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 raise up to $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 common stock of $28.00 to $32.00 per share. Hinge said it plans to sell about 13.7 million shares in the offering.
Based on the number of Class A and Class B shares outstanding after the offering, the deal would value the company at $2.42 billion in the middle of the range, though that number could be higher on a fully diluted basis.
Hinge, founded in 2014, uses software to help patients treat acute musculoskeletal injuries, chronic pain and carry out post-surgery rehabilitation remotely. The company was co-founded by CEO Daniel Perez and Executive Chairman Gabriel Mecklenburg, who have both 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 companies, 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. Both IPOs will 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 during the same period last year. Hinge reported $117.3 million in revenue during its fourth quarter, up 44% from the same period in 2023.
The company plans to trade on the New York Stock Exchange under the ticker symbol “HNGE.”
Hinge has raised more 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 company raised outside funding. The biggest institutional shareholders are venture firms Insight Partners and Atomico, which own 19% and 15% of the stock, respectively, according to its prospectus.
WATCH: IPO window likely to open in first half of 2026: PitchBook
