Featured Posts

To top
9 Aug

Oddity Raises Outlook on Higher-than-expected Q2 Results – WWD

Oddity Raises Outlook on Higher-than-expected Q2 Results – WWD

Newly public Oddity Tech, the parent company of Il Makiage and SpoiledChild, has had one other success.

After a better-than-expected public debut last month, the corporate just announced that it surpassed forecasts for the second quarter ended June 30, allowing it to boost its full-year outlook.

Net revenue got here in at $151.3 million, up from $97.7 million a yr earlier and $11.8 million above estimates. Net income, meanwhile, was $30 million, compared with $16.6 million in the identical period a yr prior. On an adjusted basis, it was $32.3 million. Adjusted diluted earnings per share was 56 cents, up from 33 cents a yr earlier.

“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 boost our full-year outlook,” said Oran Holtzman, Oddity cofounder and chief executive officer.

Holtzman and his sister Shiran Holtzman-Erel relaunched cosmetics brand Il Makiage in 2018 after receiving a $29 million investment from L Catterton. Oddity launched its second brand SpoiledChild in February 2022, with 17 refillable stock keeping units across hair care and skincare, priced from $45 to $95. It plans to launch brands three and 4 in 2025.

The corporate went public on July 19, trading on the Nasdaq Global Market under the ticker “ODD” with shares closing up 35 percent, or $12.53, to $47.54, valuing the business at about $2.7 billion.

Looking forward, net revenue is now forecast to are available at between $475 million and $480 million, above Oddity’s prior expectation for $453 million. Adjusted diluted EPS is projected between $1.11 and $1.17, topping estimates of $1.06. 

The corporate’s global chief financial officer Lindsay Drucker Mann added: “We’re moreover pleased that we were capable of deliver the majority of our full-year objectives in the primary half alone, as we now have done in previous years. We achieved this by aggressively fueling profitable growth in the primary and second quarters, which enables us to speculate resources through the second half of the yr on future initiatives to drive long-term growth.”

Most recently, Oddity acquired Boston-based biotechnology start-up Revela for $76 million. With the acquisition and a further $25 million investment, the corporate plans to ascertain Oddity Labs in Boston. The move marked the corporate’s third acquisition since its inception in 2018. It also bought Voyage81, a hyper-spectral imaging software company, in 2021 for greater than $40 million, and NeoWize, a knowledge science start-up based in Israel, in 2019 for an undisclosed amount.

Recommended Products

No Comments

Sorry, the comment form is closed at this time.