Nov 2, 2026 earnings call — Growth and margin expansion with new Migraine and GI programs
Hinge Health raised full-year revenue guidance to $879 million-$881 million, signaling stronger-than-expected demand and profitability.
Revenue $0.2B (est $0.2B) · EPS $0.71 (est $0.58) · Next-quarter revenue outlook $0.2B–$0.3B
Key quotes
"Members who use Movement Analysis are doing more computer vision-based exercises overall."
"Initial results of our surveyed members show a 23% reduction in monthly migraine days, and when migraines did occur, members reported they were shorter by roughly five hours, or a 28% reduction in the duration of the attack."
"The sales season accelerated meaningfully this quarter, ending Q3 with 3,270 contracted clients, up 28% year-over-year."
Analyst Q&A 11
HingeSelect employer traction
Q (Elizabeth Anderson · Evercore): Analyst asked how HingeSelect is performing with employers: are they engaging now or waiting for more providers, and how is early selling season going?
A: Management said HingeSelect is very early but making real progress, with about 5,500 provider locations and surgery onboarding market-by-market. Client reception is very strong and lives on HingeSelect have roughly doubled since Investor Day, though rollout will be slower than a nationwide digital program.
"We've roughly doubled the number of lives on HingeSelect since Investor Day, which was in June, and the work now is expanding coverage across our book of business as the provider network builds out." — Daniel Perez (CEO)
Migraine program early results
Q (Saket Kalia · Barclays): Analyst asked about early observations for the Migraine business: adoption, ARPU, and outlook.
A: Management said Migraine Early Access launched in May and early clinical data are compelling with large reductions in migraine days and duration. Enrollment and engagement are tracking expectations, many clients already have access, and broader revenue impact is expected to ramp into 2027 and especially 2028.
"We're seeing about a 23% reduction in monthly migraine days, 28% reduction in migraine duration, so a very meaningful reduction in monthly prescription use." — Daniel Perez (CEO)
Gross margin and AI leverage
Q (Jailendra Singh · Truist): Analyst asked how sustainable gross margin gains are with scaling, GI onboarding, and care team staffing, and whether AI gives more leverage.
A: Management said they see more AI leverage across the business and are hiring care team members to meet insatiable demand. They targeted 85% gross margin this year, came in slightly above, and will again target 85% next year while investing in member experience.
"We will again target 85% next year as we continue to invest in the member experience." — Daniel Perez (CEO)
Client engagement and marketing support
Q (David Grossman · Stifel): Analyst wanted metrics on how engaged clients are in marketing Hinge Health and what percent of clients fully support outreach.
A: Management said they track multiple metrics and are meaningfully up year-over-year in securing marketing touchpoints well ahead of the sales season. They noted employer belief in ROI generally correlates with marketing support and that clinical outcomes and ROI build credibility for broader outreach.
"We are up meaningfully year-over-year in terms of touchpoints, and we secure these marketing touchpoints well in advance of the actual sales season." — Aaryn Pure
Enrollment and yield for Migraine/GI
Q (Ryan MacDonald · Needham & Company): Analyst asked early readings on net new members for Migraine and GI, and whether cross-selling to MSK members raises engagement or yield.
A: Management said Migraine enrollment and engagement are tracking expectations and the bulk of lives will launch in Q1, so they will have a clearer read in the first half of next year. They reiterated prior guidance that Migraine was expected to add about 10-20 basis points in yield in 2027 and that larger yield contributions come at scale in later years.
"We've said a couple of times, dating back to our investor day, that we expected Migraine to add about 10-20 basis points in yield for us in 2027." — James Budge (CFO)
Channel partnerships and renewals
Q (Jessica Tassan · Piper Sandler): Analyst asked how important PBM/TPA/health plan channels were to the record selling season and about upcoming renewals and leadership transition.
A: Management said health plan and channel partnerships are very important across enterprise and SMB and they currently have 100% health plan retention. They are investing in SMB sales while maintaining health plan relationships and expect those partnerships to continue to drive growth.
"we're always in some kind of cycle of renewals and have 100% health plan retention." — Aaryn Pure
Member renewals and referrals
Q (Craig Hettenbach · Morgan Stanley): Analyst asked what is driving the 25% increase in retained members and whether product features like Enso helped.
A: Management said the lift comes from improved product performance and a surge in member referrals, not a single feature. They reported stronger referrals and members returning for new or recurring issues as evidence of an improving product and experience.
"That is, not just members coming back to receive care, say, if they have a flare-up in the next year or another joint area is afflicting them the next year, but also referring their spouse or their coworkers or their friends to join Hinge Health." — Daniel Perez (CEO)
Competitive wins and product focus
Q (Scott Schoenhaus · KeyBanc): Analyst asked if win-aways continued and whether anything new is expected this quarter, plus clarification on SMB economics.
A: Management said their win rates are up and many clients switched from competitors this year, driven by clinical outcomes, ROI, member experience, and an integrated multi-product platform. They also said SMB economics are slightly better with faster launches, higher initial yield, and lower sales cost, improving margins.
"We want to be very deliberate about which conditions we add, and we want to make sure that they're all integrated into our care program, into one unified care program, and that really makes a big difference." — Daniel Perez (CEO)
Open enrollment differences
Q (Corey DeVito · Wells Fargo): Analyst asked whether employers change benefit packages this open enrollment season and differences between SMB and enterprise approaches.
A: Management said open enrollment conversations are essentially similar to prior years with continued focus on lowering costs and addressing inflationary pressures. They noted SMB launches are more out-of-the-box and faster to get live compared with enterprise clients.
"No, conversations continue to be essentially the same or similar to previous years." — Aaryn Pure
Hardware M&A strategy
Q (John Pinney · Canaccord Genuity): Analyst asked about interest in hardware acquisitions, specific areas, and gross margin implications.
A: Management said they believe you cannot automate care delivery without hardware and that M&A remains tuck-in focused to accelerate timelines, with organic build first. They design hardware in-house, use manufacturing partners in Asia, and maintain a high bar, currently concentrating on MSK, GI, and migraine opportunities.
"Our acquisitions, particularly in hardware, have historically been small tuck-ins of technology and a team, and then you build it out into something much larger." — Daniel Perez (CEO)
ASP uplift drivers and margins
Q (Tomer Zilberman · BofA): Analyst asked whether ASP uplift will come from more billable sessions in new products or from higher pricing on core MSK, and what drove better operating margin this quarter.
A: Management said ASP will increase as they drive more engagement across MSK, Migraine, and GI and from members doing concurrent programs, with meaningful ASP impact likely in late 2027 into 2028. They added operating margin improvement is broad-based from AI and efficiency initiatives across sales, care, product, and G&A.
"Yes, ASP will follow that as we're able to drive additional engagement in our MSK program, our Migraine program, and our GI Care Program, as well as people doing concurrent care, that is doing multiple programs at once." — Daniel Perez (CEO)