Oura Ring

Oura has filed for a Nasdaq IPO after nine-month revenue jumped 74% to $1.21 billion and net income reached $60.8 million. The smart-ring company has 5 million paying members and membership gross margins of 89%, but hardware still produces 80% of revenue. Its public-market test is whether investors value Oura as a consumer-device maker or a recurring health-intelligence platform.