Oura Adds One Million Paid Members as Total Reaches Six Million

Oura's paid membership reached six million worldwide on Oct. 22, after adding one million since June 30, expanding a subscription business that generated $240.5 million through June.

The smart-ring maker had five million paid members across 56 markets as of June 30. For the nine months ended that day, membership revenue rose 121% year over year to $240.5 million, about 20% of total revenue of $1.2145 billion.

Overall revenue increased 74% from the same period a year earlier, to $1.2145 billion from $697.6 million. Net income was $60.8 million, compared with $1.6 million in the prior-year period.

The membership milestone follows Oura's decision to postpone its planned Nasdaq IPO on Sept. 29 because of uncertainty in the IPO market, despite strong demand. The proposed offering covered 50 million shares at a preliminary price range of $40 to $44 per share. Oura planned to sell 13.5 million shares, while existing shareholders planned to sell 36.5 million. Oura CEO Tom Hale said the company had “the luxury of choosing our moment.”