Analysis
Updated Oura IPO disclosures show the smart-ring maker is not just growing but genuinely profitable, and reveal that Eli Lilly has indicated interest in buying up to $100 million of shares in the offering, according to Yahoo Finance and Benzinga.
What's New Since Pulse's Last Coverage
Pulse previously reported Oura's $40-$44 price range and $1.21 billion in nine-month revenue, up 74% year over year. This update adds the profitability and demand detail that filing left open:
“A weak debut would do the opposite, regardless of how strong Oura's own underlying numbers are.”
- Subscription revenue -- $240.5M, up 121% year over year
- Gross margin -- lifted to 55%
- Net income -- $60.8M for the nine months ended June 30, 2026
- Eli Lilly interest -- up to $100M in shares, alongside an existing biometric-tracking partnership
- Paying members -- expected to reach ~5.7M by fiscal year-end, nearly double the prior year
Why Profitability Changes The Read
A hardware-and-subscription company posting real net income on more than a billion dollars of nine-month revenue is a materially different story than the pure growth-and-insider-selling narrative Pulse's earlier coverage flagged, where 36.5 million of the 50 million shares offered come from existing shareholders rather than the company itself. Profitability doesn't change who's selling into this IPO, but it gives public investors an actual earnings number to underwrite the fully diluted valuation against, rather than relying purely on the top-line growth rate alone.
The Eli Lilly Signal
Eli Lilly's interest in buying up to $100 million of shares is a strategic move, not simply a passive financial allocation -- Lilly already partners with Oura on biometric tracking, and taking an equity position alongside that commercial relationship signals the pharmaceutical giant sees enough durability in Oura's health-data platform to want direct exposure to its public-market outcome, not just a data-sharing arrangement.
The Broader Stakes For This Fall's IPO Window
"Oura is the first real test of US appetite after a sluggish September so far and a period of more volatile markets," said Samuel Kerr, global head of equity capital markets at Mergermarket. "If it comes strongly out the gate it will encourage other issuers." That framing raises the stakes on Oura's debut beyond the company itself -- a strong open next week would be read as validation for the rest of the fall IPO pipeline, including Firmus's Australian listing and SB Energy's still-pending US roadshow, both covered elsewhere on Pulse. A weak debut would do the opposite, regardless of how strong Oura's own underlying numbers are.