Hinge Health co-founders Gabriel Mecklenburg (left) and Daniel Perez (right).
Courtesy of Hinge Health
Hinge Health said in a filing on Tuesday that it plans to boost as much as $437 million in its upcoming initial public offering.
The digital physical therapy startup filed its initial prospectus in March, and it updated the document with an expected pricing range for its Class A standard stock of $28 to $32 per share. Hinge said it plans to sell about 13.7 million shares within the offering.
Based on the variety of Class A and Class B shares outstanding after the offering, the deal would value the corporate at $2.42 billion in the midst of the range, though that number might be higher on a completely diluted basis.
Hinge, founded in 2014, uses software to assist patients treat acute musculoskeletal injuries, chronic pain and perform post-surgery rehabilitation remotely. The corporate was co-founded by CEO Daniel Perez and Executive Chairman Gabriel Mecklenburg, who’ve each experienced personal struggles with physical rehabilitation.
Three weeks after Hinge filed its initial prospectus, President Donald Trump announced a sweeping tariff policy that plunged U.S. markets into turmoil. That volatility has caused several corporations, including online lender Klarna and ticket marketplace StubHub, to delay their long-awaited IPOs.
Hinge is forging ahead anyway, and a second digital health startup, virtual chronic care company Omada Health, filed to go public on Friday. Each IPOs will likely be closely watched by the digital health sector, which has been mostly devoid of public offerings since 2021.
During its first quarter, Hinge said that revenue climbed 50% to $123.8 million, up from $82.7 million throughout the same period last yr. Hinge reported $117.3 million in revenue during its fourth quarter, up 44% from the identical period in 2023.
The corporate plans to trade on the Latest York Stock Exchange under the ticker symbol “HNGE.”
Hinge has raised greater than $1 billion from investors including Tiger Global Management and Coatue Management, and it boasted a $6.2 billion valuation as of October 2021, the last time the corporate raised outside funding. The largest institutional shareholders are enterprise firms Insight Partners and Atomico, which own 19% and 15% of the stock, respectively, based on its prospectus.
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