Hinge Health, a nine-year-old firm that gives a digital answer to deal with persistent musculoskeletal (MSK) situations, reduce roughly 10% of its workforce on Thursday, TheTrendyType has solely discovered.
The corporate mentioned individuals who had been laid off labored throughout numerous features; based on staff posting on LinkedIn, some had been engineers. Earlier than the layoffs, Hinge had greater than 1,700 staff, based on a LinkedIn estimate.
“As we proceed to reimagine musculoskeletal care, we’re additionally dedicated to constructing a long-term sustainable enterprise,” an organization spokesperson mentioned in an announcement. “To speed up our path to profitability, pace up choice making, and higher focus our investments, we’ve got made the choice to realign our group. We’re extremely grateful for all our departing staff members’ contributions and are targeted on supporting them by this transition.”
The layoffs come as the corporate prepares for an IPO and goals to achieve profitability.
The corporate didn’t touch upon the timing for its IPO, however Hinge has mentioned beforehand that it’s not under pressure to hit the public markets this year because it nonetheless has $400 million of money on its stability sheet.
Hinge was last valued at $6.2 billion in October 2021 when it raised a $400 Collection E from Tiger World and Coatue Administration. The corporate has raised a complete of $828 million, based on PitchBook information.
The corporate’s important competitor is Normal Catalyst and Khosla Ventures-backed Sword Well being, which was last valued at $2 billion in November 2021.
