Hinge Health: Digital PT Disruptor

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Hinge Health in one minute

Hinge Health is building the future of MSK care—combining AI, motion sensors, and FDA-cleared wearables to replace the need for traditional physical therapy. The result: faster recovery, lower costs, and care that scales.

What Sets Hinge Apart

• Full-Stack Platform: Covers the full MSK journey—from injury to surgery recovery

• AI-Powered Care: 95% fewer human hours vs. traditional PT, with better outcomes

• Seamless Access: 64% of members onboard same-day, no copays or clinic visits

• High Impact: 20M+ lives covered, 117% net revenue retention, 98% client retention

Hinge’s clients include nearly half of the Fortune 100, yet its current reach is just 5% of the U.S. MSK market.

Financials at a Glance (2024)

• Revenue: $390M (+33% YoY)

• Gross Margin: 77%

• Free Cash Flow: $45M

Hinge isn’t just delivering care—it’s redefining it. Let’s dig into Hinge Health’s model.

Introduction

From AI-powered motion tracking and wearable devices to licensed care teams and seamless onboarding, Hinge Health owns the end-to-end MSK experience. That control allows the company to automate physical therapy, improve outcomes, and reduce costs—at scale.

The results?

• Human care team hours reduced by ~95%

• 64% of members onboarded same day

• 532,000+ active members in 2024

• $390M revenue (+33% YoY)

• 77% gross margin, $45M in free cash flow

• Net promoter score: 87

• 20M+ lives across 2,250 clients—including 49% of the Fortune 100

The core driver? Hinge’s tech-powered model.
TrueMotion and Enso enable fully remote, personalized MSK care with near-zero friction. And by selling directly to self-insured employers and partnering with payers, Hinge built a repeatable, capital-efficient go-to-market motion.

A few numbers that define Hinge:

• Over 65M activity sessions tracked

• 30M+ member outcome logs

• Average contract term: 3 years

• Client retention: 98%

• Net revenue retention: 117%

What’s next?
With just 5% of the U.S. MSK market tapped and expansion into Canada and Europe underway, Hinge is only getting started. A digital health category leader—with SaaS-like margins to match.

History

It started in 2014 with a single idea: make high-quality musculoskeletal (MSK) care as accessible and outcomes-driven as the best software.

Back then, traditional physical therapy was slow, inconvenient, and costly. Most people never even made it to the clinic. Hinge Health saw an opportunity to flip that model—by bringing physical therapy into the home, powered by wearable tech and a virtual care team.

In 2016, Hinge launched with its first U.S. client. The offering was simple: digital knee and back programs that members could do from anywhere. The idea caught on. By 2019, Hinge had expanded to five affected areas—adding hip, neck, and shoulder—and signed its first national health plan partner.

2020 was a breakout year. Hinge introduced its full MSK technology platform, expanding beyond chronic care into prevention, acute treatment, and post-surgery recovery. It also began forging partnerships with major PBMs and health plans, laying the groundwork for national reach.

In 2021, Hinge launched HingeConnect, enabling EHR integration for deeper care coordination. By 2022, it surpassed 1,000 clients and 245,000 members, launched a women’s pelvic health program, and debuted Enso, an FDA-cleared device for pain management. One study that year showed Hinge delivering a 2.4x ROI for employers—proof that the model wasn’t just scalable, it was cost-effective.

Each year, the platform got smarter. In 2023, Hinge unveiled AI-powered motion tracking and expanded coverage to five new affected areas. It launched fall prevention programs for Medicare Advantage members and brought on four national health plan partners.

By 2024, the company had crossed 1 million lifetime members and transitioned fully to AI-powered motion tracking with its proprietary TrueMotion system. It expanded to three of the top PBMs, launched operations in Canada, and broadened its women’s health program to include menopause support.

In 2025, Hinge became a partner to all five major U.S. national health plans—cementing its place as the leading digital MSK care platform in the country.

