Hinge Health, a digital physical therapy company, is reportedly preparing to file for an IPO as early as next week, with a target listing by April.

The San Francisco-based startup, founded in 2014, provides virtual musculoskeletal therapy and pain management devices.

It reported US$390 million in revenue for 2024, US$45 million in free cash flow, and gross margins of about 78%.

Backed by investors like Tiger Global and Coatue Management, Hinge Health was valued at US$6.2 billion in 2021 and has raised over US$1 billion in funding.

It operates in a growing physical therapy market, projected to reach US$70 billion by the decade’s end.

The company faces competition from Sword Health but is reportedly four times larger than its closest rival.

Advancements in AI have helped Hinge Health expand its care team and improve scalability.