Hinge Health Inc. (HNGE Proposed), a San Francisco-based provider of physical therapy, unveiled the terms for its $410 million IPO early today – Tuesday, May 13, 2025 – and launched the deal to price next week. Hinge Health disclosed its IPO’s terms – 13.67 million shares at a price range of $28.00 to $32.00 – to raise $409.98 million, if priced at the $30.00 mid-point of its range, in an S-1/A filing dated May 13, 2025. This is a New York Stock Exchange listing.
At pricing, Hinge Health would have a market cap of about $2.34 billion.
Morgan Stanley, Barclays and BofA Securities are the lead joint book-runners.
Of the 13.67 million shares in the IPO, Hinge Health is offering 8.52 million shares and the selling shareholders are offering 5.14 million shares. Hinge Health will not receive any proceeds from the sale of the selling shareholders’ stock.
Physical Therapy Driven by AI
Hinge Health, founded in 2012, described its AI-driven approach to physical therapy in the prospectus:
“Hinge Health leverages software, including AI, to largely automate care for joint and muscle health, delivering an outstanding member experience, improved member outcomes, and cost reductions for our clients. We have designed our platform to address a broad spectrum of musculoskeletal care – also known as MSK care — from acute injury to chronic pain to post-surgical rehabilitation. (Note: MSK care stands for musculoskeletal care.)
“Members receive personalized and largely automated MSK care through our AI-powered motion tracking technology and a proprietary electrical nerve stimulation wearable device, all designed and monitored by our AI-supported care team of licensed physical therapists, physicians, and board-certified health coaches. Our platform can improve pain and function and reduce the need for surgeries, all while driving health equity by allowing members to engage in their exercise therapy sessions from anywhere and embrace movement as a way of life.”
Hinge Health’s clients are mostly self-insured employers in the private sector – including about 42 percent of the Fortune 500 companies as of Dec. 31, 2024 – and in the public sector – including state and local governments and labor unions.
As of Feb. 1, 2025, Hinge Health said its partners “increased to include the five largest national health plans based on self-insured lives,” according to the prospectus.
Hinge Health is not profitable. For the 12 months that ended Dec. 31, 2024, Hinge Health reported a net loss of $11.9 million on revenue of $390.4 million.
