Hinge Health, a nine-year-old company that provides digital solutions to treat chronic musculoskeletal (MSK) conditions, will cut about 10% of its workforce on Thursday, TechCrunch has exclusively learned. It is said that he did.
The company said the people who were laid off worked across a variety of jobs. According to an employee posting on LinkedIn, some of them were engineers. Before the layoffs, Hinge had more than 1,700 employees, according to LinkedIn estimates.
“As we continue to reimagine musculoskeletal care, we are also committed to building a long-term sustainable business,” a company spokesperson said in a statement. “To accelerate our path to profitability, speed decision-making, and better focus our investments, we have decided to reorganize our organization. We greatly appreciate the contributions of all of our departing team members. We are grateful to them and are focused on supporting them through this transition.”
These job cuts were made as the company prepares for an IPO and aims to return to profitability.
The company has not commented on the timing of its IPO, but Hinge has previously said there is no pressure to enter the public markets this year because it still has $400 million in cash on its balance sheet.
Hinge raised $400 in Series E from Tiger Global and Coatue Management in October 2021, giving it a previous valuation of $6.2 billion. The company has raised a total of $828 million, according to PitchBook data.
The company's main competitor is General Catalyst and Khosla Ventures-backed Sword Health, which was last valued at $2 billion in November 2021.