Oddity Tech, a direct-to-consumer beauty and wellness company, has released financial results for the third quarter of 2024. The company exceeded expectations across all key metrics, with net revenue at $119 million compared to $94 million in the third quarter of 2023, representing a 26% year-over-year increase.
Net revenue was $119 million compared to $94 million in the third quarter of 2023, representing a 26% year-over-year increase.
Other key highlights:
- Oddity achieved record-high net revenue and adjusted EBITDA for the quarter, driven by strong performance from its core brands, Il Makiage and SpoiledChild.
- Oddity maintains a strong balance sheet with no debt and significant cash reserves.
- Based on the strong Q3 performance and positive outlook for Q4, Oddity has raised its full-year 2024 guidance for revenue, gross margin, adjusted EBITDA, and adjusted diluted EPS.
Oran Holtzman, Oddity co-founder and CEO, “The beauty industry is transforming, and we believe Oddityis leading this transformation. Our outstanding third quarter results demonstrate once again how our investments in the two most important vectors of industry growth–consumer demand for online and for high performance products–are driving outsized, profitable growth, market share gains and powerful cash flows.”
Holtzman adds, “The strength and resilience of our direct-to-consumer model is on full display in this market backdrop, where some of our competitors are experiencing slowing sales, weaker foot traffic, and excess inventory conditions. In contrast, we are consistently delivering strong, profitable growth across brands, products, and categories in every environment.”
Holtzman concludes, “We have massive engagement with our users on a daily basis, directly, with no intermediaries. We have the data to predict which consumers are in the market to buy and which products they are likely seeking. That direct interaction drives high consumer satisfaction and enables us to have greater predictability in our business. Accordingly, we exceeded our revenue and EBITDA objectives again this quarter, just as we have done in the past six quarters since we took the company public, and I remain very bullish on our business.”
