Business
ODDITY Tech Reports Record Fourth Quarter and Full Year Results
Record full year net revenue of $509 million, up 57% from year agoRecord net income of $59 million, up 169% from year ago, and record adjusted net income of
About this update from Oddity Tech Ltd.
[{"type":"text","content":"Record full year net revenue of $509 million, up 57% from year agoRecord net income of $59 million, up 169% from year ago, and record adjusted net income of $77 million, up 181% from year agoRecord adjusted EBITDA of $107 million, up 172% from year agoRecord $85 million of free cash flow generation NEW YORK, March 05, 2024 (GLOBE NEWSWIRE) -- ODDITY Tech Ltd. (NASDAQ: ODD) today announced its financial results for the fourth quarter and full year ended December 31, 2023. “Our fourth quarter delivered an outstanding finish to a record breaking year. We continued to deliver as promised. We achieved net revenue growth of 57% with adjusted EBITDA of $107 million, representing 21% adjusted EBITDA margin for the full year, exceeding guidance on every metric,” said Oran Holtzman, ODDITY co-founder and CEO. “Our large investments in technology and product over the past 5 years are yielding significant returns and allow the rare combination of scale, growth, and profitability.” “I truly believe there is no limit to what we can build at ODDITY. We are playing in a huge TAM that is being transformed,” Holtzman continued. “And we have positioned our business to lead in two pillars of this transformation. First, the consumer shift online, where we believe we are already the largest direct-to-consumer platform in the market. Second, the shift to science-backed, NEW high-performance products, where we are ALL-IN, building the industry’s largest and most advanced platform for new molecule discovery. If we do it right, ODDITY LABS will change our industry and our company.” ODDITY achieved a number of objectives in the past year, supporting strong financial performance today and positioning the business for the future. These include: Exceeding guidance for financial results for the fourth quarter and the full year ended December 31, 2023.Crossing the $500 million milestone of net revenue.Crossing the $100 million milestone of adjusted EBITDA.Crossing the 50 million milestone of platform users.Establishing ODDITY LABS as the industry’s leading molecule discovery platform, powered by our acquisition and integration of Revela.Successful completion of our IPO.Strong balance sheet, including $168 million of cash, cash equivalents, and investments, with no outstanding debt, as of December 31, 2023, and the addition of a $100 million credit facility. “W...