Oddity Tech Ltd (ODD) 2025 Q2 法說會逐字稿

Good morning and welcome to Oddity's second quarter 2025 earnings conference call. Today's call is being recorded, and we have allocated time for prepared remarks and 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.

早安，歡迎參加Oddity 2025年第二季財報電話會議。今天的電話會議正在錄音中，我們預留了準備發言和問答的時間。現在，我想將電話會議交給Maria Lycouris，她是Oddity投資者關係部門的負責人。謝謝。您可以開始了。

Thank you, operator. I'm joined by Oran Holtzman, ODDITY's Co-Founder and CEO, and Lindsay Drucker Mann, ODDITY's Global CFO. Niv Price, ODDITY’s CTO, will also be available for the question and answer session. 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.

謝謝接線生。 ODDITY 聯合創辦人兼執行長 Oran Holtzman 和全球財務長 Lindsay Drucker Mann 也將出席此次電話會議。 ODDITY 技術長 Niv Price 也將出席問答環節。需要提醒的是，管理階層在本次電話會議上發表的與過去事件無關的評論均為前瞻性陳述。這些評論可能包括預測、預期或估計，包括關於 ODDITY 業務策略、市場機會、未來財務表現和潛在長期成功的陳述。

Forward-looking statements involve risks and uncertainties, and actual results could differ materially due to a variety of factors. These factors are described under forward-looking statements in our earnings press release issued yesterday and in our most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 25, 2025. We do not undertake any obligation to update forward-looking statements which speak only as of today.

前瞻性陳述涉及風險和不確定性，實際結果可能因多種因素而有重大差異。這些因素已在我們昨日發布的收益新聞稿以及我們於2025年2月25日向美國證券交易委員會提交的最新20-F表格年度報告中的前瞻性陳述中進行了描述。我們不承擔更新僅截至今日的前瞻性陳述的任何義務。

Finally, during this call we will discuss certain non-GAAP financial measures, which we believe are useful, supplemental measures for understanding our business. Additional information about these non-GAAP financial measures, including their definitions, are included in our earnings press release, which we issued yesterday. I will now hand the call over to Oran.

最後，在本次電話會議上，我們將討論一些非公認會計準則 (Non-GAAP) 財務指標，我們認為這些指標有助於理解我們的業務。有關這些非公認會計準則 (Non-GAAP) 財務指標的更多資訊（包括其定義），已包含在我們昨天發布的業績新聞稿中。現在，我將電話會議交給奧蘭 (Oran)。

Thanks everyone for joining us today. ODDITY’s momentum in 2025 continues, with another strong result this quarter and great progress on our long-term growth initiatives. Our financial performance year to date is another proof point of our success. For the first half of 2025 we grew revenue 26% to $509 million, generated adjusted EBITDA of $122 million, and free cash flow of $99 million.

感謝各位今天的到來。 ODDITY 2025 年的動能將持續，本季業績再創佳績，我們的長期成長計畫也取得了顯著進展。我們今年迄今的財務表現再次印證了我們的成功。 2025 年上半年，我們的營收成長了 26%，達到 5.09 億美元，調整後息稅折舊攤提前利潤 (EBITDA) 為 1.22 億美元，自由現金流為 9,900 萬美元。

This is more EBITDA and more free cash flow in the first half of the year than we delivered for the entire full year of 2023, the year of our IPO. In Q2 we once again beat our financial targets on revenue, profit, and earnings per share, as we have every quarter for the nine quarters since our IPO. In Q2 we once again beat our financial targets on revenue, profit, and earnings per share, as we have every quarter for the nine quarters since our IPO.

今年上半年的EBITDA和自由現金流都超過了我們2023年（IPO當年）全年的EBITDA和自由現金流。第二季度，我們再次超額完成了營收、利潤和每股盈餘的財務目標，這也是我們IPO以來九個季度以來每個季度都取得的成績。第二季度，我們再次超額完成了營收、利潤和每股盈餘的財務目標，這也是我們IPO以來九個季度以來每個季度都取得的成績。

We have ambitions at ODDITY to become one of the biggest beauty companies in the world, and to lead this huge, profitable, and underserved market. And we are moving at high speed towards this goal. In just seven years since launching our first beauty brand in the US, ODDITY has transformed into a platform of soon to be thee brands, spanning four categories, and six plus markets.

ODDITY 的雄心壯志是成為全球最大的美妝公司之一，並引領這個龐大、​​利潤豐厚且服務不足的市場。我們正朝著這個目標飛速前進。自從我們在美國推出首個美妝品牌以來，短短七年間，ODDITY 已發展成為涵蓋四個品類、六個以上市場的平台，即將擁有三個品牌。

We’ve gone from pure makeup, to then skin and hair, and now offering medical grade prescription and OTC products with our upcoming launch of Brand 3. And just as we unlocked beauty online, we are now turning our sights to health care, another huge market where the consumer is unhappy and the opportunity is massive. I will share more on our plans for Brand 3 in a moment.

我們從單純的彩妝產品，發展到護膚和護髮產品，現在即將推出的 Brand 3 則提供醫療級處方藥和非處方藥產品。正如我們開啟線上美妝領域一樣，我們現在將目光投向了醫療保健領域，這是另一個巨大的市場，消費者並不滿意，但機會卻十分巨大。稍後我將分享更多關於 Brand 3 的計劃。

Every year we push our teams to innovate, to expand our capabilities, and grow the reach of our business. And you can see based on the results that we are doing a good job so far. It starts with the fact that we operate in a healthy, attractive market huge in size, where our technology can drive big improvements for consumers, and where the unit economics are strong. And it continues with our deliberate focus on the most attractive and durable vectors of growth.

每年我們都激勵團隊不斷創新，拓展能力，擴大業務覆蓋範圍。從目前的業績來看，我們做得非常出色。這首先源自於我們身處一個健康且極具吸引力的龐大市場，我們的技術能夠為消費者帶來巨大的改進，並且單位經濟效益強勁。此外，我們始終專注於最具吸引力且持久的成長方向。

First, the expansion of online, which we expect will grow to be the largest channel in our industry. The investments we made years ago in data and technology allow us to be a leading direct-to-consumer company in beauty today and we continue to invest in technology to strengthen our future.

首先是線上業務的擴張，我們預期線上業務將逐漸成為我們行業最大的銷售管道。多年前我們在數據和技術方面的投資，使我們如今成為美妝領域領先的直銷公司，我們將繼續在技術方面投入，以增​​強我們的未來。

Second, consumer demand for high efficacy products. On that front we are making big investments in pharma-grade technology at ODDITY Labs to discover breakthrough molecules and delivery systems. Beyond the sheer magnitude of our growth this year is the quality of that growth. It comes alongside strong profitability and cash flow. And is fueled by each of our growth pillars.

第二，消費者對高效率產品的需求。為此，我們正在 ODDITY 實驗室大力投資醫藥級技術，以探索突破性的分子和遞送系統。今年，我們不僅實現了巨大的成長，更注重成長的品質。強勁的獲利能力和現金流是我們成長的基石，並由我們各項成長支柱共同驅動。

This includes double digit online growth in both IL MAKIAGE and SpoiledChild, generating growth both in the US and International and scaling our SKIN portfolio which remains on track to approach 40% of IL MAKIAGE revenue this year.

