Hinge Health, Inc. (NYSE:HNGE), a leading digital physical therapy startup, priced its highly anticipated IPO at $32 per share Wednesday, at the top of its expected range, raising approximately $273 million by selling 8.52 million shares. The company will begin trading on the New York Stock Exchange under the ticker symbol “HNGE.”
A patient viewing their medical diagnosis on a digital healthcare ecosystem.
The company was founded in 2014 and offers software-driven solutions to treat musculoskeletal injuries, chronic pain, and post-surgery rehabilitation remotely. Despite a steep drop from its $6.2 billion private valuation in 2021, the IPO values the company at about $2.6 billion.
The startup reported strong financial momentum, with first-quarter revenue soaring 50% year-over-year to $123.8 million and posting a net income of $17.1 million, reversing a net loss of $26.5 million from the previous year. Co-founders CEO Daniel Perez and Executive Chairman Gabriel Mecklenburg have personal experience with physical rehabilitation, driving their mission.
This IPO marks a significant event for the digital health sector, which has seen very few public offerings since 2021 amid post-COVID market challenges. With over $1 billion raised from top investors, including Tiger Global and Coatue Management, Hinge Health, Inc.’s debut is closely watched as a bellwether for the sector’s recovery.
“We have many decades of work ahead,” Perez noted, inviting investors to join the journey.
READ NEXT: 10 Best Cancer Stocks to Invest in for Long-Term Gains and 10 Most Oversold Stocks to Buy According to Billionaires.
Hedge Fund Resource Center