Hinge Health, Inc. · NYSE:HNGE
Hinge Health — Q4 2025 Earnings Presentation
54 slides from Hinge Health's earnings presentation, Feb 10, 2026
Slide 1: Investor Presentation
Investor Presentation February 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: Q4 2025 update
Q4 2025 update © Hinge Health Confidential 3
Slide 4: Q4 key highlights
Q4 key highlights Key metrics & guidance Product Commercial Q4 results • Surpassed 100M lifetime member • Strong 2025 sales season: record year 1 • $171M revenue , 46% y/y growth activity sessions with member NPS at with 4.8M net new contracted lives5; all-time highs ended 2025 with 24.6M contracted
Slide 5: Growth profile demonstrating rapid expansion at scale
Growth profile demonstrating rapid expansion at scale LTM calculated Q4 Revenue Annual Revenue billings h $671M $171M $588M wt th th gr o ow ow % gr g r 44 % % 46 51 $468M $117M $390M Q4 20241 Q4 20251 Q4 20242 Q4 20252 FY 20243 FY 20253 Notes: Refer to glossary of terms in appendix. 1LTM calculated
Slide 6: Continued margin expansion and operating leverage
Continued margin expansion and operating leverage Annual 83% Annual $119M Annual free $180M ps non-GAAP ~5 6 0b non-GAAP cash flow1 gross margin1 78% operating income1 $45M ($26M) FY 20242 FY 20252 FY 20242 FY 20252 FY 20242 FY 20252 Margin (%) (7%) 20% Margin (%) 12% 31% Q4 non-GAAP ps 85% Q4 non-G
Slide 7: 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 ~2,300 bps margin expansion ~8,900 bps margin expansion 85% 28% 82% 83% 83% 18% 19% 20% 81% 12% 79% 77% 75% (4%) 73% 71% (16%) (25%) 68% (34%) (36%) (47%) 62% (61%) Notes: 1See appendix
Slide 8: Strong leverage across non-GAAP operating expenses
Strong leverage across non-GAAP operating expenses Annual 42% Annual Annual sales & 35% research & general & marketing development administrative 25% 15% 17% 12% FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Q4 sales & 32% Q4 research & Q4 general & marketing 30% development administrative 19% 13%
Slide 9: Company overview
Company overview Addressing the challenges within MSK care © Hinge Health Confidential 9
Slide 10: Our vision is to build a new health system
Our vision is to build a new health system that transforms outcomes, experience and costs by using technology to scale and automate the delivery of care — Starting with MSK Personal Background in Launched 2,800+ clients1 history of MSK medical Hinge Health and $588M 2025 injuries and sciences platfo
Slide 11: Hinge Health at a glance
Hinge Health at a glance Automating the delivery of MSK care Technology Repeatable Robust Scaled and platform with GTM sales partnership growing, with scaled care team motion network strong cash flow Delivers personalized ~25M contracted lives3 60+ partners3 including $671M Q4’25 LTM and scalable ca
Slide 12: MSK costs are too big to ignore
MSK costs are too big to ignore… …with the majority driven by surgery, imaging and physical therapy Annual aggregate total direct health spend estimates by condition3 % ~40 of adults in the U.S. suffer from an MSK disorder1 $661B4 $449B % ~9 $295B $221B of adults in the U.S. pursue in-person physica
Slide 13: Hinge Health benefits members, clients and partners
Hinge Health benefits members, clients and partners Members Clients Health plans & other partners • No co-pay • Great member experience • Innovative, outstanding member experience • Real, positive outcomes • Measurable outcomes and cost savings opportunity in a top spend • Incremental cost savings o
Slide 14: Our platform
Our platform © Hinge Health Confidential 14
Slide 15: Reimagined MSK care — automating the delivery of care
Reimagined MSK care — automating the delivery of care Bespoke care plans via personalization engine Care algorithm continuously improves with every data point Exercise therapy AI-powered motion tracking technology Non-addictive pain relief through Enso Scaled care team supported with AI and software
Slide 16: Spectrum of MSK care
