Hinge Health, Inc.: 20-25% Sustainable Growth and 35%+ Target Margins; HingeSelect and Migraine Care are Key for 2027

Research evidence excerpt

Hinge Health, Inc.: 20-25% Sustainable Growth and 35%+ Target Margins; HingeSelect and Migraine Care are Key for 2027

Equity Research

U.S. Software

10 June 2026

Hinge Health, Inc.

20-25% Sustainable Growth and

35%+ Target Margins; HingeSelect

HNGE OVERWEIGHTand Migraine Care are Key for 2027

Unchanged

HNGE's Investor Day in Chicago focused on new product U.S. Software POSITIVE

opportunities with HingeSelect and Migraine Care, as well as Unchanged

updated financial expectations with FY26 revenue guide Price Target raised 13% fromUSDUSD70.0062.00

going up by $20M with ~27% margins, and a new long-term Price (10-Jun-26) USD 62.06

target model of 20-25% sustainable growth and 35%+ Potential Upside/Downside +12.8% Source: Bloomberg, Barclays Research

margins - more below...

Market Cap (USD mn) 4802

Three takeaways from HNGE’s Investor Day at its Movement conference in Chicago: (1) HNGE is Shares Outstanding (mn) 77.39

raising its Q2 guide driven by better yields and therefore billings, and the FY26 guide is going up Free Float (%) 87.09

by more than Q2 as these better billings will flow into revenue through the balance of the year; 52 Wk Avg Daily Volume (mn) 1.3

(2) HNGE is also raising its long-term target model to sustainable 20-25% revenue growth and a Dividend Yield (%) N/A

long-term target operating margin of 35%+ as the business has scaled and R&D efficiency Return on Equity TTM (%) N/A

continues to improve; (3) HingeSelect can become a $300M+ revenue opportunity just in the Current BVPS (USD) -5.90

existing base with ~60% adoption, and Migraine Care will be a key driver for 2027 yields and Source: Bloomberg

therefore billings with 300 clients (representing 3M lives) already signed up. Our PT goes to $70.

Price Performance Exchange-NYSE