THE WHAT? Oddity Tech Ltd. (NASDAQ: ODD) has announced its preliminary unaudited financial results for the third quarter ending September 30, 2023. The company plans to hold a conference call to discuss these results in detail on October 3, 2023. These results are expected to mark the strongest third quarter in the company’s history, with significant growth in net revenue and adjusted EBITDA.
THE DETAILS CEO Oran Holtzman highlighted the success of Oddity’s beauty and wellness brands, IL MAKIAGE and SpoiledChild, attributing the strong financial performance to the company’s technology and data-driven platform. CFO Lindsay Drucker Mann noted the revenue growth and higher-than-expected gross margins, with preliminary figures surpassing initial guidance. The results are pending final adjustments, with full details to be disclosed in November as per Oddity’s standard reporting schedule. It’s important to note that these figures are based on non-GAAP financial measures, and the actual results may vary after the completion of standard quarter-end accounting procedures.
THE WHY? Oddity’s impressive preliminary results reflect the strength and efficiency of its business model, which leverages technology and data analytics in the beauty and wellness market. The success of its key brands and the integration of new biotech innovations through ODDITY LABS indicate a robust growth trajectory. These positive trends give the company confidence in delivering year-end solid results, reinforcing its market position and potential for future expansion.