ODDITY Tech Reports Record Second Quarter Results, Beating Preliminary Expectations, and Raises Full Year 2023 Outlook Above Plan

About this update from Oddity Tech Ltd.

[{"type":"text","content":"NEW YORK, Aug. 09, 2023 (GLOBE NEWSWIRE) -- ODDITY Tech Ltd. (NASDAQ: ODD) today announced its financial results for the second quarter ended June 30, 2023. “We delivered our strongest second quarter and year-to-date financial results ever, beating our plan on revenue and all key profit metrics, and allowing us to raise our full year outlook. We believe our year-to-date financial performance, with net revenue growth of 69% year-over-year, $50 million of net income, and $70 million of Adjusted EBITDA, reflects the power of our business model as we work to transform the global beauty and wellness market through technology and entrepreneurial DNA,” said Oran Holtzman, ODDITY co-founder and CEO. “We are unlocking online for this massive, global TAM by leveraging data science, artificial intelligence, and computer vision to deliver superior products and experiences to our over 40 million users.” Holtzman continued, “We achieved key objectives during the quarter that set us up for long-term success. Our business is firing on all cylinders: ODDITY delivered outstanding financial results, rapidly growing our topline and driving strong profitability.We completed the acquisition of Revela and launched ODDITY LABS to revolutionize our industry using artificial intelligence-based molecule discovery.With the successful completion of our initial public offering, we recruited top-tier investors to partner with us in the next stage of our journey. “We are pleased with our outstanding second quarter performance and the continued strength of our business in the third quarter-to-date,” added Lindsay Drucker Mann, ODDITY Global CFO, “As a result of this momentum, we are raising our outlook for 2023 revenue and earnings to reflect better than expected top- and bottom-line results relative to our internal plan. We now expect full year net revenue to increase between 46-48%, compared with our prior expectation of a 40% increase. We now expect full year Adjusted EBITDA to be between $96 million and $101 million, compared with our prior expectation of $91 million.” Drucker Mann continued, “We are additionally pleased that we were able to deliver the bulk of our full year objectives in the first half alone, as we have done in previous years. We accomplished this by aggressively fueling profitable growth in the first and second quarters, which enables us ...

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