THE WHAT? Oddity has announced its results for the full year ended December 31, 2023. The consumer tech company reported record revenue of US$509 million, up 57 percent versus the prior year; record net income and record adjusted EBITDA.
THE DETAILS Indeed, net income rose 169 percent yoy to US$59 million while adjusted EBITDA soared 172 percent to US$107 million, exceeding guidance.
Oddity predicted 2024 financials ahead of its long-term growth algorithm of 20 percent-plus revenue growth and 20 percent-plus adjusted EBITDA margin.
THE WHY? Oran Holtzman, Oddity Co-founder and CEO, reveals, “Our fourth quarter delivered an outstanding finish to a record-breaking year. We continued to deliver as promised. We achieved net revenue growth of 57 percent with adjusted EBITDA of US$107 million, representing 21 percent adjusted EBITDA margin for the full year, exceeding guidance on every metric. Our large investments in technology and product over the past 5 years are yielding significant returns and allow the rare combination of scale, growth, and profitability.
“I truly believe there is no limit to what we can build at Oddity. We are playing in a huge TAM that is being transformed. And we have positioned our business to lead in two pillars of this transformation. First, the consumer shift online, where we believe we are already the largest direct-to-consumer platform in the market. Second, the shift to science-backed, new high-performance products, where we are all in, building the industry’s largest and most advanced platform for new molecule discovery. If we do it right, Oddity Labs will change our industry and our company.”
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