Hinge Health, Inc. reported a revenue of $587.9 million for the year ended December 31, 2025, marking a 51% increase compared to the $390.4 million reported in the previous fiscal year. This growth was primarily attributed to increased revenue from existing clients, driven by member retention and new member additions. Despite the revenue surge, the company experienced a net loss of $528.3 million, a significant increase from the $11.9 million net loss in 2024. This loss was largely influenced by a $643 million increase in stock-based compensation expense, primarily related to the satisfaction of certain vesting criteria achieved with the company's initial public offering (IPO).
Strategic developments for Hinge Health in 2025 included the launch of HingeSelect, a high-performance in-person provider network for musculoskeletal (MSK) care, aimed at providing end-to-end MSK care while reducing costs for members, employers, and health plans. The company also continued its focus on innovation, leveraging its AI-powered motion tracking technology, TrueMotion, and its proprietary electrical nerve stimulation wearable device, Enso, to enhance its platform and programs. As of December 31, 2025, Hinge Health had over 60 partners, including the five largest national health plans by self-insured lives and the top three Pharmacy Benefit Managers (PBMs) by market share.
Key operational developments and business indicators revealed that Hinge Health had 782,890 members as of December 31, 2025, compared to 532,326 in the previous year. The LTM (Last Twelve Months) average eligible lives reached 20.1 million, up from 15.7 million in 2024. The company's client base also expanded to 2,830, compared to 2,256 in the prior year. LTM calculated billings, a key metric for the company, totaled $671.4 million, a 44% increase from the $467.5 million reported in 2024.
The company explained that the increase in operating expenses was primarily due to the IPO-related stock-based compensation expense. Research and development expenses increased by 265% to $368.1 million, while sales and marketing expenses rose by 90% to $317.0 million, and general and administrative expenses increased by 416% to $329.5 million. Hinge Health's outlook includes continued investment in its platform, expansion into new markets, and efforts to increase adoption among existing clients. The company also authorized a share repurchase program of up to $250 million, indicating a focus on enhancing long-term stockholder value.
About Hinge Health, Inc.
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