Oura, the smart ring company that tracks more than 50 health metrics, filed for an initial public offering on Thursday, pitching investors on its shift from a hardware maker into an AI-powered preventive health platform. The Finland-based company, valued at $11 billion after a $900 million funding round in October, plans to list on the Nasdaq under the ticker "OURA."
The company's S-1 filing with the SEC reveals accelerating growth and a subscription model that converts hardware buyers into long-term recurring revenue. Revenue hit $1.2 billion in the nine months ending June 30, 2026 - a 74% jump from $698 million in the same period a year earlier. Trailing twelve-month revenue now exceeds $1.4 billion, with gross margins of 55% and net income of $61 million over the most recent nine-month window.
The hardware-to-platform pivot
Oura is framing its business around a simple economic argument: hardware sales cover customer acquisition costs upfront, while memberships deliver predictable recurring revenue. The company now counts 5 million paid members, with more than 94% of ring activations converting to paid subscriptions. Members keep the ring on roughly 23 hours a day, and 85% remain subscribers after 12 months.
That usage pattern has created a data asset the company considers a competitive moat. Oura has accumulated nearly 42 billion hours of longitudinal biometric data, feeding the AI and machine-learning models that generate personalized health insights. The company holds more than 1,140 patents and patent applications.
In the filing, Oura wrote: "We operate at the intersection of three structural shifts: the move from reactive care to proactive, continuous health management; increasing consumer ownership of health decisions and spend; and advances in AI for Healthcare and wearable technology that enable personalized, predictive insights in real time."
Expanding beyond fitness tracking
Oura's feature set now reaches well past step counting and sleep scores. The platform includes nutritional guidance, conception planning and fertility insights, blood testing and analysis, and therapy and medication monitoring. The company said its API-first architecture supports integrations with more than 1,200 partners, including Natural Cycles for women's health, Dexcom for metabolic health, and Strava for activity.
The company is also pushing into clinical and payer channels. A collaboration with Cigna offers the ring and membership as a benefit to select health plan members. Oura's partnership with Essence Healthcare, a Medicare Advantage plan, has expanded into clinical programs including one targeting sleep apnea risk identification. Roughly a third of Essence's members opted to use the ring at no cost.
Oura said it accounts for about 2% of annual global wearable shipments, with 33% of new members reporting it as their first wearable device. Another 29% said they replaced an existing wearable with Oura, and 37% wear it alongside another device. The company sees a serviceable market beyond wearables that exceeds $90 billion as healthcare investment shifts toward proactive, personalized care.
Demographics and engagement
The user base is expanding in ways that diverge from traditional wearable demographics. Female and male membership each grew at a compound annual rate above 90% since fiscal 2024. Approximately 72% of members are women, 27% are over 45, and 37% have household incomes below $100,000. More than half of members report at least one chronic condition - a population many wearables have historically struggled to reach.
The company's growth strategy includes deeper penetration in existing markets and expansion internationally, as only 20% of hardware sales currently come from outside the U.S. Goldman Sachs, Morgan Stanley, and J.P. Morgan are leading the offering.
Why this matters for healthcare professionals
Oura's S-1 signals a wearable company actively building reimbursement pathways and clinical integrations, not just consumer subscriptions. The Essence Healthcare partnership - where a third of Medicare Advantage members voluntarily adopted the device - suggests payers are testing whether continuous biometric data can reduce costs or catch conditions earlier. For health systems and employers evaluating point solutions, Oura's filings provide a rare public look at unit economics, retention, and the real-world engagement rates that determine whether a digital health tool gets used or abandoned.
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