Oddity Tech Ltd (ODD) 2025 Q3 法說會逐字稿

Good morning. Welcome to ODDITY's third-quarter 2025 earnings conference call. Today's call is being recorded. We have allotted time for prepared remarks and Q&A. At this time, I would like to turn the conference over to Maria Lycouris, Investor Relations for ODDITY.

早安.歡迎參加 ODDITY 2025 年第三季財報電話會議。今天的通話將會被錄音。我們已預留時間進行發言和問答環節。此時，我謹將會議交給 ODDITY 的投資人關係負責人 Maria Lycouris。

Thank you. You may begin.

謝謝。你可以開始了。

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.

謝謝接線生。與我一同參與討論的還有 ODDITY 的共同創辦人兼執行長 Oran Holtzman，以及 ODDITY 的全球財務長 Lindsay Drucker Mann。ODDITY 的技術長 Niv Price 也將出席問答環節。

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.

再次提醒各位，管理階層在本次電話會議上發表的與過去事件無關的言論均為前瞻性陳述。這些可能包括預測、預期或估計，包括關於 ODDITY 的業務策略、市場機會、未來財務表現和潛在長期成功的聲明。

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，實際結果可能因各種因素而與預期有重大差異。這些因素已在昨天發布的盈利新聞稿和我們於 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聲明中進行了描述。我們不承擔更新前瞻性聲明的任何義務，這些聲明僅代表截至今日的觀點。

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.

最後，在本次電話會議中，我們將討論一些非GAAP財務指標，我們認為這些指標對於了解我們的業務是有用的補充指標。有關這些非GAAP財務指標的更多信息，包括其定義，請參閱我們昨天發布的盈利新聞稿。

I will now hand the call over to Oran.

現在我將把電話交給奧蘭。

Thanks, everyone, for joining us today. We delivered an outstanding third quarter with strong financial performance while achieving major milestones in our growth initiatives, including new brands, new markets, ODDITY LABS and tech innovation. Even in a challenging industry backdrop, ODDITY continues to deliver on its near-term financial commitments while building our future growth engines.

感謝各位今天蒞臨。第三季我們取得了優異的財務業績，同時在成長計畫方面也取得了重大里程碑式的成就，包括新品牌、新市場、ODDITY LABS 和技術創新。即使在充滿挑戰的產業環境下，ODDITY 仍能繼續履行其近期財務承諾，同時建立未來的成長引擎。

Our financial performance once again exceeds our targets as we have done every quarter for the last 10 quarters as a public company across revenue, profit and earnings, including 24% revenue growth and 24% growth in adjusted diluted earnings per share year-over-year despite category challenges. We are also once again raising our full year guidance.

我們的財務表現再次超出預期目標，與過去 10 個季度作為上市公司以來每個季度一樣，在收入、利潤和收益方面均實現了增長，包括收入同比增長 24%，調整後稀釋每股收益同比增長 24%，儘管面臨行業挑戰。我們也再次上調了全年業績預期。

We achieved a huge milestone this week with the official launch of METHODIQ, the third brand in the ODDITY platform. METHODIQ is our most ambitious endeavor. Our long-term goal for METHODIQ is not just to launch another great brand and a telehealth platform, but to transform a broken medical care system using the best treatment and the highest standards of care available to everyone.

本週，我們正式推出了 METHODIQ，這是 ODDITY 平台上的第三個品牌，我們取得了巨大的里程碑式的成就。METHODIQ 是我們最具野心的嘗試。METHODIQ 的長期目標不僅是推出另一個偉大的品牌和遠距醫療平台，而是利用最好的治療方法和最高的護理標準，讓每個人都能獲得最好的治療，從而改變支離破碎的醫療保健系統。

Our objective is to address medical issues with customized high efficacy treatment without the need of going to a doctor's office or getting lost in a drugstore. Achieving our planned timeline for METHODIQ is a great accomplishment and speaks to what makes ODDITY and our culture so strong.

