Virtual physical therapists Hinge Health files for IPO, estimated to raise $500M
Hinge Well being, a 10-year-old firm that gives a digital resolution to deal with power musculoskeletal (MSK) circumstances, filed to go public.
Though Hinge has not but introduced what number of shares, nor priced them, the IPO specialists at Renaissance Capital estimate the corporate hopes to lift as much as $500 million in its providing.
Hinge’s income in 2024 was $390 million, a 33% enhance from the prior 12 months, whereas web losses narrowed to $11.9 million from $108 million in 2023, in accordance with its IPO prospectus.
The corporate’s know-how goals to cut back MSK ache via using superior wearable sensors and pc imaginative and prescient know-how that’s monitored remotely by a scientific care crew of bodily therapists, physicians and board-certified well being coaches.
Hinge was final valued at $6.2 billion in October 2021 when it raised a $400 Collection E from Tiger World and Coatue Administration. The corporate has raised a complete of $828 million in enterprise capital, in accordance with PitchBook information.
The corporate’s largest exterior shareholders are Perception Companions, which holds 19% of all inventory, and Atomico, which has 15% of all shares. Different enterprise capital corporations that personal roughly 8% of Hinge’s shares embody 11.2 Capital, Coatue, Tiger World, and Bessemer Enterprise Companions, in accordance with the submitting. Co-founders Daniel Perez and Gabriel Mecklenburg personal 18.9% and eight.2%.
Hinge’s primary competitor is Sword Well being, which was valued at $3 billion final 12 months. Virgílio Bento, Sword’s CEO and founder, told TechCrunch final 12 months that if the corporate grows as anticipated and the macroeconomic surroundings is favorable, it may additionally launch a public itemizing in 2025.
Hinge Well being’s different opponents embody Kaia Well being Software program, Omada Well being, and Vori Well being.
