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what it is
Hinge sells digital programs that help people treat joint and muscle pain without going to physical therapy clinics as often.
how it gets paid
Last year Hinge Health made $588M in revenue. Chronic pain programs was the main engine at $247M, or 42% of sales.
why it's growing
Revenue grew 50.6% last year. The 170% revenue growth rate mattered most because it shows buyers are still showing up even while the income statement looks rough.
what just happened
Revenue hit $417M, up 170% vs. prior year, but the quarter still showed a -$9.88 EPS loss.
At a glance
n/a balance sheet
-$7.77 fy2025 eps est
$6M fy2024 rev est
92.9% operating margin
~$4B market cap
What they do
Hinge sells digital programs that help people treat joint and muscle pain without going to physical therapy clinics as often.
The pitch is blunt: Hinge says its platform cut human care-team hours by about 97% versus traditional physical therapy, based on 2025 company estimates. If your knee hurts, opening an app from your couch beats driving to a clinic. That convenience helps Hinge win with employers and health plans that want lower musculoskeletal costs.
How they make money
$588M
annual revenue · their business grew +50.6% last year
Chronic pain programs
$247M
Post-surgical rehabilitation
$141M
Acute injury care
$129M
Other MSK programs and add-ons
$71M
The products that matter
digital musculoskeletal care
Employer & Health Plan Subscriptions
$470M · about 80% of revenue
this is the center of gravity. It generated $470M of the company's $588M revenue base and sits behind the 85% gross margin story.
80% of revenue
services and other revenue
Other Revenue
$118M · about 20% of revenue
it is smaller at $118M, but it still matters because it rounds out the platform and helps explain how the business reached $588M in total revenue.
20% of revenue
Key numbers
$588M
annual revenue
This is the proof demand exists. The business grew 50.6% vs. prior year, which is fast for a company already near $600M in sales.
92.9%
operating margin
Operating margin means money left after paying to run the company. So what: Hinge still lost about $0.93 for every $1 of sales on this measure.
77.7%
gross margin
Gross margin means what is left after delivering the service. So what: the core product looks software-like even if the full company still burns money.
$4M
long-term debt
Debt is what the company owes over years. So what: the balance sheet is light on leverage, which buys time while losses stay large.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $4M (0% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for HNGE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $417M, up 170% vs. prior year, but the quarter still showed a -$9.88 EPS loss.
Gross margin was 77.7%, which is strong for a software-heavy care model. The quiet part: revenue is scaling much faster than profits, and that gap is the whole debate here.
$417M
revenue
-$9.88
eps
77.7%
gross margin
the number that mattered
The 170% revenue growth rate mattered most because it shows buyers are still showing up even while the income statement looks rough.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is growth deceleration colliding with a premium software-style valuation.
med
regulatory scrutiny in digital health
The current page already flags legal and regulatory pressure as a live issue. In healthcare, reimbursement, compliance, and disclosure problems do not stay contained for long.
The stated exposure is $88M–$147M of revenue. On a $588M revenue base, that is not background noise.
med
growth slows faster than expected
Last year revenue grew 50.6%. The 2026 target is 25%. That is the right number to watch because premium multiples rarely forgive a second leg down.
If 25% turns into something materially lower, the $4B market cap has less room to hide.
med
thin public-market history
Institutional coverage and ranking data are still limited. That means the stock can move more on narrative shifts than on mature consensus revision cycles.
You get less signal from the street and potentially more volatility from a restricted float around a ~$4B valuation.
A slowdown below the 25% growth target or a real regulatory hit against the flagged $88M–$147M exposure would pressure the core case fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected on May 12, 2026. The headline number is revenue guidance of $171M–$173M and whether that keeps the 25% full-year growth story intact.
growth
the deceleration line
Revenue grew 50.6% last year. Management is guiding to 25% next. Same business. Much harder comparison.
margin
whether 85% gross margin sticks
An 85% gross margin and 28% operating margin are what make this stock interesting. If those slip while growth slows, the premium narrative weakens fast.
risk
regulatory exposure
The current page quantifies $88M–$147M of revenue at risk. That is the one number in the risk stack big enough to change the story, not just complicate it.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for HNGE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$46
current price
n/a
target midpoint · n/a from current
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