這包括 IL MAKIAGE 和 SpoiledChild 的兩位數在線增長，在美國和國際上都實現了增長，並擴大了我們的 SKIN 產品組合，該組合今年仍有望達到 IL MAKIAGE 收入的 40%。

These drivers taken altogether allow us to sustain market share gains and outperform our competitors. The excellent first half financial performance we delivered this year sets the stage for a strong finish to 2025. As we have discussed, the second half of the year is highly driven by our large backlog of repeat, where we have good visibility.

這些驅動因素共同作用，使我們得以維持市場佔有率的成長，並超越競爭對手。今年上半年我們出色的財務表現為2025年的強勁收官奠定了基礎。正如我們之前所討論的，下半年業績的強勁成長主要得益於我們大量的復工訂單，而這些訂單的可預見性也很好。

Therefore, as is customary for us at this time of the year, our teams have pivoted their focus into 2026, where we are once again preparing, testing, and iterating on our incremental growth drivers for another strong year. While many of our teams work hard on 2026, the biggest focus for me and my sister are long-term initiatives that will allow us to continue compounding for the decades to come. These include investments in technology, new brands, and ODDITY Labs. So let’s dive deeper into our multi-year growth drivers.

因此，正如我們每年這個時候的慣例，我們的團隊將重點轉向2026年，我們將再次準備、測試和迭代我們的增量成長動力，以迎接另一個強勁的一年。雖然我們的許多團隊都在為2026年努力工作，但我和我的妹妹最關注的是長期計劃，這些計劃將使我們能夠在未來幾十年繼續實現複合增長。這些計劃包括對技術、新品牌和ODDITY實驗室的投資。讓我們更深入地探討我們的多年期成長動力。

The first is growing our existing brands. IL MAKIAGE remains on track to reach $1 billion of revenue in 2028. International continues to be a highlight for us as we put increased focus on scaling this big opportunity, even as we continue to grow in the US. International represented 15% of the ODDITY business in 2024, driven by IL MAKIAGE, but for our competitors it is closer to 70% of their business.

首先是發展我們現有的品牌。 IL MAKIAGE 預計在 2028 年實現 10 億美元的營收。國際業務仍然是我們的一大亮點，因為我們更加重視擴大這一巨大機遇，即使我們在美國的業務仍在持續成長。在 IL MAKIAGE 的推動下，國際業務在 2024 年佔 ODDITY 業務的 15%，而我們的競爭對手的國際業務佔比接近 70%。

In addition, we continue to win with IL MAKIAGE SKIN, which as I mentioned is expected to approach 40% of IL MAKIAGE revenue this year with more growth ahead. SpoiledChild is also having a great year so far in 2025 with more runway ahead. The brand remains on track to cross $200 million of revenue this year after launching only three years ago in 2022. Our second key growth driver is new brand launches. And we are on schedule to launch

此外，IL MAKIAGE SKIN 繼續保持強勁成長勢頭，正如我之前提到的，預計今年該品牌將貢獻 IL MAKIAGE 收入的 40%，未來還將進一步成長。 SpoiledChild 在 2025 年迄今也表現不俗，未來發展空間廣闊。該品牌於 2022 年成立，僅三年，今年的收入預計將突破 2 億美元。我們的第二個關鍵成長動力是新品牌的推出。我們正按計畫推出

Brand 3 this year and Brand 4 next year. Brand 3 will mark our first entrance into the medical grade space, starting in dermatology, and giving our users access to OTC and prescription products. This unlocks an entirely new market for ODDITY. The third growth driver is ODDITY Labs, where we are working to create the world’s highest efficacy products by bringing real science at high scale to our industry, and discover game changing molecules, ingredients, and delivery systems.

今年推出品牌3，明年推出品牌4。品牌3將標誌著我們首次進軍醫療級領域，從皮膚科開始，為使用者提供非處方藥和處方藥。這為ODDITY開啟了一個全新的市場。第三個成長動力是ODDITY實驗室，我們致力於將大規模的科學成果引入產業，創造全球最高效的產品，並探索顛覆性的分子、成分和遞送系統。

We continue to make progress building the team, the processes, and the partnerships to achieve our goals. We have some proprietary molecules in development for Brands 3 and 4 for near-term roll out, while we are developing molecules and delivery systems for the long term with big potential.

我們持續推進團隊建設、流程優化和合作夥伴關係建設，以實現目標。我們目前正在為品牌3和品牌4開發一些專有分子，用於近期推廣，同時我們也正在開發具有巨大潛力的長期分子和遞送系統。

Turning now to more details on Brand 3, where we remain on track for our formal launch in Q4 of this year. Just as we used technology and a direct-to-consumer model to transform beauty, we are turning our sights with Brand 3 on health care.

現在來談談品牌3的更多細節，我們正按計劃於今年第四季正式推出該品牌。正如我們利用科技和直銷模式改變美妝產業一樣，品牌3也將目光投向了醫療保健領域。

Our goal is to help users in solving their medical problems with minimum hassle and treatment iterations. Diagnosis, treatment matching and tracking – all online without going to doctor office and pharmacy. We are starting with dermatology and planning new expansion categories for the future. Dermatology is an attractive starting point for us.

我們的目標是幫助使用者以最少的麻煩和治療迭代解決他們的醫療問題。診斷、治療配對和追蹤——所有這些都在線上進行，無需前往診所和藥房。我們目前從皮膚科開始，並計劃未來拓展新的類別。皮膚科對我們來說是一個極具吸引力的起點。

First, it’s large with huge reach. Around 50mn Americans are impacted by acne. Around 30mn from eczema. These consumers who are unhappy and underserved with attractive potential LTVs. And many of these consumers are already in our user base which makes it a natural place for us to start. Around 50% of our 60 million plus users report suffering from skin issues like acne, eczema, and dark spots.

首先，它規模龐大，覆蓋範圍廣。大約有5000萬美國人受到痤瘡的影響。大約有3000萬美國人患有濕疹。這些消費者不滿意，也缺乏具有誘人潛在生命週期價值的服務。而且，這些消費者中的許多人已經是我們的用戶群，這使得我們自然地從這裡開始。在我們超過6000萬的用戶中，約有50%表示患有痤瘡、濕疹和黑斑等皮膚問題。

And second, dermatology is an area with market failure that we believe our technology can fix. Our data shows that consumers are unhappy with current solutions. Drug stores offer generalized, low efficacy products that don’t solve their issues.

其次，我們相信我們的技術可以彌補皮膚科市場失靈的缺陷。我們的數據顯示，消費者對目前的解決方案並不滿意。藥局提供的是泛泛而談、療效低的產品，無法解決他們的問題。

Dermatologists are a tough-to-access, high friction experience. It costs $300 for a dermatologist visit, before even paying for the treatment itself. And the entire process is inconvenient – going to the dermatologist takes two hours of a person’s time on average. Over two-thirds of US counties don’t have a practicing dermatologist at all. Online is a huge opportunity, yet no one has done it the right way, in our view. So we are taking on the category with an online model and an entirely new playbook.

