Oura to acquire Counsel Health for $625 million in cash

By Sophie Lindqvist

Oura has agreed to acquire Counsel Health for $625 million in cash, subject to purchase-price adjustments, and both companies expect the deal to close before the end of the calendar year. The buyer makes the Oura smart ring; the target is an AI-native primary-care company. The transaction remains pending. Oura has not disclosed the adjustments or the final cash payment.

What does Oura gain from Counsel Health?

Oura plans to put Counsel’s medical AI chatbot and in-house physicians inside its app. Members would chat with the system, which draws on connected medical records, prior conversations, clinical guidelines and data from their ring. A Counsel physician can join at any point to diagnose, prescribe or refer.

Oura CEO Tom Hale described the goal as “delivering on the promise of a 24-7 doctor in your pocket.” That is a commercial promise, not a disclosed clinical result. Oura also notes that the ring itself is not a medical device.

The announcement does not disclose whether physician review is required in every case. It also provides no clinical-outcome data. Those omissions limit any comparison with conventional triage and telehealth.

How does Counsel Health work?

Physicians and AI researchers founded Counsel, and founder and CEO Dr. Muthu Alagappan leads it. It sells its service to:

• Health plans and health systems.
• Digital health companies, employers and consumers.

Counsel’s AI uses four specialized agents:

• History-taking.
• Guideline retrieval.
• Records review.
• Emergency detection.

Physicians work in a proprietary “Clinician Cockpit” that summarizes patient records.

Counsel says it aims to replace nurse triage lines and telehealth visits while continuing to serve enterprise customers after the acquisition, although the announcement provides no measured clinical or cost savings. Before the deal, Counsel disclosed $36 million in funding, according to STAT.

What does the user survey show?

The companies already worked together. Over 90% of surveyed Counsel users said their Oura data helped them get better care, according to Oura. Oura did not disclose the survey sample, wording or methodology, so the figure offers directional support but not proof of broad clinical benefit.

The companies plan to extend the service into preventive, acute and chronic care, including reproductive, aging and cardiometabolic health. That is a roadmap, not a completed care offering.

Google is moving into the same space with Gemini for healthcare. The announcement provides no comparison of Counsel’s clinical performance, pricing or market share against Google’s effort.

How large is Oura?

Alongside the deal, Oura disclosed preliminary, unaudited results. Revenue reached $533 million in the quarter ended Sept. 30, up 153% from a year earlier. Adjusted EBITDA was $87 million. For fiscal 2026, Oura reported preliminary revenue of about $1.75 billion, up 92%. It also said it has more than 6 million members.

Those figures establish Oura’s current scale, but the revenue and adjusted EBITDA numbers remain preliminary and unaudited, while membership does not show how many people use Counsel.

What does the IPO delay mean?

The acquisition comes six weeks after Oura postponed a planned $2.1 billion Nasdaq IPO on Sept. 29, hours before pricing. Oura cited “uncertainty in the IPO market.” It planned to sell 50 million shares at $40 to $44 each. The company has not said when it will return to the market.

The $625 million cash agreement, set against an unresolved IPO timetable, leaves Oura exposed to execution and public-market conditions. The price also remains subject to adjustments, so it is not yet a fixed final payment.

The next test is closing before year-end, retaining Counsel’s enterprise clients and showing whether ring data can improve care under scrutiny from Google’s broader healthcare push.