12 April 2024 – As TechCrunch has exclusively learned, Hinge Health, a nine-year-old startup that provides a digital solution to treat chronic musculoskeletal (MSK) issues, let off almost 10% of its personnel on Thursday.
The corporation said that those let go were in a variety of roles; several of the workers who posted on LinkedIn claimed to be engineers. An estimate from LinkedIn states that Hinge employed more than 1,700 people prior to the layoffs.
A for the firm said in a statement, “We are committed to building a long-term sustainable business as we continue to reimagine musculoskeletal care.” We have decided to rearrange our organization to hasten our road to profitability, expedite decision-making, and better concentrate our investments. We are committed to helping our team members who are leaving throughout this transition and are very appreciative of all they have contributed.
Conclusion
The firm is trying to turn a profit and is getting ready for an IPO at the same time as the layoffs. Hinge has said in the past that it is not under pressure to go public this year since it still has $400 million in cash on its balance sheet. The firm did not comment on the timing of its IPO.
