Tech | Visa | Scholarship/School | Info Place

Virtual physical therapist Hinge Health lays off 10% of employees

Hinge Health, a nine-year-old company that provides digital solutions to treat chronic musculoskeletal (MSK) conditions, has laid off approximately 10% of its workforce on Thursday, TechCrunch has learned exclusively.

The company said the people being laid off worked in different functions. Some are engineers, according to employee profiles posted on LinkedIn. Before the layoffs, Hinge had more than 1,700 employees, according to LinkedIn estimates.

“As we continue to reimagine musculoskeletal care, we are also committed to building a long-term sustainable business,” a company spokesperson said in a statement. “To accelerate our path to profitability, accelerate decision-making and better To focus our investments, we have decided to realign our organization. We are grateful for the contributions of all outgoing team members and are committed to supporting them through this transition.”

The layoffs come as the company prepares for an initial public offering and aims to become profitable.

The company has not commented on the timing of its IPO, but Hinge has previously said it is working on There is no pressure to go public this year Because it still has $400 million in cash on its balance sheet.

The hinge is Last valued at $6.2 billion In October 2021, the company raised $400 in Series E funding from Tiger Global and Coatue Management. The company has raised a total of $828 million, according to PitchBook data.

The company’s main competitors are General Catalyst and Khosla Ventures-backed Sword Health. Last valued at $2 billion November 2021.

#Virtual #physical #therapist #Hinge #Health #lays #employees

Leave a Reply

Your email address will not be published. Required fields are marked *