Oura, the smart ring manufacturer, has filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC), as reported by TechCrunch. The filing reveals a significant increase in the company’s revenue, which grew from $697 million in the nine-month period ending June 30, 2023, to $1.2 billion in the corresponding period of 2024. Oura has previously stated its revenue targets, projecting $500 million in 2024, $1 billion in 2025, and nearly $2 billion in 2026.
The SEC filing also provides insights into Oura’s user base and product performance. The company claims to have sold 3.6 million rings over the past year and maintains approximately 5 million paid members, with an 85% weighted-average 12-month membership retention rate. Oura’s rings, priced between $350 and $400, function as fitness trackers that monitor various biometrics, including metabolism, heart rate, stress levels, and sleep patterns. The company markets its product as an “always-on health intelligence platform” when combined with its accompanying app. Additionally, Oura highlights its extensive biometric dataset, which it leverages to develop AI and machine-learning models for improved health insights and predictions. Read the full article here.