Hinge Health initiated with an Overweight at Piper Sandler

Piper Sandler analyst Jessica Tassan initiated coverage of Hinge Health (HNGE) with an Overweight rating and $41 price target The firm thinks Hinge Health’s proprietary technology and sophisticated distribution strategy can sustain a double-digit revenue CAGR as the company continues to dominate the inefficient and underoptimized $94B U.S. musculoskeletal TAM. With studies indicating a 2.4-times+ ROI across commercial and Medicare populations, Piper believes Hinge Health’s pricing and 80.0%-plus gross margins are durable. It sees material operating leverage in the model as Hinge Health scales into and beyond its 2,250 clients and 20.0M contracted lives as of 12/31/24.