Oura files for IPO amid Americans' obsession with tracking their sleep, steps and heart rates

By Jaimy Lee

The offering is part of a trend that pairs wearable technology with preventative healthcare

Oura, which sells rings that track health metrics, filed to go public Thursday.

Oura, which sells a smart ring that tracks your health, filed for an initial public offering in the U.S. late Thursday, in the latest sign that wearables are here to stay.

The Finnish company had $908 million in revenue during its most recent fiscal year, which concluded Sept. 30, up 123% from $407 million the year before, according to the S-1. It has recorded $1.2 billion in the first nine months of this fiscal year.

Oura did not reveal an IPO price range or the number of shares it's offering.

Oura is one of several wearable companies that sell ubiquitous health-tracking devices like rings, watches and bands. That includes Google's (GOOG)( GOOGL) Fitbit, Apple (AAPL), Garmin (GRMN) and Whoop, which may go public in the next year or so.

"We believe we are in the early innings of addressing a large and expanding market opportunity that begins with wearables and extends into preventative healthcare," Oura said in the filing.

Americans have become increasingly focused on tracking health metrics like their heart-rate variability and sleep. Some are optimizing, trying to produce the best physical performance at the gym or at work. Others are trying to avoid costly medical care down the line and are spending their cash on wellness devices and experiences that they believe will make them feel better, including taking GLP-1 medications like Eli Lilly's (LLY) Zepbound or Novo Nordisk's (DK:NOVO.B) (NVO) Wegovy to lose weight, or picking up sports like running. With Oura, members can pay extra for services like ordering lab tests through Quest Diagnostics (DGX).

"Consumers are taking health into their own hands," Erin Wright, an analyst with Morgan Stanley, told MarketWatch earlier this year.

Investors have paid close attention. Drug giant Eli Lilly made an undisclosed investment in Oura earlier this year.

But the company's sleep-tracking technology has come under scrutiny in recent weeks. A class-action lawsuit, filed last month in the U.S. District Court in the Northern District of California, alleged that Oura's sleep tracking is inaccurate.

"Oura did not just claim to measure a heartbeat or a temperature, but the exact stage of sleep the wearer is in - which in reality requires electrodes in the scalp and sensors on the eyes, as only a hospital or other clinical setting can do," the suit alleges.

An Oura spokesperson said the company disputes the allegation and said its sleep-stage estimates have been "validated."

-Jaimy Lee

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09-03-26 1749ET