Hinge Health Prepares to File S-1, Hires Morgan Stanley for 2025 IPO

• Hinge Health has hired banks, led by Morgan Stanley, for its IPO push, BI has learned.
• The startup is preparing to confidentially file its S-1 in the coming weeks.
• $6.2 billion Hinge Health hopes to go public in early 2025.

Healthcare startup Hinge Health has hired several investment banks as it prepares to confidentially file its S-1 to go public, Business Insider has learned.

The physical therapy startup hired Morgan Stanley to lead the deal, along with Barclays and Bank of America, according to documents seen by BI.

Hinge Health plans to file its S-1 confidentially with the SEC in the next few weeks and hopes to go public in early 2025, a person familiar with the effort said.

Hinge Health was last valued at $6.2 billion in October 2021 when it raised a $600 million Series E round led by Tiger Global and Coatue Management. The company offers virtual physical therapy for joint and muscle pain.

The startup has been eyeing a public market debut for years. Hinge Health hired Goldman Sachs and Morgan Stanley for a no-deal road show last winter, two people with knowledge of the effort told BI.

The startup has since shored up its finances, including cutting 10% of its workforce in April. The startup is now cash-flow positive, one of the people with knowledge said.

Hinge Health, Morgan Stanley, Barclays and Bank of America declined to comment for this story.

Hinge’s biggest rival is Sword Health, which raised $130 million at a $3 billion valuation in June and is backed by several big-name investors, including Khosla Ventures and General Catalyst.

A number of healthcare startups, including Hinge and Sword, have been waiting with bated breath for the IPO window to open, from mental health startup Lyra Health to health data company Datavant.

The IPO market for tech companies has stagnated over the past two years, with occasional signs of investor appetite, including Reddit’s successful debut in March.

Cameron Lester, global co-head of technology, media and telecom investment banking at Jefferies, recently told Business Insider that he expects “a strong 2025 with a lot of companies getting ready to go public.”