Oura signed a definitive agreement on November 10 to acquire Counsel Health, an AI-native primary care company, for $625 million in cash. The deal is expected to close before the end of 2026.
The combination puts Counsel’s board-certified physicians and clinical language models inside the Oura app. A member can ask the medical AI a question, then escalate to a licensed doctor within minutes, with weeks of continuous biometric data already attached to the chart.
Why the balance sheet allowed cash
Oura reported revenue of $533 million for the quarter ending September 30, up 153 percent year over year, with $87 million in adjusted EBITDA. Full-year 2026 revenue approached $1.75 billion, roughly double the prior year.
That growth let Oura skip debt financing for an all-cash deal, weeks after it postponed an offering of up to $2.2 billion.
The clinical argument
Counsel, founded by Dr. Muthu Alagappan, runs what it calls a clinician cockpit that distills fragmented records against a patient’s physiological baselines. In internal evaluations, more than 90 percent of members said the biometric context improved the encounter, with satisfaction averaging 4.6 out of 5.
Traditional telemedicine starts cold. A stranger rebuilds a history in minutes. Oura’s pitch is that the history arrives first and the doctor arrives second.
Hardware plus a license to practice
The strategic point is durability. Consumer wearables face brutal hardware competition and thin margins. Layering recurring clinical services on top opens employer plans, health savings accounts and insurer contracts that Counsel already serves.
It also invites scrutiny. Six million members generating continuous biometrics inside a clinical record is a data governance question regulators have not finished answering.
