Hinge Health Inc: New Customer Deep Dive Analysis Increases Our Conviction In Upside Drivers

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Hinge Health Inc: New Customer Deep Dive Analysis Increases Our Conviction In Upside Drivers

Idea

May 18, 2026 04:00 AM GMT

Morgan Stanley & Co. LLCMHinge Health Inc | North America Craig Hettenbach

Equity Analyst

New Customer Deep Dive Craig.Hettenbach@morganstanley.comJialin Jin +1 212 761-6435

Research Associate

Jay.Jin@morganstanley.com +1 212 761-3913

Analysis Increases Our John Y Park

John.Park@morganstanley.com +1 212 761-4029

Conviction In Upside Drivers Kun Chen

Equity Strategist

Kun.Chen1@morganstanley.com +1 212 761-5228

Our analysis reveals up to 0.8mn self-insured covered lives Edward Tian

pending launch and several new large enterprise logos, Equity Strategist

Edward.Tian@morganstanley.com +1 212 761-5558

suggesting further room for upside. We highlight increasing Erin Wright

traction in the SMB market and FI/MA/FEP segments, EquityErin.Wright1@morganstanley.comAnalyst +1 212 761-6137

overlooked pieces of a broadening growth story. Reiterate Linda Bolduc

Overweight. EquityLinda.Bolduc@morganstanley.comAnalyst +1 617 856-8009

Michelle Foley

Michelle.Foley@morganstanley.com +1 212 761-4056M

Key Takeaways

Hinge Health Inc (HNGE.N, HNGE UN)

2 debates emerged post Q1 earnings: Can HNGE continue to beat on the much Healthcare Technology | United States of America

higher baseline and can the stock decouple from software and HCIT stocks. We Stock Rating Overweight

think so. Industry View In-Line

Price target $72.00

Our analysis reveals up to ~0.8mn lives from 117 employer clients are pending Shr price, close (May 14, 2026) $53.88

Mkt cap, basic (12/26e) (mm) $4,426

launch, positioning for further upside even after a sharp raise to guidance. 52-Week Range $62.00-30.23

Non GAAP EPS (12/26e) $2.06

Found 14 FI/MA/FEP plans within 189 health plan clients.