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Hinge Health (HNGE) investor relations material
Hinge Health Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record 2025 financial performance with $588M revenue (up 51% YoY) and Q4 revenue of $171M (up 46% YoY), supported by strong commercial momentum and highest win rates to date.
Expanded to nearly 25M contracted lives across 2,800+ clients, including 53% of the Fortune 100 and 22M self-insured lives.
Surpassed 100M lifetime member activity sessions, with member NPS at all-time highs and a 97% annual client retention rate.
Launched Hinge Select and AI-powered care tools, driving efficiency, member satisfaction, and operational gains.
Began trading on the NYSE and executed a $65M share repurchase in Q4.
Financial highlights
Q4 gross margin was 85%; full-year gross margin was 83%, up from 78% in 2024.
Q4 operating margin reached 28%; full-year non-GAAP operating margin was 20%, up from -7% in 2024.
Generated $62M in Q4 free cash flow (36% margin) and $180M for the year (31% margin), achieving IPO targets ahead of schedule.
Rule of 40 metric was 81 for 2025, more than double the industry standard.
Ended Q4 with $479M in cash and equivalents.
Outlook and guidance
Q1 2026 revenue guidance: $171M–$173M (39% YoY growth at midpoint); non-GAAP operating income: $30M–$32M (18% margin).
Full-year 2026 revenue guidance: $732M–$742M (25% YoY growth at midpoint), $39M above consensus.
Full-year 2026 non-GAAP operating income: $151M–$156M (21% margin), $18M above consensus.
Expect GAAP profitability in 2026 and further improvement in operating margins.
Q1 2026 non-GAAP income from operations expected up 108% YoY.
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