Overview of Hinge Health’s IPO

Hinge Health, a company specializing in digital musculoskeletal care, made its debut on the NYSE today under the ticker symbol HNGE. The company successfully raised approximately $437.3 million through its initial public offering (IPO), selling 9.14 million shares.

Company Background

• Founded in 2014 and based in San Francisco.
• Offers services for patients with musculoskeletal conditions, including access to:
  • Health coaches
  • Orthopedic surgeons
  • Physical therapists
  • Technological resources, such as surgery decision support
• Provides an FDA-cleared wearable device called Enso, which delivers electrical pulses to alleviate everyday pain.
• Features a women’s pelvic health program.

IPO Details

The stock opened at $39.25 per share, reflecting a 23% increase from the anticipated IPO price of $32. On its first trading day, the stock closed at $37.56 per share.

Market Context

Hinge Health announced its plans to go public in 2022, following significant funding rounds, including:

1. $300 million in Series D funding
2. $400 million in Series E funding

The company filed for its IPO in March with the U.S. Securities and Exchange Commission (SEC). At the time of the filing, Hinge Health reported having over 50 partners, primarily through large national or regional health plans and pharmacy benefit managers (PBMs).

Recent Partnerships

In the past two years, Hinge Health has formed several partnerships, including:

• An expanded collaboration with Teladoc
• A partnership with Amazon Health Services
• A collaboration with Midi Health, a women’s health virtual care specialist
• A partnership with Sun Life, an employee and government benefits organization

Financial Performance

During its first quarter, Hinge Health reported a 50% increase in revenue, reaching $123.8 million, up from $82.7 million in the same period last year. The company also reported $117.3 million in revenue for the fourth quarter, marking a 44% increase from the previous year.

Conclusion

Hinge Health’s successful IPO marks a significant milestone for the company and the digital health sector, which has seen limited public offerings in recent years. The company’s innovative approach to musculoskeletal care positions it as a leader in the digital health landscape.