$53.81 +2.65 (+5.18%) Closing price 10/8/2025 03:59 PM Eastern
Extended Trading
$54.74 +0.93 (+1.72%) As of 07:00 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Our vision is to build a new health system that transforms outcomes, experience and costs by using technology to scale and automate the delivery of care. 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 MSK care—from acute injury, to chronic pain, to post-surgical rehabilitation. 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. There is no shortage of new technologies in the healthcare industry, yet the cost of care continues to rise. In other industries, the launch of new technologies has generally improved end-user experiences and lowered costs. In healthcare, however, new technologies have not always been successful in lowering the cost of care or improving clinical outcomes. We believe there are two key reasons for healthcare’s idiosyncratic response to technology: • Automating most aspects of care is difficult because so many healthcare interventions involve unstructured physical tasks. • The current framework for healthcare reimbursement has specific pathways to pay for care, which means new technologies are constrained to deliver within this framework. At Hinge Health, we have taken these challenges head-on. To address the automation of care, we have weaved together AI-enabled capabilities - such as our AI-powered motion tracking technology, TrueMotion, our proprietary FDA-cleared wearable device, Enso, and our AI-supported care team - to deliver scalable and personalized MSK care. According to our estimates based on data from 2024, our platform reduced the number of human care team hours associated with traditional physical therapy by approximately 95%. We have done this while improving our high member satisfaction over time. To address healthcare reimbursement constraints, we developed novel billing methods for our innovative technology by both directly selling to employers while also partnering with health plans, pharmacy benefit managers (“PBMs”), third-party administrators (“TPAs”), and other ecosystem entities to efficiently provide our platform to clients and members. While the MSK market is massive, existing solutions have fallen short as they are often expensive, ineffective, inconvenient to access, and delivered in a one-to-one or few-to-one care setting. Effective MSK care should be engaging, easy to use, and accessible anytime, anywhere. We developed Hinge Health to be simple and accessible, complete, personalized, and scalable. • Simple and accessible: We provide members access to our platform at no direct cost to them and without a copay or deductible. Members can access our broad spectrum of MSK care through a single on-demand app, designed to provide an engaging, seamless, and convenient digital experience whenever and wherever the member chooses. Potential members can complete a simple intake form, download the app, and start exercises soon thereafter. During the year ended December 31, 2024, approximately 64% of members were onboarded on the same day they completed their intake form, and approximately 75% of members were onboarded within the first week. • Complete: Our platform offers a wide range of support with multiple programs across many affected areas to provide a continuum of care from prevention to treatment of acute injury and chronic pain, as well as surgery decision support and post-surgical recovery. We also offer non-addictive and non-invasive pain relief via electrostimulation through our proprietary FDA-cleared wearable device, Enso, that is seamlessly integrated into our platform. • Personalized: Our platform delivers smarter care through AI and machine learning. Our AI model is trained on a large, proprietary MSK data set, and our technology is continuously learning and improving as each new member enrolls and engages with our programs, which creates a positive feedback loop. As of March 31, 2025, we had treated over one million members and our programs had tracked over 74 million activity sessions and 32 million member-reported outcome logs. We focus on personalization to keep members moving: from customized care plans to real-time in-app exercise feedback based on the member’s input and our proprietary motion tracking technology. • Scalable: Our AI-powered motion tracking technology, TrueMotion, allows us to deliver scalable and largely automated care. According to our estimates based on data from 2024, our platform reduced the number of human care team hours associated with traditional physical therapy by approximately 95%. While most of our programs provide members with access to a dedicated care team, our technology automates most aspects of care delivery while allowing our members to progress through their exercise therapy sessions on their own time. We have developed an efficient go-to-market model by working directly with our partners and clients. We seek to be the best solution on the market, the most validated solution on the market, and the easiest to buy. Our clients are primarily self-insured employers and include many of the nation’s leading enterprises across a broad range of industries and sizes. Within this segment, we also serve many public sector self-insured employers, such as state and local city governments and labor unions. In most instances, we partner with clients’ health plans, TPAs, PBMs, or other ecosystem entities to reduce the friction of contracting, procurement, security and IT reviews, onboarding, and billing. We are also in the early stages of expanding to serve health plans’ fully-insured and Medicare Advantage populations and federal insurance plans. As of December 31, 2024, we had approximately 20 million contracted lives across more than 2,250 clients. We had active client agreements with 49% of the Fortune 100 companies and 42% of the Fortune 500 companies, as of December 31, 2024. Despite this progress, our current contracted lives only represent 5% of our total addressable market. We believe that we grow efficiently because of our scalable, repeatable go-to-market model. We sell through our direct sales force and our partners. Once we contract with a client, we are most often the sole digital MSK care provider offered to their contracted lives. Our average contract term is three years. For the term of each contract, we are able to enroll, engage, and re-engage the client’s eligible lives, driving a recurring, repeatable revenue model, which is demonstrated in our net dollar retention of 117% as of December 31, 2024. Our 12-month client retention rate was 98% as of December 31, 2024. Additionally, we have a high level of client satisfaction, as shown by our client net promoter score (“NPS”) of 87 as of October 31, 2024. We also invested early in building our partner network. As of March 31, 2025, we had over 50 partners. Our partners include the five largest national health plans by self-insured lives, and the top three PBMs by market share. As of that date, we had retained 100% of our partners that we chose to work with since inception, excluding partners who were acquired. We have experienced significant growth since our inception, with a recurring revenue business model. As of December 31, 2024, we had over 532,000 members and more than 2,250 clients, compared to approximately 371,000 members and approximately 1,650 clients as of December 31, 2023. Our principal executive offices are located in San Francisco, California.
