Hinge Health, a San Francisco-based startup specializing in digital musculoskeletal (MSK) therapy, stands at a pivotal moment. The company, once poised to join the 2025 wave of high-profile IPOs, may now delay its much-anticipated public offering. Hinge Health’s leadership began reconsidering the IPO timeline following an unexpected surge in market volatility on April 5, 2025. New U.S. tariffs ignited investor anxiety, shaking the tech-heavy Nasdaq and sending ripples across public and private markets alike.
Company insiders disclosed that Hinge Health still intends to go public this year, but the precise timeline could now shift from April to late May or beyond. The startup believes in the strength of its financials and growth outlook, but it wants to avoid launching into a market clouded by uncertainty.
The Tariff Surprise That Rocked Wall Street
U.S. officials shocked global markets on April 4 when they introduced sweeping tariffs targeting a wide range of imported Chinese goods. Investors interpreted the move as a potential catalyst for a new trade war, which immediately pressured tech and healthcare stocks. Wall Street reacted swiftly. The Nasdaq Composite dropped 3.7% in a single day—its steepest fall in over eight months.
This turbulence forced many companies preparing for public offerings to reassess their strategies. Hinge Health, which had reportedly scheduled its investor roadshow for mid-April, paused those plans. Company executives held internal discussions over the weekend and began evaluating market conditions more closely. They plan to avoid launching during a period when sentiment appears fragile.
Hinge Health’s Core Business Remains Strong
Despite external market forces, Hinge Health continues to deliver strong performance metrics. The company builds digital solutions for musculoskeletal therapy, helping patients recover from back, knee, and joint pain through virtual physical therapy. Its services combine wearable sensors, AI-powered treatment plans, and one-on-one coaching by licensed therapists.
Employers and insurers have widely adopted Hinge Health’s platform over the past three years. The company boasts over 1,000 enterprise clients and serves millions of users in the U.S. alone. According to internal estimates, Hinge Health generates annual revenue exceeding $300 million and remains on a clear path toward profitability.
In early 2024, the company raised $300 million in a late-stage funding round led by Coatue and Tiger Global, valuing it at $6.2 billion. Since then, it has grown its customer base, expanded into Europe, and doubled its employee headcount to more than 2,000.
Why Hinge Health Still Wants to Go Public in 2025
Executives believe that an IPO will strengthen Hinge Health’s balance sheet and brand profile. The public listing also aligns with long-term strategic goals, including global expansion and product innovation. CEO Daniel Perez remains committed to leading the company into its next phase of growth as a publicly traded entity.
According to sources close to the matter, Hinge Health prepared all necessary filings and cleared key regulatory hurdles in Q1 2025. The Securities and Exchange Commission (SEC) reviewed the company’s S-1 filing without major concerns. Bankers at Goldman Sachs and Morgan Stanley structured the deal to target a $7 billion valuation at IPO pricing.
Despite market headwinds, company leadership wants to proceed with the offering within Q2. They view current conditions as temporary and believe in the strength of their core business. However, they prefer launching into a window of stability rather than heightened uncertainty.
The IPO Window Remains Narrow
Other startups planning to go public in 2025 also face pressure. Companies such as Databricks, Stripe, and Rubrik reportedly track the same economic signals and adjust their IPO timelines accordingly. The recent market shock narrowed the IPO window and reduced investor appetite for high-growth but unprofitable tech firms.
Investment banks now advise caution. Some analysts recommend a “wait-and-see” approach over the next three weeks. They expect clearer signals once investors absorb the long-term impact of the tariffs and the Federal Reserve’s upcoming interest rate decisions.
Private investors, however, continue showing faith in Hinge Health. Several late-stage investors expressed interest in participating in the IPO, viewing it as a rare opportunity to enter a recession-resilient digital health company. The MSK space has experienced rapid growth in recent years, and Hinge Health holds a leadership position.
Competitors Feel the Pressure Too
Hinge Health does not operate in a vacuum. Competitors such as Sword Health and Kaia Health also navigate shifting investor sentiment. Sword Health recently completed a $200 million funding round but has delayed IPO discussions until late 2025. Kaia Health, on the other hand, focuses more on European markets and maintains a private company strategy for now.
Hinge Health differentiates itself by offering a hybrid solution—one that blends remote therapy with human expertise. This unique model appeals to both consumers and healthcare providers, especially in the post-pandemic era where digital-first care remains popular.
The Broader Impact on the Healthtech IPO Pipeline
The healthtech IPO pipeline faces disruption. Venture-backed companies that expected favorable market conditions now grapple with geopolitical risks and inflation concerns. Many startups may postpone their IPOs until Q3 or Q4 2025, hoping for greater clarity.
However, companies that deliver solid fundamentals—revenue growth, operating leverage, and sticky customer contracts—still stand a chance. Hinge Health falls into this category. It boasts recurring revenue, high gross margins, and a loyal customer base. If market conditions stabilize in the coming weeks, it may become one of the few breakout IPOs of the year.
Leadership Remains Optimistic
CEO Daniel Perez addressed employees during a recent town hall. He reassured the team that the company remains in strong shape, both financially and operationally. Perez emphasized the importance of patience and timing in public market entries. He stated, “We don’t rush into a storm. We launch when we see clear skies. And we’re almost there.”
His words reflect a careful and deliberate approach. Rather than chasing hype, Hinge Health wants to deliver a successful IPO that rewards employees, investors, and long-term shareholders.
Looking Ahead
The next few weeks will prove critical. If markets stabilize and investor appetite returns, Hinge Health could move forward with its IPO by late May or early June. If volatility persists, the company may opt to wait for Q3. Either way, Hinge Health remains ready. It has the growth, the team, and the infrastructure to support a public debut.
As the startup ecosystem watches closely, Hinge Health stands as a litmus test for the healthtech sector. A successful IPO could reignite enthusiasm and restore confidence across the industry. For now, the company holds its course, eyes focused on the horizon.