WEBVTT - Oura Health Launches Generation 3 Ring

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovich from Bloomberg Radio. They're part of

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<v Speaker 1>the growing worribles market, one that by one estimate, expected

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<v Speaker 1>to grow by more than seventies six or two seventies

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<v Speaker 1>six billion by the end of Companies including Meta we

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<v Speaker 1>know looking to move deeper into it um and another

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<v Speaker 1>is our next guest, the Worrible Health platform or A Health,

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<v Speaker 1>which just launched its third generation or A Ring. That

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<v Speaker 1>was last week, So let's get into it, talk about

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<v Speaker 1>the company and the outlook of the industry. Heartbreet Rye

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<v Speaker 1>is CEO of or A Health and he joins us

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<v Speaker 1>via zoom in San Francisco. Heartpretty great to have you here. Um,

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<v Speaker 1>how are you? Oh great, Carol, Thanks thanks for asking.

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<v Speaker 1>I was kidding them, I was cheasing before we got

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<v Speaker 1>going that. It really was that random call on a

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<v Speaker 1>summer night and I tracked down your number and was like, Hi,

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<v Speaker 1>I want to talk about it. We're ring and there

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<v Speaker 1>you were. Um, so glad to have you here. Tim

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<v Speaker 1>and I are both very interested in the company. We

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<v Speaker 1>have not yet used the product, so we were but

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<v Speaker 1>we're very familiar with it. We're familiar with the wearables market.

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<v Speaker 1>Tell us though for those who are not familiar with it,

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<v Speaker 1>what exactly you guys are doing? Yeah? Look, so we

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<v Speaker 1>we make a wearable ring called the Aura ring. You know,

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<v Speaker 1>it looks like sorry, a normal ring, and it connects

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<v Speaker 1>to your phone and we have you know, both both

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<v Speaker 1>the iOS and Android, and you know, we give users

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<v Speaker 1>daily insights about their health UM, mainly focusing on their sleep, activity,

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<v Speaker 1>and something we call readiness. Well, I'm curious about how

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<v Speaker 1>you get that data and then how you present the

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<v Speaker 1>data because if you look at what you can do

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<v Speaker 1>daytime heart rate, period prediction, improved temperature sensing, workout heart rate,

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<v Speaker 1>improve sleep staging, blood oxygen sensing, UH, activity score, sleep score,

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<v Speaker 1>activity detection, heart rate. I mean, the list goes on

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<v Speaker 1>and on and on. How do you make this into

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<v Speaker 1>actionable data that improves the life of somebody who's using

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<v Speaker 1>the product? You know, Tim, It's a great question, right.

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<v Speaker 1>It almost seems like it can be data overflow, UM,

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<v Speaker 1>but we we keep it really simple and we personalize

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<v Speaker 1>it to you. So we have three main scores, your

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<v Speaker 1>activity score, your sleep score, and something called the writing

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<v Speaker 1>as score, and the readiness score, something that takes and

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<v Speaker 1>overall look at both your sleeping activity patterns over over

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<v Speaker 1>the last two weeks and prior you know, frankly a

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<v Speaker 1>month or so. UM. But then as you note some

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<v Speaker 1>of these other features, right, like things like if you're

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<v Speaker 1>getting you know, we we we've you have done some

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<v Speaker 1>research on that during the pandemic UM. You know, we

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<v Speaker 1>will actually have certain alerts that come through the the

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<v Speaker 1>insight messages UM and our scores every day. So every

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<v Speaker 1>day a user actually sees your own data, sees your

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<v Speaker 1>scores that are personalized to them based on their baseline,

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<v Speaker 1>and then it gives you a little bit of a

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<v Speaker 1>tip or you know, an insight and we we really

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<v Speaker 1>feel like that helps contextualize the data. And we're now

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<v Speaker 1>starting to offer a lot more content UM, so you

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<v Speaker 1>actually get you know, content and ways to learn about

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<v Speaker 1>your health and actually things that you can do guided

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<v Speaker 1>programs that can actually help you improve. So UM we

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<v Speaker 1>try to simplify all that data down and giving people

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<v Speaker 1>a little bit of nuggets every day, which we call

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<v Speaker 1>our insight engine. So heart prey talk to us about

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<v Speaker 1>UM some of the suggestions you give to people, because

