Let me be the first to tell you that nothing in this world is less predictable than the intersection of ETFs and arthritic hips. And yet here we are: Connecticut’s Braidwell fund just dropped $45 million on Hinge Health (HNGE 1.16%), because nothing says “sound investment” like betting on a company that treats your knees like the stock market. As if that’s not the most niche rabbit hole in the entire crypto-infested earth.
What Happened
I won’t sugarcoat it – Braidwell’s latest move reads like a panicked text you send in the middle of a volatile position. According to their November 14 SEC filing, they’ve shelled out for 910,476 shares of Hinge Health, amassing a $44.7 million stake. For context, that’s more liquid assets than I have at the bottom of a tequila bottle on a Tuesday. And this from a fund that apparantly forgot to mention Hinge in their last quarterly report – impressive filing discipline, lads.
What Else to Know
At 1.8% of Braidwell’s $2.5 billion reportable assets, this isn’t exactly their “put your money where your mouth is” play. It’s the financial equivalent of ordering a salad before immediately buying a triple cheeseburger. For perspective, their top holdings lean into the whole “could be a stock ticker or a mental breakdown” vibe: CAI, XENE, CGON, NBIX, KRYS – I mean, anything called “Newbridge” inherently sounds like a bank that evaporates in 2008.
Still, there’s poetry in a SaaS business model. Software as a Service, baby! This is 2008-all-over-again dotcom energy, but with joint pain. You pay a subscription to limp less? Hinge Health makes money by selling sqeuaish – that’s “squish” money, love.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Wednesday) | $46.02 |
| Market capitalization | $3.6 billion |
| Revenue (TTM) | $534.4 million |
| Net income (TTM) | ($533.2 million) |
Company Snapshot
- Hinge Health offers a digital health platform focused on musculoskeletal care, including solutions for joint and muscle health, acute injury management, chronic pain, and post-surgical rehabilitation.
- The company operates a software-as-a-service (SaaS) business model, providing digital health solutions to clients on a subscription basis.
- It serves large employers, health insurers, and healthcare providers seeking to improve outcomes and reduce costs for musculoskeletal conditions.
A company that charges for mobility but hemorrhages $533 million? It’s the budgeting equivalent of gyms that go out of business every January. I get it, though. Employers love Hinge – who isn’t desperate to avoid paying for surgeons who climb out of retirement centers and back into the OR?
Foolish Take
Look, if nothing else, Braidwell wants us to think they’re “all in” on Hinge’s 53% YoY revenue growth and “sticky” enterprise clients. Translation: it’s the digital equivalent of a 12-step group for executives with bad backs. And yes, I suppose technically, 2,560 clients is “scaling.” But let’s not confuse “not going out of business” with “found a new Deere.”
What really caught my eye isn’t the quarterly report – it’s the fact that Hinge’s share price has soared 43% since their IPO while the S&P 500 sips lukewarm tea at 13%. It’s less Wall Street and more: “Hey Karen, let’s invest in your bunions!”
On the one hand, they’ve got 1.5 million “lifetime members.” That sounds respectable until you realize I could reach that many people just by shadow banning my ex on every social media platform. But here’s the rub: if you’re like me and spend more time Googling late-night existential crises on your phone than filling prescriptions, Hinge’s SaaS model is either genius or a multi-level marketing scheme disguised as a health platform.
Then there’s the cash flow. Free cash hit $81.3 million – which, okay, it’s enough to fund a very lavish spa retreat for CEO Larry, I suppose. But scaling at 47% revenue growth? That’s less a rocket ship and more a segway on a rainy day.
Glossary
Stake: The ownership interest or investment a person or entity holds in a company – because nothing says “stability” like buying shares in a company named after spinal alignment.
Assets under management (AUM): The total market value of investments that a fund or manager oversees on behalf of clients – AKA the number that breaks during a recession.
Position: The amount of a particular security or investment held by an investor or fund – see also: last Thursday at 3 PM when you check your Coinbase.
Third quarter: The three-month period from July 1 to September 30 – and the exact moment most of us switch to surviving.
Digital health boom! SaaS scales! Employer wellness programs! It’s all so very…fromage. You know what the best ticker callout is? Accepting that no one can actually predict the future of human pain. But if you really must gamble on stock prices, at least pick one that calls itself something less likely to vanish by tomorrow. Otherwise, you’re just making the same 2000-era bets with tighter jeans and fancier buzzwords. 🤷
Now if you’ll excuse me, I have to go stretch my carpal tunnel and cry into a Dilbert comic about stock options. 🙃
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2025-12-04 03:32