Hinge Health Goes Public: IPO Breakdown and Market Impact (HNGE IPO)
- Adam Mitchell
- May 20
- 5 min read
Updated: May 22
Hinge Health, Inc., a leader in digital musculoskeletal (MSK) care, has officially filed an S-1/A form with the U.S. Securities and Exchange Commission as of May 16, 2025. This filing marks a pivotal step toward the company’s initial public offering (IPO). With the IPO, Hinge Health plans to sell 8,522,528 shares of Class A common stock, while existing shareholders are offering an additional 5,143,472 shares. The offering is expected to price between $28 and $32 per share.
The company’s shares will be listed on the New York Stock Exchange under the ticker symbol "HNGE." Backed by strong revenue growth, a large enterprise client base, and a reputation for innovation, Hinge Health’s IPO is drawing interest from institutional and retail investors alike.
*UPDATE May 22, 2025 - Hinge Health to debut on NYSE today, Thursday May 22nd. The IPO has been priced at $32.00 per share, at the upper end of the estimated range of $28.00 - $32.00. 13.7 million shares were sold, in line with expectations. [Further context, selling shareholders make up 37% of shares sold in this offering].
Offering Breakdown: What’s Going Public
Let’s break down the numbers. The IPO includes:
13,666,000 total shares of Class A common stock
8,522,528 offered by Hinge Health
5,143,472 offered by selling shareholders
The underwriters have the option to purchase up to an additional 2,049,900 shares from selling shareholders. Importantly, Hinge Health will not receive any proceeds from these secondary shares. All net proceeds from the primary shares will go toward general corporate purposes, possibly including R&D, marketing, and strategic acquisitions.
Valuation and Voting Power
At the upper range of the proposed price ($32), Hinge Health could be valued at several billion dollars, though final valuation will depend on the full share count and closing price. A notable feature of this IPO is the dual-class stock structure:
Class A common stock: 1 vote per share
Class B common stock: 15 votes per share
After the IPO, insiders including executives and early investors are expected to retain roughly 97.1% of the voting power, with directors and executive officers holding approximately 87.5%. This structure ensures that existing leadership maintains tight control even after going public.
Revenue Model: How Hinge Health Makes Money
Hinge Health is a digital health company focused on transforming care for musculoskeletal (MSK) conditions such as chronic back and joint pain. Their core offering is a digital care platform combining wearable motion sensors, app-based physical therapy, health coaching, and telemedicine visits with clinical teams. Services are delivered through employer-sponsored health plans and healthcare payers.
The company earns revenue primarily through long-term contracts with self-insured employers, health plans, and benefits consultants. Clients pay Hinge Health based on member engagement and outcomes, with pricing models typically including per-member-per-month (PMPM) fees and performance-based incentives. With 2,250 clients, including 49 percent of the Fortune 100, the company has secured a strong position in the employer healthcare market.
In addition to its core MSK program, Hinge Health has begun expanding into behavioral health and women’s health through subsidiary services and acquisitions. These broaden its addressable market and open up new revenue channels.
Business Performance at a Glance
Hinge Health’s latest numbers tell a compelling story:
$468 million in calculated billings for 2024 (42% year-over-year growth)
$390 million in revenue (33% YOY growth)
77% GAAP gross margin and 78% non-GAAP gross margin
$49 million in net cash from operating activities
$45 million in free cash flow
1 million+ lifetime members served
20 million contracted lives
The company boasts a net promoter score (NPS) of 87 and a client retention rate of 98%, both strong indicators of satisfaction and stickiness. These metrics are particularly attractive for long-term investors.
Risks and Investor Considerations
Every IPO comes with its share of risk, and Hinge Health is no exception. Some areas of caution include:
Dual-class structure giving insiders overwhelming control
Regulatory hurdles as a healthcare provider
Competition from other digital health and traditional MSK providers
Dependence on large enterprise clients, which may affect revenue predictability
High growth expectations, which could pressure margins and profitability
These risks are detailed in the "Risk Factors" section of the IPO prospectus. As always, potential investors should consider both the upside and the potential downsides before making decisions.
Strategic Backers and Underwriters
The IPO is being underwritten by a mix of big-name investment banks and specialists in health tech:
Lead Underwriters: Morgan Stanley, Barclays, BofA Securities
Other Bookrunners: Evercore ISI, RBC Capital Markets, Truist Securities, Stifel, William Blair, Piper Sandler
Additional Participants: Canaccord Genuity, KeyBanc, Needham & Company, Raymond James, KKR
The diverse underwriter group signals strong institutional interest and confidence in the offering.
What This Means for the Digital Health Market
Hinge Health’s IPO could be a defining moment for the digital health space. Unlike many telehealth startups, Hinge is profitable on a free cash flow basis and offers a well-differentiated product backed by measurable health outcomes. If the IPO performs well, it could pave the way for similar companies to follow suit.
At the same time, Hinge Health’s decision to go public with a dual-class structure and retain majority voting control may raise questions about governance in the long run.
Final Thoughts
Hinge Health’s IPO is shaping up to be one of the most closely watched offerings of 2025. With strong financials, a growing client base, and a clear market need, the company appears well-positioned for long-term growth. However, like any IPO, it carries risk, especially around governance, competition, and regulation.
For investors who believe in the future of tech-enabled healthcare, this IPO may be worth a close look. As always, do your homework and consult with a financial advisor before investing.
FAQs About the Hinge Health IPO
What does Hinge Health do?
Hinge Health provides digital therapy and personalized care programs for people with musculoskeletal conditions, such as chronic back and joint pain.
When is Hinge Health going public?
The IPO filing was submitted on May 16, 2025. Shares are expected to be available soon after the SEC’s approval.
What is the expected price per share?
The offering is priced between $28 and $32 per share.
What ticker symbol will it trade under?
Shares will be listed on the NYSE under the ticker "HNGE".
Will Hinge Health receive all IPO proceeds?
No. The company will receive proceeds only from the 8.5 million shares it sells directly. The remaining shares are from existing shareholders.
Can retail investors buy into the IPO?
Retail participation will depend on the brokerage platform. Once shares start trading, anyone with a brokerage account can buy them on the open market.

Hinge HNGE IPO
Hinge HNGE IPO
Financial Disclaimer:
This blog post is for informational purposes only and does not constitute financial, investment, or legal advice. Investing in initial public offerings (IPOs) involves risk, including the potential loss of principal. Always consult a licensed financial advisor before making investment decisions.
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