Oura revealed on Thursday that it has pushed past the 6 million paid subscriber mark, with one million of the total coming in a surge in signups since the end of June.
The boost in members comes at a time when the smart ring maker has taken regulatory steps toward launching a now-delayed public offering and just months after it released its revamped Oura Ring 5.
“Our mission is to make it possible for people to do just that—become empowered by the data and insights that are unique to them and take actions that can impact their lives and health for the better,” the company said in a statement on Thursday. “As our community grows, so do the ways we’re helping members put that knowledge to work.”
Last month, Oura said in a filing with the U.S. Securities and Exchange Commission that it looked to raise $2.2 billion through the sale of stock and would sell around 50 million shares for between $40 and $44. The company also revealed that it saw $1.2 billion in revenue in the nine months ending on June 30, a 74 percent boost over the same point last year when the company posted $697 million in sales and subscription-related revenue.
But just over a week later, Oura said it would delay the IPO plan due to market uncertainty despite “strong demand” where 13.5 million of its own shares would be put up for sale and 36.5 million coming from existing shareholders.
The company was set to be listed as OURA on the Nasdaq and based on the amount of shares in the proposed sale, the brand would have been valued at a $13.48 billion market cap.
Meanwhile, on Friday, Oura filed an infringement lawsuit against Ultrahuman in what it claims is an attempt by the rival smart ring maker to “sidestep” its patents.
In its petition to the U.S. District Court for the Eastern District of Texas, Oura said that Ultrahuman’s Ring Pro infringes on a pair of patents, D804,471 and 12,769,363, which cover the internal component layout and physical design of the ring which bear striking properties of existing Oura products.
The Ultrahuman’s Ring Pro was announced in February and officially shipping in May and June. Oura said that even after proving that there was a sufficient claim of infringement, Ultrahuman said the Ring Pro was redesigned and did not impede on any patents.
Oura has rejected Ultrahuman’s notion that Ring Pro no longer violates any patents and has also named Texas-based manufacturer SVTronics as a co-defendant. SVTronics produces the Ring Pro in Plano, Texas and Oura said in its suit that the company is under Ultrahuman’s orders to manufacture the device.
“Changing a product to sidestep one patent does not give Ultrahuman the right to use the rest of Oura’s innovations,” the company said in its statement announcing the lawsuit. “Patents protect the substance of an innovation, not just its original form. A redesign that keeps the core intact is still a variation on someone else’s work.”
The 12,769,363 patent was issued to Oura just days before it was included in the lawsuit and covers smart ring design and additional components like the curved battery, optical, thermal and motion sensors, circuitry and magnets.
