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.The parent of the Il Makiage brand went public with some fanfare in July, although the stock ODD, +9.61% has since languished and fallen back below its IPO issue price of $35 in what has been a challenging market for deals.
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 Boston-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 AI to help consumers identify the correct products, formulations and shades for their skin type, eliminating the need for them to go to a physical store and test samples. Its patented software allows smartphone cameras to provide hyperspectral information—which can otherwise only be obtained using expensive equipment costing $20,000 or more.
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