Hinge Health (HNGE) Registration Filing summary

Company overview and business model

• Provides an AI-powered digital platform for musculoskeletal (MSK) care, automating physical therapy and pain management for joint and muscle health.

• Offers a broad spectrum of MSK care, including acute injury, chronic pain, post-surgical rehab, and specialized programs (e.g., women's pelvic health, fall prevention).

• Delivers care via a mobile app, proprietary motion tracking technology (TrueMotion), and an FDA-cleared wearable device (Enso), supported by a multidisciplinary care team.

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

• Revenue is generated through annual subscription fees, typically paid per member who engages with the platform, with most contracts having a three-year term.

Financial performance and metrics

• Revenue grew 33% year-over-year to $390.4 million in 2024, with gross profit of $299.9 million and a gross margin of 77%.

• Net loss narrowed to $11.9 million in 2024 from $108.1 million in 2023; accumulated deficit was $522.7 million as of December 31, 2024.

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

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

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

Use of proceeds and capital allocation

• Net proceeds will be used to satisfy tax withholding and remittance obligations related to RSU settlements, with the remainder for general corporate purposes, working capital, and growth initiatives.

• May use a portion of proceeds for acquisitions or investments in complementary businesses, products, or technologies.