Hinge Health Aims to Raise $4.1 Billion in IPO at $29 Billion Valuation

Hinge Health, a prominent digital therapeutics company headquartered in San Francisco, has unveiled its initial public offering (IPO) terms. The company intends to issue 13.7 million shares, with 38% of these being secondary offerings, at a price range of $28 to $32 per share. This initiative aims to raise approximately $4.1 billion in capital. Based on the midpoint of the proposed price range, Hinge Health's fully diluted market value is estimated to be around $29 billion.

Hinge Health leverages software to a significant extent to automate joint and muscle health care. The company's platform is designed to address a wide range of musculoskeletal (MSK) care issues, including acute injuries, chronic pain, and post-operative rehabilitation. To achieve care automation, Hinge has developed proprietary AI-driven motion tracking technology (TrueMotion), FDA-approved wearable devices (Enso), and an AI-supported care team to provide scalable and personalized MSK care.

Founded in 2012, Hinge Health reported revenue of $432 million for the 12 months ending March 31, 2025. The company plans to list on the New York Stock Exchange under the ticker symbol "HNGE." The underwriters for this transaction include Morgan Stanley, Barclays, Bank of America Securities, and Evercore ISI. The pricing of the IPO is expected to occur during the week of May 19, 2025.

This IPO marks a significant milestone for Hinge Health, reflecting the company's confidence in its market position and growth prospects within the digital therapeutics sector. The move aligns with the broader trend towards digital health solutions in the healthcare industry, where technology is increasingly used to deliver evidence-based treatments. The successful completion of the IPO will provide Hinge Health with the necessary funds to invest in research and development, expand its product offerings, and enhance its market presence. The company's decision to go public underscores its commitment to driving innovation in the digital therapeutics space and improving patient outcomes through technology-driven healthcare solutions.