我們的目標是透過客製化的高效治療來解決醫療問題，而無需去診所就醫或在藥局裡迷失方向。實現 METHODIQ 的計畫時間表是一項巨大的成就，也體現了 ODDITY 和我們文化的強大之處。

This is four years of heavy R&D in the making, supported by two acquisitions, including Voyage81 and Revela developed with what we believe is an unprecedented scale of over 20,000 real user trials for our product line. METHODIQ is starting in dermatology, but our long-term goal is to expand into new medical domains in the future, and these are in development as we speak.

這是經過四年大量研發才得以實現的，並得到了兩項收購的支持，包括 Voyage81 和 Revela。我們相信，我們的產品線經過了前所未有的 20,000 多次真實用戶試驗。METHODIQ 起步於皮膚科，但我們的長期目標是在未來擴展到新的醫學領域，而這些領域目前正在開發中。

Our launch into dermatology takes on a massive problem. Industry data shows that nearly 50 million Americans suffer from acne, nearly 30 million from hyperpigmentation and more than 30 million from eczema, and many of them are unsatisfied with the current options on the market. Drugstore products lack efficacy and personalization, going to a dermatologist is a high friction and the standard of care for these conditions has declined.

我們進軍皮膚科領域面臨一個巨大的難題。產業數據顯示，近 5,000 萬美國人患有痤瘡，近 3,000 萬人患有色素沉著過度，超過 3,000 萬人患有濕疹，其中許多人對目前市場上的選擇並不滿意。藥妝店產品缺乏療效和個人化，去看皮膚科醫生阻力很大，而且這些疾病的治療標準已經下降。

At the same time, dermatologists will tell you that issues like acne are curable. You only need to ensure that the person has the right products and that they stay compliant. To tackle this big challenge, we built an ambitious and complex brand. METHODIQ is expected to feature a huge line of 28 prescription and nonprescription products, which combine for more than 100 unique treatment combinations or precision personalization.

同時，皮膚科醫生會告訴你，像痤瘡這樣的問題是可以治癒的。你只需要確保這個人擁有正確的產品，並且始終遵守相關規定。為了應對這項巨大挑戰，我們打造了一個雄心勃勃且複雜的品牌。METHODIQ 預計將推出 28 種處方藥和非處方藥產品，這些產品組合起來可實現 100 多種獨特的治療方案或精準個人化治療。

We have aimed to optimize these products to balance between maximizing efficacy and minimizing side effects at the same time to provide the best-in-class beauty experience using the same standards for things like texture and scent that we have at IL MAKIAGE and SpoiledChild, while beating top benchmark competitors in their category based on internal data.

我們的目標是優化這些產品，在最大限度地提高功效的同時，最大限度地減少副作用，從而提供一流的美容體驗。我們採用與 IL MAKIAGE 和 SpoiledChild 相同的質地和香味標準，並根據內部數據，超越同類產品中的頂級標竿競爭對手。

Our launch portfolio spans oral topical supplements and medical grade makeup that conceals whiteheads. Within the first six months of launch, we will be live in the market with four METHODIQ products formulated with ODDITY LABS molecules that are proprietary to us, addressing a range of skin conditions that include dark spots, papular scarring, eczema and skin filament.

我們的首發產品組合涵蓋口服外用補充劑和可遮蓋白頭的醫用級化妝品。在上市後的前六個月內，我們將推出四款 METHODIQ 產品，這些產品採用 ODDITY LABS 的專有分子配製而成，可解決一系列皮膚問題，包括黑斑、丘疹疤痕、濕疹和皮膚纖維。

METHODIQ suites of vision tools was developed alongside our team of dermatologists to analyze visible skin features like breakouts and pigmentation to help our doctors' networks understand its user conditions. These vision models were built drawing on more than 1 million image of real individual with no facial skin condition, which we believe is the largest image data set of its kind and was curated from over 13 million facial images in ODDITY's database.

