Oura snaps up AI primary care company Counsel Health for $625M

Smart ring maker Oura is going all-in on healthcare. The company announced a $625 million all-cash acquisition of Counsel Health, an AI-native virtual primary care company it has been partnering with since June. The deal, expected to close before year-end, will embed Counsel's platform directly into the Oura app — letting members move seamlessly from tracking their biometrics to consulting with a physician, getting prescriptions, reviewing lab results, or managing chronic conditions.

Counsel's model centers on text-based, records-informed AI encounters that triage users and connect them with in-house physicians, who are supported by a proprietary "Clinician Cockpit" surfacing relevant clinical data in real time. Post-acquisition, the combined company plans to expand into preventive care, acute episodic care, and specialty areas like reproductive health, cardiometabolic health, and aging. Counsel will also continue serving its existing enterprise partners — health plans, employers, and provider organizations — opening the door to millions of potential users beyond Oura's current 5.7 million paid members.

By the Numbers:

• $625M — all-cash acquisition price
• $15.6B — Oura's targeted IPO valuation (offering recently postponed)
• 92% — Oura's year-over-year revenue growth (nearly $1.8B) for FY ended Sept. 30
• 4.6/5 — average care satisfaction rating among Counsel members who saw a physician
• 90% — Counsel members who said Oura data improved their care
• 36,000 — Oura members who completed Counsel Health onboarding in the first nine weeks

Why it matters: This acquisition signals a broader shift in digital health — where wearable companies are no longer just tracking your health, but actively delivering care. With CMS' ACCESS Model as a proving ground for wearable-enabled chronic disease management, the Oura-Counsel combination could reshape how millions of patients — including Medicare beneficiaries — access primary care.