Risk factors

Despite strong revenue growth, the company has reported net losses each year since inception. In 2024 and 2023, net losses reached $11.9 million and $108.1 million, respectively. As of December 31, 2024, the accumulated deficit stood at $522.7 million.

Ongoing investments in client acquisition, care teams, technology, and new market entry are expected to drive further expense growth. However, the revenue needed to offset these costs remains uncertain—particularly given evolving pricing models and a highly competitive healthcare landscape.

Rapid Expansion Strains Operations

The company’s accelerated growth has created mounting pressure across financial, operational, and compliance systems. Scaling operations requires continuous upgrades to internal controls, data infrastructure, and governance frameworks.

Without disciplined execution, the expansion may outpace organizational capacity—impacting service delivery, compliance, and long-term scalability. Public company costs further add to the operational burden.

The Growth Plan Is Bold—But Execution Risk Is High

Plans to enter fully insured and Medicare Advantage markets, expand geographically, and shift to engagement-based pricing introduce layers of execution complexity. Each initiative demands significant resources and depends on assumptions that may not hold in practice.

New market dynamics, regulatory constraints, or misaligned timing could erode projected returns. International expansion and public-sector health programs, in particular, bring unfamiliar financial structures and additional risk.

A Limited Track Record Reduces Forecast Visibility

With commercial operations dating back to 2016, the company remains early in its lifecycle. This short history constrains visibility into long-term financial trends and limits the ability to benchmark performance or validate the sustainability of current strategies.

Macroeconomic volatility, regulatory shifts, and evolving care delivery models further complicate forecasting.

Revenue Volatility Is Built into the Model

Sales cycles align closely with seasonal benefit enrollments, creating revenue concentration around specific periods. Any delay in client onboarding or economic disruption can materially shift quarterly performance.

The transition to an engagement-based pricing model introduces additional uncertainty. If member engagement falls short of expectations, revenue realization may suffer.

Client and Member Retention Are Core to Growth

The business depends on attracting and retaining both large employers and health plans, along with the active participation of members. Underperformance against client KPIs can trigger penalties or jeopardize renewals.

Client priorities may shift due to economic pressure or internal reorganization. Low member engagement or churn reduces per-client value and undermines recurring revenue projections.

Revenue Concentration Increases Risk Exposure

In 2024, three health plan partners—HCSC, Elevance, and Aetna—accounted for nearly 43% of revenue. These relationships are not exclusive, and changes in commercial terms, early terminations, or partner strategy shifts pose material downside risk.

Losing a key partner would necessitate expensive and uncertain re-engagement efforts with impacted clients.

Partner Dependencies Could Undermine Distribution

The company invests heavily in partner development—but the returns on those investments depend on long-term alignment. Disputes over pricing models, billing practices, or performance standards may delay payments or reduce margins.

Partner disengagement could reduce distribution reach and increase reliance on direct sales, which may not scale as efficiently.

Innovation Drives Retention—but Must Be Delivered Flawlessly

Continued success hinges on product evolution—from care models to digital platform features. Delays, poor rollout execution, or limited adoption can impact client satisfaction and trigger churn.

Some partners require formal approvals to launch new programs, creating friction in deployment timelines and monetization opportunities.

Competitive Pressure Is Intensifying

The digital health sector—particularly MSK care—is rapidly evolving. The company faces competition from entrenched healthcare providers, emerging tech platforms, and consumer-facing wellness brands.

Maintaining a clear value proposition—anchored in outcomes, engagement, and cost-effectiveness—is critical. Failure to do so could result in pricing pressure, reduced sales velocity, or share loss.

MSK and Digital Health Adoption May Lag

While the market opportunity is significant, adoption remains early-stage. Regulatory uncertainty, clinical skepticism, or data security concerns could slow momentum—particularly for AI-powered or machine learning-based offerings.

Challenges around algorithm bias, ethical frameworks, and data integrity introduce reputational and regulatory risk that could limit platform adoption

Market Opportunity

The musculoskeletal (MSK) care market is undergoing a major transformation. Rising costs, shifting demographics, and systemic inefficiencies have created a large, under-addressed opportunity—particularly in physical therapy and chronic pain management. Technology and AI are now poised to reshape how individuals access and experience MSK care.

