Virtual physical therapists Hinge Health files for IPO, estimated to raise $500M | TechCrunch

Hinge Health, a 10-year-old company that offers a digital solution to treat chronic musculoskeletal (MSK) conditions, filed to go public.

Although Hinge has not yet announced how many shares, nor priced them, the IPO specialists at Renaissance Capital estimate the company hopes to raise up to $500 million in its offering.

Hinge’s revenue in 2024 was $390 million, a 33% increase from the prior year, while net losses narrowed to $11.9 million from $108 million in 2023, according to its IPO prospectus.  

The company’s technology aims to reduce MSK pain through the use of advanced wearable sensors and computer vision technology that is monitored remotely by a clinical care team of physical therapists, physicians and board-certified health coaches.

Hinge was last valued at $6.2 billion in October 2021 when it raised a $400 Series E from Tiger Global and Coatue Management. The company has raised a total of $828 million in venture capital, according to PitchBook data.

The company’s largest outside shareholders are Insight Partners, which holds 19% of all stock, and Atomico, which has 15% of all shares. Other venture capital firms that own approximately 8% of Hinge’s shares include 11.2 Capital, Coatue, Tiger Global, and Bessemer Venture Partners, according to the filing. Co-founders Daniel Perez and Gabriel Mecklenburg own 18.9% and 8.2%.

Hinge’s main competitor is Sword Health, which was valued at $3 billion last year. Virgílio Bento, Sword’s CEO and founder, told TechCrunch last year that if the company grows as expected and the macroeconomic environment is favorable, it could also launch a public listing in 2025. 

Hinge Health’s other competitors include Kaia Health Software, Omada Health, and Vori Health.