Oura Health-Tracking Smart Ring Maker Files for Nasdaq Listing

The company’s rings, which sell for $349 to $499, allow users to track heart rate, temperature, sleep quality and other health metrics. A subscription costing $5.99 a month or $69.99 annually provides full access to personal health data. According to the U.S. filing, the company earned $1.21bn in revenue in the nine months to 30 June, up 74% year on year, and recently turned profitable, recording $60.8m in profit during the same period compared with $1.6m a year earlier.

Oura is aiming to list on the Nasdaq as soon as later this month. Its valuation is expected to be well above the $11bn it reached when it raised $900m last year. The company said its subscription business, which is particularly attractive to investors, has reached 5 million users, doubling year on year, with gross margins of 89% in the nine months to 30 June. Membership revenue grew 121% year on year to $240.5m, while hardware sales accounted for about 80% of total revenues.

Subscribers open the Oura app more than 3.5 times a day on average, the company said. Its user base is heavily skewed toward women, who make up 72% of subscribers, and 42% of all users are aged 30 to 45, with 31% under 29. Oura said it has collected nearly 42bn hours of biometric data from users across 50 metrics. The latest product, the Oura Ring 5, went on sale in May at $399 and is 40% smaller than its predecessor.