05.08.24
Oddity Tech recorded first-quarter 2024 net revenue of $212 million, a 28% year-over-year increase from the prior-year quarter’s $166 million.
“We delivered our most important quarter of the year with outstanding revenue growth and profitability,” said Oran Holtzman, Oddity co-founder and CEO. “We delivered across all metrics and grew rapidly against the huge and profitable 83% revenue growth we delivered in the first quarter of 2023.”
Gross profit was $156 million compared to $117 million in the first quarter of 2023, representing a 33% year-over-year increase. Gross margin was 73.8%, increasing by 284 bps compared to gross margin of 70.9% in the first quarter of 2023.
Net income was $33 million compared to $20 million in the first quarter of 2023. Net income margin was 15.6% compared to 11.8% in the first quarter of 2023. Adjusted net income was $38 million compared to $21 million in the first quarter of 2023, representing an 82% year-over-year increase. Adjusted net income margin was 18.1% compared to 12.7% in the first quarter of 2023. Adjusted EBITDA was $48 million compared to $28 million in the first quarter of 2023, representing a 69% increase. Adjusted EBITDA margin was 22.7%, increasing by 559 bps compared to adjusted EBITDA margin of 17.2% in the first quarter of 2023.
Oddity said it expects to deliver 2024 financials ahead of its long-term growth algorithm of 20%-plus revenue growth and 20%-plus adjusted EBITDA margin. The Happi Top 50 company’s 2024 outlook incorporates accelerated investments in future growth initiatives, which are expected to have a disproportionate negative impact on adjusted EBITDA margin in the second half of 2024.