Revenue Beat and Strong Top-Line Growth
Q1 revenue of $182M, up 47% year-over-year from $124M, materially above company guidance of $171M–$173M.
Calculated Billings Expansion
Last twelve months calculated billings reached $770M, a 52% increase vs $507M in the prior year period.
Robust Margin and Profitability Improvement
Gross margin improved to 85% (up 400 bps YoY); operating margin was 25% vs 12% in Q1 2025 (improvement of ~1,300 bps); operating income of $46M, above guidance of $30M–$32M.
Free Cash Flow and Balance Sheet Strength
Free cash flow of $42M (10x YoY), free cash flow margin 23% vs 3% prior-year; cash and cash equivalents of $407M at quarter end.
Raised Full-Year Guidance
Full-year 2026 revenue guidance raised to $798M–$804M (midpoint $801M, ~36% YoY growth) and income from operations guidance increased to $205M–$215M (26% margin midpoint), up from prior ranges.
Product Expansion: Migraine Program and FDA Clearance
Launched migraine care program; Enso received 510(k) FDA clearance for migraine. Trial outcomes: 56% saw pain reduction from severe/moderate to mild/none with at least one waveform; 1.9x likelihood to reduce pain vs placebo. >125 clients adopted program in weeks, covering >2M eligible lives.
Commercial Momentum and Network Growth
Pipeline substantially higher vs Q1 2025; SMB pipeline growth >100% YoY; Hinge Select reached 4,100 provider locations and expanded distribution through a national PBM and 3 of the 5 largest national health plans. ~80% of contracted lives are on engagement-based pricing.
Capital Deployment and Share Count Reduction
Executed $105M share repurchase for 2.5M shares in Q1; diluted weighted average shares fell to 82.4M; reported diluted net income per share of $0.45.