Il Makiage and SpoiledChild parent company Oddity posted second-quarter earnings and sales beats, as it announced a new chief science officer.
Net revenue was $193 million in the second quarter ended June 30, compared to $151 million a year earlier and beating analysts’ estimates of $188 million.
Net income was $45 million, compared to $30 million in the second quarter of 2023. Adjusted diluted earnings per share were 82 cents, up from 56 cents and above Wall Street forecasts for 64 cents.
“Our business is firing on all cylinders. Results in the second quarter were driven by strong and profitable growth across brands, categories and products,” said Oran Holtzman, Oddity cofounder and chief executive officer. “We will continue investing our powerful cash flow in technology, science and building new brands to keep us years ahead of our competitors.”
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It raised guidance for the full year, including net revenue between $633 million and $640 million, up from its previous forecast of $626 to $635 million.
Adjusted diluted EPS is forecast to come in between $1.71 and $1.76, up from its previous estimate of $1.57 to $1.62.
At the same time as earnings, the company announced that Dr. Ido Bachelet will join Oddity as chief science officer to lead science at Oddity Labs in Boston. He succeeds Dr. Evan Zhao, who has decided to depart Oddity to pursue other interests.
Zhao was the cofounder of biotechnology start-up Revela that Oddity paid $76 million for in 2023. With the acquisition and an additional $25 million investment, the company established Oddity Labs.
Dr. Bachelet completed his postdoctoral research in Bioengineering at MIT and in Synthetic Biology at the Wyss Institute at Harvard Medical School.
“Ido is a world-class, experienced scientific leader and entrepreneur with an outstanding track record of operating and scaling high-impact biotech labs,” Holtzman said. “He shares in Oddity’s culture of transforming industries through technology, innovation and creativity. I strongly believe that Ido will contribute a lot to our mission of making Oddity Labs the center of science innovation for our industry.”