皮膚科醫師的診療體驗難以取得，且摩擦很大。一次皮膚科醫師的診療費用高達300美元，還不包括治療費用。而且整個過程非常不方便——平均來看皮膚科醫生要花兩個小時。超過三分之二的美國縣根本沒有執業皮膚科醫生。線上是一個巨大的機遇，但在我們看來，還沒有人以正確的方式去做。因此，我們正以線上模式和全新的策略來應對這個市場。

When determining our strategy we always start from the first principles on how to win a category rather than copying others. Our direct relationship with consumers gives us better understanding into the problems they face and an edge in finding solutions. As one example, we are investing in personalization to make it a big differentiator between us and our competitors.

在製定策略時，我們始終從如何在一個品類中取勝的首要原則出發，而不是照搬他人。我們與消費者的直接聯繫使我們能夠更好地理解他們面臨的問題，並在尋找解決方案方面佔據優勢。例如，我們正在投資個人化，使其成為我們與競爭對手之間的巨大差異化優勢。

I will walk you through how it comes together in the acne category. It starts with the product offering itself. Each consumer has unique problems and preferences. Some have mild acne. Others struggle with inflammatory papules and pustules, deep cystic acne, hormonal breakouts, or persistent truncal acne on the chest and back. Many of our competitors get this wrong and offer most customers the same treatment.

我將帶您了解痤瘡產品類別的運作方式。先從產品本身說起。每位消費者都有獨特的問題和偏好。有些人患有輕度痤瘡，有些人則飽受發炎性丘疹和膿皰、深層囊腫性痤瘡、荷爾蒙性痤瘡，或胸部和背部持續性軀幹痤瘡的困擾。我們的許多競爭對手都犯了同樣的錯誤，為大多數客戶提供相同的治療方案。

By contrast we have 20 plus user cohorts with unique treatment recommendations. These personalized offerings show a 50% improvement in the amount of satisfied testers compared to tretinoin alone based on internal work we’ve done.

相較之下，我們擁有20多個使用者群體，並為他們提供獨特的治療建議。根據我們內部進行的工作，這些個人化產品比單獨使用維他命A酸，測試者的滿意度提高了50%。

Next is our online experience, where we pair advanced computer-vision technology with doctor-developed protocols to deliver highly efficacious, tailored treatments. And finally in coaching to ensure high compliance, through our mobile progress tracking app where users stay consistently supported and on track with personalized guidance, photo-based progress monitoring, and dynamic treatment adjustments tailored to their evolving needs.

其次是我們的線上體驗，我們將先進的電腦視覺技術與醫生製定的方案相結合，提供高效、個人化的治療方案。最後，透過我們的行動進度追蹤應用程式進行指導，以確保用戶的高度依從性。該應用程式提供個人化指導、基於照片的進度監控以及根據用戶不斷變化的需求進行動態治療調整，持續為用戶提供支持，確保用戶始終保持進度。

Overall we are introducing innovation and access that we believe dermatology hasn’t seen in decades. It is a huge benefit to consumers, and we believe it will transform the category. We will have more to report on Brand 3 after we are officially launched later this year. Before handing over to Lindsay I want to take a moment to reflect on our two year anniversary as a public company.

總的來說，我們正在引入我們認為皮膚科領域幾十年來從未見過的創新和可及性。這對消費者來說是一個巨大的好處，我們相信它將徹底改變這個領域。今年晚些時候，Brand 3 正式上市後，我們將有更多關於它的報導。在將時間交給 Lindsay 之前，我想花點時間回顧我們上市兩週年。

We are proud of the long-term partnerships we have made with investors since our IPO. They are built on the trust that comes with consistently executing on our plans, no matter the market backdrop. As the founder, CEO and the largest shareholder of the company, the single most important thing to me is delivering on our promises to our shareholders. With that I will turn it over to Lindsay.

我們為自IPO以來與投資者建立的長期合作關係感到自豪。這種合作關係建立在信任之上，而這種信任源自於我們始終如一地執行計劃，無論市場環境如何。身為公司的創辦人、執行長和最大股東，對我來說最重要的事情就是兌現對股東的承諾。接下來，我將把時間交給Lindsay。

Thanks Oran Let’s turn to our second quarter results which I will refer to on an adjusted basis. You can find the full reconciliation to GAAP in our press release. Q2 was another strong quarter for us, capping off a great first half of the year, which is our most critical moment for user acquisition. These results set us up for another record breaking year in 2025.

謝謝Oran，讓我們來看看我們第二季的業績，我會以調整後的數據作為參考。您可以在我們的新聞稿中找到完整的GAAP對帳表。第二季度對我們來說又是一個強勁的季度，為上半年的出色表現畫上了圓滿的句號，而上半年正是我們用戶獲取的關鍵時期。這些業績為我們在2025年再創佳績奠定了基礎。

We grew net revenue by 25% in the second quarter to $241 million, this exceeded our guidance for revenue growth between 22% and 24%. The strength was driven by double digit online growth at both IL MAKIAGE and SpoiledChild. Net revenue growth was driven by an increase in orders, while average order value was down around 1%. Average order value was impacted by mix, including faster growth in international markets and an increase in the mix of repeat sales, both of which carry lower AOV.

我們第二季的淨收入成長了25%，達到2.41億美元，超過了我們22%至24%的營收成長預期。這得歸功於IL MAKIAGE和SpoiledChild的兩位數線上成長。淨收入的成長得益於訂單量的增加，而平均訂單價值下降了約1%。平均訂單價值受到產品組合的影響，包括國際市場成長加速以及複購產品組合的增加，而這兩個市場的客單價都較低。

A bit more color on International. As Oran mentioned, our sales outside the United States represented around 15% of ODDITY’s 2024 net revenue. This is driven by IL MAKIAGE where we have operations in the UK, Germany, Canada, Australia, and Israel. We also conduct tests in prospective new countries, and the revenue from these test markets flows through our P&L.

再簡單說一下國際市場。正如Oran所提到的，我們在美國以外的銷售額約佔ODDITY 2024年淨收入的15%。這主要歸功於IL MAKIAGE，我們在英國、德國、加拿大、澳洲和以色列均設有業務。我們也在潛在的新國家進行測試，這些測試市場的收入計入我們的損益表。

On our Q424 call we discussed our plans to increase focus on IL MAKIAGE International. This has meant greater prioritization from our teams as well as increased acquisition spend. The strategic rationale for our increased focus is straight forward. International is a meaningful revenue opportunity for us with great unit economics, and a key driver in building IL MAKIAGE into a $1 billion revenue brand.

在2024年第四季的電話會議上，我們討論了加強對IL MAKIAGE International的關注計畫。這意味著我們的團隊將更加重視這些業務，並增加收購支出。我們加強關注的策略邏輯顯而易見。國際市場對我們來說是一個意義重大的創收機會，擁有出色的單位經濟效益，也是將IL MAKIAGE打造為收入達10億美元的品牌的關鍵驅動力。

The demand drivers for beauty online are similar overseas to what we see in the US market today. Our technology platform works well in these countries. In fact, for markets like the UK and Australia where we are already operating, we believe IL MAKIAGE is already the number one or number two largest online beauty brand.

