San Francisco-based digital musculoskeletal care company Hinge Health, which went public on the NYSE in May, announced a 55% increase in total second-quarter revenue for 2025 of $139.1 million from $89.8 million in Q2 2024.
The company reported a net loss of $575.7 million in Q2 2025, compared with a net loss of $12.9 million in the second quarter of last year; operating expenses were $678.4 million in Q2 2025, up from $84.2 million in Q2 2024.
Hinge closed out the second quarter of the year with net cash provided by operating activities of $20.2 million, compared with $14.9 million during the same period last year.
Hinge reported a GAAP loss from operations in the second quarter of this year of $580.7 million, which includes $591 million from stock-based compensation expenses. The company had a GAAP loss from operations of $17.6 million during the same period last year.
Non-GAAP income from operations was $26.1 million, an increase from last year's second-quarter income of $14.4 million.
The company said that during the second quarter of 2025, its client number increased 32%, to 2,359 clients from 1,785 clients in the same period last year.
Calculated billings over the last 12 months, as of June 30, increased 55% to $568.4 million from $367.8 million for Q2 2024.
The company said it expects its revenue to be between $141 million and $143 million in the third quarter of this year, reflecting a 41% year-over-year growth at the midpoint.
For the fiscal year, the company anticipates garnering total revenue between $548 million and $552 million, with YOY growth of 41%.
Non-GAAP income from operations in the third quarter is expected to be between $17 million and $21 million, compared with a loss of non-GAAP operations of $3.7 million in Q3 2024.
Full-year non-GAAP income from operations is projected to be between $77 million and $83 million, compared with a non-GAAP loss from operations in 2024 of $26.1 million.
"In Q2 we delivered year-over-year revenue growth of 55% and a strong free-cash-flow margin, underlining the market's embrace of our AI-powered platform," Daniel Perez, cofounder and CEO of Hinge Health, said in a statement.
"The journey of automating healthcare delivery will be challenging, but we're excited about our momentum and are moving with haste to capture this opportunity."
THE LARGER TREND
The San Francisco-based company, founded in 2014, offers patients with musculoskeletal conditions access to orthopedic surgeons, health coaches, physical therapists and technological resources, such as surgery decision support.
Hinge also offers its FDA-cleared wearable Enso, which provides electrical pulses to relieve everyday pain, and a pelvic women's health program.
In May, the company went public on the NYSE under the ticker HNGE, opening at a stock price of $39.25 per share, which was 23% higher than its originally expected IPO price of $32. The company's stock is currently trading around $57.67 per share.
Hinge announced its plans to go public in 2022, a year after raising $300 million in Series D funding and $400 million in a Series E round.
The company in March filed for an IPO with the U.S. Securities and Exchange Commission (SEC).
At the time of its IPO filing, the company reported that it had more than 50 partners as of the end of 2024, with a majority of its clients contracted through large national or regional health plans and other partners that are large nationwide PBMs.
