Oura's Revenue Just Jumped 74% — and Its IPO Filing Shows It's Not Just a Wearables Company Anymore

The market just got a glimpse under the hood of the wearable health diagnostics company, Oura, which is gearing up for an initial public offering as soon as this month.

The Wall Street Journal reports the company could seek a valuation of over $11 billion, based on private funding rounds last year.

In the company's recently released registration statement, Oura boasted a rarity among IPOs these days: Fast and profitable growth.

For the nine months ending June 30, Oura posted slightly over $1.2 billion of total revenue, up 74% from the same period ending June 30 of 2025. Net income during this time grew from roughly $1.5 million to nearly $60.8 million.

The IPO filing shows Oura is much more than just a wearables company.

Image source: Getty Images.

Transforming into a health data company

Oura sells the self-proclaimed "world's smallest smart ring," which delivers more than 50 metrics and predictive insights into an individual's health. In the company's third fiscal quarter, paid members wore the ring for a median time of roughly 23 hours per day.

The physical ring sells for $349 to $499, and members pay a $5.99 monthly subscription fee. In the nine months ending June 30, Oura sold 3.1 million rings and had 5 million paying members.

But the company is not just selling hardware -- the business has really transformed into a health analytics company. Oura has compiled 42 billion hours of biometric data, which is not only personal data, but also updated essentially in real time.

The company then leverages artificial intelligence to transform this data into predictive insights that members interact with on the Oura platform to receive recommendations on sleep, activity, readiness, stress, heart health, metabolic health, and women's health.

Oura's platform also allows partners to connect via its API (application programming interface)-first architecture and leverage Oura's insights to deliver additional clinical, physiological, and contextual data.

While hardware revenue still accounted for 80% of total revenue in the nine months ended June 30, membership revenue soared 122% year over year. Furthermore, member revenue generated an incredibly strong 89% gross margin.

Growing market opportunities

Oura's registration statement states that it believes its opportunities extend beyond the wearables market.

Further opportunities cited include nutritional insights and guidance, conception planning and fertility insights, blood testing and analysis, and therapy and medication monitoring.

These opportunities fall into formal markets defined as fitness trackers, health and wellness coaching, selected digital care management applications, digital therapeutics, and selected connected biosensor categories, which collectively have a serviceable addressable market exceeding $90 billion in 2026, according to Statista.

Many believe AI will have a transformational impact on the healthcare space, so the fact that Oura has already built a database of millions of members positions the company well to capitalize on this trend. Furthermore, the financials also look quite compelling.

Investors should keep in mind that not all outstanding shares are typically issued in an IPO. Many employees and insiders who obtained shares when the company was private are typically subject to lock-up agreements and can't sell their shares for up to six months or more.

So, an IPO can really pop at the beginning, only to see the stock sell off later when more shares flood the market.

While Oura's IPO looks compelling, investors should be sure to check how much of the public float it represents before deciding whether to buy on day one, as this information will eventually become public.

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