Hinge Health, Inc.

Hinge Health is a digital musculoskeletal (MSK) health platform — knee, back, and joint-pain physical-therapy programs delivered via smartphone and sensors, sold to employers and health plans. It IPO'd recently and expanded into surgical care via HingeSelect.

• Growth is genuinely strong: Q1 revenue was $182M, up 47% year-over-year at an 85% gross margin and 18% operating margin. Trailing four quarters ran 46-53% growth — durable at scale, with $43M of Q1 free cash flow. The business is real and working.
• Management raised guidance concurrent with the June 9 first-ever Investor Day at 'Movement' — that combination signals confidence, not hedging. HingeSelect expanding into surgery is a real product-line adjacency.
• The specific structural overhang: Insight Holdings Group (i.e., Insight Partners, the PE sponsor) executed multiple conversions and sales on June 24-29, totaling well over $157M of sales in a two-day window. This is the PE exit rolling — expect continued supply as remaining Insight positions convert and sell.
• The dual-class structure gives founders dominant control (Class B at 15 votes per share) — that's fine for governance but constrains any activist pressure to accelerate cash return.

The stock is at the 97th percentile of its 52-week range and 71% above the 200-day — accelerating on fundamentals but with a specific structural seller. The August 4 earnings print is the test: revenue growth staying above 40%, HingeSelect surgery-attach commentary, and any language on Insight-Partners-remaining-position magnitude. A miss on growth combined with continued Insight distribution is what would cap the run. This is a real business with a specific supply-technical caution — the fundamental thesis is intact, the tape may need to absorb the PE exit first.