Hinge Health, Inc. · NYSE:HNGE
Hinge Health — Q1 2026 Earnings Presentation
20 slides from Hinge Health's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings
Q1 2026 Earnings May 2026 © Hinge Health Confidential 1
Slide 2: Legal disclaimer
Legal disclaimer This presentation contains forward-looking statements about Hinge Health, Inc. (the "Company," "Hinge Health,” "we," "us," or "our") and its industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presenta
Slide 3: Q1 key highlights
Q1 key highlights Key metrics & guidance Product Commercial Q1 results • Introduced Migraine Care: • Strong start to sales season with 1 • $182M revenue , 47% y/y growth • Enso (FDA-cleared) delivers relief in pipeline generation surpassing Q1 • $770M LTM calculated billings2, 52% y/y minutes 2025 g
Slide 4: Growth profile demonstrating rapid expansion at scale
Growth profile demonstrating rapid expansion at scale LTM calculated Revenue billings wt h $770M wt h $182M o o gr gr % % 52 47 $124M $507M Q1 20251 Q1 20261 Q1 20252 Q1 20262 Notes: Refer to glossary of terms in appendix. 1LTM calculated billings for the twelve-month periods ended March 31, 2025 an
Slide 5: Continued margin expansion and operating leverage
Continued margin expansion and operating leverage Non-GAAP operating Non-GAAP gross margin1 Free cash flow1 income1 $46M ps 85% ~4 00 b $42M 81% $15M $4M Q1 20252 Q1 20262 Q1 20252 Q1 20262 Q1 20252 Q1 20262 Margin (%) 12% 25% Margin (%) 3% 23% 1 Notes: See appendix for a description of non-GAAP gro
Slide 6: Ongoing non-GAAP gross margin and operating margin improvements
Ongoing non-GAAP gross margin and operating margin improvements Non-GAAP gross margin1 Non-GAAP operating margin2 ~1,400 bps margin expansion ~6,100 bps margin expansion 85% 85% 28% 25% 83% 83% 18% 19% 20% 82% 81% 12% 79% 77% 71% (4%) (16%) (36%) Notes: 1See appendix for a description of non-GAAP gr
Slide 7: Strong leverage across non-GAAP operating expenses
Strong leverage across non-GAAP operating expenses Sales & Marketing Research & Development General & Administrative 51% 35% 38% 35% 21% 18% 14% 13% 11% Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Notes: See appendix for a description of non-GAAP operating expenses and a
Slide 8: Key investment highlights
Key investment highlights Strong leadership position in $661B MSK opportunity1 Deeply ingrained partnerships and a leading technology platform High satisfaction with 97% client retention and >110% net dollar retention2 Proven clinical and financial outcomes for clients and members Efficient operatin
Slide 9: Leadership team
Leadership team Daniel Perez Gabriel Mecklenburg James Budge Jim Pursley Co-founder, CEO Co-founder, Exec. Chairman Chief Financial Officer President Jeff Krauss, MD Lex Annison Shobhna Upadhyaya Bianca Buck Chief Medical Officer Chief Operating Officer SVP People and Strategy Head of Investor Relat
Slide 10: Appendix
Appendix © Hinge Health Confidential 10
Slide 11: Non-GAAP gross profit and gross margin annual reconciliation
Non-GAAP gross profit and gross margin annual reconciliation Year ended December 31 ($ in millions, except percentages) 2023 2024 2025 GAAP gross profit $194 $300 $468 GAAP gross margin 66% 77% 80% Excess and obsolete inventory charges 10 2 - Stock-based compensation expense <1 <1 19 Employer payrol
Slide 12: Non-GAAP gross profit and gross margin quarterly reconciliation
Non-GAAP gross profit and gross margin quarterly reconciliation Three months ended ($ in millions, except percentages) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 GAAP gross profit $58 $67 $79 $96 $100 $98 $126 $144 $154 GAAP gross margin 70% 74% 79% 82% 81% 70% 82% 84% 85% Excess and obso
Slide 13: Non-GAAP income from operations annual reconciliation
Non-GAAP income (loss) from operations and operating margin annual reconciliation Year ended December 31 ($ in millions, except percentages) 2023 2024 2025 GAAP income (loss) from operations ($131) ($32) ($546) GAAP operating margin (45%) (8%) (93%) Excess and obsolete inventory charges 10 2 - Stock
Slide 14: Non-GAAP income from operations quarterly reconciliation
Non-GAAP income (loss) from operations and operating margin quarterly reconciliation Three months ended ($ in millions, except percentages) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 GAAP income (loss) from operations ($31) ($18) ($4) $21 $13 ($581) ($6) $27 $32 GAAP operating margin (38%
Slide 15: Non-GAAP operating expenses quarterly reconciliation
Non-GAAP operating expenses quarterly reconciliation Three months Three months Three months ended ended ended ($ in millions) ($ in millions) ($ in millions) Q1’24 Q1’25 Q1’26 Q1’24 Q1’25 Q1’26 Q1’24 Q1’25 Q1’26 GAAP research and GAAP general and GAAP sales and marketing $42 $47 $69 $30 $23 $30 $17
Slide 16: Non-GAAP net income reconciliation
Non-GAAP net income reconciliation Three months ended ($ in millions, except percentages) Q1’ 25 Q1 ‘26 GAAP net income attributable to common stockholders, diluted $121 $34 Stock-based compensation expense <1 12 Employer payroll tax expense related to stock-based compensation - 1 Amortization of in
Slide 17: Free cash flow reconciliation
Free cash flow reconciliation Year ended December 31 Three months ended ($ in millions, except percentages) 2023 2024 2025 Q1’25 Q1’26 Net cash provided by (used in) operating ($64) $49 $171 $5 $43 activities Operating cash flow margin (22%) 13% 29% 4% 24% Adjustment for employer taxes at IPO - - 14
Slide 18: Statement regarding use of non-GAAP financial measures in guidance
Statement regarding use of non- GAAP financial measures in guidance We have not reconciled our non-GAAP income (loss) from operations guidance to GAAP income (loss) from operations because we do not and are not able to provide guidance for GAAP income (loss) from operations due to the uncertainty an
Slide 19: Glossary of terms
Glossary of terms Term Definition Annual Yield Annual yield is calculated as the number of members at the end of a given twelve-month period divided by LTM average eligible lives. Clients Businesses or organizations, which we call entities, that have at least one active agreement with us at the end
Slide 20: Glossary of terms (cont'd)
Glossary of terms (cont’d) Term Definition Medicare Advantage Health plan for people aged 65 and older that is managed by private insurance companies that contract with the federal government. These private insurance companies receive a set payment from Medicare, administer benefits, and bear the fi