Hinge Health (HNGE) Registration Filing summary

Company overview and business model

• Provides an AI-driven digital platform for musculoskeletal (MSK) care, automating up to 95% of clinician hours in physical therapy.

• Offers personalized care via AI-powered motion tracking, a proprietary wearable device, and a multidisciplinary care team.

• 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.

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

Financial performance and metrics

• Revenue grew 33% year-over-year to $390.4M in 2024; Q1 2025 revenue up 50% year-over-year to $123.8M.

• Gross margin improved to 77% in 2024 (from 66% in 2023); Q1 2025 gross margin at 81%.

• Net loss narrowed to $11.9M in 2024 from $108.1M in 2023; Q1 2025 net income of $17.1M.

• Free cash flow was $45.2M in 2024, compared to an outflow of $68.5M in 2023.

• As of March 31, 2025, had $470.7M in cash, cash equivalents, and marketable securities.

• Net dollar retention rate was 117% and 12-month client retention rate was 98% as of December 31, 2024.

Use of proceeds and capital allocation

• Estimated net proceeds of $230.7M, primarily to satisfy tax withholding and remittance obligations related to RSU settlements.

• Any remaining proceeds to be used for general corporate purposes, working capital, growth initiatives, and potential acquisitions.