Doctolib shares financial data ahead of anticipated IPO: Comparison with Hinge Health

Lloyd Price
Apr 30
6 min read

Doctolib financial summary

Doctolib, a European healthcare software platform, publicly shared its financial results for the first time to enhance transparency with users, healthcare professionals, patients, and partners. In 2024, the company achieved an Annual Recurring Revenue (ARR) of €348M, growing 22.5% from 2023, with a 42% growth in new ARR in the second half.

Subscriptions from healthcare practitioners, managing digital and clinical tasks, account for 99% of revenue, with Germany contributing nearly 20% of ARR.

Despite significant investments, including €115M in R&D (one-third of revenue) focused on AI and innovation, Doctolib is not yet profitable but plans to reach profitability in 2025, aligning with its 2022 fundraising projections.

The company emphasises long-term growth, user satisfaction (with a high NPS exceeding 50), and ethical operations, employing 2,900 people across Europe.

Doctolib credits its progress to the support of healthcare professionals, patients, investors, and its team, as it continues building a comprehensive, innovative healthcare platform.

Doctolib compared to Hinge Health

Doctolib excels in building a comprehensive, subscription-based healthcare platform across Europe, with strong growth (22.5% ARR, 42% new ARR in H2) and a focus on innovation (€115M R&D).

It prioritises long-term impact over immediate profitability, targeting breakeven in 2025. Hinge Health leads in the U.S. MSK care market, with higher revenue ($390M, +33%) and a near-profitable status ($12M net loss), bolstered by its March 2025 IPO filing.

Both are HealthTech leaders, but Doctolib's broader scope contrasts with Hinge Health's specialised, employer-driven model. Their trajectories suggest strong IPO potential, with Hinge Health taking the lead in public market entry.

Doctolib Financial Data (2024)

Annual Recurring Revenue (ARR): €348 million, up 22.5% from 2023.
- Second half of 2024 showed accelerated growth with +42% in new ARR.
- 99% of revenue from subscriptions paid by healthcare practitioners for managing digital secretary, clinical activities, and financials.
- Germany accounts for ~20% of ARR and 28% of new revenues in Q1 2025.
Profitability: Not yet profitable, as planned, with significant reinvestment in innovation.
- Invested €115 million in R&D (~33% of revenue), including AI initiatives like a consultation assistant used in over 2 million consultations.
- On track to turn profitable in 2025, per their multi-year plan.
Funding History: Raised $815 million over 9 rounds, with the latest Series F round on March 15, 2022.
Employees: 2,900 jobs created across France and Europe.
User Satisfaction: Net Promoter Score (NPS) exceeding 50 in some cases, indicating high user satisfaction.
Market Presence: Operates in France, Germany, Italy, Spain, Belgium, Netherlands, Portugal, Switzerland, Austria, and Luxembourg. Leading digital healthcare platform in Europe.

Hinge Health Financial Data (2024)

Revenue: $390 million, up 33% from $293 million in 2023.
Net Loss: Reduced significantly from $108 million in 2023 to $12 million in 2024, indicating progress toward profitability.
Valuation: Last valued at $6.2 billion in October 2021 (Series E funding round). Pre-IPO stock price estimated at ~$30 per share as of March 2025, down from $77.46 in 2021.
Funding History: Raised over $1 billion, including a $400 million Series E in October 2021 led by Tiger Global and Coatue Management, plus a $200 million secondary investment.
Employees: Over 1,700 before a 10% workforce reduction (~170 layoffs) in April 2024 to align with profitability goals.
User Metrics:
- 532,000 members and 20 million contracted lives by end of 2024.
- Works with 2,250+ enterprise customers, including nearly half of Fortune 100 companies, and 50 health plans.
- Net dollar retention of 117% and a 12-month client retention rate of 98%, with a client NPS of 87.
Market Presence: Primarily U.S.-focused, serving self-insured employers, public sector clients, and health plans. Expanding into fully insured and Medicare Advantage populations.
IPO Status: Filed to go public in March 2025, signalling a potential revival of the digital health IPO market.