海外市場對線上美妝的需求驅動因素與我們目前在美國市場看到的類似。我們的技術平台在這些國家/地區運作良好。事實上，在我們已經經營的英國和澳洲等市場，我們相信 IL MAKIAGE 已經是排名前二的線上美容品牌。

And we can see from incumbents that there is huge potential for us, as Oran mentioned they generate around 70% of revenue internationally versus our 15%. Results from our international push have been very strong, both in existing markets and prospective markets like France. More from us in International to come. Back in the US, IL MAKIAGE remains strong, continues to grow, and we expect more growth in the future.

我們從現有企業身上看到了巨大的潛力，正如Oran所提到的，他們約70%的收入來自國際市場，而我們只有15%。我們的國際化進程取得了非常強勁的成果，無論是在現有市場還是像法國這樣的潛在市場。未來我們將在國際市場取得更多進展。在美國，IL MAKIAGE依然強勁成長，我們預計未來還會有更大的成長。

Moving down the P&L, gross margin of 72.3% expanded 10 bps year over year and exceeded our guidance of 70.5%. The delta versus our outlook was driven in part by better mix. We did see some initial flow through of tariffs this quarter which, as expected, were small.

損益表中，毛利率為72.3%，較去年成長10個基點，超出我們70.5%的預期。與我們的預期相比，此差異部分源自於產品組合的最佳化。本季我們確實看到了一些初步的關稅流入，但如預期，規模較小。

Based on the information we have today, we continue to expect that tariffs will be less than a 100 bps headwind to our gross margin this year, and will be a similarly manageable headwind in 2026. We delivered adjusted EBITDA of $70 million in the quarter, above our guidance of $65 million to $68 million. Adjusted EBITDA margin of 28.8% compressed by around 350 basis points driven by planned growth investments.

根據我們目前掌握的信息，我們預計今年關稅對毛利率的影響將不超過100個基點，2026年也將同樣可控。本季調整後EBITDA為7000萬美元，高於我們6500萬至6800萬美元的預期。受計畫成長投資的推動，調整後EBITDA利潤率為28.8%，下降了約350個基點。

We remain focused on reinvesting in our business to support our long-term growth initiatives, including Brand 3, Brand 4, ODDITY Labs, and our technology innovation. We delivered adjusted diluted earnings per share of $0.92 compared to our guidance of between $0.85 and $0.89.

我們將繼續專注於業務再投資，以支持我們的長期成長計劃，包括品牌3、品牌4、ODDITY實驗室以及我們的技術創新。我們實現調整後每股攤薄收益0.92美元，而我們先前的預期為0.85美元至0.89美元。

Our adjusted EBITDA and EPS excludes approximately $10 million of share-based compensation. We continue to deliver very strong free cash flow and free cash conversion, a clear reflection of the strength and quality of our business model. We generated $99 million of free cash flow in the first six months of 2025, converting more than 80% of our adjusted EBITDA into free cash.

我們的調整後EBITDA和每股盈餘不包括約1000萬美元的股權激勵。我們繼續保持強勁的自由現金流和自由現金轉換率，這清楚地反映了我們業務模式的實力和品質。 2025年前六個月，我們創造了9,900萬美元的自由現金流，將超過80%的調整後EBITDA轉化為自由現金。

During the quarter we issued our first ever convert as an exchangeable note through a US subsidiary. The transaction was upsized on strong demand to $600 million inclusive of the green shoe. The note is zero coupon with a five year maturity, and we purchased a capped call at a cost of 10.5% of the offering size that limits dilution until the stock price approximately doubles.

本季度，我們透過美國子公司發行了首張可轉換債券。由於需求強勁，交易規模擴大至6億美元（含綠鞋機制）。該債券為零息債券，期限為五年。我們以發行規模10.5%的成本購買了一張有上限的看漲期權，該看漲期權限制了稀釋，直至股價上漲約一倍。

This offering allowed us to significantly increase our cash position, and we finished the quarter with $815 million of cash, cash equivalents, and investments on our balance sheet, with an additional $200 million available on our undrawn credit facilities.

此次發行使我們的現金狀況大幅增加，本季末我們的資產負債表上有 8.15 億美元的現金、現金等價物和投資，另有 2 億美元未提取的信貸額度可供使用。

Our capital allocation strategy continues to be patient and opportunistic. As a reminder, our capital priorities are number one reinvesting in the business, number two M&A, and number three opportunistic buybacks. On that front, we have $103 million remaining on our buyback authorization with no share repurchases year to date. Turning to our outlook for 2025.

我們的資本配置策略依然秉持耐心和機會主義。需要提醒的是，我們的資本優先事項是：第一是對業務進行再投資，第二是併購，第三是機會性回購。在這方面，我們剩餘的回購授權金額為1.03億美元，今年迄今尚未進行任何股票回購。接下來展望2025年。

With our strong first half behind us and the high visibility we have to our backlog of repeat sales for the rest of 2025, we are on track for another outstanding year. Better than our long-term algorithm of 20% revenue growth with a 20% adjusted EBITDA margin. We now expect full year 2025 net revenue will be between $799 million and $804 million, representing around 23% to 24% year over year growth.

憑藉著上半年強勁的表現以及2025年剩餘時間復購訂單的可預見性，我們有望再創佳績。這遠遠超出我們長期預測的20%營收成長和20%調整後EBITDA利潤率。我們目前預計2025年全年淨收入將在7.99億美元至8.04億美元之間，年增約23%至24%。

We expect gross margin will be 71% which includes the full impact of tariffs expected in 2025 based on the information we have today. Adjusted EBITDA is expected to be between $160 and $162 million and we expect adjusted diluted EPS of between $2.06 and $2.09, assuming no share buybacks in 2025.

根據我們目前掌握的信息，我們預計毛利率將達到71%，其中包括2025年預計關稅的全部影響。調整後EBITDA預計在1.6億美元至1.62億美元之間，調整後稀釋每股盈餘預計在2.06美元至2.09美元之間（假設2025年不進行股票回購）。

For Brand 3, we are focused on a successful launch and are on track to hit our Q4 official timing. As a reminder, there is no revenue contribution from Brand 3 baked into our 2025 outlook, and we are not reliant on the brand to achieve our revenue objectives this year, or next year for that matter.

對於品牌3，我們專注於成功發布，並預計在第四季度按計劃完成。需要提醒的是，品牌3的營收貢獻並未納入我們的2025年展望中，我們也不依賴該品牌來實現今年或明年的營收目標。

Turning to 2026, it is too early to issue formal guidance at this stage, but based on what we know today we expect 2026 financial performance will be in-line with our long-term earnings algorithm of 20% revenue growth with a 20% adjusted EBITDA margin. A note for your models, we plan to front load our investments in the first half of 2026 which could equate to a 700 basis points drag on first half EBITDA margin next year, with most of the impact weighted to first quarter.

展望2026年，目前發布正式指引還為時過早，但根據我們目前掌握的信息，我們預計2026年的財務業績將符合我們長期盈利算法，即20%的收入增長和20%的調整後EBITDA利潤率。需要注意的是，我們計劃在2026年上半年進行前期投資，這可能相當於明年上半年EBITDA利潤率下降700個基點，其中大部分影響將集中在第一季。

This planned spending should be offset by a margin benefit from lower relative spending in the second half of the year. All of this results in neutral impact to adjusted EBITDA margin in 2026, which, again, is expected to land at 20%, consistent with our long-term algorithm.