METHODIQ 視覺工具套件是與我們的皮膚科醫生團隊共同開發的，用於分析可見的皮膚特徵，如粉刺和色素沉著，以幫助我們的醫生網絡了解其用戶狀況。這些視覺模型是基於超過 100 萬張真實個體（無面部皮膚疾病）的圖像構建的，我們相信這是同類圖像數據集中最大的一個，這些圖像是從 ODDITY 數據庫中超過 1300 萬張面部圖像中精心挑選出來的。

Users are delivered continuous care through METHODIQ's first-of-its-kind tracking app for weekly check-ins where our vision technology quantifies progress and gives update to the clinician, ensuring compliance and success. We soft launched METHODIQ in Q3 and went live with our formal launch earlier this week, exactly as planned. This launch includes a major media campaign showcasing METHODIQ's distinctive brand voice and inspires consumers to commit to the care.

透過 METHODIQ 首創的追蹤應用程序，使用者可以每週進行檢查，獲得持續的照護。我們的視覺技術可以量化進展並向臨床醫生提供最新信息，從而確保依從性和成功。我們在第三季試營運了 METHODIQ，並在本週稍早正式上線，一切都按計畫進行。此次發表會包括一項大型媒體宣傳活動，旨在展示 METHODIQ 獨特的品牌形象，並激勵消費者致力於護理事業。

We are running a large-scale out-of-home takeover in New York City and a massive TikTok activation partnering with the biggest medical and skin influencers to create brand awareness and to build trust. This is the biggest TikTok activation in ODDITY's history. And as we have said, dermatology is just the beginning. We are working on additional medical domains for expansion, and we expect to have more to announce for METHODIQ's in the future.

我們正在紐約市進行大規模的戶外廣告投放活動，並與最大的醫療和皮膚科網紅合作，在TikTok上進行大規模推廣活動，以提高品牌知名度並建立信任。這是 ODDITY 史上規模最大的 TikTok 推廣活動。正如我們所說，皮膚科只是一個開始。我們正在努力拓展其他醫療領域，預計未來會有更多關於 METHODIQ 的消息公佈。

Turning to IL MAKIAGE. Q3 were once again strong. IL MAKIAGE revenue grew double digit online. The brand remains on track to achieve our target of $1 billion revenue by 2028. We continue to show healthy expansion in international. At the ODDITY level, international revenue increased around 40% year-over-year in the first nine months of 2025.

轉向IL MAKIAGE。第三季業績依然強勁。IL MAKIAGE 的線上收入實現了兩位數成長。該品牌仍有望實現 2028 年營收達到 10 億美元的目標。我們在國際市場持續保持健康成長動能。ODDITY 的數據顯示，2025 年前九個月的國際營收年增約 40%。

We have successfully scaled in existing markets like UK and Australia, while conducting larger scale tests in new markets like France, Italy and Spain. We see huge opportunity in international markets and plan to further scale those across the board in 2026. Skin remains a standout growth area and is on track to be around 40% of IL MAKIAGE brand revenue this year. Successful product innovation has been a key driver of skin, and we expect this will continue in 2026 with our solid lineup of new product launches.

我們已成功在英國和澳洲等現有市場擴大規模，同時在法國、義大利和西班牙等新市場進行更大規模的測試。我們看到了國際市場的巨大機遇，並計劃在 2026 年進一步全面擴大這些機會。護膚品仍然是一個突出的成長領域，今年預計將佔IL MAKIAGE品牌營收的40%左右。成功的產品創新一直是皮膚護理的關鍵驅動力，我們預計隨著我們一系列新產品的推出，這一趨勢將在 2026 年繼續保持。

Turning to SpoiledChild, which is having a strong year. We now expect the brand to cross $225 million of revenue in 2025. We are excited about our innovation lineup for 2026, including new product tests. Moving to ODDITY LABS, where our very hard work over the last two years is starting to bear fruit. We have made significant improvement over the last year to our systems, infrastructure and teams, which we believe will translate into strong commercial discoveries.