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<v Speaker 1>I'm always curious about the impact. I really love wearables,

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<v Speaker 1>but it is a lot of information. Tell me though,

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<v Speaker 1>how it can improve us, especially when it comes to

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<v Speaker 1>something like sleep, which I have to tell you, whenever

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<v Speaker 1>I go into a doctor with a problem, they're like, so,

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<v Speaker 1>how are you sleeping? Because your body can keel unless

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<v Speaker 1>you're sleeping. Well, it really is. I think you've described

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<v Speaker 1>it as kind of the magic pill. Uh, and it

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<v Speaker 1>seems so easy, but it's not always that way. Yeah. Look,

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<v Speaker 1>I think all of us, unfortunately, know what a poor

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<v Speaker 1>night of sleep feels like. Right, Like we're more stressful,

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<v Speaker 1>more irritable, that we're grouchy, we're not as sharp as

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<v Speaker 1>you want. Why we Tim and I are both very

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<v Speaker 1>cranky today because we did not sleep well and we

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<v Speaker 1>both hit our snooze buttons a million times this morning.

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<v Speaker 1>It's it's okay, it's it's rainy here in San Francisco.

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<v Speaker 1>So I'm sure a lot of people did that say too,

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<v Speaker 1>But um no, Look, I think unfortunately, as you mentioned

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<v Speaker 1>that the actual impact to sleep in your health right

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<v Speaker 1>is becoming more and more prevalent in in you know,

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<v Speaker 1>the news, as it should be. Um, So you no,

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<v Speaker 1>lack of sleep has actually been you know, linked to

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<v Speaker 1>on set early onset of Alzheimer's to you know, unfortunately

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<v Speaker 1>you know, higher incident rate of cancers, um and and

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<v Speaker 1>even things you know, um, even things is is you

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<v Speaker 1>know more simple as like even just your memory recalling

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<v Speaker 1>what you can remember that day. Um. So I you know,

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<v Speaker 1>I think sleep does have a huge impact in your health.

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<v Speaker 1>And but what we find is by giving users this

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<v Speaker 1>information every day, right, they're able to see if something's

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<v Speaker 1>changing and something's off, and then they sort of ask themselves,

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<v Speaker 1>what did I do yesterday? And so you may actually

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<v Speaker 1>see that you're resting heart rate you know, on a

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<v Speaker 1>certain night is actually higher than normal, right, and we'll

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<v Speaker 1>give you a little message, Hey, it looks like your

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<v Speaker 1>your heart rate was high, you know, higher than normal.

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<v Speaker 1>What is that? Maybe because you ate too late, or

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<v Speaker 1>maybe you're stressed or you know where you up late working.

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<v Speaker 1>And so we actually try to give these messages to

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<v Speaker 1>contextualize the data that allow users to ask themselves, hey,

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<v Speaker 1>what did I do? And And frankly, you know, I

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<v Speaker 1>think the analogy I like to use is, you know

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<v Speaker 1>it's sort of like the car. Right, So cars nowaday

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<v Speaker 1>have all types of sensors right, and you may have

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<v Speaker 1>high pressure running low and in one tire. Now we're

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<v Speaker 1>not you know, the car doesn't say, hey, your your

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<v Speaker 1>tires flat. He doesn't say why that happened? Is it

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<v Speaker 1>because you ran over a nail? Or you know you

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<v Speaker 1>parked it outside up hill on a cold days? Your

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<v Speaker 1>name front tires. So I think it's like that same

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<v Speaker 1>analogy that if you look at that data, you know,

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<v Speaker 1>what's that saying Peter Drucker, what could what gets measured

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<v Speaker 1>gets mastered right right right, and you get when you

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<v Speaker 1>start to see this date all the time, you can

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<v Speaker 1>start to see if something's off. And I think it's

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<v Speaker 1>that check engine light or that check tire and light.

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<v Speaker 1>Heartbreat the thing that the first thing that I noticed

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<v Speaker 1>about the Aura ring that's different than other wearable devices.