這項計劃支出應會被下半年相對支出減少所帶來的利潤率收益所抵銷。所有這些因素對2026年調整後EBITDA利潤率的影響為中性，預計仍將達到20%，與我們的長期演算法一致。

Turning to the third quarter outlook. We are off to a good start with momentum following through from the second quarter. We expect year over year net revenue growth in the quarter to be between 21% and 23%. You can find more details on our Q3 outlook in our press release. With that I will turn the call back to the operator for questions.

談到第三季的展望。我們開局良好，延續了第二季的強勁勢頭。我們預計本季淨收入年增將在21%至23%之間。您可以在我們的新聞稿中找到更多關於第三季展望的詳細資訊。接下來，我將把電話轉回給接線員，以便您提問。

Thank you. (Operator Instructions)

謝謝。 （操作員指示）

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Great, thank you guys, and congrats on that solid quarter. So maybe it's at a high level, maybe on the gross margin for Q3 and Lindsay, the guy that came in slightly below consensus expectations can we impact that a little bit what's driving sequential compression there? Is it volume mix investment associated with Brand 3, etc.

太好了，謝謝大家，恭喜你們取得了這個穩健的季度業績。所以，也許第三季的毛利率處於高位，Lindsay，也就是那個略低於市場普遍預期的品牌，我們能不能稍微影響一下這個季度的毛利率？是什麼導致了季度業績的下滑？是與品牌3相關的銷售組合投資嗎？等等。

And just to clarify in your prepared remarks, I think you just said something to the effect that the 20% you believe you can grow 20% next year even without any contribution from Brand 3. Can you just confirm that? Thank you so much.

在您的準備發言中，我想澄清一下，您剛才提到了這樣一句話：即使沒有品牌3的貢獻，您相信明年也能實現20%的成長。能確認一下嗎？非常感謝。

Yeah. Thanks for the question, Youssef. So on gross margin, as this is not a metric that our teams manage to. They manage to DC margin, which is contribution margin. It's gross margin after media spend and we have a pretty decent range of gross margin profiles across products that the teams are selling, which they're not managing to. They're only managing to contribution. And as a result, when we issue guidance, we do it in such a way that we give the teams a lot of flexibility to go after whatever it is that makes the right sense from an LTV perspective.

是的。謝謝你的提問，尤瑟夫。關於毛利率，這不是我們團隊能夠達到的指標。他們能夠達到的是DC利潤率，也就是貢獻利潤率。這是扣除媒體支出後的毛利率。我們團隊銷售的產品的毛利率分佈相當合理，但他們達不到這個水準。他們只能達到貢獻率。因此，當我們發布指引時，我們會給予團隊很大的彈性，讓他們去追求從LTV角度來看合理的東西。

We've also, as since you've been covering us since our IPO, we've overdelivered on that metric consistently every quarter as a result of wanting to embed enough conservatism to give the teams flexibility and not be in a position to disappoint the street. That being said, we do have a little bit of seasonality in our gross margin in the back half of the year.

自從我們IPO以來，您一直在關注我們，我們也發現，由於我們力求保持足夠的保守，賦予團隊靈活性，避免讓華爾街失望，我們每個季度都持續超額完成了這項指標。話雖如此，下半年我們的毛利率確實會受到一些季節性的影響。

We're much more of a repeat business as you know that tends to have a bit more, a bit lower gross margin profile and also because the revenue dollars and [cells] are smaller in Q3 and Q4, we don't get as much leverage on the fixed part of our COGS. So sequentially you do see a little bit of that in the back half.

你知道，我們更多的是回頭客業務，毛利率往往會更高或更低一些，而且由於第三季度和第四季度的收入和（單元）規模較小，我們在銷貨成本（COGS）固定部分獲得的槓桿作用較小。所以，在後半部分，你確實會看到一些這種情況。

There's nothing else to make of it from a business perspective in Q2 gross margin behavior was flattish year over year. We had some puts and takes. We had some higher supply chain expenses that were offset by lower supply chain expenses to end up with a pretty flat outcome that we were happy with as it exceeded our guidance for the quarter.

從業務角度來看，第二季的毛利率與去年同期持平，沒什麼好解釋的。我們有一些得失。我們的供應鏈費用有所增加，但被較低的供應鏈費用所抵消，最終取得了相當持平的結果，我們對此感到滿意，因為它超出了我們對本季的預期。

The next question was on Brand 3 contribution. That's correct. We don't need Brand 3 for 2025 outlook, and we don't need it for our 2026 outlook. We're obviously doing everything in our in our control to make sure Brand 3 is an unbelievable success and we believe that it will be, but we have plenty of growth remaining in both IL MAKIAGE and SpoiledChild. IL MAKIAGE is still on track to achieve a billion dollars of revenue in 2028, as Oron mentioned in his remarks.

下一個問題是關於品牌3的貢獻。沒錯。我們不需要品牌3來展望2025年，也不需要它來展望2026年。我們顯然正在盡最大努力確保品牌3取得令人難以置信的成功，我們也相信它會成功，但IL MAKIAGE和SpoiledChild都還有很大的成長空間。正如Oron在演講中提到的，IL MAKIAGE仍有望在2028年實現10億美元的收入。

SpoiledChild is having an unbelievable year as well. That'll cost $200 million of revenue this year. So we don't need our new brands because we have a lot of growth left in our existing brands. Anything that we deliver is incremental. That being said, our commitment is 20% revenue growth and 20% adjusted EBITDA margins. So if we got more from Brand 3, we wouldn't be changing our guidance.

SpoiledChild 今年的表現也令人難以置信。這將導致今年損失 2 億美元的收入。因此，我們不需要推出新品牌，因為現有品牌仍有很大的成長空間。我們所做的一切都是漸進式的。話雖如此，我們的承諾是實現 20% 的營收成長和 20% 的調整後 EBITDA 利潤率。因此，如果我們從第三個品牌獲得更多收益，我們不會調整業績預期。

Got it. Okay. Thank you, that's helpful.

明白了。好的。謝謝，這很有幫助。

Lauran Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Good morning. Two questions. One was just to follow up, Lindsay on the end of your answer to that last question that you wouldn't up your guidance or commitments if Brand 3 comes through strongly and will be incremental. Should we take that as to mean that you know you'll kind of pull back and constrain the growth on IL MAKIAGE, SpoiledChild to try to manage the business in 26 and beyond to something as close to that 20% as possible.

早安.有兩個問題。一個是Lindsay，我想跟進一下你剛才回答的最後一個問題，你之前說過，如果3號品牌表現強勁，並且會逐步推進，你不會提高業績指引或承諾。我們是否應該理解為，你會在某種程度上限制IL MAKIAGE和SpoiledChild的成長，試圖將26年及以後的業務成長控制在盡可能接近20%的水平？

Because I know that to some extent the way we talked about the businesses, we want long term predictable, very strong growth, and some of that is about managing the pace of growth. So I just want to understand how to think about that for 26 and beyond as Brand 3 comes in as incremental.

