After a long and winding climb, digital physical therapy startup Hinge Health has officially entered the public markets. They did it, achieving a successful first-public-offering (IPO), bringing shares to market at $32. This price comes in at the very top of the expected range. That range, as first spelled out in an amended prospectus earlier this month, had been $28-$32. CEO Daniel Perez and Executive Chairman Gabriel Mecklenburg are co-founders of the company. Back in March, they filed their first prospectus, signaling their commitment to raise capital to continue expanding and further fueling innovation in digital health.
The IPO included Hinge Health selling 8.52 million shares for about $273 million. That’s a huge victory for the firm. Founded in 2014, it is valued at more than $1 billion and investors include big names such as Tiger Global Management and Coatue Management. Here’s what Daniel Perez wrote to investors this past March, thanking them on the heels of his crowdfund. In addition, he expressed his thrilling pang for the company future.
Hinge Health had an impressive swing to $17.1 million in net income for its latest quarter. It was a big improvement from one year ago, when the company posted a net loss of $26.5 million. The company’s revenue saw impressive growth, increasing by 50% year-over-year to reach $123.8 million, compared to $82.7 million during the first quarter of the previous year.
13.7 million shares was the total offering, but the sale included participation from current shareholders as well. The company is preparing to go public on the New York Stock Exchange under the symbol “HNGE.” Its mission is an admirable one and equally as clear – deliver accessible and effective rehabilitation solutions.
Daniel Perez and Gabriel Mecklenburg The pair faced issues that required intense physical rehab back home in Philadelphia. It was their own experiences that drove them to found Hinge Health. It’s their experiences that fuel their passion to provide patients with the best possible outcomes using cutting-edge digital solutions.
“We have many decades of work ahead,” – Daniel Perez
Hinge Health begins an exciting new chapter as a publicly traded company. Perez is hopeful about the path forward.
“We hope you join us on this journey,” – Daniel Perez