Oura Agrees to Pay $625 Million for Counsel Health, Expanding From Ring Data Into Medical Care

Oura has agreed to pay $625 million in cash for Counsel Health, buying a route from biometric tracking to medical care. The November 10 acquisition announcement describes a deal for an AI-based primary care company that combines software with in-house physicians.

The transaction is subject to purchase price adjustments and customary closing conditions, with completion expected before the end of the year. The companies have signed an agreement; the acquisition has not yet closed.

Buying the next step after a health alert

Oura and Counsel have worked together since May 2026. Ownership would bring that relationship inside the ring maker's business, connecting the data its devices collect with a service that can respond to a member's questions.

Oura says Counsel's physician-supervised AI can help explain lab results and health questions. Licensed doctors can diagnose, treat, order tests and prescribe when appropriate. Those are the company's descriptions of the service, rather than evidence that the acquisition itself improves medical outcomes.

The data connection requires permission: Oura says Counsel physicians can see a member's Oura data and previous conversations only when the member agrees to share them. Counsel will also continue serving health plans and health systems, including people who do not own a ring.

A large purchase after a large quarter

The financial backdrop is a fast-growing hardware and subscription business. Oura reported preliminary revenue of $533 million for the quarter ended September 30, up 153% from a year earlier. Adjusted EBITDA was $87 million, a reported margin of 16%.

For fiscal 2026, the company put revenue at approximately $1.75 billion, up 92% from fiscal 2025. It cautioned that the results are unaudited and may change during the year-end close and audit.

The purchase price is roughly 36% of that preliminary annual revenue, calculated from the figures in the announcement. It is a substantial bet on extending the business beyond measuring what happens in a member's body to providing a service they might use afterward.

Counsel's continuing enterprise business gives the acquisition another route to customers. The planned expansion reaches beyond selling another ring.

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