Spectrum of MSK care Personalized Exercise care plan therapy Pain relief Care team In-person care © Hinge Health Confidential 16
Slide 17: Proprietary AI-driven database for personalization, engagement and scale
Proprietary AI-driven database for personalization, engagement and scale Proprietary Scalable and data sources personalized care 1.5M+ lifetime members1 Personalized care plans Proprietary Data Online intake including Hinge Health demographics & comorbidities Real-time motion ~106M member tracking f
Slide 18: TrueMotion — integrated AI motion tracking technology
TrueMotion® — integrated AI motion tracking technology Patented technology (40 issued, 88 pending1) tracks and measures over 100 unique points across the body Provides in app real-time feedback and form correction Powers robust remote care by collecting insights from TrueMotion exercise sessions, en
Slide 19: Enso — proprietary technology solution for pain relief
Enso® — proprietary technology solution for pain relief FDA-cleared device Non-addictive, non-invasive pain relief using electrical nerve stimulation Seamlessly integrated into the Hinge Health platform 8 issued and 12 pending patents1 1 As of December 31, 2025. © Hinge Health Confidential 19
Slide 20: AI-powered care team
AI-powered care team AI-supported care team assistant Summarizes aggregate medical Licensed doctors of Board-certified Orthopedic information physical therapy (DPT) health coaches specialists ~97% Reduction in human care team hours associated with traditional physical therapy1 Automates suggested me
Slide 21: HingeSelect — unified MSK care
HingeSelect — unified MSK care High-performance network of in-person providers Members Client Access to high quality, Benefit from reduced in-person care at low or no healthcare spending (up to direct cost to them 30-50% below commercial benchmarks) and better Coordinated care with one plan employee
Slide 22: Delivering accessible and personalized MSK care
Neck & upper back Shoulders Delivering Elbows, forearms, wrists, & hands accessible and Pelvic region Hips & lower back personalized Thighs & knees MSK care Shins & calves Ankles & feet Prevention Recent Chronic pain & Surgery decision Pre/post injury pelvic health support surgery rehab © Hinge Heal
Slide 23: Constantly innovating for our members
Constantly innovating for our members New program and product innovations Fall Prevention Enso M3 Menopause Launched in 2023 Launched in 2024 Launched in 2025 Women’s TrueMotion Global Program HingeSelect Pelvic Health Launched in 2024 Launched in 2024 2026 Launched in 2022 © Hinge Health Confidenti
Slide 24: Empowering members throughout their lives
Empowering members throughout their lives Members can use Hinge Health consistently or can engage and re-engage over time Offering MSK care for all life stages Average member age of 461 Patricia2 — chronic back pain 20s – 30s Early 30s 40s 50s – 60s+ 58 year-old Hyatt employee & part-time Pilates Ac
Slide 25: Go-to-market
Go-to-market © Hinge Health Confidential 25
Slide 26: Efficient, targeted sales model
Efficient, targeted sales model Leveraging direct client relationships and partners Direct to employer sale Additional Strong client demand partnership drives partnerships with agreements signed health plans / PBMs Member, client & partner satisfaction leads to flywheel Partnerships expand to other
Slide 27: Simple sales motion driven by Hinge Health & accelerated by partners
Simple sales motion driven by Hinge Health & accelerated by partners Employers Enterprise & Large Market + Partners Partners facilitate easier and faster contracting and implementation Partners SMB Health plans Fully-insured, Medicare Advantage, and Federal lines of business © Hinge Health Confident
Slide 28: Deep integration with our partners
Deep integration with our partners % 60+ 5/5 3/3 100 Partnerships with Largest national health Top PBMs1,3 Partner retention1,4 health plans, PBMs, 3rd plans1,2 party administrators and other entities1 Notes: 1As of December 31, 2025. 2Based on number of self-insured lives as of December 31, 2024. 3
