Oura Will Pay $625 Million in Cash for Counsel Health

Oura, the smart-ring maker, said Tuesday it will acquire Counsel Health, a virtual primary care company, for $625 million in cash.

Oura said it has signed a definitive agreement, a binding purchase contract, to acquire Counsel Health. The deal was announced Tuesday and has not closed.

Counsel Health is an AI-native primary care company, built by physicians and AI researchers. It pairs medical artificial intelligence with in-house doctors.

What Counsel adds to the ring

Members can start from an Oura insight or chat with Counsel's medical AI for personalized advice. When needed, a board-certified Counsel physician can join within minutes, inside the Oura App.

A Counsel physician can provide a diagnosis, prescriptions and referrals, the companies said. The planned work spans preventive care, acute care, and specialty and chronic care.

Oura surveyed members already using Counsel: more than 90 percent said their Oura data helped them get better care, and members who saw a Counsel physician rated the experience 4.6 out of 5.

After the acquisition, Counsel will keep serving its existing and new enterprise partners, Oura said. Those partners include health plans, health systems and employers.

The price follows a record quarter

Oura announced the deal alongside record fiscal fourth-quarter results. For the quarter ended September 30, 2026, revenue grew 153 percent to $533 million.

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) was $87 million, a 16 percent margin. For fiscal 2026, revenue was approximately $1.75 billion, up 92 percent year over year.

Both results are preliminary and unaudited, and may change after the year-end close and audit. Oura said so in the announcement.

"Oura's record growth of 153 percent this quarter and our over six million members provides us the confidence to invest $625 million cash to acquire Counsel Health," Executive Chairman David Shuman said.

"Oura helps members understand their physiology and, with Counsel, they can take action on their health," Chief Executive Tom Hale said.

A young target, bought for its doctors

Counsel had raised $36 million before the deal, a TickerGrove calculation. That is an $11 million seed round in October 2024 and a $25 million Series A in October 2025.

Counsel already serves more than 100,000 members through partnerships, its Series A announcement said. Its physician-led medical group is licensed in all 50 states.

The company reported a 96 percent issue resolution rate and $381 of annual savings per engaged member. Those figures are Counsel's own, from October 2025.

Founder and Chief Executive Muthu Alagappan said he is joining Oura. "I am thrilled to join Oura to make high-quality care more accessible," he said.

Reuters reported Oura was valued at about $11 billion in a late-stage funding round last year. Oura postponed its planned Nasdaq debut on September 29, citing uncertainty in the IPO market.

What remains unknown

What remains unknown starts with the closing conditions. Oura expects to close before the end of the calendar year, subject to customary closing conditions it did not detail.

Counsel's revenue and profitability were not disclosed, and neither was any change to Oura membership pricing. Oura is private, so no market reaction exists to measure.

Whether Oura revives its postponed listing, and when, is also unknown. The announcement gives no new timing for a public debut.

The close comes first, then the care test

What to watch: whether the deal closes before year-end on the stated terms. Watch also how Counsel care reaches members, and whether enterprise partners stay after the close.