Hinge Health’s Enso product.
Courtesy: Hinge Health
Hinge Health, a provider of digital physical therapy services, filed to go public on Monday, the newest sign that the IPO market is beginning to crack open.
Hinge Health uses software to assist patients treat musculoskeletal injuries, chronic pain and perform post-surgery rehabilitation remotely. The corporate’s revenue last 12 months increased 33% to $390 million, in accordance with its prospectus, and its net loss for the 12 months narrowed to $11.9 million from $108.1 million a 12 months earlier.
The IPO market has been quiet across the tech sector for the past three years, but inside digital health it has been almost completely silent, as firms have struggled to adapt to an environment of muted growth following the Covid-19 pandemic. No digital health firms held IPOs in 2023, in accordance with a report from Rock Health, and last 12 months the one notable offerings were Waystar, a health-care payment software vendor, and Tempus AI, a precision medicine company.
“We now have many many years of labor ahead,” Hinge Health CEO Daniel Perez said within the filing Monday. “We hope you join us on this journey.”
The corporate plans to trade on the Latest York Stock Exchange under the ticker symbol “HNGE.”
Perez and Gabriel Mecklenburg, Hinge Health’s chairman, co-founded the corporate in 2014 after experiencing personal struggles with physical rehabilitation, in accordance with the corporate’s website.
Members of Hinge Health can access virtual exercise therapy and an electrical nerve stimulation device called Enso. The corporate claims its technology might help users improve their pain, reduce the necessity for surgery and cut down health-care costs.
The San Francisco-based company has raised greater than $1 billion from investors including Tiger Global and Coatue Management, and it boasted a $6.2 billion valuation as of October 2021. The largest outside shareholders are enterprise firms Insight Partners and Atomico, which own 19% and 15% of the stock, respectively, in accordance with the filing.
Hinge Health’s dual class stock structure gives each share of Class B common stock 15 votes. Almost all the Class B shares are owned by the founders and top investors.
Employees across greater than 2,250 organizations, including Morgan Stanley, Goal and General Motors, can access Hinge Health’s offerings. The corporate had greater than 532,000 members as of Dec. 31, and greater than 20 million individuals are eligible to enroll, the filing said.
Hinge Health declined to comment.
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