因為我知道，在某種程度上，我們討論業務的方式，都表明我們希望實現長期可預測的、非常強勁的成長，而這其中的一部分就在於管理成長速度。所以我只是想了解，隨著品牌3的逐步推出，該如何考慮26個品牌及之後的成長速度。

And then the other thing, which is the shorter term, I think previously you talked about a soft launch for Brand 3 in the third quarter and now it's just full committed launch in Q4. Is there any soft launch activity in Q3, and if that's a shift in the launch plan, how come? Thanks.

另一件事，也就是短期內，我記得您之前提到 Brand 3 將在第三季進行軟啟動，現在則計劃在第四季度全面啟動。第三季會進行軟啟動嗎？如果這是啟動計劃的調整，原因是什麼？謝謝。

Yeah, I'll take it, Lindsay, and then (technical difficulty) if you do. First of all, regarding Brand 3 and the reason that we say it's not baked in, it's already baked in 2026 is that even if Brand 3 is as successful as SpoiledChild, by the way, it was the biggest, the best launch of all time based on our knowledge to see $25 million and it's all material and therefore we didn't take it into account when building our next year algorithm but it doesn't mean that we are not bullish. We are very bullish on Brand 3. We are working with for the past almost four years.

是的，我接受，Lindsay，然後（技術難度）如果你願意的話。首先，關於品牌3，我們之所以說它還沒有成熟，其實它已經成熟到2026年了，是因為即使品牌3像SpoiledChild一樣成功，順便說一句，根據我們所知，它是有史以來規模最大、最成功的首發，票房收入達到2500萬美元，而且這都是實質性的，因此我們在構建明年的算法時沒有考慮到這一點。我們非常看好品牌3。過去近四年來，我們一直在與品牌3合作。

As for soft launch, for us it's a lot of trial runs at smaller scale, smaller acquisition spend to drive some traffic for testing. It's a way for us to identify issues that need to be solved and do a lot of patience. Therefore, we will start doing some tests in Q3 and official launch is where we begin spending real dollars both on brand and acquisition. We are planning to make a big push in Q4 and in Q1 next year. So it makes more investments and this is part of the reason that Lindsay was referring to in H1 next year around mountains.

至於軟啟動，對我們來說，就是進行大量小規模的試運行，投入較少的用戶獲取資金，以吸引一些流量進行測試。這讓我們能夠發現需要解決的問題，並保持耐心。因此，我們將在第三季開始進行一些測試，正式上線後，我們才會在品牌和用戶獲取方面投入真正的資金。我們計劃在第四季和明年第一季大力推進。這樣一來，我們就會投入更多資金，這也是Lindsay提到的明年上半年在山區推廣的部分原因。

Hey Lauren, just to follow up on the final part of one of your questions which was about will you constrain and the answer is that yes, we constrain all the time. We have the ability to grow faster than the actual numbers that we deliver and our approach is to make sure that every single year we can compound a 20% revenue growth with 20% adjusted EBITDA margins for many years to come as opposed to pulling any of that growth forward when we don't need it.

嗨，勞倫，我想跟進你最後一個問題，關於你會不會限制增長。答案是肯定的，我們一直在限製成長。我們有能力實現比實際交付數字更快的成長，我們的方法是確保未來許多年，我們每年都能實現20%的收入複合增長和20%的調整後EBITDA利潤率，而不是在不需要的時候提前增長。

So the right way to think about your models as you as you build in the out year is that we will have many levers of growth. We'll consistently deliver on that algorithm and that you can feel confident in our ability to sustain that growth and compound in the future.

因此，在未來一年建立模型時，正確的想法是，我們將擁有多個成長槓桿。我們將始終如一地遵循此演算法，相信您對我們在未來維持成長和複合成長的能力充滿信心。

[Annaliza] Bank of America.

[Annaliza] 美國銀行。

Hi, good morning, and thank you so much for the question. I was wondering if you could just elaborate a bit more on your investment in the business here with the launch of Brand 3 later this year and then Brand 4 next year. And then when do you expect we'll, start seeing some returns here on just the investments with those launches. Thank you.

大家好，早安，非常感謝您的提問。請問您能否詳細介紹您對這項業務的投資，包括今年稍後推出的3號品牌和明年推出的4號品牌。您預計，僅憑這些品牌的推出，我們什麼時候才能看到投資回報？謝謝。

Sure, maybe I'll start. We continue to invest a lot of our margin dollars in the future and going back to the previous question, there is no reason in my way to deliver a higher margin than 20%, especially when we believe those investments could be massive unlocks for the business performance and for the growth in the future. And when we think about investments, there are mainly three pillars.

當然，也許我會先說。我們未來將繼續投入大量的利潤資金。回到上一個問題，我沒有理由將利潤率提高到20%以上，尤其是我們相信這些投資可能會對業務績效和未來成長帶來巨大的釋放。我們考慮投資時，主要有三大支柱。

Number one is new brands, Brand 3, Brand 4, each has its own theme. Many years already spending a lot of money and a lot of time on building those brands. Number two is OT labs which we continue to build. We have around 70 scientists there in Boston. We continue to invest a lot in infrastructure and building this machine.

第一是新品牌，還有品牌3、品牌4，每個品牌都有各自的主題。多年來，我們已經投入了大量的資金和時間來打造這些品牌。第二個是我們正在持續建造的OT實驗室。我們在波士頓擁有大約70名科學家。我們將繼續在基礎設施和這台機器的建設上投入大量資金。

And lastly this technology continues to be the largest team in the company. We acquired a small company this year. We expand the team and we believe this is the right thing to do. As for like what is, what about the future, like in my point of view, we invested $25 million or $20 million and today two years later it's $200 million of revenue and very healthy margins. So I hope that we will continue to invest in this space and we will see the margins and the growth coming.

最後，這項技術仍然是公司最大的團隊。我們今年收購了一家小公司。我們擴大了團隊，我們相信這是正確的選擇。至於現在與未來，在我看來，我們投資了2,500萬或2,000萬美元，兩年後的今天，我們的收入已經達到2億美元，利潤率也非常可觀。所以我希望我們能繼續在這個領域投資，並見證利潤率和成長的到來。

Great. Thanks so much.

太好了！非常感謝。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking the questions. I wanted to ask about international and just the drivers of growth going forward there. Can you guys just talk about whether that includes new markets, deeper penetration, or anything else we should be thinking about as we think through the international opportunity?

非常感謝你們回答這些問題。我想問國際市場以及未來的成長動力。你們能否談談，這是否包括新市場、更深層的滲透，或是我們在思考國際機會時應該考慮的其他因素？

And then Lindsay, I want to go back to just a reoccurring theme of just repeat rates. Is there anything you guys can share either on cohorts, repeat rates to help us better understand. How kind of the existing customers are progressing on the platform. Thanks so much.

然後，Lindsay，我想回到一個反覆出現的主題——重複率。你們能分享一些關於群組和重複率的資訊嗎？這有助於我們更好地理解。現有客戶在平台上的進展如何？非常感謝。

Sure, I'll take the international piece. International is an area we're super excited about this is part of the business we've been, as you guys know, laying the foundation for years now, really preparing the markets and getting them ready.

