Oura, a manufacturer of smart rings, has filed to go public, according to a filing with the Securities and Exchange Commission (SEC) on Thursday. The filing indicates that Oura's revenue increased from $697 million during the nine-month period ending June 30 last year to $1.2 billion during the same period this year. The company previously reported generating $500 million in revenue in 2024 and projected revenues of approximately $1 billion in 2025, with expectations to reach nearly $2 billion this year.
Oura has sold 3.6 million rings in the past year and currently has around 5 million paid members who subscribe to its service for health metrics. The filing states that Oura has an 85% weighted-average 12-month membership retention rate, meaning about 85% of members who sign up in a given month remain subscribed after a year.
The rings, priced between $350 and $400, function as fitness trackers that measure various biometrics, including metabolism, heart rate, stress levels, and sleep patterns. The rings are paired with an app, which Oura markets as an “always-on health intelligence platform.”
Last month, reports suggested that Oura aims to raise $3 billion during its public offering, with an expected valuation of $16 billion, up from around $11 billion in October of last year. In its SEC filing, Oura expressed its belief that its audience can expand beyond traditional wearable use cases focused on activity and fitness tracking, indicating potential growth through increased access, clinical evidence, and partnerships with health plans, employers, and care providers.
Oura also highlighted the significance of its biometric data for AI integrations, stating it has collected one of the largest longitudinal biometric datasets in consumer health, tracking over 50 health and wellness metrics and encompassing nearly 42 billion hours of physiological data. This dataset supports the company's AI and machine-learning models, enhancing their accuracy and predictive capabilities.
TechCrunch has reached out to Oura for additional information. The company, which has offices globally, including in San Francisco, is currently facing a proposed class action lawsuit alleging misleading claims about the accuracy of its sleep tracking capabilities. The lawsuit contends that Oura's rings do not accurately detect physiological signals necessary for determining sleep stages and instead rely on AI-generated estimates. Oura has disputed these allegations and stated it will defend against the claims in the appropriate legal forum.