Hinge Health, a virtual physical therapy startup focused on treating chronic musculoskeletal conditions, laid off approximately 10% of its workforce on April 11, 2024. The cuts affected around 170 employees across various functions, including engineering, from a total of over 1,700 staff. The company stated the layoffs were part of an organizational realignment to accelerate its path to profitability, speed up decision-making, and focus investments, as it prepares for a future IPO. Despite the reduction, Hinge Health, last valued at $6.2 billion in 2021, noted it has substantial cash reserves and is not under immediate pressure to go public.
