<SEC-DOCUMENT>0001193125-25-116913.txt : 20250820
<SEC-HEADER>0001193125-25-116913.hdr.sgml : 20250820
<ACCEPTANCE-DATETIME>20250509162356
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-116913
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Omada Health, Inc.
		CENTRAL INDEX KEY:			0001611115
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				452355015
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		500 SANSOME STREET
		STREET 2:		SUITE 200
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		888-987-8337

	MAIL ADDRESS:	
		STREET 1:		500 SANSOME STREET
		STREET 2:		SUITE 200
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:8pt">140 Scott Drive</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:8pt">Menlo Park, California 94025</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:8pt">Tel: +1.650.328.4600 Fax: +1.650.463.2600</FONT></TD></TR>
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</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
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<TD VALIGN="top" COLSPAN="3">www.lw.com</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">FIRM&nbsp;/&nbsp;AFFILIATE OFFICES</P></TD></TR>
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<TD VALIGN="top">Austin</TD>
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<TD VALIGN="top">Orange County</TD></TR>
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<TD VALIGN="top">Century&nbsp;City</TD>
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<TD VALIGN="top">Paris</TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-size:10pt">May&nbsp;9, 2025</FONT></TD>
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<TD VALIGN="top">Chicago</TD>
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<TD VALIGN="top">D&uuml;sseldorf</TD>
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<TD VALIGN="top">Hamburg</TD>
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<TD VALIGN="top">Silicon Valley</TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-size:10pt"><B><I><U>VIA EDGAR</U></I></B></FONT></TD>
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<TD VALIGN="top">Hong Kong</TD>
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<TD VALIGN="top">Singapore</TD></TR>
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<TD VALIGN="top">Madrid</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-6010 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attention:</P></TD>
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<TD VALIGN="bottom" NOWRAP>Julie Sherman</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Li Xiao</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Juan Grana</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Lauren Nguyen</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>&#8194;Re:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Omada Health, Inc.</B></TD></TR>
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<TD VALIGN="bottom" NOWRAP><B>Response to Letter dated March&nbsp;24, 2025</B></TD></TR>
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<TD VALIGN="bottom" NOWRAP><B>Amendment No.&nbsp;4 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></TD></TR>
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<TD VALIGN="bottom" NOWRAP><B>Submitted March&nbsp;14, 2025</B></TD></TR>
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<TD VALIGN="bottom" NOWRAP><B>CIK No.&nbsp;0001611115</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the addressees set forth above: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Omada Health, Inc. (the &#147;<B><I>Company</I></B>&#148;) has filed with the U.S. Securities and Exchange Commission (the
&#147;<B><I>Commission</I></B>&#148;) on the date hereof a Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;<B><I>Registration Statement</I></B>&#148;). The Company previously submitted to the Commission a draft
Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> on a confidential basis pursuant to Title I, Section&nbsp;106 under the Jumpstart Our Business Startups Act, on June&nbsp;24, 2024 (the &#147;<B><I>Draft
Submission</I></B>&#148;), as most recently amended by Amendment No.&nbsp;4 to the Draft Submission submitted on March&nbsp;14, 2025 (&#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;4</I></B>&#148;). The Registration Statement has been
revised to reflect the Company&#146;s responses to the comment letter to Amendment No.&nbsp;4 received on March&nbsp;24, 2025 from the staff of the Commission (the &#147;<B><I>Staff</I></B>&#148;), and we are hereby providing the Company&#146;s
responses to the Staff&#146;s letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For ease of review, we have set forth below each of the numbered comments of the Staff&#146;s
letter dated March&nbsp;24, 2025 in bold type followed by the Company&#146;s responses thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>May&nbsp;9, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Page 2 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Amendment No.&nbsp;4 to Draft Registration
Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </U></I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations </U></I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Results of Operations, page 96 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please expand your disclosures to address the following comments related to your results of operations
disclosures. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>You attributed revenue increase purely to growth in total members. Expand to discuss whether you still track
average fees per member, and if so, disclose any impact of changes in average fees per member to your revenue increase; and if not material, disclose that fact.</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>You attributed gross margin expansion to decreased personnel costs per total member needed to support your
members due to the strategic use of your Care Teams and supporting technology. Expand to disclose in more detail, how the strategic use of your Care Teams and supporting technology help with margin expansion, as well as whether it constitutes a
known trend that investors could continue to expect in the future.</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>For your operating expenses, please expand to disclose the underlying driver(s) for any major fluctuations.