In 2021, an estimated 40% of U.S. adults suffered from an MSK condition, according to the WHO Estimator. By 2023, MSK-related direct medical costs reached $661 billion annually, per the MSK TAM Report. An additional $624 billion in productivity losses brought the total MSK burden in the U.S. to nearly $1.3 trillion.

Within that total, over $70 billion is estimated to be spent annually on physical therapy alone, based on analysis of Health Claims Data.

Self-Insured Employers

Roughly 120 million individuals in the U.S. receive healthcare coverage through self-insured employers (AIS Health, 2021). In 2023, around 9% of adults pursued in-person physical therapy. Based on claims analysis and current pricing methodologies, the self-insured employer segment represents an addressable market of approximately $10 billion for MSK platforms and programs.

Medicare Advantage & Federal Programs

An additional 96 million lives are covered through fully insured employers, Medicare Advantage plans, and federal health benefit programs. This cohort—when layered with pricing benchmarks—represents an additional $8 billion market opportunity. To address the unique needs of older adults, new fall prevention programs have been introduced for the Medicare Advantage population.

Government-funded programs such as Medicare and Medicaid cover approximately 112 million lives. These lives are increasingly reachable through digital health platforms tailored to cost control and accessibility—translating into an additional $9 billion in addressable opportunity.

International Expansion

In Q3 2024, the company began rolling out its global MSK care platform to multinational clients. The program launched in Canada and is set to expand into multiple European markets in 2025. Initial growth is focused on the overseas employee bases of existing U.S. clients, with plans to scale into non-U.S. employers and public payers in the years ahead.

Though in early stages, international expansion is expected to drive growth in contracted lives and platform usage as awareness and infrastructure mature globally.

Innovation in Underserved Segments

Recent product launches include dedicated care programs for women’s pelvic health—an area historically underserved—and tailored MSK care for women in perimenopause, menopause, and postmenopausal phases. Research from Neural Plasticity (2020) indicates that 71% of perimenopausal women experience MSK pain, underscoring the urgency and scale of this unmet need.

Targeted innovation in these segments is expanding the total addressable market by unlocking new populations of eligible members.

Demand for MSK care is projected to rise due to two macro trends: an aging population and the increasing prevalence of sedentary lifestyles. At the same time, the profession faces supply-side constraints, as thousands of physical therapists exit the workforce.

This mismatch between rising demand and declining provider supply creates a durable opportunity for tech-enabled solutions that can scale cost-effectively while maintaining clinical outcomes.

Product

Hinge Health operates a leading digital platform for treating and preventing joint and muscle pain. The company’s model blends AI-driven technology with personalized care plans designed and overseen by a licensed clinical team—delivering improved health outcomes, enhanced member experience, and cost savings for clients.

One of the greatest barriers in traditional physical therapy is adherence. Hinge Health addresses this challenge with a platform that meets members where they are—allowing them to engage in exercise therapy on their terms. By addressing both the physical and psychological dimensions of pain, the platform supports recovery, reduces reliance on surgery and medication, and encourages lasting behavioral change.

The system integrates AI-powered motion tracking, a wearable device, and an AI-assisted care team—including licensed physical therapists, physicians, and board-certified health coaches—to enable scalable, personalized care.

Comprehensive Coverage

The platform is designed to support a broad spectrum of MSK conditions—from chronic pain to post-surgery rehabilitation. It addresses more than 20 pain regions across the body, including the neck, spine, shoulders, hips, knees, and feet. Through real-time motion tracking and machine learning, the software can deliver tailored exercise recommendations remotely, reducing labor costs and enabling scalable care delivery.

Programs are personalized based on movement thresholds and affected body areas, continuously adapting to a member’s needs and progress.

