ODDITY Tech Ltd. (NASDAQ: ODD) today announced certain preliminary
unaudited financial results for the third quarter ended September
30, 2023. A conference call to discuss these preliminary results is
scheduled for tomorrow, October 3, 2023, at 8:30 a.m. ET.
“Our third quarter is expected to be our strongest third quarter
ever, exceeding our guidance and allowing us to deliver net revenue
growth of at least 58% and adjusted EBITDA of at least $89 million
in the first three quarters of 2023,” said Oran Holtzman, ODDITY
co-founder and CEO. “These strong financial results reflect the
power of our platform, built to transform the global beauty and
wellness market through technology and data usage. We continue to
consistently deliver high growth and outstanding profitability with
both IL MAKIAGE and SpoiledChild brands and are building massive
engines to further scale in 2024 and beyond. ODDITY LABS, powered
by the Revela biotech integration, is expanding its molecule
discovery platform faster than expected, and is delivering game
changing ingredient innovation to support continued high growth for
IL MAKIAGE, SpoiledChild, and our new brands in development.”
“Our excellent third quarter performance and our momentum
entering the fourth quarter give us confidence in our ability to
deliver a strong finish to the year,” added Lindsay Drucker Mann,
ODDITY Global CFO. “We achieved high quality revenue upside at
attractive margins, allowing us to beat our third quarter guidance.
We now expect our year-over-year net revenue growth for the third
quarter to be between 29-31%, ahead of our initial guidance of
18-23%. We expect gross margin of 68.5% approximately 100 basis
points higher than our 67.5% initial guidance. We expect adjusted
EBITDA margin of between 21.0-21.5%, at the high end of our
20.0-21.5% initial guidance. We plan to provide a full update to
our full year earnings outlook when we report our third quarter
results in November.”
Preliminary third quarter 2023 financial
results
The table below sets forth the low and high end of the ranges of
the estimated selected preliminary unaudited financial results for
the three months ended September 30, 2023, and the change in these
preliminary results as compared against the midpoint of our
guidance.
|
Three months ended September 30, 2023 |
|
Preliminary expectations |
Prior initial guidance |
|
Low End |
High End |
Mid-Point |
Net Revenue Growth |
29.0% |
31.0% |
20.5% |
Gross Margin |
68.5% |
68.5% |
67.5% |
Adjusted EBITDA Margin |
21.0% |
21.5% |
20.8% |
All financial data in this release are preliminary and unaudited
and do not present all information necessary for an understanding
of our results of operations for the quarter ended September 30,
2023. Our actual results may differ from the preliminary estimates
due to the completion of normal quarter-end accounting procedures
and adjustments, including the completion of our financial closing
and other operational procedures, final adjustments, and other
developments that may arise between now and the time the financial
results for the three months ended September 30, 2023 are
finalized. See “Forward-Looking Statements” below. Our actual
financial results and additional details regarding our performance
for the third quarter ended September 30, 2023 will be provided in
accordance with ODDITY’s standard reporting calendar.
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP
financial measures. Please see the section titled “Non-GAAP
Financial Measures” below for more information regarding ODDITY’s
use of non-GAAP financial measures.
Conference Call Details:
A conference call to discuss ODDITY’s preliminary Q3 2023
financial and business results and outlook is scheduled for
tomorrow, October 3, 2023, at 8.30 a.m. ET. To participate, please
dial 1-877-407-9208 (US) or 1-201-493-6784 (International). A
webcast of the call will be accessible on the Investors section of
ODDITY’s website at https://investors.oddity.com. A recording will
be available shortly after the conclusion of the call. To access
the replay, please dial 1-844-512-2921 or 1-412-317-6671
(International). The access code for the replay is 1-374-1613. An
archive of the webcast will be available on the Investors section
of ODDITY’s website.
Non-GAAP Financial Measures:
In addition to the GAAP financial measures set forth in this
press release, ODDITY has included non-GAAP financial measures:
Adjusted EBITDA and Adjusted EBITDA margin. ODDITY believes these
non-GAAP financial measures provide useful supplemental information
to management and investors to help evaluate ODDITY’s business,
measure its performance, identify trends, prepare financial
projections and make business decisions.
ODDITY defines “Adjusted EBITDA” as net income before financial
expenses (income), net, taxes on income, and depreciation and
amortization as further adjusted to exclude share-based
compensation expense and non-recurring adjustments. “Adjusted
EBITDA margin” is defined as Adjusted EBITDA divided by net
revenue. ODDITY believes Adjusted EBITDA and Adjusted EBITDA margin
are useful for financial and operational decision-making and as a
means to evaluate period-to-period comparisons. By excluding
certain items that may not be indicative of its recurring core
operating results, ODDITY believes that Adjusted EBITDA and
Adjusted EBITDA margin provide meaningful supplemental information
regarding its performance. In addition, Adjusted EBITDA and
Adjusted EBITDA margin are widely used by investors and securities
analysts to measure a company’s operating performance without
regard to items such as depreciation and amortization, interest
expense, and interest income, which can vary substantially from
company to company depending on their financing and capital
structures and the method by which their assets were acquired.
