2023-08-09 16:08:40 ET
Oddity Tech ( NASDAQ: ODD ) beat forecasts as it reported its first results as a publicly-traded company.
For the second quarter, net revenue of $151.3M compared to $97.7M in the second quarter of 2022 and exceeding the midpoint of preliminary estimates by $11.8M. Gross profit was $106.8M compared to $66.6M a year earlier, and net income was $30M compared to $16.6M a year ago.
Diluted EPS of $0.52 compared to $0.29 in the second quarter of 2022.
For the third quarter, revenue for the beauty and wellness company should come in at between $81M and $85M, and adjusted diluted EPS between $0.13 and $0.15.
For the full year, ODD expects net revenue between $475M and $480M, above prior expectations for $453M. Adjusted diluted EPS is set to come in between $1.11 and $1.17, above the prior expectation of $1.06.
“We delivered a second-quarter result that was truly outstanding and beat across the board,” Chief Financial Officer Lindsay Drucker Mann said in an interview. “We’re thrilled that we’re able to raise our full-year outlook and that’s based on the very strong second-quarter performance but also the excellent momentum we’re seeing in the third quarter so far.”
“We delivered our strongest second quarter and year-to-date financial results ever, beating our plan on revenue and all key profit metrics, and allowing us to raise our full year outlook,” Chief Executive Officer Oran Holtzman said in a statement.
“We are unlocking online for this massive, global TAM by leveraging data science, artificial intelligence, and computer vision to deliver superior products and experiences to our over 40 million users.”
ODD said it plans to reinvest a portion of the revenue and profit upside generated in the second quarter back into the business during the second half of 2023 to support long-term growth.
The company went public in mid-July, and is up 45% from its IPO price of $35.
“For our inaugural quarter as a public company, it’s great to set the tone,” Drucker Mann said of the quarterly results.
Shares closed down 0.7 % .
Potential competitors to ODD include Ulta Beauty ( ULTA ), Coty ( COTY ), e.l.f. Beauty ( ELF ) and The Estée Lauder Companies ( EL ).
More on Oddity Tech:
- What does Oddity Tech signal about IPOs and the future of AI on Wall Street in 2023?
- Oddity Tech soars as trading opens on the Nasdaq
- Oddity Tech set to start trading after pricing above range
For further details see:
Oddity Tech beats forecasts in first earnings report as a publicly-traded company