Hinge Health, Inc. HNGE
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 automate care for joint and muscle health, delivering an outstanding member experience, improved member outcomes, and cost reductions for our clients and members. 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 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 help to ease members' pain, improve their function, and reduce their 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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $587.9M | $390.4M | $292.7M | — |
| Cost of revenue | $119.6M | $90.5M | $98.6M | — |
| Gross profit | $468.2M | $299.9M | $194.2M | — |
| R&D | $368.1M | $100.8M | $110.1M | — |
| SG&A | $329.5M | $63.9M | $67.0M | — |
| Total operating expenses | $1.01B | $331.8M | $324.7M | — |
| Operating income | -$546.4M | -$31.9M | -$130.5M | — |
| Pre-tax income | -$527.3M | -$11.3M | -$108.5M | — |
| Income tax | $998.0K | $677.0K | $405.0K | — |
| Net income | -$528.3M | -$11.9M | -$108.1M | — |
| EPS, basic | -7.77 | -0.88 | -8.31 | — |
| EPS, diluted | -7.77 | -0.88 | -8.31 | — |
| Shares, diluted (wtd. avg.) | $54.6M | $13.6M | $13.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $208.0M | $300.8M | $235.0M | $302.9M |
| Short-term investments | $155.9M | $165.8M | — | — |
| Receivables | $66.1M | $42.5M | — | — |
| Inventory | $15.6M | $10.9M | — | — |
| Total current assets | $533.9M | $583.4M | — | — |
| Property, plant and equipment | $10.5M | $7.4M | — | — |
| Goodwill | $64.1M | $61.6M | — | — |
| Other intangibles | $2.5M | $1.8M | — | — |
| Total assets | $744.8M | $673.3M | — | — |
| Accounts payable | $57.3M | $27.9M | — | — |
| Total current liabilities | $362.4M | $249.3M | — | — |
| Total liabilities | $366.2M | $256.6M | — | — |
| Retained earnings | -$1.05B | -$522.7M | — | — |
| Total equity | $178.7M | -$434.6M | -$424.0M | -$318.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $171.4M | $49.0M | -$63.9M | — |
| Depreciation and amortisation | $1.3M | $2.0M | $1.8M | — |
| Stock-based compensation | $643.0M | $739.0K | $1.6M | — |
| Capital expenditure | $708.0K | $1.0M | $2.0M | — |
| Investing cash flow | -$113.8M | $18.3M | $1.5M | — |
| Financing cash flow | -$150.5M | -$2.2M | -$3.0M | — |
| Buybacks | $65.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-013808.
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