Hinge Health, a prominent digital health company founded in 2014, has announced significant growth in its client base during the second quarter of 2023. The company finished the quarter with 2,359 customers. That’s a phenomenal 39% rise over the 1,785 clients served during the same time last year. That price increase comes on the heels of Hinge Health’s IPO a few months ago. The stock opened high at $39.25, though the stock blitzed that, catapulting 23% since its IPO of $32.
The company’s Q1 quarterly report showed a GAAP loss from operations of $580.7 million. Further, Hinge Health had stock-based compensation expenses that totaled $591.0 million. The company’s financial outlook is very positive even in the face of such losses. For the full year, they project revenue to come in between $548 and $552 million. This guidance beats the consensus of LSEG analysts, who were forecasting $511 million in revenue.
Hinge Health takes a patient-centered approach to supporting those dealing with musculoskeletal injuries, chronic pain and post-surgery recovery. They rely on innovative software solutions that enable remote care, too. The company’s unique blend of services and products—enabling a total, hyper-connected ecosystem for health care delivery—establishes the company as a leader in the digital health space.
During the company’s quarterly call with investors, CEO Daniel Perez emphasized the company’s commitment to growth and innovation. He stated, “We’re still introducing ourselves to the world,” reflecting on the ongoing efforts to expand Hinge Health’s reach and impact. He further added, “We believe we’re fundamentally reshaping how care can be delivered more effectively and efficiently,” highlighting the company’s mission to enhance patient care.
If Hinge Health can scale like it has in recent months, its three-month stock chart shows bullish consolidation ahead of potential breakout momentum. Investors continue to bet on the company’s ability to disrupt how care is delivered in America—thanks to its technology-powered solutions.