ŌURA, a leading health intelligence platform and maker of the world’s smallest smart ring, has entered into a definitive agreement to acquire Counsel Health, an AI-native primary care company.

Founded and built by physicians and AI researchers, Counsel combines medical AI with in-house physicians to deliver immediate, high-quality guidance and care. By pairing Oura’s continuous biometric data with Counsel’s platform and on-demand human doctors, Oura Members receive care across a spectrum of needs. Members can start from an Oura insight or immediately chat with Counsel’s medical AI to get personalized medical advice. When needed, the conversation can escalate to a board-certified Counsel physician within minutes, all within the Oura App. The acquisition accelerates the delivery of Oura’s vision of more proactive, personalized healthcare while advancing Counsel’s vision of expanding access to care through responsibly designed medical AI.

“Oura helps members understand their physiology and, with Counsel, they can take action on their health across a range of needs, from quick questions and prescriptions to lab results, chronic care, and referrals,” said Tom Hale, chief executive officer of Oura. “Together, we can create a new model of care that extends the current healthcare paradigm by delivering an experience that’s more immediate, personalized, and proactive. This is a massive step in our mission to empower people to live healthier, longer, by delivering on the promise of a 24-7 doctor in your pocket.”

Oura Members are already seeing the value of the combination of ground-truth biometrics and access to care. Among members using Counsel, more than 90 percent of those surveyed say their Oura data helped them get better care. Members who saw a Counsel physician rated their care experience 4.6 out of 5, reflecting strong satisfaction with the quality, immediacy and convenience of care.

“Continuous health context makes medical AI more useful and relevant by delivering guidance that is personalized to each person’s health,” said Muthu Alagappan, MD, founder and chief executive officer of Counsel Health. “At Counsel, we’ve built medical AI around trust, safety and responsibility, keeping physicians in the loop for clinical decisions. Oura’s data gives clinicians objective context, trended biometrics, and member engagement to deliver more informed care. From the start, our teams bonded over a joint vision, shared culture, and mission, further solidifying as we negotiated our deal over the past few months. I am thrilled to join Oura to make high-quality care more accessible across a wide range of acute and chronic conditions.”

At the core of Counsel’s platform is a clinical AI harness that invokes specialized agents for tasks such as medical history-taking, guideline retrieval, records review, and emergency detection. Each agent is extensively evaluated for performance, safety and quality, and is improved by feedback from Counsel’s physicians.

Members begin by chatting with Counsel AI, which draws on connected medical records, prior interactions, evidence-based clinical guidelines, and continuous biometric data to provide personalized guidance. At any time during the chat, patients can choose to add a Counsel physician who is able to provide a diagnosis, prescriptions, and referrals, as appropriate. On the backend, Counsel’s physicians use a proprietary Clinician Cockpit, an AI-native care delivery interface that synthesizes a patient’s medical record and longitudinal health trend to provide context-aware clinical suggestions that improve physician decision-making. Counsel’s service is available through the company’s enterprise partnerships, including health plans, health systems, consumer health organizations, and employers. Together, Oura and Counsel plan to build on their existing partnership across three areas of care:

  • Preventive care: helping members recognize potential changes in their health earlier via continuous monitoring to take proactive steps with clinical guidance.

  • Acute care: connecting members with medical AI and physicians for timely guidance, support or prescriptions for episodic health concerns.

  • Specialty and chronic care: providing ongoing support for health needs that require continuous management, including reproductive health, aging and cardiometabolic health.

After the acquisition, Counsel will continue to serve existing and new enterprise partners with the goal of bringing its AI-native care model to millions of patients beyond Oura’s member base. By delivering high-quality care at scale, Counsel aims to expand clinical capacity while improving access and affordability.

“Over the past 10 years, our ring has gotten smaller and our platform has gotten bigger,” said David Shuman, executive chairman of Oura. “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. Oura tells members what’s happening in their bodies, and Counsel helps them act on it. This combination expands our addressable market and deepens the value we deliver to every member. This not only increases lifetime value, but Counsel’s enterprise partners also open the door to millions of people beyond our existing member base. We are thrilled to welcome Muthu and the Counsel team to Oura.”

The announcement follows a record fiscal fourth quarter for Oura. For the quarter ended Sept. 30, 2026, revenue grew 153 percent year over year to $533 million. Gross margin continued to expand year over year, and the company delivered $87 million of Adjusted EBITDA, representing a 16 percent margin. For its fiscal year 2026, Oura generated revenue of approximately $1.75 billion, representing 92 percent year-over-year growth. These results are preliminary and unaudited and may change as Oura completes its year-end close and audit.

Transaction Details

Under the terms of the agreement, Oura is acquiring Counsel Health for $625 million in cash, subject to purchase price adjustments. The transaction is expected to close before the end of the calendar year, subject to customary closing conditions.

About Oura

ŌURA is a health intelligence platform designed to transform how people understand and manage their health in everyday life. Oura’s platform is anchored by Oura Ring, the world’s leading smart ring that empowers you to live healthier, longer. Oura supports millions of members worldwide across sleep, activity, stress, readiness, women’s health, metabolic health, and heart health. Oura Ring is purpose-built to leverage the finger’s unique physiological advantages for photoplethysmography (PPG) measurement, producing a stronger signal than wrist-based wearables. Scientifically validated against medical gold standards, the lightweight Oura Ring tracks 50+ health metrics continuously, empowering both individuals and thousands of research teams, healthcare providers, sports teams, and organizations. Trusted by an ecosystem of more than 1,200 partners, Oura is advancing the future of preventative health with privacy and security at the forefront.

Founded in Finland in 2013, Oura is headquartered in San Francisco with E.U. headquarters in Oulu, Finland.

Oura Ring is not a medical device and is not intended to diagnose, treat, cure, monitor, or prevent medical conditions or illnesses.

About Counsel Health

Counsel Health is the AI-native primary care company serving health plans, health systems, digital health solutions, employers, and consumers. Its clinically supervised model combines medical AI with in-house physicians to deliver immediate, high-quality care, resolving the majority of member needs within minutes. By replacing legacy access points like nurse triage lines and telehealth, Counsel helps partners reduce unnecessary downstream utilization, lower costs, and improve member engagement. Counsel is building the autonomous, longitudinal care model for the modern era with uncompromising safety.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the proposed acquisition of Counsel Health, the expected timing of closing and the anticipated benefits of the transaction, which can be identified by words such as “anticipate,” “believe,” “continue,” “could,” “expect,” “intend,” “may,” “plan,” “potential,” “will,” or “would.” These statements are only predictions and involve risks and uncertainties that may cause actual results to differ materially. These statements speak only as of the date of this press release, and Oura does not plan to update them except as required by applicable law. The preliminary financial results for the quarter and fiscal year ended Sept. 30, 2026, included in this press release are based on information available to management as of the date of this press release, are unaudited, and are subject to completion of Oura’s financial closing procedures.

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