stockrowWhat it does
Hinge Health sells technology-supported care for muscle and joint conditions, also called musculoskeletal or MSK conditions. Its clients are primarily self-insured employers, which pay for their employees’ healthcare benefits. It also serves health plans and government insurance populations. Daniel Perez is chief executive and co-founder.
The platform covers needs ranging from short-term injuries and chronic pain to rehabilitation after surgery. Members receive personalized exercise plans through an app. TrueMotion, the company’s motion-tracking technology, uses a phone or tablet camera to provide exercise feedback. Licensed physical therapists, physicians and health coaches design and monitor care. Hinge Health also offers Enso, a wearable device that delivers electrical nerve stimulation for pain relief.
HingeConnect uses health records and other information to identify people who may benefit from care and support coordination with outside providers. HingeSelect connects members who need in-person services, such as imaging or injections, with a provider network.
The company has expanded beyond MSK care. Its Migraine Care Program is in early access, and its acquisition of Cylinder added an existing gastrointestinal care program. Hinge Health is building an integrated gastrointestinal program within its app and targets summer of 2027 for its launch. Clients buying the existing program are expected to be upgraded when the integrated version is ready.
How it makes money
Hinge Health sells its platform through an annual subscription model. Clients generally pay when eligible people enroll and engage with a program, rather than simply because everyone covered by a contract has access. A member’s paid subscription lasts one year, and the company primarily recognizes the revenue ratably over the 12 months after that person becomes a member.
The company can bill a client for the entire annual subscription or in milestone-based payments. It also offers engagement-based pricing, with an annual upfront platform fee per member plus a fee for each completed session. The Migraine program uses engagement-based billing and can be added to existing contracts without new contracting.
Hinge Health contracts either directly with clients or through partners, and it can invoice clients directly or submit charges through a health plan. It typically provides performance guarantees that put a portion of its fees at risk; these may cover engagement, member-reported outcomes or client return on investment. The company has historically paid an immaterial amount under those guarantees.
The business has one reportable segment. FY2025 reportable segment revenue was $587.9 million; Q3 2026 revenue was $235 million.
New clients generally sign in the second half of a calendar year and launch in the first half of the following year. Billings are affected by those launch dates and member enrollment, while annual subscriptions and ratable recognition have historically made quarterly revenue less seasonal. Hinge Health identifies the number of eligible lives, the share that enrolls and engages, and the average selling price per member as the drivers of calculated billings. Core MSK remains its largest revenue contributor.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Reportable Segment | $587.9 million | 100.0% | 50.6% |
Customers and how it sells
The majority of Hinge Health’s revenue comes from self-insured employers. Its clients also include public-sector employers and labor unions. Health plans can buy the platform for fully insured and Medicare Advantage populations, and the company serves federal insurance plans.
Hinge Health ended Q3 2026 with 3,270 contracted clients, up 28% year-over-year. At December 31, 2025, it had approximately 25 million contracted lives: people eligible for its services through client contracts. That count does not mean all eligible people have enrolled or generated revenue.
The company sells through its own sales force and through health plans, pharmacy benefit managers, third-party administrators and other partners. Partners can assist with sales, contracting, implementation and billing. As of December 31, 2025, a majority of clients were contracted through partnerships. Hinge Health was most often the sole digital MSK provider offered to a client’s contracted lives, and its average client contract term was three years at that date.
The company has expanded its global program from U.S.-based multinational clients into Canada, France, Germany, Ireland, the Netherlands and the United Kingdom. Initially, that program serves existing clients’ employees in their key geographies. Hinge Health also plans over time to serve non-U.S. employers and government payers outside the U.S.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Reportable Segment | $587.9 million | 100.0% | 50.6% |
Suppliers and costs
Hinge Health designs its hardware in San Francisco and uses manufacturing partners in Asia. Enso is a regulated medical device, and device manufacturers, including third-party manufacturers, must follow applicable quality requirements. The company’s affiliated professional medical corporations contract with or employ physicians, physical therapists and other licensed health professionals; Hinge Health manages their non-clinical functions under management services agreements.
Personnel, inventory, selling and marketing are among the company’s primary uses of cash. Research and development supports the platform’s design, operation and quality, as well as new features, programs and data integrations. Partners may receive an administrative or marketing fee when they help the company contract with a client.
Hinge Health reported an 88% gross margin for Q3 2026. The company attributed the improvement from the prior-year quarter to reduced hardware costs, AI and automation. It also said it was hiring more care-team members and targeting 85% gross margin for the following year as it continued investing in the member experience.
