Hinge Health: Virtual Physical Therapy Innovator Files for $500M IPO

Hinge Health: Virtual Physical Therapy Innovator Files for $500M IPO

Hinge Health, a prominent player in the digital healthcare sector, is making headlines as it prepares to go public with a focus on treating chronic musculoskeletal (MSK) conditions. This anticipated IPO could raise up to $500 million, reflecting the growing demand for innovative health solutions.

Overview of Hinge Health’s IPO Plans

As Hinge Health gears up for its initial public offering, the company has yet to disclose the number of shares or their pricing. However, estimates from IPO specialists at Renaissance Capital suggest that the company is looking to raise a substantial amount in this offering.

Financial Performance and Growth

According to Hinge Health’s IPO prospectus, the company reported impressive financial growth:

  • Revenue in 2024: $390 million, reflecting a 33% increase from the previous year.
  • Net Loss: Reduced to $11.9 million, down from $108 million in 2023.

Innovative Technology for MSK Pain Management

Hinge Health employs cutting-edge technology to alleviate MSK pain. The company utilizes advanced wearable sensors and computer vision technology, all monitored remotely by a professional clinical care team that includes physical therapists and board-certified health coaches.

Valuation and Investment History

The company was last valued at $6.2 billion in October 2021 after securing a $400 million Series E funding round from notable investors like Tiger Global and Coatue Management. Overall, Hinge Health has raised a total of $828 million in venture capital, according to PitchBook data.

Key Shareholders

Hinge Health’s major outside shareholders include:

  • Insight Partners: 19% of stock
  • Atomico: 15% of stock

Other significant venture capital firms with approximately 8% ownership include 11.2 Capital, Coatue, Tiger Global, and Bessemer Venture Partners. Co-founders Daniel Perez and Gabriel Mecklenburg hold 18.9% and 8.2% of shares, respectively.

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Competitive Landscape

Hinge Health faces competition from various companies in the digital health space, most notably:

  • Sword Health: Valued at $3 billion last year
  • Kaia Health Software
  • Omada Health
  • Vori Health

Virgílio Bento, CEO and founder of Sword Health, mentioned in an interview with TechCrunch that if market conditions are favorable, Sword Health could also consider a public listing in 2025.

Conclusion

As Hinge Health prepares for its IPO, the company’s innovative approach to treating chronic MSK conditions positions it well in a rapidly evolving healthcare landscape. Investors and industry watchers will be keenly observing how this public offering unfolds.

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