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<v Speaker 1>It's is that it's on the finger rather than being

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<v Speaker 1>on the wrist like the Apple Watch or the Whoop

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<v Speaker 1>or you know previous examples of technology like job bone

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<v Speaker 1>or or a fitbit for example, Why the why the finger? Yeah,

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<v Speaker 1>look at Tim, it's a great question. Um No, I

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<v Speaker 1>think from an accuracy point of view and convenience, it

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<v Speaker 1>just ends up being sort of the sweet spot of wearables. So, um,

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<v Speaker 1>you know, every hospital you walk into actually takes your

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<v Speaker 1>heart rate on the finger and your SPO two as well.

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<v Speaker 1>And actually most diabetics right measure measure their glucose by

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<v Speaker 1>taking a finger prick, right, um, And it turns out

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<v Speaker 1>that the pulse on your finger, the pulse signal is

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<v Speaker 1>about a hundred times stronger than the rist where your

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<v Speaker 1>typical wristwatch sits. So we use that phenomenon that you

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<v Speaker 1>know other devices have used in the past, and actually

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<v Speaker 1>made a wearable from that. I think, um, you know,

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<v Speaker 1>what we found is that it's just much more accurate

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<v Speaker 1>for a lot of these health features, including sleep, things

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<v Speaker 1>like heart rid veriability which is a sign of stress,

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<v Speaker 1>or even things like illness, and even period prediction and

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<v Speaker 1>some of the women's health features that we've been developed developing.

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<v Speaker 1>And one thing I'm curious, and I'm thinking of people

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<v Speaker 1>heart Preach who are listening and saying, okay, lots of

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<v Speaker 1>information and give me a heads up. Do you have

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<v Speaker 1>any anecdote stories about the impact that this device has

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<v Speaker 1>had on people's lives? Totally? I think, you know, frankly,

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<v Speaker 1>we've heard everything from people out people finding out they

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<v Speaker 1>have a serious medical condition. Um by realizing they have

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<v Speaker 1>abnormal sleep patterns or that their heart it was really high,

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<v Speaker 1>um compared to others that think, you um, two people

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<v Speaker 1>just realizing like hey, I was trying to realize the

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<v Speaker 1>days that I actually have a glass or two wine,

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<v Speaker 1>you know, with dinner, that that actually ends up producing

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<v Speaker 1>my sleep score the next DA and I sort of

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<v Speaker 1>feel way worse. And I think, you know, we found

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<v Speaker 1>people just adjusting your daily habits to funding out about

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<v Speaker 1>things that may be affecting their health that are much

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<v Speaker 1>more seriously and and and you know, frankly, I think

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<v Speaker 1>it's those stories that we hear from our users that

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<v Speaker 1>really keep us in our team going, Hey, hang on

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<v Speaker 1>one second, I just want to mention a headline crossing

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<v Speaker 1>the Bloomberg Rivian automotive we mentioned earlier, targeting an IP

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<v Speaker 1>evaluation just above sixty billion that initially coming from down Jones.

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<v Speaker 1>While it just cross that they plan to sell a

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<v Speaker 1>hundred thirty five million shares at fifty seven to sixty

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<v Speaker 1>two dollars each. Uh in that I p O. So again,

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<v Speaker 1>we continue to see the e V space really often running. Hey, Hartprett,

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<v Speaker 1>while we're talking about IPOs. What's the endgame for you guys?

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<v Speaker 1>Because Tim and I were talking to before we get

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<v Speaker 1>started with ut Man, this could be a great add

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<v Speaker 1>on for a lot of well known companies that are

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<v Speaker 1>out there that are pursuing UH wearables are already in

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<v Speaker 1>the space. Could be an Apple, could be a Facebook

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<v Speaker 1>like you could kind of go a lot of different

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<v Speaker 1>places Amazon. Thank you, Tim. What's what's the plan for

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<v Speaker 1>you guys? Yeah, No, Look, I think it's a great question.

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<v Speaker 1>I think from from our perspective, you know, we'll we'll

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<v Speaker 1>do whatever you know, really allows for the best risk

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<v Speaker 1>return for our shareholders and also frankly, what allows us

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<v Speaker 1>that we think to keep executing on our mission right

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<v Speaker 1>and and really to bring the world health as a

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<v Speaker 1>daily practice. And so you know what that means an

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<v Speaker 1>I p O or you know what that means an acquisition.

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<v Speaker 1>I think you know, we're We're not focused on that.