For example, please note whether the change in personnel expenses were contributed by a change in headcounts, or by type and/or amount of compensations.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Please provide quantitative disclosures where available. Refer to Item 303(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT></B>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>:&#8195;The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on pages 103, 104,
and 112 of the Registration Statement accordingly. The Company further respectfully advises the Staff that the Company does not consider strategic use of its Care Teams and supporting technology to help with margin expansion to constitute a known
trend that investors could continue to expect in the future. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Business </U></I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Omada <FONT STYLE="white-space:nowrap">GLP-1</FONT> Care Tracks, page 144 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note the disclosure that to inform the design and refinement of your
<FONT STYLE="white-space:nowrap">GLP-1</FONT> Care Tracks, you and certain of your customers and channel partners have conducted initial analyses of the results of your programs when provided alongside <FONT STYLE="white-space:nowrap">GLP-1</FONT>
therapy. You state these analyses have reviewed data from more than 5,500 of your members that were taking or had recently discontinued <FONT STYLE="white-space:nowrap">GLP-1</FONT> therapy, and a subset of those analyses reviewed early results for
your <FONT STYLE="white-space:nowrap">GLP-1</FONT> Care Tracks. Please revise to disclose the timeframe for the reviewed data and describe the &#147;subset&#148; of those analyses which showed early results for your
<FONT STYLE="white-space:nowrap">GLP-1</FONT> Care Tracks. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>:&#8195;The Company respectfully
acknowledges the Staff&#146;s comment and has revised the disclosure on pages 150, 151, and 152 of the Registration Statement accordingly. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>May&nbsp;9, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Page 3 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>General </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 31 from our July&nbsp;21, 2024 letter. We are unable to fully agree
with your analysis. With respect Abbott Laboratories, you appear to have a material partnership related to the supply of products for your diabetes program described throughout the prospectus. Please file the material contract or provide additional
analysis explaining why filing this agreement as an exhibit to your registration statement is not necessary. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>:&#8195;The Company respectfully advises the Staff that the Company believes its contract with Abbott Laboratories is made in
the ordinary course of business and is not a contract on which the Company&#146;s business is substantially dependent, as provided under Item 601(b)(10) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> Further, the Company respectfully
advises the Staff that payments made to Abbott were not material for the years ended December&nbsp;31, 2024 and 2023. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">While the Company
has a partnership with Abbott Laboratories related to the supply of continuous glucose monitor (&#147;<B><I>CGM</I></B>&#148;) sensors for the Company&#146;s Diabetes program, those CGM sensors are provided to a minority of members in the Diabetes
program that elect to receive them and have the necessary prescription and only at certain points in the program as an ancillary aspect of the program. All members in the Company&#146;s Diabetes program receive other connected blood glucose monitors
not supplied by Abbott Laboratories for ongoing use throughout the duration of the Diabetes program. In addition, members can procure their own CGM sensors, which are increasingly available <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-counter,</FONT></FONT> and can enable data from those CGM sensors or from other connected blood glucose monitors to flow into the Company&#146;s Diabetes program through mobile device applications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>May&nbsp;9, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Page 4 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g785770dsp2.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please contact me by telephone at
(650) <FONT STYLE="white-space:nowrap">463-2677</FONT> or by email (kathleen.wells@lw.com) with any questions or comments regarding this correspondence. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kathleen Wells</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kathleen Wells</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">of LATHAM&nbsp;&amp; WATKINS
LLP</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sean Duffy, Omada Health, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Steve Cook, Omada Health, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nathan Salha, Omada Health, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Richard Kim, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Alan F. Denenberg, Davis Polk&nbsp;&amp; Wardwell LLP </P>
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