當然，我會負責國際業務。我們對國際業務非常感興趣，這是我們多年來一直在打的基礎，幫助市場做好準備。

And now, as of we talked to you guys on the Q4 call that we were taking a step forward to move this like even further down the field in terms of executing on those markets, very happy with our first half performance. This is a business that could easily be as large as our US business.

現在，正如我們在第四季度電話會議上所說的，我們正在進一步推進這些市場的執行，我們對上半年的業績感到非常滿意。這項業務的規模很容易就能趕上我們的美國業務。

As you know, as for our competitors, it's something like 70% of their business comes from international markets, and everything that we see is that the markets behave very similarly outside the US to what we have already accomplished in the US. Just to give you put a little bit of numbers around it in the first half, sales outside the US grew over 40%.

如您所知，我們的競爭對手大約70%的業務來自國際市場，而我們看到的情況是，美國以外的市場表現與我們在美國市場的表現非常相似。簡單舉個例子，上半年美國以外的銷售額成長了40%以上。

That's around $85 million. Of that [85, 75] were markets that were already established in so for example, UK, Australia, but we have around $10 million from these new kind of testing markets where we see a lot of potential. I say all this just to illustrate how runway there is so for emerging markets for us, or I should say perspective markets for us like France, Italy, Spain, where the metrics are really positive, it's nice the teams have been in preparation mode to finally actually be executing on it.

大約是8500萬美元。其中[8500萬美元，7500萬美元]是已經成熟的市場，例如英國、澳大利亞，但我們在這些新興的測試市場中獲得了大約1000萬美元，我們認為這些市場潛力巨大。我這麼說只是為了說明我們對於新興市場，或者說像法國、義大利、西班牙這樣的有前景的市場，有著多麼廣闊的發展空間。這些市場的指標都非常積極，很高興團隊一直在準備，終於能夠真正執行。

There's still we're still very early stages. There's still a lot of runway, but it's been fun to see that take shape. This year and as we look into 2026, we have even more going on in terms of you know what that's involved of course it's been more spend more actual user acquisition activity in those markets, assets, creative, all that kind of stuff, but it's also been a lot of focus on the teams, physical products.

我們仍然處於非常早期的階段。還有很長的路要走，但看到它逐漸成型，我感到很高興。今年以及展望2026年，我們在這方面還有更多工作要做，當然，我們會在這些市場投入更多實際的用戶獲取活動、資產、創意等等，但我們也非常關注團隊和實體產品。

Because we don't have users there and we still don't have repeat. Therefore, it's more costly for us at the beginning.

因為我們在那裡沒有用戶，也沒有回頭客。因此，一開始我們的成本比較高。

Yeah. But also focus from the teams, availability of products, technology products, funnels, all those things. So putting those in place, generating a really nice return on them, and executing on that market.

是的。但也要關注團隊的重點，包括產品的可用性、技術產品、通路等等。所以，要把這些都落實到位，產生真正可觀的回報，並在這個市場上有所作為。

In terms of your next question was on repeat remains very strong for us. [Repeat] continues to increase as a percentage of the business year over year and as we look at our 12 month repeat cohorts, those remain very strong over 100% and performing well for both brands.

關於你的下一個問題，回頭客對我們來說仍然非常強勁。 [回頭客]在業務中所佔的比例逐年上升，我們觀察過去12個月的回頭客群體，發現他們的回頭客仍然非常強勁，超過100%，對兩個品牌來說都表現良好。

Thank you.

謝謝。

Mark Mahiney, Evercore.

馬克‧馬希尼 (Mark Mahiney)，Evercore。

Okay, thanks. I just wanted to ask about the Brand 3 go to market strategy. I think given the type of offering it's probably going to require a different go to market strategy than what you've had with the first two brands. Could you just talk about your ability to execute well against that, how different the planning is, how do you mitigate some of the operational risk involved? Thank you very much.

好的，謝謝。我只是想問第三個品牌的行銷策略。我認為，考慮到它的產品類型，它可能需要一個與前兩個品牌不同的行銷策略。您能否談談您們在這方面的執行能力，以及規劃有何不同，以及如何降低其中涉及的一些營運風險？非常感謝。

Sure, I'll start. Look, it's still using our user base, still using our technology, but in addition to that, we have our technology that we built for the past, I want to say 2.5 years, and there is nothing that different except the infrastructure itself for the pharmacy and the third party we work with.

當然，我先說。你看，它仍然在使用我們的用戶群，仍然使用我們的技術，但除此之外，我們還有我們過去兩年半積累的技術，除了藥房的基礎設施和我們合作的第三方之外，沒有什麼太大的不同。

One thing that I would say about Grand Prix and our distinctive approach mostly around personalization. Our team spent almost two years developing the critical personalized treatments and developed almost 25 customer cohorts with unique treatment combinations based on our testing.

關於Grand Prix，我想說的一點是，我們獨特的方法主要體現在個人化方面。我們的團隊花了近兩年時間開發關鍵的個人化治療方案，並根據我們的測試，為近25個客戶群開發了獨特的治療組合。

It shows material improvement and satisfaction and some numbers are above 50% compared to what exists in the market. And I think that the combination here is something that most other companies cannot do. It's both like building the product but also building the tech products. So the combination, that's what brings us to those numbers. So we are very bullish and in terms of go to market, it's pretty much the same.

它體現了實質的改進和滿意度，有些數據甚至比市場水準高出50%以上。我認為，這種結合是大多數其他公司無法做到的。這既是打造產品，也是打造科技產品。正是這種結合，才讓我們取得了這些成績。因此，我們非常樂觀，就市場開拓而言，情況也基本如此。

Thank you very much.

非常感謝。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hey, good morning. Just on Brand 3. Can you just take a step back and give us an update on exactly what the brand sort of entails longer term from a consumer standpoint? Obviously, there's the product itself. You also mentioned monitoring, how does a professional recommendation fit in also potentially and just basically how we think about revenue from Brand 3, is it essentially mostly the product itself, or are you thinking there's substantial opportunity around charging for monitoring or other revenue streams just given commercialization potential in the derm area goes well beyond the product potentially unlike traditional beauty products.

早安.關於品牌3。能否先簡單介紹一下，從消費者的角度來看，這個品牌的長期發展方向是什麼？顯然，產品本身就是關鍵。您也提到了監測，那麼專業推薦如何融入其中呢？我們是如何看待品牌3的收入的？主要是產品本身嗎？還是說，鑑於皮膚科領域的商業化潛力遠遠超出了產品本身，與傳統美容產品截然不同，您是否認為透過收取監測費用或其他收入來源來創造巨大的機會？

So just what's your approach there and how do you think about the long term revenue streams?

那麼您的做法是什麼呢？您如何看待長期收入來源？

Sure. So as I mentioned on the call before, Brand 3 is a telehealth platform with medical grade products, we are starting with dermatology, but we have already planned for the next categories because we already have the infrastructure of shipping OTC and our ex products for the first time. This is a huge opportunity for Oddity and in my view we are addressing it differently than anyone else.