- Revenue$587.9M
- Cost of revenue−$119.6M
- Research and development−$368.1M
- Selling, general and administrative−$646.5M
- Operating income−$546.4M
Competitive position
Hinge Health competes in markets for muscle and joint care that include digital services and traditional care providers. The company identifies price, convenience, long-term outcomes and client and member acceptance among the factors affecting competition. None of the supplied company disclosures names a competing company.
Hinge Health’s offering combines motion-tracking software, a care team, an electrical stimulation device and an in-person provider network. As of December 31, 2025, it owned 40 issued patents and had 88 pending patent applications for TrueMotion. From inception through that date, its platform had tracked over 106 million activity sessions and generated 39 million member-reported outcome logs.
Our reading: The combination of proprietary technology, patents and accumulated member data provides some differentiation, although competitors can still challenge the company on price, outcomes and ease of use.
Distribution is another part of the model. Hinge Health had over 60 partners as of December 31, 2025, including health plans and other benefits intermediaries. Partners can help clients contract and launch, while Hinge Health uses data integrations and enrollment campaigns to reach eligible people.
Our reading: Those relationships and integrations can make distribution harder to replicate, but their value depends on retaining partners and getting eligible people to use the programs. The company also faces the possibility of lower-cost competitors or offerings with features clients prefer.
Growth opportunities
Hinge Health seeks to grow by adding clients, reaching more eligible people within existing contracts, developing programs and expanding into new markets. Its sales force works with benefits partners to reach employers and health plans. The company also uses health-plan and electronic-record integrations to identify people who may benefit from care and encourage them to enroll.
The company’s motion-tracking platform is the basis for programs beyond muscle and joint care. In Q3 2026, over 800 clients had access to Migraine, with the bulk of those covered lives expected to launch in early 2027. Hinge Health continues to sell Cylinder’s existing gastrointestinal program while building an integrated version for its app. Since announcing the acquisition, it had expanded Cylinder’s gastrointestinal client base by 40% as of Q3 2026.
HingeSelect is another expansion route: the company launched the in-person MSK provider network in 2025 and is upselling it to clients. It also plans to increase international reach, initially through existing multinational clients. Its global program uses motion tracking but does not include hardware or care-team access.
Hinge Health estimated that its platform reduced human care-team hours associated with traditional physical therapy by approximately 97%, based on 2025 data. It expects to continue investing in the platform and adding care-team members. For full-year 2026, the company guided to revenue of $879 million-$881 million; that is its expectation, not a completed result.
- $292.7MFY2023
- $390.4MFY2024
- $587.9MFY2025
- $879.0MFY2026 guidance
Structural risks
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Profitability and spending: Hinge Health has a history of net losses, anticipates increasing expenses and may not be able to maintain profitability. New programs, international operations and the work of managing growth can add demands on the business.
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Clients, partners and engagement: Revenue depends on maintaining and increasing clients, partners and members. Significant partners could terminate or renegotiate agreements, and marketing restrictions or clients’ competing benefit offerings could reduce enrollment or retention.
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Performance commitments: The company offers performance guarantees to the vast majority of clients. These can include engagement thresholds, member-reported outcomes and client return on investment, with a portion of fees at risk.
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Competition and acceptance: Lower-cost alternatives or competitors’ new features could affect member engagement. Acceptance also depends on evidence of the platform’s safety, ease of use, outcomes and cost savings, as well as the pace of AI and machine-learning development.
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Regulation, privacy and reliability: Healthcare delivery, licensed practice, privacy and medical devices are subject to evolving rules. App or website outages, privacy concerns and compromised data could affect the business and member experience.
Leadership
Hinge Health has Class A and Class B common stock; its founders’ outstanding common stock was reclassified into Class B shares before the 2025 IPO.
| Name | Role | Since | Total pay, FY2025 |
|---|---|---|---|
| Daniel Perez | Chief Executive Officer and Co-Founder | — | $45.8 million |
| Jim Pursley | President | — | $3.7 million |
Bottom line
Our reading
Hinge Health is a healthcare service built around recurring member subscriptions, software-assisted care and distribution through employers and benefits partners. Its opportunity to add conditions and reach more covered people rests on converting eligibility into engagement and delivering outcomes clients will pay for. Its partner relationships and technology support that model, but also leave it exposed to partner renegotiations, competition, regulatory obligations and the cost of expanding care.