Rapid Innovation

Hinge Health continuously evolves the platform. Recent expansions include programs for women’s pelvic health and fall prevention. The company also introduced Enso (a non-invasive pain relief device), HingeConnect (for real-time care coordination), and TrueMotion (sensorless motion tracking). As of December 31, 2024, the platform served approximately 20 million contracted lives across 2,250+ clients.

Member-Centric Value

Pain is personal. As of December 2024, nine out of ten surveyed members reported satisfaction with the platform. With users ranging from 18 to over 90 years old, Hinge Health delivers value across geographies, age groups, and occupations—typically at no direct cost to members.

1. Measurable Outcomes Peer-reviewed research underpins the platform’s impact. In a 2020 study of 10,000 members with chronic knee and back pain, participants reported a 68% average reduction in pain and a 58% drop in depression and anxiety after 12 weeks.

2. Seamless Accessibility Members onboard quickly—64% the same day they complete their intake, and 75% within the first week. The platform’s mobile-first design allows for care delivery anywhere, anytime, with minimal friction. Most programs are offered with no copays or deductibles, minimizing financial barriers.

3. Integrated and Holistic Combining real-time data with a dedicated care team, the platform delivers comprehensive MSK support. Personalized programs integrate behavioral health, movement tracking, and AI insights to help members recover physically and mentally.

4. Personalization Engine Each member’s care is guided by AI-based risk profiling and progression data. Integration with 750,000+ EHRs enables early detection of high-risk individuals and tailored interventions, including surgery decision support and care plan optimization.

5. Evidence-Based Education The platform embeds education on MSK pain science and lifestyle changes, promoting long-term recovery. This approach aligns with best practices outlined in the 2023 Archives of Rehabilitation Research and Clinical Translation.

6. User-Friendly Design Rated 4.9 on both the Apple App Store and Google Play as of year-end 2024, the Hinge Health app delivers intuitive and engaging user experiences across demographics.

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Business Model

Hinge Health operates a technology-enabled musculoskeletal (MSK) care platform built on a high-scale, low-friction model that drives personalized outcomes and measurable cost savings for employers, health plans, and members. Its business model blends a digital-first care delivery system with a network of strategic ecosystem partnerships—delivering high engagement, repeat usage, and proven return on investment.

Partner-Driven Distribution Model

Hinge Health’s platform is embedded within the largest and most influential players in the healthcare ecosystem. As of year-end 2024, the company was the preferred MSK solution for over 50 partners—including the five largest national health plans by self-insured lives and the top three pharmacy benefit managers (PBMs) by market share. These partnerships provide a powerful, recurring demand engine.

Flywheel in motion:

• Health plan or PBM embeds Hinge Health → Easier access for self-insured employers → Rapid adoption

• Navigation partners direct MSK patients to Hinge Health → Higher enrollment → Better outcomes

• Member referrals expand reach within employer populations → Organic growth → Lower CAC

Hinge Health typically captures the majority of employers that choose a digital MSK solution through a given partner, benefiting from simplified contracting and implementation pathways. This integrated go-to-market strategy reduces friction, accelerates sales cycles, and builds loyalty across multiple payer channels.

Outcome-Led Value Proposition

The company’s core engine is a virtual care platform that combines AI-driven motion tracking with a clinical-grade care team—including physical therapists, physicians, and health coaches. Hinge Health continuously invests in outcome measurement and academic validation:

• 68% average pain reduction and 58% drop in depression/anxiety reported in a 12-week longitudinal study (2020)

• $2,387 average annual savings per member according to a third-party-reviewed 2023 Employer Claims Study (2.4x ROI)

• 19 peer-reviewed studies published in collaboration with institutions like Stanford, UCSF, and Vanderbilt

These outcomes translate to both improved member well-being and measurable cost control for clients—making the platform a strategic healthcare asset, not just a benefit add-on.

