I just made $OMDA one of my largest positions. No one is talking about it, yet I think it offers one of the best risk-rewards in the market. It’s been a while since I wrote a thread... Here's why I believe $OMDA could 5x from here: 🧵

18) Risks The biggest one remains channel concentration. At the contracting level, Cigna and Express Scripts represent roughly 34% and 28% of billings, and both ultimately sit under the same parent company. However, the underlying customer exposure is more diversified: Largest end customer: ~15% Second: ~10% Third: ~5% Fourth and below: <2% each CVS, Optum, HCSC, and newer relationships should gradually reduce concentration, but losing a major channel would still matter. That said, there’s no indication that any partner has ever left $OMDA, nor does there appear to be much incentive to do so. Cigna is also a shareholder in the company, and given that partnering with Omada can help reduce total healthcare costs, the interests of both parties appear to be closely aligned. Other risks include long healthcare sales cycles, competition, limited pricing power, reimbursement/regulatory changes, and the simple fact that maintaining 40%+ growth gets harder as the revenue base increases. The question is whether today’s valuation adequately reflects those risks relative to the upside.