Hinge Health, Inc. · NYSE:HNGE
Hinge Health — Q2 2026 Earnings Presentation
22 slides from Hinge Health's earnings presentation, August 2026
Slide 1: Q2 2026 Earnings
Q2 2026 Earnings August 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: Q2 key highlights
Q2 key highlights Key metrics & guidance Product Commercial Q2 results • Migraine Care Program: • Active pipeline ahead of last year 1 • $213M revenue , 53% y/y growth • Client approvals representing 450 • Win rates continue to be up y/y with a 2 clients across 5M+ lives • $862M LTM calculated billi
Slide 4: Growth profile demonstrating rapid expansion at scale
Growth profile demonstrating rapid expansion at scale LTM calculated Revenue billings $862M th $213M h w o wt g ro gr % 2% 53 5 $568M $139M Q2 20251 Q2 20261 Q2 20252 Q2 20262 Notes: Refer to glossary of terms in appendix. 1LTM calculated billings for the twelve-month periods ended June 30, 2025 and
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 $100M $62M 0 bps 87% ~40 h th t ow ow 83% gr gr 6% 5% 13 20 $26M $33M Q2 20252 Q2 20262 Q2 20252 Q2 20262 Q2 20252 Q2 20262 Margin (%) 19% 29% Margin (%) 23% 47% 1 Notes: See appendix
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 margin1 ~1,000 bps margin expansion 87% ~4,500 bps margin expansion 85% 85% 28% 29% 83% 83% 25% 82% 18% 19% 20% 81% 12% 79% 77% (4%) (16%) Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 N
Slide 7: Strong leverage across non-GAAP operating expenses
Strong leverage across non-GAAP operating expenses Sales & Marketing Research & Development General & Administrative 48% 27% 36% 35% 16% 18% 12% 12% 11% Q2 2024 Q2 2025 Q2 2026 Q2 2024 Q2 2025 Q2 2026 Q2 2024 Q2 2025 Q2 2026 Notes: See appendix for a description of non-GAAP operating expenses and a
Slide 8: Substantial free cash flow generation
Substantial free cash flow generation Free cash flow1 Free cash flow margin1 $100M $81M 53% 47% $62M 36% $42M 32% $37M 27% $33M 23% 23% $28M 16% $14M $4M 3% Notes: 1See appendix for a description of non-GAAP reconciliation to the most comparable GAAP financial measure. © Hinge Health Confidential 8
Slide 9: Key investment highlights
Key investment highlights Strong leadership position in $661B MSK opportunity1 with another $78B2 in Migraine and $135B3 in Gastrointestinal Deeply ingrained partnerships and a leading technology platform High satisfaction with 97% client retention and >110% net dollar retention4 Proven clinical and
Slide 10: Leadership team
Leadership team Daniel Perez Gabriel Mecklenburg James Budge Jim Pursley Co-founder, CEO Co-founder, CTO Chief Financial Officer President Jeff Krauss, MD Lex Annison Shobhna Upadhyaya Bianca Buck Chief Medical Officer Chief Operating Officer SVP People and Strategy Head of Investor Relations © Hing
Slide 11: Appendix
Appendix © Hinge Health Confidential 11
Slide 12: Non-GAAP gross profit and gross margin annual reconciliation
Non-GAAP gross profit and gross margin annual reconciliation Year ended December 31 ($ in millions, except percentages) 2023 2024 2025 GAAP gross profit $194 $300 $468 GAAP gross margin 66% 77% 80% Excess and obsolete inventory charges 10 2 - Stock-based compensation expense <1 <1 19 Employer payrol
Slide 13: Non-GAAP gross profit and gross margin quarterly reconciliation
Non-GAAP gross profit and gross margin quarterly reconciliation Three months ended ($ in millions, except percentages) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2’26 GAAP gross profit $58 $67 $79 $96 $100 $98 $126 $144 $154 $184 GAAP gross margin 70% 74% 79% 82% 81% 70% 82% 84% 85% 86%
Slide 14: Non-GAAP income (loss) from operations and operating margin annual reconciliation
Non-GAAP income (loss) from operations and operating margin annual reconciliation Year ended December 31 ($ in millions, except percentages) 2023 2024 2025 GAAP income (loss) from operations ($131) ($32) ($546) GAAP operating margin (45%) (8%) (93%) Excess and obsolete inventory charges 10 2 - Stock
Slide 15: Non-GAAP income (loss) from operations and operating margin quarterly reconciliation
Non-GAAP income (loss) from operations and operating margin quarterly reconciliation Three months ended ($ in millions, except percentages) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2’26 GAAP income (loss) from operations ($31) ($18) ($4) $21 $13 ($581) ($6) $27 $32 $40 GAAP operating m
Slide 16: Non-GAAP operating expenses quarterly reconciliation
Non-GAAP operating expenses quarterly reconciliation Three months Three months Three months ended ended ended ($ in millions) ($ in millions) ($ in millions) Q2’24 Q2’25 Q2’26 Q2’24 Q2’25 Q2’26 Q2’24 Q2’25 Q2’26 GAAP research and GAAP general and GAAP sales and marketing $45 $147 $81 $25 $280 $34 $1
Slide 17: Non-GAAP net income reconciliation
Non-GAAP net income reconciliation Three months ended ($ in millions, except percentages) Q2’25 Q2 ‘26 GAAP net income attributable to common stockholders, diluted ($576) $43 Stock-based compensation expense 591 19 Employer payroll tax expense related to stock-based compensation 14 1 Amortization of
Slide 18: Free cash flow reconciliation
Free cash flow reconciliation Year ended December 31 ($ in millions, except percentages) 2023 2024 2025 Net cash provided by (used in) operating ($64) $49 $171 activities Operating cash flow margin (22%) 13% 29% Adjustment for employer taxes at IPO - - 14 related to stock-based compensation Less pur
Slide 19: Quarterly free cash flow reconciliation
Quarterly free cash flow reconciliation ($ in millions, except percentages) Q1’24 Q2’24 Q3’24 Q4’ 24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Net cash provided by (used in) operating ($33) $15 $28 $38 $5 $20 $82 $64 $43 $101 activities Operating cash flow (39%) 17% 28% 33% 4% 15% 53% 37% 24% 48% margin A
Slide 20: 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 21: 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 22: 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