Oddity has reported a record sales boost in Q2 2023, in the company's first quarterly results since being listed on the stock market.
The brain behind the Il Makiage and SpoiledChild brands reported revenues of US$151.3m for the quarter ended 30 June 2023, an increase of 55% year on year.
Gross profits also jumped by 60% during the period to reach $106.8m, and net income increased from $16.6m to $30m.
Oddity said the strong performance was supported by its recent acquisition of Revela and the launch of Oddity Labs, the business’ new biotechnology segment.
“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,” said Oran Holtzman, Oddity co-founder and CEO.
“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.”
Oddity has raised its financial outlook for 2023 to be in the range of $475m and $480m, reflecting the higher than expected revenue, profit margins and earnings.
The company added it will reinvest a portion of the increased revenue and profits generated in Q2 back into the business during the latter half of the year to support its long-term growth.
“We are pleased with our outstanding second quarter performance and the continued strength of our business in the third quarter-to-date,” added Lindsay Drucker Mann, Oddity Global CFO.
“As a result of this momentum, we are raising our outlook for 2023 revenue and earnings to reflect better than expected top- and bottom-line results relative to our internal plan.”
The consumer technology company began trading on Nasdaq with an upsized initial public offering in July 2023.
Oddity had voiced its intention to go public last month, and ended up offering 12,105,261 of its class A ordinary shares at a price of US$35 per share.
The company’s Il Makiage brand has become a viral hit with consumers thanks to its customised foundation range, powered by colour matching technology.
In February 2022, the company launched SpoiledChild, extending its personalisation offer into bespoke hair and skin products.
