By Abhay Ray 
Introduction
Hinge Health, a provider of digital physical therapy services, filed to go public on Monday, the latest sign that the IPO market is starting to crack open. Hinge Health uses software to help patients treat musculoskeletal injuries, chronic pain and carry out post-surgery rehabilitation remotely. The company’s revenue last year increased 33% to $390 million, according to its prospectus, and its net loss for the year narrowed to $11.9 million from $108.1 million a year earlier.
About Hinge Health Company
The San Francisco-based company “Hinge Health” founded in 2014 by Daniel Perez and Gabriel Mecklenburg with the goal of making high-quality musculoskeletal (MSK) care accessible to everyone .Hinge Health leverages software, including AI, to largely automate care for joint and muscle health, delivering an outstanding member experience, improved member outcomes, and cost reductions for our clients. We have designed our platform to address a broad spectrum of MSK (musculoskeletal system) care from acute injury, to chronic pain, to post-surgical rehabilitation. Members receive personalized and largely automated MSK care through our AI-powered motion tracking technology and a proprietary electrical nerve stimulation wearable device, all designed and monitored by our AI-supported care team of licensed physical therapists, physicians, and board-certified health coaches. This platform can improve pain and function and reduce the need for surgeries, all while driving health equity by allowing members to engage in their exercise therapy sessions from anywhere and embrace movement as a way of life.
Dan and Gabe both have histories of MSK injuries. Dan broke several bones in a bike accident, and Gabe tore his ACL during a judo sparring match. Both underwent surgery and completed 12 months of physical rehabilitation. The frustration they felt throughout their recovery is what inspired them to start Hinge Health.
Hinge Health Fund Raised and valuation
Hinge Health raised $400 million at a $6.2 billion valuation in a 2021 round led by Tiger Global Management and Coatue Management, Bloomberg News reported at the time. Its backers also include Insight Partners, Atomico, 11.2 Capital, Bessemer Venture Partners. Insight Partners holds 21% of the voting power in the company before the offering, while Atomico controls 16%, the filing shows. Co-founders Daniel Perez and Gabriel Mecklenburg control 19% and 8.2% respectively.
Digital Physical Therapy Leader Hinge Health Seeks IPO
Hinge Health, a leader in digital physical therapy, has filed for an initial public offering (IPO) as it seeks to expand its innovative healthcare services. Known for combining wearable devices, a mobile app, and virtual coaching to provide personalized musculoskeletal care, Hinge Health has rapidly grown in the digital health space. The company’s platform aims to reduce the need for in-person physical therapy visits, offering an accessible and cost-effective alternative for those suffering from chronic pain or musculoskeletal conditions.
The IPO filing comes as Hinge Health has gained significant traction, securing partnerships with large employers and health plans to offer its services to employees and members. With the funding from the IPO, Hinge Health plans to further invest in its technology, expand its customer base, and strengthen its position in the competitive digital health market. As more healthcare services shift to virtual platforms, Hinge Health’s innovative approach to physical therapy positions it for potential growth in a rapidly evolving industry. The company has yet to disclose the number of shares or the price range for its IPO, but the move signals confidence in the future of digital health solutions.
Hinge Health Announces IPO Filing, Eyes Public Debut
The IPO market has been quiet across the tech sector for the past three years, but within digital health it’s been almost completely silent, as companies have struggled to adapt to an environment of muted growth following the Covid-19 pandemic. No digital health companies held IPOs in 2023, according to a report from Rock Health, and last year the only notable offerings were Waystar, a health-care payment software vendor, and Tempus AI, a precision medicine company. “We have many decades of work ahead,” Hinge Health CEO Daniel Perez said in the filing Monday. “We hope you join us on this journey.” The company plans to trade on the New York Stock Exchange under the ticker symbol “HNGE.” Perez and Gabriel Mecklenburg, Hinge Health’s chairman, co-founded the company in 2014 after experiencing personal struggles with physical rehabilitation, according to the company’s website. Members of Hinge Health can access virtual exercise therapy and an electrical nerve stimulation device called Enso. The company claims its technology can help users improve their pain, reduce the need for surgery and cut down health-care costs.
Hinge Health’s dual class stock structure gives each share of Class B common stock 15 votes. Almost all of the Class B shares are owned by the founders and top investors. Employees across more than 2,250 organizations, including Morgan Stanley, Target and General Motors, can access Hinge Health’s offerings. The company had more than 532,000 members as of Dec. 31, and more than 20 million people are eligible to enroll, the filing said.
Conclusion
Hinge Health’s decision to file for an IPO marks a significant milestone in the digital health sector. By leveraging technology to deliver accessible and effective musculoskeletal care, the company has established itself as a leader in the digital physical therapy space. With growing demand for virtual health solutions, Hinge Health’s IPO filing signals its commitment to expanding its reach and enhancing its platform. The move also highlights the increasing shift toward technology-driven healthcare, offering cost-effective alternatives to traditional treatments.
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