Comparison Summary

Metric	Doctolib	Hinge Health
Revenue (2024)	€348M (ARR, +22.5%)	$390M (+33%)
Profitability	Not profitable, planned for 2025	Net loss of $12M, nearing profitability
R&D Investment	€115M (~33% of revenue)	Not disclosed
Funding Raised	$815M (9 rounds)	>$1B (multiple rounds)
Valuation	Not recently disclosed	$6.2B (2021), ~$30/share (2025 est.)
Employees	2,900	~1,530 (post-layoffs)
User Base	Healthcare practitioners across Europe	532K members, 20M contracted lives (U.S.)
NPS	>50 (some cases)	87 (client NPS)
Market Focus	Europe (multi-country)	U.S. (expanding to Medicare, health plans)
IPO Status	Potential candidate for 2026	Filed for IPO in March 2025

Key Observations

Revenue and Growth:
- Hinge Health reported higher total revenue ($390M vs. €348M ARR), with a slightly higher growth rate (33% vs. 22.5%). However, Doctolib's ARR metric focuses on recurring subscriptions, which may reflect a more stable revenue stream compared to Hinge Health's broader revenue figure.
- Doctolib's 42% growth in new ARR in H2 2024 suggests stronger momentum in the latter part of the year.
Profitability:
- Hinge Health is closer to profitability, with a reduced net loss of $12M in 2024, while Doctolib remains unprofitable by design, prioritizing heavy R&D investment. Doctolib's plan to achieve profitability in 2025 aligns with Hinge Health's trajectory.
Investment in Innovation:
- Doctolib's €115M R&D investment (33% of revenue) is a significant commitment to AI and long-term platform development, particularly in Europe. Hinge Health's R&D spending is not disclosed, but its focus on AI, virtual therapy, and wearable tech suggests similar innovation priorities.
Market and Scale:
- Doctolib operates across multiple European countries, serving healthcare practitioners with a broad software platform. Hinge Health is U.S.-centric, targeting employers and health plans in the musculoskeletal (MSK) care niche, with a large addressable market (40% of U.S. adults with MSK disorders).
- Hinge Health's client base (2,250+ enterprise customers, 20M contracted lives) indicates significant penetration in the U.S. corporate sector, while Doctolib's user base is more practitioner-focused.
Funding and Valuation:
- Hinge Health has raised more capital (>$1B vs. $815M) and had a high valuation ($6.2B in 2021), though its pre-IPO share price suggests a potential valuation decline.
- Doctolib's valuation is not recently disclosed, but its consistent growth and European dominance suggest a strong position for a potential IPO.
IPO Prospects:
- Hinge Health has taken a concrete step toward going public with its March 2025 S-1 filing, potentially capitalising on a recovering HealthTech IPO market.
- Doctolib is frequently cited as a strong IPO candidate for 2024/2025, supported by its financial transparency and market leadership, but has not yet filed.

Limitations

Data Availability: Doctolib's financials are more detailed due to its public disclosure, while Hinge Health's data is limited to its S-1 filing and lacks specifics on R&D or ARR breakdowns.
Currency and Metrics: Comparing €348M ARR (Doctolib) to $390M total revenue (Hinge Health) is not perfectly apples-to-apples due to currency differences and metric definitions.
Market Context: Doctolib operates in a broader healthcare software market across Europe, while Hinge Health focuses on a specialized MSK niche in the U.S., making direct financial comparisons less straightforward.

In 2024, Hinge Health shows higher total revenue and is closer to profitability, reflecting its US focused, employer driven model and recent IPO filing. Doctolib, with slightly lower ARR but strong growth (especially in H2), prioritises long-term innovation and European expansion, with plans to turn profitable in 2025. Both companies demonstrate robust growth and high user satisfaction, positioning them as leaders in their respective HealthTech segments. Hinge Health's IPO filing gives it a near-term edge in public market visibility, while Doctolib's scale and transparency suggest it remains a strong contender for a future IPO

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