Slide 29: 2,800+ clients, 53% of Fortune 100
Companies across a broad range of sizes choose Hinge Health as their MSK solution Representing over 25+ industries 2,800+ clients 1 53% of Fortune 100 1 45% of Fortune 500 1 88 Client NPS 2 97% Client retention 3 Notes: Refer to glossary of terms in appendix 1As of December 31, 2025. 2As of November
Slide 30: Our member lifecycle journey
Our member lifecycle journey 1 Target members and build awareness 2 Member enrollment ramp 3 Member retention and re-engagement Target via HingeConnect, AI-driven Quick deployment across member base, Enso for non-addictive and database for member identification start exercise therapies right after i
Slide 31: Members love us & are engaged
Members love us & are engaged The top-rated digital MSK app in the Apple App Store and Google Play Store 1.5M+ Lifetime members1 141K+ reviews2, 4.9★ average rating 9/10 Member satisfaction3 “I worked with my Hinge Health care team to create an Addressing needs across demographics, occupations, and
Slide 32: Validated by peer-reviewed studies and outcomes data
Validated by peer-reviewed studies and outcomes data 21 % Avg 68 reduction in reported Peer-reviewed research 1 back and knee pain articles and studies and outcomes analyses Lower rates of opioid prescription compared to non-participants2 Stanford University University of California, San Francisco 5
Slide 33: Hinge Health can save real money for clients
Hinge Health members enrolled in chronic Hinge Health can save program vs. control group savings per member by service type real money for clients Estimated $2,387 average cost Provider Visits $131 Invasive Estimated savings (~2.4x ROI)1 Procedures $148 $2,387 Imaging $159 medical claims reduced in
Slide 34: Our competitive edge
Our competitive edge We seek to be the best solution on the market, the most validated and the easiest to buy Scale Technology & AI Go-to-Market Business Model A leader Scalable & personalized Efficient and repeatable Flexible recurring revenue in scale care automated by Go-To-Market motion business
Slide 35: Financial overview
Financial overview © Hinge Health Confidential 35
Slide 36: Key financial highlights
Key financial highlights $588M 2025 revenue1 Growth at scale $671M LTM calculated billings2 51% YoY 2025 revenue growth3 Compelling growth profile 44% YoY LTM calculated billings growth4 Non-GAAP gross margin5 grew Recent expansion in margin profile from 78% in 2024 to 83% in 20256 Non-GAAP operatin
Slide 37: Strong growth in non-GAAP gross margin through technology investment
Strong growth in non-GAAP gross margin through technology investment Non-GAAP gross margin1 Transition to AI-powered motion tracking technology from tablets and ~1300 bps margin expansion wearable sensors 83% Introduction of GenAI capabilities to 78% drive care team efficiency Scalable care delivery
Slide 38: Historical yield expansion and member growth
Historical yield expansion and member growth Clients LTM avg. eligible lives Annual yield Members th th 783K ow 2,830 ow 20.1M s th 3.9% Gr Gr bp w ro % % 0 28 +5 G 25 % 47 2,256 15.7M 3.4% 532K Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Notes: Refer to glossary of terms in appe
Slide 39: Historical yield growth through product innovation and marketing
Historical yield growth through focus on product innovation, member experience and effective marketing initiatives Annual yield New program and product rollouts to address more affected areas in MSK and +900 bps 3.9% MSK adjacencies Data-centric member targeting approach through enhanced access to 3
Slide 40: Strong member and LTM calculated billings growth within existing clients
