Hinge Health Targets $437M IPO, $2.6B Valuation

Hinge Health, a digital physical therapy startup founded in 2014, is planning an initial public offering (IPO) to raise up to $437 million, targeting a valuation of up to $2.6 billion. The company is offering about 13.7 million shares priced between $28 and $32 each, with trading set to begin on the New York Stock Exchange under the ticker 'HNGE.' Hinge Health reported first quarter 2025 revenue of $124 million and net income of $17 million, a turnaround from a net loss in the prior year. Major investors include Tiger Global Management and Insight Partners. The company provides AI-powered motion-tracking and wearable devices for remote musculoskeletal care, serving over 2,250 clients and offering free access to around 20 million people. Lead underwriters are Morgan Stanley, Barclays Capital, and BofA Securities.