Platform Extensibility

What started with knee and back pain management now covers 16 distinct MSK regions, women’s pelvic health, acute injury recovery, surgery decision support, fall prevention, and more. Over time, Hinge Health has launched differentiated programs like:

• Enso: an FDA-cleared, non-addictive pain relief device

• HingeConnect: a proprietary high-risk identification and care coordination engine

• TrueMotion: AI-powered motion tracking that replaces physical sensors

These innovations help increase engagement, address underserved conditions, and unlock new revenue lines. As of December 31, 2024, the platform had ~20 million contracted lives across 2,250 clients.

Scalable Economics

Hinge Health primarily serves self-insured employers—representing a U.S. addressable market of 120 million lives. With 19 million already contracted, the business is positioned to expand wallet share within its base while onboarding new clients through partners.

Growth vectors include:

• Expanding into fully insured and Medicare Advantage markets (+96 million lives)

• Serving government healthcare programs like Medicare and Medicaid (+112 million lives)

• Scaling internationally—starting with Canada and Europe in 2025 via U.S. multinationals

The company also drives upside from deeper adoption within existing accounts. In 2024, improved targeting and marketing increased applications per impression by 36% over six months. New member journeys, expanded care areas, and AI-personalized plans ensure recurring usage across time and conditions.

Revenue Flywheel and Margin Profile

Hinge Health operates on a B2B2C model. Clients—typically employers or payers—pay for the platform, which is then offered to members with no out-of-pocket cost. Revenue is recognized ratably across 12-month periods, creating recurring revenue visibility.

Growth flywheel:

• New clients + member referrals → Higher enrollment

• Better outcomes → Stronger retention

• More usage → Higher engagement-based pricing

With tech automation replacing human hours, the platform scales efficiently—unlocking margin as volumes rise. AI-driven motion tracking, asynchronous care support, and streamlined implementation all reduce COGS and overhead relative to traditional MSK providers.

The MSK category is one of the highest spend buckets in healthcare—reaching $1.3 trillion in direct and indirect costs in the U.S. alone. Yet traditional care models are expensive, inconvenient, and difficult to access at scale.

Hinge Health is changing that. By combining evidence-based care, AI technology, and a distribution model rooted in ecosystem leverage, the company is redefining what musculoskeletal care looks like in the digital age.

The result is a care platform with strong product-market fit, attractive economics, and room to grow—both within its existing base and across geographies, populations, and product lines.

Management Team: 

Daniel Perez – Co-Founder & Chief Executive Officer

Daniel Perez co-founded Hinge Health in 2012 and has served as CEO since its inception. A graduate in Biology from Westminster University, he previously led Oxbridge Biotech Roundtable, a global research platform. Under his leadership, Hinge Health has grown from an idea into one of the leading digital MSK care platforms in the United States—serving over 20 million contracted lives across 2,250+ clients.

Gabriel Mecklenburg – Co-Founder & Executive Chairman

Gabriel Mecklenburg co-founded Hinge Health and has served as Executive Chairman since 2021. Previously Chief Operating Officer for over six years, he helped architect the company’s care delivery model and technology platform. With an M.Sc. from the University of Cambridge and an M.Phil. from Imperial College London, Gabriel brings deep scientific and operational expertise.

James Budge – Chief Financial Officer

James Budge joined Hinge Health as CFO in March 2023, bringing decades of experience in public and private technology companies. A BYU graduate in Accounting and a former PwC alum, James previously served as CFO of Automation Anywhere, Pluralsight, Anaplan, and Genesys. His leadership spans IPO readiness, operational scaling, and financial transformation.

Jim Pursley – President

Jim Pursley has served as President since 2021, overseeing commercial strategy, client partnerships, and go-to-market execution. Prior to joining Hinge Health, he held senior leadership roles at Livongo Health and Care Innovations, where he helped scale digital health platforms from early growth to public market success. With degrees from Penn State and Kellogg School of Management, Jim combines strong healthcare market insights with commercial acumen.

Investment

Hinge Health’s journey from a startup redefining MSK care to a digitally enabled health platform serving over 20 million lives has been fueled by a robust funding strategy and backing from some of the most respected names in growth capital.

