Oura Agrees to Buy Counsel Health for $625 Million in Cash to Expand Healthcare Services

Key Facts

Oura announced on November 10 a definitive agreement to acquire Counsel Health for $625 million in cash, subject to purchase price adjustments, according to a Counsel statement. The deal has not closed; the parties expect to complete it before the end of the calendar year, subject to customary closing conditions. The move gives Oura an entry into medical care services, linking data from its wearable devices with a health platform and doctors available on demand. Oura said record revenue growth and a growing membership base support investing the cash amount in the deal. The acquisition marks a shift from tracking vital signs to using them in a pathway that gives users access to clinical care through the app.

Counsel’s model combines medical AI with doctors, according to the company’s statement. When needed, users can escalate a conversation to a board-certified physician within minutes, all within the Oura app. The model brings human consultation into the digital service rather than keeping interaction at the level of automated answers. Under the announced plans, the companies will expand their collaboration to include preventive, acute, specialty and chronic care. Areas cited include reproductive health, aging, heart health and metabolic health, with ongoing support for conditions requiring continuous follow-up and management.

The deal comes as Oura reports strong financial growth, with revenue of $533 million in the fiscal quarter ended September 30, 2026, up 153% year over year, according to Counsel. The company posted adjusted earnings before interest, taxes, depreciation and amortization of $87 million in the same quarter, with a 16% margin. For fiscal 2026, revenue was about $1.75 billion, up 92% year over year. Oura said quarterly revenue rose 153% and its membership topped six million, adding that this gave it the confidence to invest $625 million in cash in Counsel. But the company described the quarterly and annual results as preliminary and unaudited, saying they could change as it completes the financial close and annual audit.

The deal broadens the business Oura is seeking to build around its smart ring; Reuters reported that it combines Oura’s biometric data with Counsel’s platform and its doctors available on demand. The news agency linked the move to the company’s push into healthcare research, as wearables play a growing role in clinical care and outcome tracking. Oura had sold 3.6 million rings in the twelve months ended June 30, 2026, according to its IPO prospectus cited by Reuters. Revenue for the nine months ended on that date also rose about 74% year over year to $1.21 billion. Those figures provide context for the growth in its device base and revenue ahead of the latest results the company reported for the quarter ended in September.

The agreement follows Oura’s indefinite postponement of its initial public offering on September 29, citing uncertainty in the IPO market, according to TechCrunch. The company and existing investors had aimed to raise up to $2.2 billion by selling 50 million shares in a price range of $40 to $44 per share, according to Reuters. The plan targeted a fully diluted valuation of $15.62 billion, after the company was valued at about $11 billion in a late-stage funding round the previous year, the report said. Oura said the postponement came despite strong demand, while the Associated Press reported that nearly three-quarters of the planned shares would have come from existing shareholders. The news agency estimated the market capitalization at the midpoint of the price range at about $13.5 billion. The cash investment in Counsel follows the deferral of the public financing path the company had been preparing for.

Under the announced plan, Counsel will continue serving its existing and new institutional partners after the acquisition closes. The companies aim to make their AI-powered care model available to millions of patients beyond Oura’s membership base, according to Counsel’s statement. This means institutional services will remain part of Counsel’s business after the deal, alongside integrating its services into the Oura user experience. The company said closing is expected before the end of the calendar year, but remains subject to customary closing conditions. Until then, the deal remains a publicly announced definitive agreement and is not a completed acquisition.