Hinge Health, Inc.

hingehealth.com

What Do They Do?

Provides software-led care for joint and muscle pain, including exercise programs and in-person treatment, to employers, health plans, and government health programs.

How Do They Make Money?

Employers, health plans, and government entities buy an annual subscription; clients pay only for members who engage with the programs, and the company spreads the subscription charge over the 12 months after a member enrolls.

FY2025 revenue

Who Are Their Customers?

Self-insured employers are the main buyers, alongside health plans and government entities. The company sells directly and through health plans, pharmacy benefit managers, third-party administrators, and other partners; it also contracts directly with clients when needed or preferred.

Do Revenues Turn Into Profits?

Not on paper. It lost $528.3M in FY2025, but brought in more cash than it spent: $170.7M of free cash flow.

Operating income, FY2025

−93% of revenue

▲ +1612% (Loss) vs FY2024 (−$31.9M, −8%)

Net income, FY2025

−90% of revenue

▲ +4327% (Loss) vs FY2024 (−$11.9M, −3%)

Free cash flow, FY2025

29% of revenue

▲ +256% vs FY2024 ($48M, 12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +53%; vs $139.1M in Q2 FY2025
Net income: ▲ Now profitable; vs −$575.7M in Q2 FY2025

Aug 4, 2026 Agreed to acquire Cylinder Health and raised 2026 revenue guidance The planned acquisition would expand the company into gastrointestinal care; full-year revenue guidance was raised to $856 million to $860 million.
Jun 9, 2026 Raised 2026 revenue guidance The company raised its full-year revenue guidance to $818 million to $824 million.

Growing. Revenue grew 2.0x in 2 years, from $292.7M in FY2023 to $587.9M in FY2025, about 42% a year.

Who Do They Compete With?

Competes with Kaia Health Software, Sword Health Technologies, Omada Health, and Vori Health

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