當然。正如我之前在電話會議上提到的，Brand 3 是一個提供醫療級產品的遠距醫療平台，我們目前從皮膚科產品起步，但我們已經規劃了其他類別，因為我們已經擁有了運輸非處方藥和我們產品所需的基礎設施。這對 Oddity 來說是一個巨大的機遇，在我看來，我們應對這一機會的方式與其他公司不同。

We developed, as I mentioned before, the most customized and competitive that we did so far, and in addition to that, it's the first time that we are doing something that deep in a new area of ODC and RX. All to be sold online under our own brand and most products are formulated with existing ingredients, but for the first time we are going to launch products coming from Oddity labs, new molecules, so this is another area where we are very excited about.

正如我之前提到的，我們開發了迄今為止最具客製化和競爭力的產品。此外，這也是我們首次在ODC和RX這個新領域進行如此深入的探索。所有產品都將以我們自己的品牌在線銷售，大多數產品都採用現有成分配製而成。但這是我們首次推出來自Oddity實驗室的產品，採用新分子，所以這又是另一個讓我們非常興奮的領域。

And what else we did here that is different and we were building a mobile app to ensure that compliance is high based on our study and research, one of the main problems in this category is compliance, so we need someone there to coach her to make sure that she is on track for cure. If it means that we need to change her regimen, we will do it automatically and everything with vision technology and doctor set up.

我們這次還做了一些與眾不同的事。我們根據研究成果開發了一個行動應用程序，以確保患者依從性高。這類患者的主要問題之一就是依從性，所以我們需要有人指導她，確保她能夠順利康復。如果這意味著我們需要調整治療方案，我們會透過視覺技術和醫生設置，自動完成所有操作。

And number three is leveraging our 60 million users, as Ninji mentioned on her part. Huge part of base is already suffering from those problems and therefore we are planning to leverage it and to offer them product. Don't forget we use them as partners to build this line, so we are pretty confident that this is something that is going to be exciting also for them.

第三點是充分利用我們6000萬用戶，正如Ninji所提到的。很大一部分用戶已經深受這些問題的困擾，因此我們計劃利用這些用戶，為他們提供產品。別忘了，我們與這些用戶是合作夥伴，共同打造了這條產品線，因此我們非常有信心，這對他們來說也是一件令人興奮的事情。

Great, that's helpful. And you mentioned some of the metrics which have you excited in your testing for Brand 3. Just take us back versus where you were three months ago and what have you learned in the last three months in that testing. Has that changed? Are you thinking about the commercial (multiple speakers)

太好了，這很有幫助。您提到了在品牌3的測試中，一些讓您感到興奮的指標。請您回顧一下三個月前的情況，以及在過去三個月的測驗中，您了解到了什麼。情況有變化嗎？您是否考慮過廣告（多位發言人）？

Three months is a short cycle. It takes us like three months to get a read, okay, but I can telling to two years ago, compared to a year ago, we are in a better in a better position substantially and I think that the key here was and to unlock both first of all, the diagnosis and in addition to that to make sure that we are shipping the right customized product.

三個月是一個很短的周期。我們大概需要三個月才能得到結果，好吧，但我可以說，與兩年前相比，與一年前相比，我們現在的處境要好得多。我認為這裡的關鍵在於，首先要確定診斷，其次要確保我們能夠交付正確的客製化產品。

So even if we had the right product or the right molecule a year ago or two years ago if we sent it to the wrong tester, therefore the satisfaction was low and I think that we made a big progress in matching the right patient with the right treatment.

因此，即使我們在一年前或兩年前擁有正確的產品或正確的分子，如果我們將其發送給錯誤的測試人員，那麼滿意度就會很低，我認為我們在為正確的患者匹配正確的治療方面取得了很大進展。

[Sketch Show] House of Kiban Capital Markets.

[素描秀] Kiban資本市場之家。

Hey team, thanks for taking my question. Oran, as a healthcare technology analyst, I think this brand team launches a really exciting expansion opportunity. Everyone knows and healthcare dermatology providers are supply constrain and waiting for an appointment can take months to a year.

嗨，團隊，感謝你們回答我的問題。 Oran，作為一名醫療技術分析師，我認為這個品牌團隊帶來了一個非常令人興奮的擴張機會。眾所周知，醫療皮膚病學提供者的供應緊張，預約可能需要數月甚至一年的時間。

I guess it seems like the launch is centered around initially around acne and offering topical treatments and prescriptions that are showing better efficacy than [trefooin] currently. But I guess maybe talk about the opportunities with more acute conditions. I think you mentioned eczema.

我猜想，這款產品的上市初期主要圍繞在痤瘡，並提供一些目前療效比[trefooin]更好的局部治療和處方藥。不過，我想或許可以談談針對更急性疾病的治療機會。我記得你提到了濕疹。

This could be an entirely different platform bringing in a whole new customer set and people coming to your platform with, really severe skin conditions. So kind of just walk me through the trajectory of how you view Brand 3 and the opportunities there as you emerge as a healthcare technology company.

這可能是一個完全不同的平台，能夠吸引全新的客戶群，讓那些皮膚狀況非常嚴重的人來到你的平台。所以，請你跟我講講你如何看待品牌3的發展軌跡，以及你們作為一家醫療科技公司崛起過程中所面臨的機會。

Sure, thank you for that, and I'm happy that you agree with us and that's the reason why we launch it, to be honest, because it's such a headache and with very low satisfaction. And we thought the main focus for the beginning of the launch will be around acne and hyperpigmentation, and those are two areas that we believe that we have a very strong breakthrough around both the technology and the offering itself.

當然，謝謝你，我很高興你同意我們的觀點，說實話，這也是我們推出這款產品的原因，因為它確實很讓人頭疼，而且滿意度很低。我們原本以為產品發布初期的重點會放在痤瘡和色素沉著上，我們相信這兩個領域，無論是在技術上還是產品本身，我們都取得了非常顯著的突破。

We are ready also with eczema. I think that we're going to have great products out there, but it's a smaller prevalence and therefore the main push will be around pigmentation at the beginning. And we are going to launch also other body products in Q1 next year and in addition to that we are working on additional categories.

我們也做好了應對濕疹的準備。我認為我們會推出很棒的產品，但濕疹的發生率較低，因此初期主要會針對色素沉著進行推廣。我們也將在明年第一季推出其他身體護理產品，此外，我們也正在開發其他類別。

As for your question, yes, new users, it's something that we are happy about because it's going to divest our user base, but you may be surprised, but many of our user base today is suffering from those problems and this is why we started with like solving it.

至於您的問題，是的，新用戶，這是我們感到高興的事情，因為這將剝離我們的用戶群，但您可能會感到驚訝，但今天我們的許多用戶群都受到這些問題的困擾，這就是我們開始解決它的原因。

We saw at least 20%, 25% of each problem that we are about to launch and we start to ask questions what is wrong there and they answered us and in this way we build this line and I think that that's a very good start for launching the brand.

我們看到即將推出的每個問題至少有 20% 到 25%，我們開始詢問那裡出了什麼問題，他們回答了我們，就這樣我們建立了這條生產線，我認為這是推出品牌的一個非常好的開始。

Thank you so much. There are no further questions at this time. I would now like to turn the call back over to Oran Holtzman for his closing remarks, right. Thank you.

非常感謝。目前沒有其他問題了。現在我想把電話轉回奧蘭·霍爾茨曼，請他做最後發言。謝謝。

Guys, thank you very much. See you next quarter.

各位，非常感謝。下個季度再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。現在您可以掛斷電話了。