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 care team of licensed professionals.

• Serves primarily self-insured employers, with expansion into fully-insured, Medicare Advantage, and international markets.

• Recurring revenue model with annual subscriptions, typically billed per member engagement, and contracts averaging three years.

• Partners with health plans, PBMs, and TPAs to streamline contracting, implementation, and billing.

• As of December 31, 2024, had 2,250+ clients, 20 million contracted lives, and 532,000+ members.

Financial performance and metrics

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

• 2024 gross profit: $299.9M (77% gross margin); 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

• Estimated net proceeds: $230.7M (at $30/share IPO price midpoint).

• Substantially all proceeds to satisfy tax withholding/remittance for RSU settlements vesting at IPO ($268.2M estimated obligation).

• Any remaining proceeds for general corporate purposes, working capital, growth strategies, and potential acquisitions.