Hinge Health has secured $854 million across nine funding rounds, with capital allocated toward product innovation, AI infrastructure, and commercial expansion. The company’s funding trajectory reflects growing investor confidence in its model of personalized care, cost containment, and outcomes-driven delivery.

Funding Snapshot

Flagship Investors

The company’s investor base features tier-one global firms with strong track records in healthtech and AI.

Cornerstone Backers Include:

• Tiger Global Management – Long-term growth investor with deep bets in platform healthcare

• Coatue Management – Technology-forward fund with a focus on AI-native businesses

• Insight Partners – Global VC/PE firm supporting scalable SaaS and digital health models

Other backers span crossover funds, strategic healthcare investors, and institutional asset managers. Together, they bring not only capital but also operational depth, industry access, and long-term alignment.

Competition

Hinge Health operates in a highly dynamic and increasingly crowded digital health ecosystem—where players are racing to combine technology, behavior change, and clinical outcomes to capture share across chronic care, employer benefits, and personalized wellness.

While the musculoskeletal (MSK) vertical presents significant white space, competition is intensifying from both direct MSK peers and broader digital health platforms that offer adjacent services.

Today’s employers, health plans, and members face a proliferation of digital point solutions. Winning this space requires more than just strong clinical outcomes—leaders must deliver integration, ease of use, and demonstrated ROI. Key areas of competition include:

• Breadth of Care Model: Hinge Health’s ability to offer chronic, acute, surgical, preventative, and women’s pelvic health programs under one platform is a strategic advantage over condition-specific competitors.

• Employer & Payer Distribution: Accolade and Omada have significant traction in the benefits ecosystem, often competing for similar large-scale employer contracts.

• Member Engagement: Noom and Sharecare emphasize engagement and daily habits, while Hinge Health focuses on long-term adherence through personalized care plans and behavioral reinforcement.

• Data & AI Differentiation: HingeConnect and TrueMotion power proprietary feedback loops that are difficult to replicate. However, players like Huma are pushing into AI-powered remote monitoring from a clinical angle.

Despite fierce competition, Hinge Health remains differentiated on several axes:

• Vertical Integration: From care team operations to proprietary motion-tracking technology, Hinge owns the full stack—enabling scale, consistency, and cost control.

• Enterprise Penetration: As the preferred MSK partner for over 50 health plans, PBMs, and TPAs—including all five of the largest national health plans—Hinge Health has entrenched distribution in place.

• Clinical Depth: Backed by 19 peer-reviewed studies and an expanding care team of licensed therapists, physicians, and health coaches, the platform delivers measurable results beyond MSK symptoms—targeting depression, anxiety, and long-term pain management.

As digital health matures, lines between categories will blur. Generalist platforms will seek to deepen condition-specific offerings (e.g., Sharecare expanding into MSK), while vertical players like Hinge Health will broaden care access and engagement touchpoints.

Sustaining leadership will depend on the ability to:

• Maintain outcomes as the member base scales

• Defend share in a value-conscious, outcomes-driven buyer market

• Innovate faster than generalist incumbents moving into the MSK space

The road ahead is competitive—but Hinge Health’s platform breadth, proprietary data assets, and payer-partner relationships position it well to continue leading in digital MSK care.

Financials

Hinge Health delivered strong top-line momentum in 2024, expanding revenue by 33.3% YoY to $390.4M—up from $292.7M in 2023. Growth was driven by a 36% increase in calculated billings and a 44% rise in active members, underscoring robust client acquisition and deeper adoption across its platform.

Top-Line Growth and Member Expansion

• 2024 revenue: $390.4M (+33.3% YoY)

• LTM calculated billings: $467.5M (+42.2% YoY)

• Clients: 2,256 (+36% YoY)

• Members: 532K (+43.7% YoY)

• LTM average eligible lives: 15.7M (+29.3% YoY)

  

Member and employer growth reflect the scalability of Hinge’s payer-backed model and expanding penetration into both self-insured and public sector markets.