ODDITY’s non-GAAP financial measures should be considered in
addition to, not as a substitute for or in isolation from, its
financial results prepared in accordance with U.S. GAAP. Other
companies, including companies in its industry, may calculate these
measures differently or not at all, which reduces their usefulness
as comparative measures.
ODDITY has not provided a quantitative reconciliation of its
Adjusted EBITDA to net income because the quantification of certain
items included in the calculation of GAAP net income cannot be
calculated or predicted at this time without unreasonable efforts.
ODDITY is unable to address the probable significance of the
unavailable reconciling items, which could have a potentially
unpredictable, and potentially significant, impact on its future
GAAP financial results.
Forward-Looking Statements:
Certain statements in this press release may constitute
“forward-looking” statements and information, within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995 that
relate to our current expectations and views of future events. In
some cases, these forward-looking statements can be identified by
words or phrases such as “aim,” “anticipate,” “believe,”
“contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,”
“intend,” “may,” “objective,” “plan,” “potential,” “predict,”
“project,” “shall,” “should,” “target,” “will,” “seek,” or similar
words. The absence of these words does not mean that a statement is
not forward-looking. These forward-looking statements address
various matters, including ODDITY’s business strategy, growth
trajectory, market opportunity, ability to deliver superior
products and experiences, potential long-term success, preliminary
financial results for the third quarter 2023 and expectations for
the full year ending December 31, 2023. These forward-looking
statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control. In addition, these
forward-looking statements reflect our current views with respect
to future events and are not a guarantee of future performance.
Actual outcomes may differ materially from the information
contained in the forward-looking statements as a result of a number
of factors, including, without limitation, the following: our
ability to maintain the value of our brands; our ability to
anticipate and respond to market trends and changes in consumer
preferences; our ability to attract new customers, retain existing
customers and maintain or increase sales to those customers; our
ability to maintain a strong base of engaged customers and content
creators; the loss of suppliers or shortages or disruptions in the
supply of raw materials or finished products; our ability to
accurately forecast customer demand, manage our inventory, and plan
for future expenses; our future rate of growth; competition; the
fluctuating cost of raw materials; the illegal distribution and
sale by third parties of counterfeit versions of our products or
the unauthorized diversion by third parties of our products;
changes in, or disruptions to, our shipping arrangements; our
ability to manage our growth effectively; a general economic
downturn or sudden disruption in business conditions; our ability
to successfully introduce and effectively market new brands, or
develop and introduce new, innovative, and updated products;
foreign currency fluctuations; product returns; our ability to
execute on our business strategy; our ability to maintain a high
level of customer satisfaction; our ability to comply with and
adapt to changes in laws and regulatory requirements applicable to
our business, including with respect to regulation of the internet
and e-commerce, evolving AI-technology related laws, tax laws, the
anti-corruption, trade compliance, anti-money laundering, and
terror finance and economic sanctions laws and regulations,
consumer protection laws, and data privacy and security laws;
failure of our products to comply with quality standards and risks
related to product liability claims; trade restrictions; existing
and potential tariffs; any data breach or other security incident
of our information technology systems, or those of our third-party
service providers or cyberattacks; risks related to online
transactions and payment methods; any failure to obtain, maintain,
protect, defend, or enforce our intellectual property rights;
conditions in Israel; the concentration of our voting power as a
result of our dual class structure; our status as a foreign private
issuer; and other risk factors set forth in the section titled
“Risk Factors” in our Prospectus filed pursuant to Rule 424(b) with
the Securities and Exchange Commission on July 18, 2023, and other
documents filed with or furnished to the SEC. These statements
reflect management’s current expectations regarding future events
and operating performance and speak only as of the date of this
press release. You should not put undue reliance on any
forward-looking statements. Except as required by applicable law,
we undertake no obligation to update or revise publicly any
forward-looking statements.
About ODDITY:
ODDITY is a consumer tech company that builds and scales
digital-first brands to disrupt the offline-dominated beauty and
wellness industries. The company serves over 40 million users with
its AI-driven online platform, deploying data science to identify
consumer needs, and developing solutions in the form of beauty and
wellness products. ODDITY owns IL MAKIAGE and SpoiledChild. The
company operates with business headquarters in New York City, an
R&D center in Tel Aviv, Israel, and a biotechnology lab in
Boston.
Contacts:
Press:Michael Braunmichaelb@oddity.com
Investor:investors@oddity.com
ODDITY Tech (NASDAQ:ODD)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
ODDITY Tech (NASDAQ:ODD)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024