Oddity Tech has primed investors for a strong rise in third-quarter revenue, sending its shares soaring in Tuesday's pre-market trading.
Releasing preliminary results for the quarter ended September 30, 2023, the health and wellness-focused technology company said it expects its results to reveal its “strongest third quarter ever,” exceeding its own forecasts.
The company’s shares jumped 17% to $32.76 ahead of the opening bell.
Revenue for the quarter is now likely to be between 29% and 31% higher than a year ago, up from previous guidance of roughly 20.5%, with a gross margin of 68.5%, up from 67.5% previously.
It also expects to deliver net revenue growth of at least 58% and adjusted underlying earnings of $89 million for the first three quarters of 2023.
“These strong financial results reflect the power of our platform, built to transform the global beauty and wellness market through technology and data usage,” co-founder and CEO Oran Holtzman commented.
“We continue to consistently deliver high growth and outstanding profitability with both IL MAKIAGE and SpoiledChild brands and are building massive engines to further scale in 2024 and beyond.”
The company, which uses artificial intelligence to develop products, said Oddity Labs is expanding its molecule discovery platform faster than expected and is delivering game-changing ingredient innovation to support continued high growth for IL MAKIAGE, SpoiledChild, and its new brands in development.
The growth is supported by the integration of Revela, the biotech startup it acquired earlier in 2023.
Contact the author at stephen.gunnion@proactiveinvestors.com