Hinge Health’s ENSO products.
Courtesy: Hinge Health
Hinge Health, a provider of digital physiotherapy services, was submitted for public release Monday.
Hinge Health uses software to help patients treat musculoskeletal damage, chronic pain and perform post-surgical rehabilitation remotely. The company’s revenues rose 33% last year to $390 million, with annual net losses shrinking from $11.9 million from $108.1 million the previous year, according to the prospectus.
The IPO market has been quiet throughout the tech sector for the past three years, but within digital health it is almost completely silent as businesses struggle to adapt to a calm growth environment following the Covid-19 pandemic. According to a Rock Health report, no digital health company held an IPO in 2023. Waystarhealthcare payment software vendors, and Tempus AIa precision medical company.
“We have decades of work,” said Haniel Perez, CEO of Hinge Health, who filed on Monday. “We would appreciate your participation in this trip.”
The company plans to trade on the New York Stock Exchange under the ticker symbol “HNGE.”
Hinge Health Chairman Perez and Gabriel Mecklenburg co-founded the company in 2014 after experiencing personal struggles with physical rehabilitation.
Hinge Health members have access to virtual exercise therapy and electrical nerve stimulation devices called ENSO. The company claims that the technology will help users improve pain, reduce the need for surgery and reduce medical costs.
The San Francisco-based company has raised over $1 billion from investors including Tiger Global and Coatue Management, and as of October 2021, it is valued at $6.2 billion.
Hinge Health’s dual-class stock structure provides each share of 15 Class B common stock votes. Almost all of the Class B stocks are owned by founders and top investors.
Employees from over 2,250 organizations, including Morgan Stanley, Target and General Motors, have access to Hinge Health’s products. The company said it had over 532,000 members as of December 31, and over 20 million people had applied to be eligible to register.
Hinge Health declined to comment.
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