The IPO boom in healthcare continues as digital therapy giant Hinge Health aims to go public in the U.S

According to Zhitong Finance APP, Hinge Health, which focuses on providing digital exercise therapy programs to help people manage and overcome muscle and joint pain, submitted its long-awaited U.S. initial public offering (IPO) application on Monday, Eastern Time. According to its latest IPO filing, this medical technology company headquartered in San Francisco, California, was valued at approximately $6.2 billion in a funding round in 2021, with a significant revenue growth of 33.4% expected in 2024 and a notable reduction in net losses.

Hinge Health and some of its existing shareholders plan to sell shares in this proposed offering. The company had previously planned to go public in 2022. Despite facing recent volatility in the U.S. stock market due to uncertainties in U.S. trade policy, this highly anticipated IPO will still provide a strong boost to the momentum of global leaders in the healthcare sector going public in the U.S. since 2024.

According to a list of potential companies planning to go public in the U.S. covering all industries, the number of healthcare leaders, especially in the medical technology sector, planning to list this year could set a record for the largest scale of IPOs in U.S. history.

According to statistics compiled by LSEG, healthcare company IPOs across all U.S. exchanges raised approximately $7.1 billion in 2024, compared to just $2.8 billion in the same period last year. Analysts within the healthcare industry indicate that the increasingly sedentary lifestyle of U.S. residents and the aging population trend are expected to drive strong demand for physical therapy programs in the coming years.

Hinge Health's latest financial report shows that the medical technology leader's overall revenue surged to $390.4 million in 2024, compared to approximately $292.7 million in the same period last year, with net losses narrowing significantly from $108.1 million to $11.9 million.

Hinge Health was founded in 2014 by Daniel Perez and Gabriel Mecklenburg, and its digital healthcare platform offers comprehensive musculoskeletal care, covering everything from acute injury treatment to chronic pain management and postoperative rehabilitation. Hinge Health's competitors include Kaia Health Software, Omada Health, Sword Health Technologies, and Vori Health. The company's clients include U.S. ride-hailing leader Lyft (LYFT.US), one of the largest retailers in the U.S., Target (TGT.US), and traditional U.S. automaker General Motors (GM.US).

The company raised approximately $400 million in a funding round led by top investment firms Tiger Global and Coatue Management in 2021. Other major shareholders include venture capital firms Insight Venture Partners, Atomico, 11.2 Capital, and Bessemer Venture Partners According to reports, Morgan Stanley, Barclays Bank, and Bank of America Securities are the lead underwriters for Hinge Health's U.S. stock issuance. Hinge Health has hired 14 major investment banks to participate in this IPO project, and the company plans to list on the New York Stock Exchange with the proposed stock code "HNGE."

Public information also shows that Hinge Health is a medical technology company focused on digital and cutting-edge artificial intelligence technology for musculoskeletal health management. Its core business is to improve and manage chronic back, joint, and other musculoskeletal system issues through digital therapies. The company provides users with rehabilitation and pain prevention solutions based on digital and artificial intelligence technology, which can be completed without traditional face-to-face interactions, utilizing remote physical therapy and professional guidance models, personalized exercise programs, sensor monitoring, and data analysis, thereby helping patients reduce pain, improve function, and lower overall medical costs