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<v Speaker 1>We're just focused on really making the best possible products

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<v Speaker 1>and solutions for our customers. Hey, one thing that I'm

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<v Speaker 1>wondering about is hardware versus services revenue. If we think

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<v Speaker 1>about Apple, for example, in the way that it's increasingly

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<v Speaker 1>moving into services. UH, the aura ring how much is

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<v Speaker 1>it first of all the third generation? Yeah, it's and

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<v Speaker 1>we do have a membership model. So yeah, so what

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<v Speaker 1>question of month is you know, after after six month

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<v Speaker 1>free trial that we give you to the software. So

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<v Speaker 1>how do you make the software part of it? How

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<v Speaker 1>do you make that a must buy for people who

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<v Speaker 1>have it? Like can they can they get the or

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<v Speaker 1>ring and use it without having the software? Yeah? So

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<v Speaker 1>we um, you know, I think the best way to

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<v Speaker 1>do is give people the full experience, right. I think

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<v Speaker 1>that's something we you know, probably learn from Spotify out

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<v Speaker 1>there right as you know, just your your listeners right there.

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<v Speaker 1>Their free trial was really the free experience, right, and

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<v Speaker 1>then over time it's sort of degraded and they started

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<v Speaker 1>to put more adload on it and things like that, right,

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<v Speaker 1>and limiting the functionality. And so I think, you know,

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<v Speaker 1>from our perspective is you know, when you buy an

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<v Speaker 1>or ran, it comes with six months right of of

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<v Speaker 1>our membership services, right, which is all the data, all

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<v Speaker 1>the insights, all the content, all the features. And you know,

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<v Speaker 1>after six months, if you choose not to continue to pay, um,

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<v Speaker 1>we just leave our members with just the three basic scores,

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<v Speaker 1>which is your sleep score, your activity score and your

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<v Speaker 1>readiness score, so you no longer get the personalized insights

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<v Speaker 1>every day that are generated and nor access to some

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<v Speaker 1>of the content or even the deeper features and data. Um,

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<v Speaker 1>you know. And frankly, I think as you're seeing, right,

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<v Speaker 1>these wearables have changed. Right when Fitbick came out in

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<v Speaker 1>the beginning, it was really just a step tracker. Right

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<v Speaker 1>now these wearables including aura writer or a sleep lab

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<v Speaker 1>on your finger, right, an illness monitoring system on your

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<v Speaker 1>on your finger and and I think you know the

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<v Speaker 1>capability that that that's needed. To do that, you have

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<v Speaker 1>to invest a lot more as a company, and so

0:10:25.000 --> 0:10:27.600
<v Speaker 1>I think our our membership, you know, revenue does allow

0:10:27.679 --> 0:10:30.200
<v Speaker 1>us to invest more rapidly in developing those features that

0:10:30.240 --> 0:10:32.280
<v Speaker 1>we think are best in class. And we hope to

0:10:32.320 --> 0:10:35.720
<v Speaker 1>do that because that's what our consumers and future members want.

0:10:35.760 --> 0:10:37.760
<v Speaker 1>What can you tell us about metrics where Bloomberg we're

0:10:37.800 --> 0:10:39.439
<v Speaker 1>a little nerdy about when it comes to some of

0:10:39.480 --> 0:10:42.800
<v Speaker 1>the business. Uh, metrics and a company, So how many

0:10:42.840 --> 0:10:44.520
<v Speaker 1>rings have you sold? What kind of growth are you

0:10:44.559 --> 0:10:48.559
<v Speaker 1>seeing top line? And I'm curious about membership growth too, totally. Well,

0:10:48.600 --> 0:10:51.640
<v Speaker 1>you know, we we just announced our new genjury just

0:10:51.720 --> 0:10:54.240
<v Speaker 1>last week. So, um, not a lot of membership growth

0:10:54.360 --> 0:10:56.720
<v Speaker 1>yet that we can say because it's so new. UM,

0:10:56.760 --> 0:10:58.640
<v Speaker 1>But no, we've we've said, we've sold over half a

0:10:58.679 --> 0:11:01.319
<v Speaker 1>million rings. Now you know, we've been doubling revenue every

0:11:01.400 --> 0:11:04.400
<v Speaker 1>year since we started, um, you know, including this year.

