Key Takeaways
- Oura CEO Tom Hale predicted on Tuesday that Oura Ring sales would double and reach close to $2 billion next year.
- Oura has sold more than 5.5 million smart rings since its 2015 launch, with significant growth in the past year alone.
- Research firm IDC estimates that Oura holds 80% of the global smart ring market.
Smart ring maker Oura expects sales to double and reach close to $2 billion next year, following two consecutive years of annual revenue growth, as demand for its smart rings grows.
Oura generated over $500 million in revenue in 2024, more than double its 2023 revenue. The company expects to reach $1 billion in annual sales this year and grow to $2 billion in sales next year.
Oura CEO Tom Hale told CNBC on Tuesday that introducing new features for women’s health in August, including Pregnancy Insights and Perimenopause Check-In, enabled the company to expand. International growth also drove sales momentum, he said. Oura now serves customers in over 150 countries.
“I think a big part of that is just that we’ve really hit the market well with health features for women, we’ve expanded internationally, all these things are driving our growth,” Hale told CNBC.
Related: Why the CEO of Smart Ring Startup Oura Says Apple Won’t Make Its Own Version
Oura’s flagship product is the $349 Oura Ring, a smart ring that monitors health by tracking sleep, activity and vital signs like heart rate and body temperature. Access to advanced tracking, such as blood oxygen level and sleep analysis, requires a $5.99-per-month subscription to the accompanying app. Oura said last year that it had nearly two million subscribers.
Oura has sold more than 5.5 million smart rings from the product’s launch in 2015 through September. Much of that growth has been in recent months, with over half of sales coming from the past year alone. Hale said in a press release that achieving the 5.5 million milestone was “a testament to the incredible demand for our product.”
According to recent data from market research company Circana, smart ring sales grew 195% in the first nine months of the year compared to the same time last year, with U.S. smart ring revenue totalling $217 million for the year so far. Smart rings comprised 75% of total fitness tracker revenue this year, an increase from 46% a year ago.
“The small size and minimally intrusive nature of smart rings make them attractive alternatives to a smart watch or other wrist-worn fitness tracker,” Ben Arnold, executive director, industry analyst, Consumer Technology at Circana, said in the report.
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Oura is a dominant player in the smart ring space. A report from market research firm IDC published last year estimates that Oura holds more than 80% of the global smart ring market.
Last month, Oura raised $900 million in funding led by Fidelity Management & Research Company, which valued the smart ring maker at approximately $11 billion. The company plans to use the funding to introduce new health features, expand globally and explore AI and production innovation.
Key Takeaways
- Oura CEO Tom Hale predicted on Tuesday that Oura Ring sales would double and reach close to $2 billion next year.
- Oura has sold more than 5.5 million smart rings since its 2015 launch, with significant growth in the past year alone.
- Research firm IDC estimates that Oura holds 80% of the global smart ring market.
Smart ring maker Oura expects sales to double and reach close to $2 billion next year, following two consecutive years of annual revenue growth, as demand for its smart rings grows.
Oura generated over $500 million in revenue in 2024, more than double its 2023 revenue. The company expects to reach $1 billion in annual sales this year and grow to $2 billion in sales next year.
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