THE WHAT? Oddity has announced its financial results for the first quarter of fiscal 2024. In the three months to March 31, the tech firm reported record net income, up 68 percent year-on-year and record first quarter adjusted EBITDA of US$48 million, an increase of 69 percent on the prior-year quarter.
THE DETAILS Net revenue was US$212 million, compared to Q1 2023’s US$166 million, representing a rise of 28 percent yoy.
The company has raised its outlook accordingly and now expects to deliver net revenue of between US$626 million and US$635 million (+23 to +25 percent), and adjusted EBITDA between US$139 million and US$143 million.
THE WHY? Oran Holtzman, Oddity Co-founder and CEO, comments, “We delivered our most important quarter of the year with outstanding revenue growth and profitability. We delivered across all metrics and grew rapidly against the huge and profitable 83 percent revenue growth we delivered in the first quarter of 2023. Despite market speculation about an industry slowdown, we haven’t seen any slowdown in our platform, not in new users and not in existing users’ behavior.”
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Prescription Skincare Products: Formulations containing active ingredients like retinoids (vitamin A derivatives), hydroquinone, or prescription-strength antioxidants to address specific skin concerns under medical supervision.
