Friday, July 19, 2024

Virtual Physical Therapist, Hinge Health, Eliminates 10% of its Employees

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Hinge Health, a company specializing in digital solutions for chronic musculoskeletal conditions, recently made the decision to reduce its workforce by approximately 10%. The layoffs affected employees across various functions, including some engineers, from a workforce that previously numbered over 1,700 individuals.

A company spokesperson stated that the layoffs were part of a strategic realignment aimed at improving profitability, streamlining decision-making, and focusing investments. Despite the recent workforce reduction, Hinge Health remains committed to supporting departing employees through the transition.

The layoffs coincide with the company’s preparations for an initial public offering (IPO) as it strives to achieve profitability. While no specific timeline has been provided for the IPO, Hinge Health indicated that it is not under immediate pressure to go public this year, thanks to a healthy cash reserve of 0 million.

In October 2021, Hinge Health raised 0 million in a Series E funding round led by Tiger Global and Coatue Management, valuing the company at .2 billion. To date, Hinge Health has raised a total of 8 million in funding, according to PitchBook data.

The company’s primary competitor, Sword Health, backed by General Catalyst and Khosla Ventures, was valued at billion in November 2021, making it a formidable player in the digital musculoskeletal care space.

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