Oura Ring 4.
Provided by: Oura
The CEO of Finland’s Oura told CNBC on Tuesday that he expects the wearable technology company to generate nearly $2 billion in revenue next year.
The smart ring maker has revised its forecast upwards following a $900 million funding round in October to invest in artificial intelligence and international expansion.
Oura plans to hit $1 billion in revenue in 2025 and double its revenue in 2024, CEO Tom Hale told CNBC’s Arjun Karpal at the Web Summit in Lisbon, Portugal.
Next year is “definitely going to be a lot more,” Hale said in an exclusive interview. “I don’t know exactly how much, but it’s probably closer to $2 billion up north.”
This represents a significant increase from previously reported revenue projections of more than $1.5 billion, and would mark Oura’s revenue nearly doubling for the second year in a row.
“I think a big part of that is that we’ve been able to go to market very well with our women’s health capabilities, and we’ve expanded internationally, all of which are driving our growth,” Hale said.
Through September, the Finnish company, which has a market capitalization of $11 billion, has sold more than 5.5 million Oura Rings since its launch in 2015. Oura said he has sold more than 2.5 million rings since June 2024.
Hale said that while Oura has been “an AI company from the beginning,” he is even more bullish on future AI deployments as the company focuses on a variety of preventive health capabilities.
“One of the great things about Oura is that it generates insights (basically text) to help you understand your metrics,” he said. The company uses AI to turn these data points into advice and coaching. The company also has its own chatbot, Oura Advisor, which is like a “doctor in your pocket” where you can ask questions, Hale added.
In 2022, Oura partnered with Natural Cycles, an FDA-approved birth control app, to add fertility features to its products. The company introduced blood sugar monitoring through a partnership with Dexcom earlier this year and announced a blood pressure study in October.
“One of the things that we really believe is that we can be like this kind of guardian angel, so the guardian angel is always with you and starts to give you predictions about your long-term health,” Hale said.
Despite Oura’s ambitions, “there is no news regarding an IPO,” he added.
— CNBC’s Arjun Kharpal contributed to this report
