Laiba Immad
2 min read
In This Article:
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. (NYSE:HNGE)’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.
While we acknowledge the potential of HNGE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HNGE and that has 100x upside potential, check out our report about this cheapest AI stock.
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Disclosure: None.
