Hinge Health filed Monday for a proposed initial public offering.
The virtual musculoskeletal health company, which contracts with employers, pharmacy benefit managers and large insurance companies to provide physical therapy and pain relief services, has been considered a potential IPO candidate since last year.
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The company has raised more than $1 billion in venture capital funding since it was founded in 2014. In October 2021, it raised a $600 million Series E funding round led by investment firms Tiger Global and Coatue Management.
The company did not disclose any details about potential pricing of the shares, the number of shares to be offered or the amount it seeks to raise. It would list its Class A common stock on the New York Stock Exchange under the ticker symbol “HNGE.”
Hinge’s IPO would likely serve as another early test case for other digital health companies that could go public this year. The sector is continuing to recover from a nearly two-year IPO standstill that ended in June 2024 when healthcare payments company Waystar and precision medicine company Tempus went public.
In a registration statement with the Securities and Exchange Commission, Hinge said its 2024 revenues totaled $390.4 million, compared with $292.7 million in 2023. It had a net loss of $11.9 million last year compared with a 2023 net loss of $108.5 million.
Client contracts through three health insurance companies — Health Care Service Corp., Elevance Health and Aetna — accounted for more than 40% of revenue last year. The company also said in the filing that variability in Medicare Advantage markets could pose a threat to its revenue and gross margins.
Hinge joined Amazon’s Health Benefits Connector program in December.
