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ODDITY Tech Ltd. (NASDAQ: ODD) is a pioneering consumer tech platform that aims to revolutionize the beauty and wellness market. With a focus on leveraging user data, ODDITY develops high-performance beauty and wellness products through its diverse portfolio of brands, such as SpoiledChild and IL MAKIAGE. The company's platform combines cutting-edge technology with consumer insights to create innovative products that meet the unique needs of its users.
Headquartered in New York City and complemented by an R&D center in Tel Aviv and a biotechnology lab in Boston, ODDITY is well-positioned to lead in both digital transformation and scientific advancement within the industry. The company has reported exceptional financial growth, including a 57% increase in net revenue and a $107 million adjusted EBITDA for the fiscal year ending December 31, 2023.
ODDITY's expansive platform serves approximately 50 million users, making it one of the largest direct-to-consumer online platforms in the beauty and wellness sectors. Its commitment to technological and product innovation is underscored by substantial investment in ODDITY LABS, its biotech division focused on new molecule discovery.
The company has also demonstrated robust financial health, generating $85 million in free cash flow in 2023, and continues to invest in new growth initiatives. ODDITY's strategic focus includes expanding its product lines and entering new markets, all while maintaining high repeat rates and customer satisfaction.
For the first quarter of 2024, ODDITY achieved a remarkable revenue growth, further raising its full-year guidance based on continued strong performance and high repeat rates. The company remains committed to its long-term growth algorithm of 20%-plus revenue growth and 20%-plus adjusted EBITDA margin.
Looking ahead, ODDITY is preparing to launch new brands and products while leveraging its platform to maintain a competitive edge. With its data-driven approach and relentless focus on innovation, ODDITY Tech Ltd. is poised to continue disrupting the beauty and wellness industry.
ODDITY Tech has announced a $150 million share buyback program, set to expire on June 30, 2027. The company has over $250 million in cash and investments and no debt, with an additional $100 million credit facility. Updated Q2 2024 guidance indicates revenue at the top end of the range with net revenue projected at $189 million, a 25% year-over-year growth. Gross margin is expected at 71%, Adjusted EBITDA at $60 million, and Adjusted Diluted EPS at $0.69.
ODDITY Tech (NASDAQ: ODD) announced a share buyback program, authorizing the repurchase of up to $150 million of its Class A Ordinary Shares, effective until June 30, 2027. The company holds over $250 million in cash, cash equivalents, and investments, with no financial debt and an additional $100 million in an undrawn credit facility. Due to the approval of the Buyback Plan, ODDITY has updated its Q2 2024 guidance: net revenue is projected to be approximately $189 million, a 25% year-over-year growth. The company also forecasts adjusted EBITDA of about $60 million and adjusted diluted EPS of $0.69, exceeding prior estimates.
ODDITY Tech (NASDAQ: ODD) has responded to a short seller report by NINGI Research, published on May 21, 2024. The company disputes the report's allegations, particularly the assertion that its Israeli brick-and-mortar business significantly contributes to its revenue and EBITDA. ODDITY clarified that this segment represents less than 5% of its Net Revenue and EBITDA in FY2023 and Q1 2024. The company also highlighted that its Israeli operations are fully audited by Ernst & Young, and any small-claims lawsuits mentioned in the report are minor, totaling less than $100,000. ODDITY emphasized its commitment to using technology to enhance customer experience and drive profitability, with the majority of its revenue coming from online sales. The company serves around 50 million users through its AI-driven platform.
ODDITY Tech (NASDAQ: ODD) reported record first quarter results for 2024, with net revenue reaching $212 million, a 28% increase year-over-year. Net income rose to $33 million, a 68% increase, and adjusted net income reached $38 million, an 82% increase. The company also achieved a record adjusted EBITDA of $48 million and free cash flow of $79 million. ODDITY exceeded financial guidance, showing excellent growth at key brands, and strengthening its balance sheet with $252 million in cash and no debt.
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