Q2 2024 Oddity Tech Ltd Earnings Call Transcript
Key Points
- ODDITY Tech Ltd (ODD) reported a 28% increase in first-half revenue to $404 million, showcasing strong business performance.
- The company achieved $110 million in adjusted EBITDA in the first half of 2024, surpassing the full-year EBITDA of 2023.
- ODDITY Tech Ltd (ODD) has a robust online presence, being the largest direct-to-consumer platform in its category, with plans to expand online market share to 50%.
- The company's investment in technology, including machine learning and vision technology, has improved product matching accuracy and reduced return rates.
- ODDITY Tech Ltd (ODD) is developing new brands, with Brand 3 and Brand 4 set to launch in the second half of 2025, indicating future growth potential.
- ODDITY Tech Ltd (ODD) faces risks and uncertainties with forward-looking statements, which could impact actual results.
- The company is heavily investing in ODDITY LABS, which is not expected to contribute to near-term growth, posing a potential financial risk.
- There is a significant step-up in SG&A spending anticipated in the second half of the year, which may impact profitability.
- The departure of Dr. Evan Zhao, Co-Founder of Revela, could affect the continuity and progress of ODDITY LABS.
- ODDITY Tech Ltd (ODD) is not planning to benefit from material revenue contributions from new initiatives in 2025, which may limit short-term revenue growth.
Good day, everyone and welcome to this Oddity Tech second-quarter 2024 earnings conference call. Today's conference is being recorded, and we have allocated time for prepared remarks as well as Q&A.
At this time, I'd like to turn the conference over to Maria Lycouris, Investor Relations for Oddity. Thank you. You may begin.
Thank you, operator. I'm joined by Oran Holtzman, Oddity's Co-Founder and CEO and Lindsay Drucker Mann, Oddity's Global CFO. As a reminder, management's remarks on this call that do not concern past events are forward-looking statements. These may include predictions, expectations, or estimates, including statements about Oddity's business strategy, market opportunity, future financial performance, and potential long-term success.
Forward-looking statements involve risks and uncertainties and actual results could differ materially due to variety of factors. These factors are described under forward-looking statements in our earnings press release issued yesterday and in our Annual
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