Hinge Health (HNGE) Registration Filing summary

Company overview and business model

• Operates a technology platform automating musculoskeletal (MSK) care using AI, motion tracking, and a proprietary wearable device, supported by a multidisciplinary care team.

• Offers digital programs for chronic and acute pain, post-surgical rehab, and prevention, with a focus on accessibility, personalization, and scalability.

• Primary clients are self-insured employers, with expansion into fully-insured, Medicare Advantage, and international markets.

• Revenue is generated through annual subscriptions, primarily recognized ratably over a 12-month member period, with most contracts secured via health plan partners.

• As of December 31, 2024, served over 2,250 clients and 532,000 members, covering approximately 20 million contracted lives.

Financial performance and metrics

• 2024 revenue: $390.4M (33% YoY growth); Q1 2025 revenue: $123.8M (50% YoY growth).

• 2024 gross profit: $299.9M (gross margin 77%, up from 66% in 2023); Q1 2025 gross margin: 81%.

• 2024 net loss: $11.9M (improved from $108.1M loss in 2023); Q1 2025 net income: $17.1M.

• 2024 net cash from operations: $49.0M; free cash flow: $45.2M.

• Net dollar retention: 117%; 12-month client retention: 98%; client NPS: 87.

• As of March 31, 2025, accumulated deficit: $505.6M; cash, cash equivalents, and marketable securities: $470.7M.

Use of proceeds and capital allocation

• Proceeds will be used for tax withholding on RSU settlements, general corporate purposes, working capital, and growth initiatives.

• May allocate funds to acquisitions or investments in complementary businesses, products, or technologies.

• No proceeds from shares sold by selling stockholders.