Hinge Health Files for IPO

Hinge Health is limbering up.

What’s happening: The digital physical therapy platform filed for IPO, aiming to trade on the NYSE under ticker “HNGE.”

Last valued at $6.2B in 2021, the company has secured >$1B from investors and expects to raise $500M in its offering.

On the move. Hinge serves over 532K members across 2,250+ clients, including 49% of Fortune 100 companies and 42% of Fortune 500 companies. As demand grows, it’s on solid footing.

• Revenue reached $390.4M in 2024, up 33% YoY.
• Net loss narrowed to $11.9M, from $108.1M in 2023.
• Gross margin increased to 77%, up from 66% YoY.

Leveraging AI-powered motion tracking tech, Hinge automates and personalizes MSK care while reducing human labor hours by approximately 95%.

It offers an FDA-cleared wearable e-stim device for pain relief alongside treatment programs, which have expanded to include women’s pelvic health and fall prevention.

First up. Hinge’s filing could lead other digital health companies in going public. It also signals investor confidence in tech-enabled musculoskeletal (MSK) solutions, with Sword Health, Vori Health, Omada Health, and others scaling up.

Punchline: Combining technology with human-guided care, Hinge Health is breaking through the digital health IPO drought while tackling the $420B annual MSK cost burden.