Hinge Health, the tech-driven physical therapy company that helps people get their joints moving, is officially limbering up for its big Wall Street debut. The company has filed to go public under the ticker “HNGE” and is planning to list on the New York Stock Exchange.
So, what's the story behind this digital MSK (musculoskeletal) care company?
The Offering – Not Just a Stretch Goal
Hinge Health is offering 13.7 million shares of Class A common stock, with an anticipated price range of $28–$32 per share. At the midpoint of the range, the expected proceeds approach $410 million, with a market cap of about $2.4 billion. The San Francisco-based company will mostly use the proceeds to cover tax obligations tied to employee stock awards. Lead underwriters include Morgan Stanley, Barclays, and BofA Securities
What Does Hinge Health Do?
In a nutshell, Hinge Health wants to be your virtual PT (physical therapist). Instead of awkward in-person sessions, users can use their app, wearable tech (like the FDA-cleared “Enso” device), and motion-tracking AI to do therapy at home. The company pairs these tools with access to licensed professionals, coaches, and even mental health content. It's personal, automated, and meant to replace the old-school (and often expensive) way of treating back and joint pain.
They’ve already signed up more than 2,250 employer clients and reached around 20 million people who are eligible to use the platform. That includes almost half the Fortune 100.
History & Tech Flex
Founded in 2015, Hinge has bootstrapped its way into the big leagues with a software-first strategy. The company emphasizes AI, proprietary datasets, and a super-scalable platform. It even boasts that it can cut the human hours required for physical therapy by 95%.
.Risk Factors
Of course, no IPO would be complete without some risks. Among the biggest risks: relying on AI too much, navigating the wild world of healthcare regulation, and making sure people actually stick with the program. There’s also a bit of a governance twist—thanks to a dual-share structure, a small group of insiders will still hold more than 97% of the voting power after the IPO..
The Financial Stretch
Hinge Health’s financials tell a story of fast growth and a sharp turn toward efficiency. While still posting a loss, the company dramatically reduced its net loss year-over-year.
.Looking Ahead
Hinge Health sees big things on the horizon. It’s pushing into fully-insured markets, Medicare Advantage, and even international expansion (starting with Canada and some European countries). Plus, it’s launching niche programs for underserved groups, like women going through menopause and people at risk of falling.
Its go-to-market strategy relies heavily on partnerships with insurers and health plans. The more those connections grow, the more Hinge can scale.
Competitors and Comparisons
Hinge joins a growing group of digital health IPOs. Companies like Omada Health, Teladoc, and Sword Health are playing in overlapping sandboxes. Recent IPOs in this sector have seen cautious pricing and mixed first-day pops—investors are still figuring out how to value tech-
Still, if the IPO performs well, it could validate Hinge Health’s model—and help it attract even more talent, clients, and investors.
Final Thoughts
Hinge Health is going public with a solid growth story, strong tech underpinnings, and a big vision. But it's also a company facing heavy competition, regulatory hurdles, and the pressure to scale without snapping.
HNGE is expected to price the week of May 19th, 2025.