Hinge Health, Inc. (HNGE) priced its IPO at $32.00 – the top of its $28.00-to-$32.00 price range – and sold 13.67 million shares – the number of shares in the prospectus – to raise $437.31 million on Wednesday night, May 21, 2025.
Shares of Hinge Health opened at $39.25 – up 22.7 percent for a gain of $7.25 from their $32.00 IPO price – at about 1:15 p.m. EDT on Thursday, May 22, 2025, on the New York Stock Exchange.
At pricing, Hinge Health had a market cap of about $2.5 billion.
Morgan Stanley, Barclays and BofA Securities served as the lead joint book-runners.
Hinge Health, based in San Francisco, is a provider of AI-driven remote physical therapy. In the prospectus, Hinge Health said that it uses its AI-powered motion tracking technology called TrueMotion and its proprietary FDA-cleared wearable device called Enso to work with its AI-supported “human care team” to provide “scalable and personalized MSK care.” Note: MSK stands for musculoskeletal care.
Hinge Health uses AI and other software to mostly automate physical therapy to help people recover from an acute injury, manage chronic pain or complete their post-surgical rehabilitation, the prospectus said. The company’s technology and platform make it possible for patients to engage in their exercise therapy sessions from anywhere – monitored by its AI-supported care team of licensed physical therapists, physicians and board-certified health coaches. Hinge Health was founded in 2012.
As of Dec. 31, 2024, Hinge Health had more than 2,250 clients and more than 532,000 members, the prospectus said.
Hinge Health’s clients include 42 percent of the Fortune 500 companies as well as state and local governments, labor unions, and the five largest national health plans. The company is in the early stages of expanding to serve health plans’ Medicare Advantage populations as well as to serve people covered by federal insurance plans, the prospectus said.
Hinge Health’s revenue growth year over year and its shift to a profit in the first quarter of 2025 – from a year-earlier loss – appealed to IPO investors.
For the most recent year, though, Hinge Health was not profitable: Hinge Health reported a net loss of $11.9 million on revenue of $390.4 million for the 12 months that ended Dec. 31, 2024, according to financial statements in the prospectus.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.