Hinge Health, Inc. · NYSE:HNGE
Hinge Health — Q3 2025 Earnings Presentation
17 slides from Hinge Health's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Earnings
Q3 2025 Earnings November 2025 © Hinge Health 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: Key financial highlights
Key financial highlights $154M Q3 2025 revenue, 53% y/y growth1 Growth at scale $624M LTM calculated billings2, 50% y/y growth3 2,560 clients, 25% y/y growth1 Expansion in margin profile 83% Q3 2025 non-GAAP gross margin, up from 79% in Q3 20244 $30M Q3 2025 non-GAAP income from operations vs ($4M)
Slide 4: Q3 company update
Q3 company update Product Commercial • Robin AI — our member-facing, always-on AI care • Clients grew to 2,560, up 25% y/y; number expected assistant that's transforming how we support our to grow substantially in Q4 2025 as we finalize members; Robin provides instant support and contracts with clie
Slide 5: Growth profile demonstrating rapid expansion at scale
Growth profile demonstrating rapid expansion at scale LTM calculated Revenue billings h $624M $154M wt h gr o wt % g ro 50 % 53 $417M $101M Q3 20241 Q3 20251 Q3 20242 Q3 20252 Notes: Refer to glossary of terms in appendix. 1LTM calculated billings for the twelve-month periods ended September 30, 202
Slide 6: Continued margin expansion and operating leverage
Continued margin expansion and operating leverage Non-GAAP operating Non-GAAP gross margin1 Free cash flow1 income (loss)1 $30M 0 bps 83% ~40 $81M 79% $28M ($4M) Q3 20242 Q3 20252 Q3 20242 Q3 20252 Q3 20242 Q3 20252 Margin (%) (4%) 20% Margin (%) 27% 53% 1 Notes: See appendix for a description of no
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 ~2,100 bps margin expansion ~8,100 bps margin expansion 83% 83% 18% 19% 20% 82% 12% 81% 79% 77% 75% (4%) 73% (16%) 71% (25%) 68% (34%) (36%) (47%) 62% (61%) Notes: 1See appendix for a de
Slide 8: Strong leverage across all non-GAAP operating expenses
Strong leverage across all non-GAAP operating expenses Sales & Marketing Research & Development General & Administrative 44% 37% 24% 14% 15% 11% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Notes: See appendix for a description of non-GAAP operating expenses and a reconciliation to the most compa
Slide 9: Key investment highlights
Key investment highlights Strong leadership position in $661B MSK opportunity1 Deeply ingrained partnerships and a leading technology platform High satisfaction with 98% client retention2 and 117% net dollar retention3 Proven clinical and financial outcomes for clients and members Efficient operatin
Slide 10: Leadership team
Leadership team Daniel Perez Gabriel Mecklenburg James Budge Jim Pursley Co-founder, CEO Co-founder, Exec. Chairman Chief Financial Officer President Jeff Krauss, MD Lex Annison Shobhna Upadhyaya Bianca Buck Chief Medical Officer Chief Operating Officer SVP People and Strategy Head of Investor Relat
Slide 11: Appendix
Appendix © Hinge Health 11
Slide 12: Non-GAAP gross profit and gross margin quarterly reconciliation
Non-GAAP gross profit and gross margin quarterly reconciliation Three months ended ($ in millions, except percentages) Q1'23 Q2'23 Q3'23 Q4'23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 GAAP gross profit $34 $44 $58 $58 $58 $67 $79 $96 $100 $98 $126 GAAP gross margin 57% 62% 71% 72% 70% 74% 79% 82% 8
Slide 13: Non-GAAP income (loss) from operations and operating margin quarterly reconciliation
Non-GAAP income (loss) from operations and operating margin quarterly reconciliation Three months ended ($ in millions, except percentages) Q1'23 Q2'23 Q3'23 Q4'23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 GAAP income (loss) from operations ($41) ($37) ($22) ($30) ($31) ($18) ($4) $21 $13 ($581) ($6
Slide 14: Non-GAAP operating expenses quarterly reconciliation
Non-GAAP operating expenses quarterly reconciliation Three Three Three months months months ended ended ended ($ in millions) ($ in millions) ($ in millions) Q3’24 Q3’25 Q3’24 Q3’25 Q3’24 Q3’25 GAAP research and GAAP general and $24 $32 GAAP sales and marketing $45 $64 $15 $37 development administra
Slide 15: Free cash flow reconciliation
Free cash flow reconciliation Year ended December 31 Three months ended ($ in millions, except percentages) 2023 2024 Q3’24 Q3’25 Net cash provided by (used in) operating activities ($64) $49 $28 $82 Operating cash flow margin (22%) 13% 28% 53% Less purchases of property, equipment and software (inc
Slide 16: 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 17: 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