The maker of the popular Oura smart ring has filed to list on the Nasdaq, disclosing a fast‑growing business built on high‑margin subscriptions tied to biometric health monitoring.
Financial growth driven by hardware sales and subscriptions
In its U.S. filing, the company reported US$1.21 billion in revenue for the nine months ended June 30, a 74 per cent increase year over year. The filing said Oura became profitable in that period, recording US$60.8 million in profit compared with US$1.6 million in the same period last year.
The consumer device sells in a range from US$349 to US$499, with subscription tiers offering continuous access to detailed physiological analytics for US$5.99 per month or US$69.99 per year. Oura said subscriptions generated US$240.5 million over the nine months, up 121 per cent from a year earlier, and that subscription gross margins reached 89 per cent.
| Metric | Reported figure (nine months to June 30) |
|---|---|
| Revenue | US$1.21 billion |
| Profit | US$60.8 million |
| Membership revenue | US$240.5 million |
| Subscription gross margin | 89% |
User base and engagement
Oura told investors its subscription base has reached 5 million users, doubling year over year. The company said hardware still accounts for about 80 per cent of total revenue, while subscribers open the app on average more than 3.5 times a day.
Demographically, the user base skews female, with 72 per cent of subscribers identifying as women. Age breakdowns provided in the filing show 42 per cent of subscribers are aged 30 to 45, while 31 per cent are under 29.
"She has publicly said she is addicted to checking her Oura stats."
That reference in the filing highlights the cultural profile of the device: the rings have attracted celebrity users and ambassadors, the filing noted, a factor that has helped the brand gain visibility among wellbeing enthusiasts.
Why investors are watching
Investors are paying particular attention to the subscription model, which provides recurring revenue and high margins. The filing noted that membership fees produced substantial revenue growth and contributed meaningfully to profitability in the most recent reporting period.
- Recurring revenue: Subscriptions provide predictable, high‑margin income.
- Engagement: Frequent daily app interactions suggest stickiness of the service.
- Demographics: A concentrated user profile may shape future marketing and product strategy.
Oura last raised capital at a valuation of more than US$11 billion, and the company said it expects a valuation above that level when it lists, potentially as soon as later this month.
Implications for health technology and data
The filing underscores broader themes for health technology: consumer wearables are increasingly monetized through subscriptions tied to continuous physiological monitoring. That model raises questions about data governance, clinical utility and the balance between consumer wellness features and medical‑grade applications. The filing emphasises commercial metrics and user engagement rather than clinical claims.
For health professionals and policymakers, the company’s growth underlines a shifting landscape where private companies hold vast quantities of biometric data, and where device adoption is driven as much by lifestyle and celebrity endorsement as by clinical validation.
As Oura moves toward a public listing, scrutiny is likely to expand around how wearable companies report health outcomes, protect user data and integrate with formal health systems. For consumers, the company’s results illustrate the growing appetite for continuous personal health tracking and the willingness to pay for insights derived from that data.
— Health editor, WE NEWS
