Healthcare · Profile from Healthcare Research Companion
Hinge Health, Inc.
The digital musculoskeletal (MSK) clinic that turned at-home physical therapy into a benefit sold to self-insured employers through health plans and pharmacy benefit managers. It started with a tablet and wearable motion sensors, replaced them with phone-camera computer vision ("TrueMotion"), raised ~$600m in 2021 at a peak private valuation of ~$6.2bn, went public on the NYSE in May 2025 at a valuation reported at well under half that mark, and then turned into one of the few profitable, fast-growing digital health companies of the 2020s, before moving into in-person care (HingeSelect), migraine and gastrointestinal care in 2025–26.
At a glance
- Founded
- 2014 (company materials; some databases say 2015–2016), San Francisco
- Founders
- Daniel Perez (CEO) and Gabriel Mecklenburg (executive chair), who met as PhD students in the UK and had both been through long rehabilitation after injuries (reported)
- Headquarters
- San Francisco, California
- Ownership / structure
- Public company, NYSE: HNGE since May 22, 2025; dual-class shares, with Class B high-vote stock held by the founders and certain pre-IPO holders
- Leadership (2026)
- Daniel Perez, co-founder and CEO; Gabriel Mecklenburg, co-founder and executive chair; James Pursley, CFO (verify current titles)
- Segment and buyer
- Digital health (B2B2C condition-management program); the buyer is the self-insured employer (and increasingly health plans for fully insured, Medicare Advantage and federal employee lives), usually reached through a health plan, PBM or benefits-navigation partner; the user is the employee or plan member with back, joint, pelvic or (from 2026) migraine pain
- Scale
- 782,890 members at December 31, 2025 (+47%); 2,830 clients (+25%); ~25m contracted lives and ~20.1m average eligible lives (2025); 2,929 clients at June 30, 2026 (company results)
- Revenue and profit
- 2024 revenue $390.4m; 2025 revenue $587.9m (+51%), GAAP gross margin 80%, GAAP net loss $528.3m driven by $643.0m of IPO-related stock-based compensation, free cash flow $179.6m; Q2 2026 revenue $212.8m (+53%), GAAP net income $43.7m; 2026 revenue guidance $856–860m (raised August 2026)
- Capital raised / valuation / market cap
- Roughly ~$800m–$1bn of private equity capital across rounds from 2017 to 2021 (sources differ); Series D ~$300m at ~$3bn (January 2021) and Series E ~$400m at ~$6.2bn (October 2021); IPO at $32/share raised ~$437m in total (company ~$273m, selling holders the rest), valuing Hinge at ~$2.6bn on a basic basis and up to ~$3bn fully diluted (reported); market cap ~$9bn in late October 2026 (reported, verify)
- Signature moves (incl. failures)
- Founding a sensor-guided digital MSK clinic; the 10,000-person outcomes study and Series C (2020); 2021 mega-rounds at $6.2bn; Enso and wrnch acquisitions (2021); retiring the sensor kit for TrueMotion phone-camera tracking (2023); April 2024 layoffs and the favourable PHTI evaluation (2024); NYSE IPO at a deep discount to its last private mark (2025); HingeSelect in-person network (2025); migraine programme and Cylinder Health GI acquisition (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2014
Founding Digital MSK Clinic
Founding
2020
Outcomes Study and Series C
Funding round / evidence publication
2021
Enso and wrnch Acquisitions
Acquisition
2021
Series D and E 6 2bn Valuation
Funding round
2023
TrueMotion Hardware Free Care
Pivot / AI launch
2024
PHTI Evaluation and Cost Reset
Restructuring / evidence (independent evaluation)
2025
HingeSelect In Person Network
Launch (provider network)
2025
NYSE IPO
IPO
2026
Migraine and Cylinder GI Expansion
Launch / acquisition