Hinge Health operates as a digital clinic for musculoskeletal (MSK) conditions, utilizing an AI-powered care model, wearable devices, and a multidisciplinary care team. The company's revenue increased by 51% to $587.86 million in 2025, up from $390.404 million in 2024, primarily driven by growth from existing clients. A net loss of $528.261 million was reported for 2025, a significant increase from a net loss of $11.933 million in 2024, largely due to $643.009 million in stock-based compensation expense related to IPO-triggered vesting. Gross profit rose by 56% to $468.222 million in 2025, with gross margin improving to 80% from 77% in 2024, attributed to efficiencies in care team and supply chain operations. Total operating expenses surged to $1,014.593 million in 2025 from $331.812 million in 2024, predominantly due to the stock-based compensation. The number of members grew to 782,890 in 2025 from 532,326 in 2024, and clients increased to 2,830 from 2,256 over the same period. LTM (Last Twelve Months) average eligible lives reached 20.105 million in 2025, up from 15.747 million in 2024. LTM calculated billings increased to $671.418 million in 2025 from $467.504 million in 2024. The company completed its Initial Public Offering (IPO) in May 2025, raising $255.7 million in net proceeds, which were primarily used to cover employee taxes for RSU and PRSU settlements. A share repurchase program of up to $250.0 million was authorized on November 10, 2025, with $65.0 million repurchased by December 31, 2025. Hinge Health launched HingeSelect, a high-performance in-person provider network for MSK care, in 2025. The company's AI-powered motion tracking technology, TrueMotion, is estimated to have reduced human care team hours associated with traditional physical therapy by approximately 97% in 2025. As of December 31, 2025, the company held $208.0 million in cash and cash equivalents and $269.0 million in marketable securities.