Oura agrees to buy Counsel Health for $625 million

Oura agreed to buy Counsel Health for $625 million in cash, the companies said on Nov. 10. Counsel combines medical AI with its own physicians. The deal would put that service inside the Oura app.

The cash offer follows a record Q4 FY2026. For the quarter ended Sept. 30, 2026, Oura said preliminary unaudited revenue was $533 million, up 153 percent from a year earlier. It also reported $87 million of adjusted EBITDA, a 16 percent margin.

Those figures come from the companies’ Nov. 10 release. The release labels them preliminary and unaudited, and says they are subject to completion of the year end close and audit.

The 153 percent gain was measured against a weak base. Oura’s amended Form S-1 reported $210 million of revenue for the quarter ended Sept. 30, 2025. That $210 million was the lowest of the 8 quarters, the seven in the filing plus the release’s Sept. 2026 quarter.

The latest quarter was also up about 30 percent from the $409 million Oura reported for the quarter ended June 30, 2026. That sequential lift is our calculation from those two figures.

For fiscal 2026, which ended Sept. 30, Oura said revenue was about $1.75 billion, up 92 percent. The same S-1 states that Oura’s fiscal year ends on Sept. 30, so the September quarter is Q4. Oura filed that amended Form S-1 with the SEC on Sept. 21, 2026, a step toward an initial public offering.

What the data shows

The deal

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

On Oct. 22, 2026, Oura said it had reached six million paid members, with one million added since the end of June. That milestone is in its Oct. 22 blog. David Shuman, Oura’s executive chairman, said in the Nov. 10 release that the company has “over six million members.”

After the acquisition, Counsel will continue to serve its enterprise partners, including health plans, health systems and employers, the companies said. They said Counsel aims to reach patients beyond Oura’s member base.

Oura and Counsel first partnered in June 2026. On Sept. 17, they said Counsel would offer AI based chronic care to eligible Medicare beneficiaries through CMS’s ACCESS model.

We covered that announcement in Oura adds Cardio Effort and automatic VO2 max to its ring. This story does not repeat those announcements.

Why it matters

Oura is paying cash to own the clinical layer that sits on top of the data its ring already collects. The preliminary results show a company that grew fast and still reported a 16 percent adjusted EBITDA margin in Q4 FY2026.

The year earlier comparison starts from the weakest quarter in its recent filing. The audit and the close, due by year end, will show whether those figures and the deal both hold.