they've been -- when they bring on new accounts, they used to give a PMPM, you'd actually see it go down. So when you bring on new books of business, do you have the discount at all to bring them on? Or what's the pricing on new business?

No. Typically, we've had success in increasing price through time and then also attaching more of our products from the outset. CVS and Optum are both great example. CVS we're working with them across all of our condition areas. And then we're working with Optum across the majority of our condition areas and then we attach prescribing. -- prescribing the price of roughly 2.5x the price of our legacy, some of our legacy prevention offerings. And so we've had -- that's been a huge part of our success or just through time attaching the entire product suite, often coming with like higher ARPU products then folks are staying in program longer, and that's where the durability has been coming from the last couple of years.

So shouldn't that number go up over time?

We expect it to. We certainly would expect it to go up over time. The only counter dynamic to that is we are finding that really in Q1, for the first time, we saw a lot of diabetics and they're even their fourth, fifth and even sixth year with Omada. When you get further out on the curve of engagement, when you're in that fifth year, you don't engage as much, you're probably billing 2, 3 months on average. You're still contributing revenue at very high margins, but you're in that member count. And so it does have a little bit of a dilutive effect on revenue per member, but that's still revenue and margin that we want. And so we're okay with that. But there's -- I would say, we're more biased to like future upside from that perspective given the other areas we cover.

And as you think about setting guidance and targets for the company, you've meaningfully outperformed all of the expectations that were set at the time of the IPO and in our your time as a public company and even coming really strong out of the gates here in Q1. I appreciate -- I appreciate the conservative approach to setting guidance and putting ourselves in a position to deliver consistent results. But maybe just help us like operationally think through like what has transpired in the business end markets or customers or market share that has enabled such significant outperformance?

You can start that.

Well, let me just talk about the 3 growth levers, if you will, in our algorithm. They're the first, which is covered lives. And so that's what you can sell. That's our care areas, matrix against the end market. self-insured employer, fully [indiscernible plan, integrated health system. So that's kind of like the first. The second is enrollment initiatives. Just that every single day, innovation relative to how you get people in, different campaign types, different campaign schedule, different messages, leveraging data science, leveraging just AB testing to figure out how you basket. And then the third is engagement. And that's the sticker that we can create the program experience for people, the more ARPU we realize. And so those are the 3. In the last couple of years, we've had a lot of innovation bets in the second 2, especially in the back half. that have delivered in an outsized way. Those are typically experiments. We never underwrite them because you want to see them come through and equally, we don't tend to [indiscernible] comments, underwrite any like seasonality deployments from like Omada for cholesterol or prescribing given typically you close and then deploy in the next year.

Yes. Any time we're ramping into a new channel, we always take a very measured approach because you just don't know exactly how quickly to build into that. And so with CVS and Optum, CVS is obviously [indiscernible] Optum. But as those things start to ramp, we can get more specific on how we underwrite that. And I think to your point, we're a full year ahead of some of the IPO projections. We just logged our highest ever gross margin quarter in Q1 at 64% with our long-term target being 70%. So we have really near-term visibility into getting to that target with the potential to maybe raise that the future. So we're really excited about that.

And on the point of profitability, we made a couple of references to the different operating leverage points in the model. But how do you think about the balance between sort of scaling profitability, but also opportunities to reinvest for growth?

I think this year is a great example of that. We're going to continue to make progress this year towards our 20% adjusted EBITDA margin target improving upon what we did last year, but we did qualified that says a year where we're going to be investing into AI and to prescribing. I think prescribing was the lion's share of our investment this year, and then we back that up with the Optum Rx deal. And so that's what we spent a lot of time last year kind of teeing up. It's like, hey, we're going to go enter prescribing and then we kind of punctuated that with adding OptumRx and that will ultimately add some leverage to the business going into next year.

Excellent. Well, maybe just to close out here, maybe, Sean, and I'll turn it back to you to sort of -- you've obviously been on the road. I think meeting with investors, you're presenting here today is probably one of the last times you will be in front of investors before second quarter earnings. But what's kind of the take-home message you want to leave people with both in the room and on the webcast here?

Yes. I mean I think we hit a lot of it. So just to distill it, I think the founding of Omada was predicated on the fact that a visit model doesn't work for chronic. And if you look at where today's disease burdens are, it's obesity-related disease. And if you look at where the therapeutic landscape and the technology landscape has evolved, we now have more instruments pointed toward those areas than we ever had before. And so the thesis for MAT is AI alone isn't going to cut [indiscernible] going to cut it and you need, if you will, a care provider that can tie the 2 together. And we think we're really well positioned for this actually [indiscernible] well positioned in a moment where software velocity [indiscernible] to do more -- us to do more for our customers and better leverage our channels. I mean we have more launches and new programmatic capability launches this year than we ever had in Omada's history. I mean GLP-1 Flex Care, Omada for prescribing, Omada for cholesterol, and that's because our product velocity has increased within the organization, and we're able to leverage our channels to do it. So we really feel blessed that -- many of the investments we've put forward over the last decade that took a lot of cooking are starting to yield great healthy nutritious meals for Omada.

Excellent. Well, with that, we're at time. Steve and Sean, thank you so much for participating in the conference, and we look forward to getting the next update in August.

Super. Thank you.

Thank you.