Hinge Health, a virtual physical therapist, lays off 10% of its workforce

Hinge Health, a nine-year-old firm that provides a digital answer to deal with power musculoskeletal (MSK) situations, reduce roughly 10% of its workforce on Thursday, TechCrunch has completely discovered.

The corporate stated individuals who have been laid off labored throughout varied capabilities; based on staff posting on LinkedIn, some have been engineers. Earlier than the layoffs, Hinge had greater than 1,700 staff, based on a LinkedIn estimate.

“As we proceed to reimagine musculoskeletal care, we’re additionally dedicated to constructing a long-term sustainable enterprise,” an organization spokesperson stated in a press release. “To speed up our path to profitability, pace up determination making, and higher focus our investments, we have now made the choice to realign our group. We’re extremely grateful for all our departing group members’ contributions and are centered on supporting them via this transition.”

The layoffs come as the corporate prepares for an IPO and goals to succeed in profitability.

The corporate didn’t touch upon the timing for its IPO, however Hinge has stated beforehand that it’s not under pressure to hit the public markets this year because it nonetheless has $400 million of money on its steadiness sheet.

Hinge was last valued at $6.2 billion in October 2021 when it raised a $400 Collection E from Tiger International and Coatue Administration. The corporate has raised a complete of $828 million, based on PitchBook information.

The corporate’s primary competitor is Common Catalyst and Khosla Ventures-backed Sword Well being, which was last valued at $2 billion in November 2021.