Introduction to Hinge Health

Hinge Health, a company that has been operating for 10 years, provides a digital solution for treating chronic musculoskeletal (MSK) conditions. The company has filed to go public, marking a significant milestone in its journey.

IPO Details

Although the specifics of the IPO, such as the number of shares and their price, have not been announced by Hinge Health, estimates by IPO specialists at Renaissance Capital suggest that the company aims to raise up to $500 million through its offering.

Financial Performance

In 2024, Hinge Health reported a revenue of $390 million, which represents a 33% increase from the previous year. Additionally, the company managed to narrow its net losses to $11.9 million from! $108 million in 2023, as outlined in its IPO prospectus.

Technology and Approach

The company’s technology is designed to reduce MSK pain by utilizing advanced wearable sensors and computer vision technology. This technology is monitored remotely by a clinical care team consisting of physical therapists, physicians, and board-certified health coaches, providing a comprehensive approach to managing MSK conditions.

Valuation and Funding

Hinge Health was last valued at $6.2 billion in October 2021, following a $400 Series E funding round from Tiger Global and Coatue Management. To date, the company has raised a total of $828 million in venture capital, according to PitchBook data.

Shareholders

The company’s largest outside shareholders include Insight Partners, holding 19% of all stock, and Atomico, with 15% of all shares. Other notable venture capital firms that own approximately 8% of Hinge’s shares are 11.2 Capital, Coatue, Tiger Global, and Bessemer Venture Partners, as disclosed in the filing. The co-founders, Daniel Perez and Gabriel Mecklenburg, own 18.9% and 8.2% of the company, respectively.

Competitors

Hinge Health’s main competitor in the market is Sword Health, which was valued at $3 billion last year. Sword Health’s CEO and founder, Virgílio Bento, mentioned to TechCrunch that the company could potentially launch a public listing in 2025, depending on its growth and the macroeconomic environment. Other competitors in the industry include Kaia Health Software, Omada Health, and Vori Health.