Hinge Health, a 10-year-old company offering a digital solution to treat chronic musculoskeletal (MSK) conditions, has filed to go public in a move that could raise up to $500 million. Although the company has not yet disclosed the number of shares or their pricing, IPO specialists at Renaissance Capital estimate the potential fundraising amount.

Hinge Health's decision to go public comes on the heels of significant revenue growth and narrowing losses. In 2024, the company's revenue reached $390 million, a 33% increase from the previous year. Meanwhile, net losses decreased to $11.9 million from $108 million in 2023, according to its IPO prospectus.

The company's technology focuses on reducing MSK pain through the use of advanced wearable sensors and computer vision technology, which is monitored remotely by a clinical care team of physical therapists, physicians, and board-certified health coaches. This innovative approach has attracted significant investment, with Hinge Health last valued at $6.2 billion in October 2021 when it raised a $400 million Series E from Tiger Global and Coatue Management.

Hinge Health has raised a total of $828 million in venture capital, according to PitchBook data. The company's largest outside shareholders include Insight Partners, which holds 19% of all stock, and Atomico, which has 15% of all shares. Other venture capital firms that own approximately 8% of Hinge's shares include 11.2 Capital, Coatue, Tiger Global, and Bessemer Venture Partners, according to the filing. Co-founders Daniel Perez and Gabriel Mecklenburg own 18.9% and 8.2%, respectively.

Hinge Health operates in a competitive market, with main competitor Sword Health valued at $3 billion last year. Sword Health's CEO and founder, Virgílio Bento, has hinted at a potential public listing in 2025, pending favorable market conditions. Other competitors in the digital MSK treatment space include Kaia Health Software, Omada Health, and Vori Health.

Hinge Health's IPO filing marks a significant milestone for the healthtech industry, which has seen increasing investment and innovation in recent years. As the company prepares to go public, it will be closely watched by investors, industry experts, and patients alike, who are eager to see how its digital solution will continue to shape the treatment of chronic MSK conditions.

The successful IPO of Hinge Health could pave the way for other healthtech companies to follow suit, further solidifying the industry's position in the broader technology landscape. With its strong revenue growth and narrowing losses, Hinge Health is well-positioned to capitalize on the growing demand for digital health solutions, and its IPO is likely to be closely watched in the coming months.