Key Highlights

  • Oura Inc.'s Revenue grew from USD 406.8 million in fiscal 2024 to USD 907.9 million in fiscal 2025, up 123 percent, and further to USD 1,214.5 million in the nine months ended June 30, 2026, up 74 percent year over year.
  • The Company swung to Net Income of USD 60.8 million in the nine months ended June 30, 2026, versus just USD 1.6 million a year earlier, with Adjusted EBITDA rising to USD 106.7 million from USD 83.5 million.
  • Oura reported approximately 5.0 million Paid Members and roughly 3.1 million Rings sold in the nine months ended June 30, 2026, with weighted-average 12-month Paid Member retention near 85 percent and a daily-to-monthly active user ratio near 65 percent.
  • The offering is priced at USD 40.00 to USD 44.00 per share for 50,000,000 shares, with affiliates of Eli Lilly and Company and funds affiliated with Dragoneer Investment Group indicating combined interest of USD 400 million at the IPO price, and shares expected to begin trading on Nasdaq under the ticker OURA on September 30, 2026, according to Nasdaq's listing calendar.

The Offer and Company Overview

Oura Inc. is offering 50,000,000 shares at a proposed price range of USD 40.00 to USD 44.00 per share ahead of a planned Nasdaq listing under the ticker OURA, with shares expected to begin trading on September 30, 2026, according to Nasdaq's listing calendar. The Company operates a health intelligence platform anchored by the Oura Ring, a wearable smart ring that captures biometric signals including sleep, readiness, activity, and for certain members, menstrual-cycle and cardiovascular metrics, paired with the Oura Membership subscription that layers software-driven insights and coaching on top of the hardware. Oura traces its origins to 2013 in Finland, initially as JouZen Oy and later Oura Health Oy, before completing a Reorganization on March 31, 2026 under which Oura Health Oy became a Wholly Owned Subsidiary of the newly formed Delaware parent, Oura Inc., with former shareholders receiving Oura Inc. common stock on a one-for-one basis under common control. Revenue grew from USD 406.8 million in fiscal 2024 to USD 907.9 million in fiscal 2025, a 123 percent increase, and continued climbing to USD 1,214.5 million in the nine months ended June 30, 2026, up 74 percent year over year, evidence management points to of sustained hardware and membership Demand well past the early-adopter phase. The Company also swung to net income of USD 60.8 million over that same nine-month period, up from just USD 1.6 million a year earlier, alongside Adjusted EBITDA of USD 106.7 million, up from USD 83.5 million. The offering carries the backing of well-known cornerstone investors, with an affiliate of Eli Lilly and Company indicating interest in up to USD 100 million of shares and funds affiliated with Dragoneer Investment Group indicating interest in up to USD 300 million, a combined USD 400 million of strategic and institutional demand at the IPO price.

Financial Position, Dilution, and Offering Structure

Gross Margin compressed from 65 percent in fiscal 2024 to 52 percent in fiscal 2025 and 55 percent in the nine months ended June 30, 2026, a decline partly attributed to elevated warranty costs associated with Oura Ring 4 battery issues. The Balance Sheet remains in Deficit at listing, with total stockholders' deficit of approximately USD 1,617.7 million on an actual basis as of June 30, 2026, improving only to approximately USD 62.8 million pro forma as adjusted after the offering, the Preferred Stock Conversion, the SAFE Conversion, and the RSU Net Settlement. After giving effect to the offering at the USD 42.00 per share midpoint, pro forma as adjusted net tangible Book Value per share is expected to be approximately negative USD 0.69, implying immediate dilution to new investors of approximately USD 42.69 per share, or roughly 102 percent of the offer price, meaning new investors would pay more per share than the pro forma tangible book value of the entire post-offering enterprise. The offering is also heavily secondary-weighted: of the 50,000,000 shares being sold, 36,500,000, or 73 percent, come from existing selling stockholders rather than the Company itself, and of the approximately USD 532.6 million in net proceeds Oura does receive, approximately USD 526.4 million is earmarked to satisfy RSU-related tax Withholding obligations rather than fund growth. Oura will have a single class of common stock outstanding following the offering, with each share entitled to one vote and no dual-class structure, though a classified board, the elimination of stockholder written consent, a prohibition on cumulative voting, and an exclusive-forum provision favor incumbent management in ways common to newly public companies. The Company does not intend to pay dividends and its USD 525.0 million Revolving Credit Facility, of which USD 375.0 million was drawn as of June 30, 2026, carries Leverage covenants that further restrict any future payout.

Key Risks and the Competitive Landscape

Oura's recent growth rates, 74 percent year over year in the nine months ended June 30, 2026 and 123 percent in fiscal 2025, may not be sustainable, and management expects growth to decelerate as the Business scales, while the Company has only a limited history of profitability at its current size. Substantially all revenue is concentrated in the Oura Ring and its associated Membership, and the Company relies on a limited number of third-party contract manufacturers rather than owning Manufacturing facilities, a structure that has already contributed to elevated Ring 4 warranty costs. Oura competes against far larger, better-capitalized technology companies including Apple, Google and its Fitbit brand, and Samsung, alongside specialized wearable makers Garmin, Whoop, and Coros, several of which can bundle competing health-tracking features into existing device ecosystems at lower incremental cost to consumers. The Company also faces active litigation, including a complaint brought by Samsung before the U.S. International Trade Commission, a Patent infringement suit from Omni MedSci, Equity compensation disputes involving current and former executives, and a putative consumer class action filed in August 2026 alleging inaccuracies in sleep-tracking claims. Additional risk factors include evolving medical-device regulatory classification for features such as Fertile Window, data privacy and Cybersecurity exposure under regimes including HIPAA and the GDPR, Tariff and trade-policy exposure across manufacturing relationships spanning Finland, Mexico, South Korea, China, and the Netherlands, retail concentration through partners including Amazon, Best Buy, Target, and Costco with sales seasonally concentrated from November through February, and reliance on third-party and proprietary artificial intelligence models within the platform.

Where Things Stand

Oura brings genuinely strong underlying fundamentals to this offering: triple-digit revenue growth in fiscal 2025, a further 74 percent year-over-year gain in the nine months ended June 30, 2026, a swing to USD 60.8 million of net income over that period, and a large, sticky base of roughly 5.0 million Paid Members retained at close to an 85 percent weighted-average rate, all reinforced by USD 400 million of combined cornerstone demand from Eli Lilly and Company affiliates and Dragoneer Investment Group. Against that, nearly three-quarters of the shares being sold are secondary, the bulk of the primary proceeds Oura does receive are earmarked for employee tax withholding rather than growth, pro forma net tangible book value per share stays negative even after the raise, implying dilution of roughly 102 percent of the offer price, and the Company carries a continuing stockholders' deficit alongside active litigation and evolving regulatory scrutiny. On balance, the offering rates as Neutral, best suited to investors seeking thematic exposure to the connected-health and wearables category who are comfortable holding through near-term dilution and legal overhang, rather than a high-conviction subscription on fundamentals alone at the proposed price range.