Oddity prepares two brand launches following ‘record’ revenue year

Beauty and wellness company Oddity Tech revealed it was set to launch two new brands under its portfolio following what it said was a “record” full year net revenue totaling 509 million dollars, representing a 57 percent growth.

This came above the company’s initial guidance of 53 percent, akin to its gross margin of 70.4 percent for the period, which came above its 70 percent guidance. Its adjusted EBITDA, meanwhile, was 21.1 percent.

For the fourth quarter, Oddity reported a net revenue of 97 million dollars up from 67 million dollars in the same period of 2022, representing a 44 percent YoY increase.

Its gross profit came to 67 million dollars, a 53 percent uptick, while its net income was 5.1 million dollars, compared to an initial net loss of 700,000 dollars.

Its adjusted EBITDA was 16.3 million dollars, up from 2.6 million dollars, representing a 520 percent increase, while its EPS was 56.9 million dollars.

For the company’s financial outlook for the full year 2024, Oddity said it was expecting net revenue between 620 and 630 million dollars, with a gross margin of around 70.5 percent.

For the first quarter, the company is forecasting net revenue in the range of 204 and 207 million dollars, alongside a gross margin of 71 percent.

Among Oddity’s key initiatives for 2024, it said that it was planning to launch two new brands in 2025; one a medical-grade skin and body brand, and another for which no details were released.