Hinge Health Inc：运营表现卓越；新目标价有约50%上行空间

研报英文原文证据摘录

M

Idea

August 5, 2026 03:37 AM GMT

Morgan Stanley & Co. LLC

Hinge Health Inc | North America

Craig Hettenbach

Equity Analyst

Operating performance in

rarefied air; ~50% upside to

new PT

Jialin Jin

Research Associate

Katherine A Bennorth

Research Associate

Erin Wright

Equity Analyst

What’s Changed

Hinge Health Inc (HNGE.N)

From

To

Price Target

$108.00

$117.00

Linda Bolduc

Equity Analyst

Michelle Foley

Research Associate

AlphaSignals Earnings Reaction

Strengthens our thesis

Meaningful upside

Meaningful revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Meaningful Q2 upside and higher 2H guidance highlights the

power of an effective product that's driving ROI for customers as

member engagement strengthens and outcomes improve. We

continue to see a long runway for growth in MSK and are

intrigued by the expansion into gastrointestinal care.

Research Associate

new PT of $117 up from $108. The tuck-in acquisition got meaningful airtime in Q&A

and the group callback, which should not overshadow another outstanding quarter.

While the Cylinder acquisition and the move into GI care represents a new debate,

we emphasize Hinge is doing this from a position of strength and should help this

startup scale.

Hinge Health beat 2Q'26 revenue by 6% and adjusted EBIT by 23%... Revenue

increased 53% y/y to $213mn, while adjusted EBIT was $62mn (margin of 28.9% vs

Street at 24.8%) ( Exhibit 1 ). Non-GAAP gross profit of $185mn came in 8% ahead

(margins of 87.1%). The upside reflected continued high member conversion, with

LTM calculated billings up 52% y/y to $862mn and clients increasing 24% to 2,929.

Additional details:

Hinge Health Inc (HNGE.N, HNGE UN)

Healthcare Technology | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, basic (12/26e) (mm)

52-Week Range

Non GAAP EPS (12/26e)

Fiscal Year Ending

We raised our revenue and EBIT estimates significantly ( Exhibit 3 ), leading to our

Derek Gross

Overweight

In-Line

$117.00

$79.42

$6,513

$91.17-30.23

$2.24

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

…