IPO-Level Bets: Dan Perez on Building Hinge Health from Zero to $400M ARR

Dan Perez is no stranger to high-stakes decisions. From walking away from an Oxford PhD program to scaling a digital health company through one of the most successful IPOs in recent years, Dan’s story is a masterclass in vision, conviction, and long-term thinking.

In this episode of First Builders, Dan joins Amber and Rachel to unpack the origin story of Hinge Health—a digital MSK care platform now serving over 20 million lives and generating nearly $400M in ARR. They dig into what made Hinge stand out in a noisy category, how he and co-founder Gabriel Mecklenburg kept their partnership strong across a decade of scale, and why Dan believes great leadership is about playing the long game.

They also explore:
– The strategy behind going public in a tough market
– The evolution of AI-powered care models
– The frameworks Dan uses for internal bets and efficiency
– Lessons on co-founder dynamics and intentional leadership

Whether you’re building in digital health or just trying to scale with clarity, Dan’s story is packed with insight.

Follow Dan Perez
LinkedIn: https://www.linkedin.com/in/danielaperez
Company: https://www.hingehealth.com

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Show Notes:

• Hinge Health IPO Coverage (2025): $400M ARR, 81% gross margin, 20M+ lives supported - Hinge Health files for IPO, riding strong ARR and MSK growth (Bloomberg News) (SEC filing)
• Co-founder dynamics and long-term startup partnerships
• Books mentioned:
  • Competition Demystified by Bruce Greenwald
  • High Output Management by Andrew Grove 
  • Innovator's Prescription by Clayton Christensen