Exclusive: Physical therapy startup Hinge Health hires Morgan Stanley as it prepares to confidentially file its S-1

• Hinge Health has hired banks, with Morgan Stanley leading, for its IPO push, BI has learned.
• The startup is gearing up 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 has hired Morgan Stanley to lead the deal, alongside 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, one person with knowledge of the efforts said.

Hinge Health was last valued at $6.2 billion in October 2021, when it raked in a $600 million Series E round led by Tiger Global and Coatue Management. The company provides 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 non-deal road show this past winter, two people with knowledge of the efforts told BI.

Since then, the startup has been shoring up its finances, including by 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 high-profile investors, including Khosla Ventures and General Catalyst.

A number of healthcare startups, Hinge and Sword included, 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 been stagnant 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 lots of companies getting ready to go public.”