Gross Margin Expansion & Operating Leverage

Gross profit surged 54.5% YoY to $299.9M in 2024, outpacing revenue growth and driving significant margin expansion:

• GAAP gross margin: 77% in 2024 (vs. 66% in 2023)

• Non-GAAP gross margin: 78% in 2024 (vs. 70% in 2023)

This improvement was fueled by reduced hardware costs, automation efficiencies, and a growing contribution from AI-powered capabilities (TrueMotion, Care Team Assistant).

Operating losses narrowed significantly despite increased investment in growth:

• GAAP operating loss: $(31.9)M in 2024 (vs. $(130.5)M in 2023)

• Non-GAAP operating loss: $(26.1)M in 2024

• GAAP operating margin: (8%) in 2024 (vs. (45%) in 2023)

• Non-GAAP operating margin: (7%) in 2024

This reflects disciplined cost control across R&D and G&A, coupled with operating leverage from platform scale.

Profitability & Cash Flow Inflection

2024 marked a significant inflection in free cash flow generation:

• Net cash from operating activities: $49.0M (vs. $(63.9)M in 2023)

• Free cash flow: $45.2M (vs. $(68.5)M in 2023)

Free cash flow margin flipped from negative to positive, driven by improved operating margins and modest capital expenditure—underscoring the asset-light, data-driven nature of Hinge’s care delivery platform.

Balance Sheet Strength

As of December 31, 2024, Hinge Health reported:

• Cash & equivalents: $466.6M

• Working capital: $334.1M

• Total assets: $673.3M

• Total liabilities: $256.6M

• Stockholders' deficit: $(434.6)M

A robust cash position provides strategic flexibility for ongoing investments in AI, product innovation, and international expansion.

Hinge Health’s 2024 results reflect a business reaching operational maturity:

• Strong top-line growth with accelerating member scale

• Significant gross margin expansion driven by AI integration

• Narrowing losses and positive free cash flow for the first time

• Conservative cash burn and a fortified balance sheet

With ~16M eligible lives today and less than 5% market penetration in its core segment, Hinge Health is positioned for continued growth across enterprise, public sector, and international markets.

Closing thoughts

Hinge Health is emerging as a category-defining platform at the intersection of AI, healthcare, and human movement—combining clinical-grade outcomes with a digital-first delivery model. With over 2,250 clients, more than 530,000 members, and $467 million in billings, it has become the preferred MSK care platform for self-insured employers, health plans, and ecosystem partners alike.

Hinge operates with a high-margin, asset-light structure—powered by proprietary AI tools, a scalable care team, and deep integration with health systems and data sources. In 2024, the company delivered $390 million in revenue, a 33% YoY increase, while achieving 77% GAAP gross margins and turning cash flow positive for the first time.

The value proposition is clear: high-quality, clinically validated care that lowers costs, reduces surgeries, and improves lives. Its motion tracking technology, care team assistant, and HingeConnect engine enable targeted engagement at scale—addressing chronic, acute, surgical, and preventative MSK needs in one seamless platform.

This is a business built for scale. With less than 5% penetration into its core U.S. market and early success in Canada and Europe, the international opportunity is significant. Its roadmap—expanding care categories, growing into Medicare and Medicaid, and layering in new AI capabilities—positions Hinge as one of the most compelling digital health platforms globally.

The next phase will depend on continued execution across member engagement, partner integration, and operational efficiency. But in a $1.3 trillion MSK market lacking scalable solutions, Hinge Health is delivering what most can’t: results, reach, and resilience at enterprise scale.

Here is my interview with Kishore Ravichandran, an investor at Plug and Play, the ultimate innovation platform. Over the past 15 years, PnP has brought together 35,000+ startups, 500+ world-leading corporations, and hundreds of venture capital firms, universities, and government agencies across 20+ industries

In this conversation, Kishore and I discuss:

• How is the APAC ecosystem different from Europe/ US?

•  How does Kishore decide to double down on a portfolio company or spread bets across new opportunities?

• What is Kishore’s view on market sizing when evaluating startups?

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