Hinge Health (HNGE) investor relations material

Executive summary

• Q2 2026 delivered record financial results with revenue of $213 million, up 53% year-over-year, and free cash flow reaching $100 million, driven by strong enterprise and SMB performance, product expansion into migraine and GI care, and the acquisition of Cylinder Health for $105 million.

• The company expanded its client base to 2,929 as of June 30, 2026, with LTM calculated billings of $862 million, and launched new programs including Migraine Care and GI Care.

• Multi-product strategy is deepening client relationships, driving higher engagement, and expanding total addressable market.

• Board approved a $300 million increase to the share repurchase program, bringing total authorization to $496.5 million.

Financial highlights

• Q2 2026 revenue: $213 million (53% YoY growth); GAAP gross margin: 86% (up from 70%); Non-GAAP gross margin: 87% (up from 83%).

• Operating income more than doubled to $62 million, with non-GAAP operating margin expanding to 29% from 19% year-over-year.

• Free cash flow was $100 million (47% margin), up from $33 million (23% margin) in Q2 2025.

• Ended Q2 with $476 million in cash and equivalents; repurchased $196.5 million of Class A shares as of July 29, 2026.

• Net income for Q2 2026 was $43.7 million, a turnaround from a net loss of $575.7 million in Q2 2025.

Outlook and guidance

• Q3 2026 revenue guidance: $223–$225 million (45% YoY growth midpoint); non-GAAP income from operations $61–$63 million; non-GAAP operating margin 28%.

• Full-year 2026 revenue guidance raised to $856–$860 million (46% YoY growth midpoint); non-GAAP income from operations $236–$244 million (28% margin midpoint).

• Cylinder Health expected to contribute $7–$8 million in revenue for the remainder of 2026, with greater impact in 2027 and beyond.

• Management expects continued revenue growth driven by client and member expansion, new product launches, and integration of Cylinder Health.

• Expects to maintain strong liquidity with $286.2 million in cash and $187.9 million in marketable securities as of June 30, 2026.