0:11:04.520 --> 0:11:07.320
<v Speaker 1>So I think, you know, luckily, things are on good trajectory.

0:11:07.320 --> 0:11:09.120
<v Speaker 1>You know, the teams now nearly you know, over three

0:11:09.520 --> 0:11:12.040
<v Speaker 1>fifty people. UM, So I think, you know, by any

0:11:12.080 --> 0:11:14.120
<v Speaker 1>means you look at, we've been we've been growing pretty

0:11:14.200 --> 0:11:16.800
<v Speaker 1>pretty darn fast. And so you know, I think again,

0:11:16.920 --> 0:11:19.120
<v Speaker 1>like you're you're going to see more of these companies

0:11:19.200 --> 0:11:22.199
<v Speaker 1>come public and you know, or or get acquired because

0:11:22.240 --> 0:11:24.360
<v Speaker 1>we're we're seeing so much investment by everyone, as you

0:11:24.400 --> 0:11:26.679
<v Speaker 1>mentioned in a Facebook or or meta, I should say,

0:11:26.679 --> 0:11:30.000
<v Speaker 1>even getting into space. Anybody knocking down the door, anybody

0:11:30.080 --> 0:11:33.360
<v Speaker 1>knocking down the door, I think they're they all have

0:11:33.559 --> 0:11:35.880
<v Speaker 1>their you know, they're they're all keeping their eyes open

0:11:35.880 --> 0:11:38.040
<v Speaker 1>and ears to the ground. And so I think there's

0:11:38.080 --> 0:11:40.360
<v Speaker 1>there's no shortage of opportunity to space. And I think

0:11:40.360 --> 0:11:42.480
<v Speaker 1>the big tech companies you know, see that as well.

0:11:42.640 --> 0:11:45.160
<v Speaker 1>He's not going to tell us he's not okay, but okay,

0:11:45.240 --> 0:11:47.160
<v Speaker 1>is there other devices that will come on the market

0:11:47.200 --> 0:11:50.640
<v Speaker 1>to expand the brand somehow? I think, Look, we were

0:11:50.679 --> 0:11:53.200
<v Speaker 1>focused on that ring form factor with the accuracy that

0:11:53.280 --> 0:11:55.640
<v Speaker 1>we have. You know, we've been we've shown that, you know,

0:11:55.679 --> 0:11:58.040
<v Speaker 1>we're most accurate wearable out there on on things like

0:11:58.120 --> 0:12:00.760
<v Speaker 1>sleep and sleep staging. And you've now with illness. We

0:12:00.800 --> 0:12:03.640
<v Speaker 1>have three studies that you know showed our ability, you know,

0:12:04.160 --> 0:12:06.160
<v Speaker 1>during the pandemic to to see if people are getting

0:12:06.160 --> 0:12:08.800
<v Speaker 1>sick before they feel symptoms. And you know, the rings

0:12:08.800 --> 0:12:11.160
<v Speaker 1>went you know into the NBA bubble and w NBA

0:12:11.200 --> 0:12:13.480
<v Speaker 1>bubbles and and you know, I think the reason that

0:12:13.559 --> 0:12:16.200
<v Speaker 1>they chose our device over other devices, right is because

0:12:16.200 --> 0:12:19.360
<v Speaker 1>of our accuracy. Um And so I think you're you're

0:12:19.400 --> 0:12:21.839
<v Speaker 1>gonna see more and more features coming out that show

0:12:21.920 --> 0:12:24.160
<v Speaker 1>that the advantage of the form factor, and hence we'll

0:12:24.160 --> 0:12:26.040
<v Speaker 1>stick to the ring. We still have a we still

0:12:26.040 --> 0:12:27.400
<v Speaker 1>have a million more in question. So you're gonna have

0:12:27.400 --> 0:12:29.120
<v Speaker 1>to come back because I'm also curious about health care

0:12:29.160 --> 0:12:31.480
<v Speaker 1>companies and really leaning into that area as well. So

0:12:31.600 --> 0:12:34.440
<v Speaker 1>come back and give us an update very very soon.

0:12:34.520 --> 0:12:37.840
<v Speaker 1>Heartbreeat Rye, his chief executive officer at or health, joining

0:12:37.920 --> 0:12:39.599
<v Speaker 1>us via zoom from San Francisco,