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Shares of Hinge Health, which is digital physical therapy company popped sharply following quarterly results for the first time since its debut on the NYSE in May.
Hinge, which was founded in 2014, uses software to help patients treat acute musculoskeletal injuries, chronic pain and carry out post-surgery rehabilitation remotely.
The following is how the company performed based on average analysts’ estimates: Loss: Loss per share of $13.10. That may not compare with the 9 cents per share earnings expected. Revenue: $139 million vs. $125 million expected; Revenue at Hinge increased 55% in the second quarter from $89.8 million during the same period last year.
Hinge reported a net loss of $575.65 million, or $13.10 per share, compared to a loss of $12.93 million, a loss of 96 cents per share, during the same period a year earlier. The company said its GAAP loss from operations was $580.7 million, which included $591.0 million from stock-based compensation expenses. It finished the second quarter with 2,359 clients, up 39% from 1,785 clients during the same period last year.
Hinge said it expects to report revenue between $141 million and $143 million during its third quarter. For the full year, the company said it expects revenue of $548 million to $552 million, which also beat the $511 million expected by analysts. The stock opened at $39.25 in May, rising 23% from its $32 IPO price.
Hinge CEO Daniel Perez suggests that the company is still introducing itself to the world. He believes that the most important thing for people is the long-term potential of using software and connected hardware to automate care delivery itself. He is fully confident in that the company is fundamentally reshaping how care can be delivered more effectively and efficiently.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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