Hinge Health's two founders each spent a year in rehab. Daniel Perez broke his arm and leg in a bike crash. Gabriel Mecklenburg tore his ACL on the judo mat. Both liked their physical therapists but struggled to keep up with the appointments. Their company turned physical therapy into an app, sensors and a remote care team. By May 2025 employers were hunting for ways to cut spending on back and joint pain. Hinge Health went public that month.

Physical Therapy by Phone

Perez and Mecklenburg built Hinge Health around their own recoveries. They launched their first U.S. client in 2016, selling to employers and health plans. The bet was that most musculoskeletal care could be delivered at home. Members exercise while TrueMotion, the company's AI motion tracking, checks their form. A wearable device called Enso eases pain with electrical nerve stimulation. Licensed physical therapists and health coaches oversee the plan.

Thirty-Two Dollars a Share

Hinge Health priced 13.7 million shares at $32 in May 2025 and listed on the New York Stock Exchange as HNGE. Revenue had reached $390 million in 2024, up 33 percent. The founders kept voting control through a dual-class share structure. The company is based in San Francisco, with offices in Montreal and Bangalore. It reports about 25 million contracted lives and still trades on the NYSE.

Cover: Acrobats on a Ladder, Utagawa Toyokuni I. Art Institute of Chicago, public domain. Chosen for acrobats on a ladder (bodies in motion).