Hinge Health, a digital musculoskeletal care platform, filed for an IPO on Monday with the U.S. Securities and Exchange Commission to go public under the symbol HNGE, despite recent stock market volatility due to uncertainty around U.S. trade policies.  

The San Francisco-based company, founded in 2015, provides individuals with musculoskeletal conditions access to health coaches, orthopedic surgeons, physical therapists and technological resources, such as surgery decision support. 

Hinge also offers a pelvic women's health program and its FDA-cleared wearable Enso, which provides electrical pulses to relieve everyday pain. 

According to the filing, the company reported full-year 2024 revenue of $390.4 million, a 33% rise from $292.7 million in 2023. 

The company's gross profit was $299.9 million last year, up from $194.2 million the previous year, and it achieved a gross margin of 77% in 2024, up from 66% in 2023. 

It reported a free cash flow of $45.2 million and an outflow of $68.5 million for 2024 and 2023, respectively. 

The company narrowed its net loss to $11.9 million in 2024, from a loss of $108.1 million in 2023. 

As of the end of 2024, the company reports it had 532,326 members, compared with 370,526 members at the end of 2023. 

The company said it had more than 50 partners as of the end of last year, with a majority of its clients contracted through large national or regional health plans and other partners that are large nationwide PBMs.

"Our vision is to build a new health system that transforms outcomes, experiences and costs by using technology to scale and automate the delivery of care. I believe that software will soon automate all non-touch aspects of healthcare, such as interpreting symptoms, formulating diagnoses, crafting care plans, etc. Moreover, hardware advancements are automating and enabling self-service for select aspects of healthcare that require touch, such as monitoring (e.g., continuous glucose monitors), medication delivery (e.g., insulin pumps, connected inhalers), pain relief (e.g., Hinge Health Enso), and more," Daniel A. Perez, cofounder and CEO of Hinge Health, said in his letter in the SEC filing.  

"Our first decade in business has been focused on physical therapy – with $70 billion in estimated annual spend in the United States, PT provides a long runway ahead for our business. Over the coming years, we'll continue applying technology to automate other aspects of care, with several new products already in development."

THE LARGER TREND

Hinge Health is one of the more prominent players in the digital MSK care and physical therapy space and announced its plans to go public in 2022 after its $300 million Series D raise.

The company has raised more than $800 million in funding. In 2021, it wrapped up a $300 million Series D round, placing its total value at $3 billion. 

Later that same year, Hinge raised a whopping $400 million in a Series E funding round led by Tiger Global and Coatue Management. Alkeon and Whale Rock also invested $200 million in secondary investment to acquire ownership of Hinge.

With the addition of the Series E funding, the company was valued at $6.3 billion, more than double the valuation it announced with its Series D round.

This week, the virtual care company Teladoc announced an expanded partnership with Hinge Health. 

Last year, Hinge announced a partnership with Amazon Health Services, allowing individuals to check coverage eligibility through their employer or health plan on Amazon Health's website and, if covered, access MSK care through the digital platform.  

It also partnered with women's health virtual care specialist Midi Health, combining the companies' menopause and virtual care offerings to broaden access to care services for women navigating symptoms of menopause, and employee and government benefits organization Sun Life to provide its members with digital access to technology and clinicians for musculoskeletal care.

In April of last year, TechCrunch reported that Hinge laid off approximately 10% of its workforce across various departments, including its engineering team.