Il Makiage parent Oddity’s third-quarter earnings top estimates

Oddity Tech Ltd., the Israeli digital consumer technology platform for the beauty and wellness market, posted better-than-expected earnings for the third quarter late Tuesday and raised its guidance.

Revenue rose to $94 million from $69 million a year ago, also ahead of the $88.7 million FactSet consensus.Co-Founder and Chief Executive Oran Holtzman said the numbers exceeded the company’s own expectations and allowed it to raise its full-year guidance. Highlights from the quarter include the hiring of fresh Ph.D.s at the company’s Tel Aviv-based Oddity Labs molecule discovery platform, said Holtzman. Oddity Labs was set up in April to bring AI-based molecule discovery to beauty and wellness.

Oddity uses technology, including artificial intelligence and machine learning, in an effort to fully reinvent the personal beauty market. The company has recruited staff from elite Israeli technology centers, including the Israeli Defense Forces’ Unit 81, its Special Operations Division’s technology unit, as it outlined in its IPO filing documents.

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