Strong member and LTM calculated billings growth within existing clients across cohorts LTM calculated billings by annual cohort of clients1 $600M % $450M >110 Net dollar retention2 $300M $150M Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 – 97% 2022 Cohort 2023 Cohort 2024 Cohort 2025 Cohort Client
Slide 41: Target operating profile
Target operating profile Year ended December 31 Target 20231 20241 20251 operating profile2 Non-GAAP gross margin 70% 78% 83% 82%-85% Non-GAAP operating margin (40%) (7%) 20% 25%+ Free cash flow margin (23%) 12% 31% ~30% Note: 1See appendix for descriptions of non-GAAP gross margin, non-GAAP operati
Slide 42: Substantial market opportunities to land
Substantial market opportunities to land ~25M contracted lives1,2 across 2,800+ clients3 in existing markets Existing opportunities Expansion opportunities ~215M lives in existing markets Large population of incremental lives in new markets ~216M lives in existing markets 90%+ whitespace in existing
Slide 43: Key investment highlights
Key investment highlights Strong leadership position in $661B MSK opportunity1 Deeply ingrained partnerships and a leading technology platform High satisfaction with 97% client retention and >110% net dollar retention2 Proven clinical and financial outcomes for clients and members Efficient operatin
Slide 44: Leadership team
Leadership team Daniel Perez Gabriel Mecklenburg James Budge Jim Pursley Co-founder, CEO Co-founder, Exec. Chairman Chief Financial Officer President Jeff Krauss, MD Lex Annison Shobhna Upadhyaya Bianca Buck Chief Medical Officer Chief Operating Officer SVP People and Strategy Head of Investor Relat
Slide 45: Appendix
Appendix © Hinge Health Confidential 45
Slide 46: Non-GAAP gross profit and gross margin reconciliation
Non-GAAP gross profit and gross margin reconciliation Year ended December 31 ($ in millions, except percentages) 2023 2024 2025 GAAP gross profit $194 $300 $468 GAAP gross margin 66% 77% 80% Excess and obsolete inventory charges 10 2 - Stock-based compensation expense <1 <1 19 Employer payroll tax e
Slide 47: Non-GAAP gross profit and gross margin quarterly reconciliation
Non-GAAP gross profit and gross margin quarterly reconciliation Three months ended ($ in millions, except percentages) Q1'23 Q2'23 Q3'23 Q4'23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 GAAP gross profit $34 $44 $58 $58 $58 $67 $79 $96 $100 $98 $126 $144 GAAP gross margin 57% 62% 71% 72% 70% 74
Slide 48: Non-GAAP income (loss) from operations and operating margin reconciliation
Non-GAAP income (loss) from operations and operating margin reconciliation Year ended December 31 ($ in millions, except percentages) 2023 2024 2025 GAAP income (loss) from operations ($131) ($32) ($546) GAAP operating margin (45%) (8%) (93%) Excess and obsolete inventory charges 10 2 - Stock-based
Slide 49: Non-GAAP income (loss) from operations quarterly reconciliation
Non-GAAP income (loss) from operations and operating margin quarterly reconciliation Three months ended ($ in millions, except percentages) Q1'23 Q2'23 Q3'23 Q4'23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 GAAP income (loss) from operations ($41) ($37) ($22) ($30) ($31) ($18) ($4) $21 $13 ($58
Slide 50: Non-GAAP operating expenses reconciliation
Non-GAAP operating expenses reconciliation Three Three Three months Year months Year months Year ended ended ended ended ended ended ($ in millions) ($ in millions) ($ in millions) Q4’24 Q4’25 2024 2025 Q4’24 Q4’25 2024 2025 Q4’24 Q4’25 2024 2025 GAAP research and GAAP general and $22 $33 $101 $368
Slide 51: Free cash flow reconciliation
Free cash flow reconciliation Year ended December 31 Three months ended ($ in millions, except percentages) 2023 2024 2025 Q4’24 Q4’25 Net cash provided by (used in) operating ($64) $49 $171 $38 $64 activities Operating cash flow margin (22%) 13% 29% 33% 37% Adjustment for employer taxes at IPO - -
Slide 52: 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 53: 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 54: 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