Key Highlights

  • Revenue increased 52% to USD 235.0 million from USD 154.2 million, with GAAP gross Margin rising to 87%.
  • GAAP income from operations was USD 50.3 million versus a loss of USD 6.1 million a year earlier.
  • Free Cash Flow rose to USD 112.7 million from USD 81.3 million, a margin of 48% on revenue.
  • The company raised the full-year Revenue guidance midpoint to USD 880 million, implying growth of 50% over 2025.

Quarterly Results

Hinge Health, Inc. (NYSE:HNGE), a digital care company focused on musculoskeletal and related conditions, reported third-quarter 2026 revenue of USD 235.0 million, up 52% from USD 154.2 million. GAAP gross margin was 87% versus 82%, and non-GAAP gross margin was 88% versus 83%. GAAP income from operations was USD 50.3 million, compared with a loss of USD 6.1 million, for a GAAP Operating Margin of 21% against negative 4%. Non-GAAP income from operations rose 154% to USD 77.2 million from USD 30.4 million, a margin of 33% versus 20%.

GAAP diluted Net Income per share was USD 0.66 versus a loss of USD 0.02, and non-GAAP diluted net income per share was USD 0.71 versus USD 0.32. Net cash provided by Operating Activities was USD 114.6 million versus USD 82.4 million, and free cash flow was USD 112.7 million versus USD 81.3 million. Cash, cash equivalents, marketable securities and restricted cash totaled USD 358.5 million at September 30, 2026.

Client and Billings Growth

Trailing twelve month calculated billings rose 54% to USD 960.3 million from USD 624.2 million. The number of clients increased 28% to 3,270 from 2,560. Co-founder and chief executive Daniel Perez said the focus on clinical outcomes, a better healthcare experience and lower client costs through a platform that automates care delivery is producing a record sales season. He said the client base for the MSK Care Program is up almost 30% year over year, the GI Care Program client base is up roughly 40% since the Cylinder Health Acquisition announcement in August, and the Migraine Care Program client base has nearly doubled since the prior quarter.

Leadership Transition

The company announced that its president steps down effective January 1, 2027 and join the Board of Directors effective January 4, 2027. Following the transition, a new Chief Commercial Officer leads the commercial organization. The chief executive credited the departing president with helping scale the company to more than 3,200 clients and said the executive continues contributing as a board member and advisor.

Guidance and Leadership Signposts

For the fourth quarter of 2026, management projects revenue of USD 249 million to USD 251 million, growth of 46% at the midpoint, and non-GAAP income from operations of USD 81 million to USD 83 million, growth of 71% with a 33% margin at the midpoint, roughly 470 basis points above the fourth quarter of 2025.

For the full year, revenue guidance was raised to USD 879 million to USD 881 million, growth of 50% at the midpoint, and non-GAAP income from operations guidance to USD 266 million to USD 268 million, growth of 123% with a 30% margin at the midpoint, about 1,000 basis points above 2025. The company did not reconcile non-GAAP Operating Income guidance to GAAP because stock-based compensation and related items cannot be forecast with certainty. Items to track include client additions across the MSK, GI and Migraine programs, billings growth against revenue, and the commercial leadership handoff.