接下來是 SpoiledChild，它今年的表現非常出色。我們現在預計該品牌到 2025 年的收入將超過 2.25 億美元。我們對 2026 年的創新計畫感到非常興奮，其中包括新產品測試。搬到 ODDITY LABS，我們過去兩年的辛勤工作開始結出碩果。過去一年，我們在系統、基礎設施和團隊方面都取得了顯著進步，我們相信這將轉化為強勁的商業成果。

The near-term commercial impact for ODDITY LABS is increasing. We plan to have at least eight products with labs molecule on the market in 2026 for our existing brands, including four products for METHODIQ and four for IL MAKIAGE and SpoiledChild. Beyond these eight, we have additional products planned for our brand launch, lastly on tech product innovation, which is the backbone of our business and an area of continuous investment.

ODDITY LABS 的近期商業影響正在擴大。我們計劃在 2026 年為我們現有的品牌推出至少八款含有實驗室分子成分的產品，其中包括 METHODIQ 的四款產品和 IL MAKIAGE 及 SpoiledChild 的四款產品。除了這八款產品之外，我們還計劃在品牌發佈時推出更多產品。最後，我們專注於科技產品創新，這是我們業務的支柱，也是我們持續投資的領域。

Artificial intelligence has been a centerpiece of our tech platform since we first launched in 2018. Advances in large language models and generative AI, together with our large and growing proprietary data sets allow us to push the frontier of how we can use machine learning to drive direct-to-consumer. We have a range of initiatives in development on this front, including commerce agents that drive conversion and satisfaction, integrating these state-of-the-art models into our advertising creative and other customer-facing initiatives.

自 2018 年我們首次推出以來，人工智慧一直是我們的技術平台的核心。大型語言模型和生成式人工智慧的進步，加上我們龐大且不斷成長的專有資料集，使我們能夠突破機器學習在推動直接面向消費者業務方面的限制。我們在這方面正在開發一系列舉措，包括推動轉換率和客戶滿意度的商務代理，並將這些最先進的模型整合到我們的廣告創意和其他面向客戶的舉措中。

With that, I will hand it over to Lindsay.

然後，我就把它交給琳賽了。

Thanks, Oran. Turning to our third quarter financial results, which I'll refer to on an adjusted basis. You can find the full reconciliation to GAAP in our press release. Q3 was another good quarter for us, setting us up for a record-breaking full year results in 2025. ODDITY's strong financial results continue to stand out relative to our competitors.

謝謝你，奧蘭。接下來談談我們第三季的財務業績，我將以調整後的數據來描述。您可以在我們的新聞稿中找到與 GAAP 的完整對帳資訊。第三季對我們來說又是一個不錯的季度，為我們在 2025 年取得破紀錄的全年業績奠定了基礎。ODDITY 強勁的財務表現持續優於我們的競爭對手。

This outperformance has been driven by the strength of our direct-to-consumer model and exposure to what we see as the key durable growth vectors in the industry, which are the consumer shift online and the migration towards high-efficacy products. We grew revenue by 24% in the third quarter to $148 million, exceeding our guidance for revenue growth of between 21% and 23%.

這一優異表現得益於我們強大的直接面向消費者的模式，以及我們對行業內關鍵持久增長動力的把握，即消費者向線上轉移以及向高效產品的轉變。第三季度，我們的營收成長了 24%，達到 1.48 億美元，超過了我們先前 21% 至 23% 的營收成長預期。

The strength was driven by double-digit online growth at both IL MAKIAGE and SpoiledChild. Net revenue was driven by an increase in orders, while average order value declined around 1%. Average order value was impacted by mix, including faster growth in international markets, which carry lower AOV.

IL MAKIAGE 和 SpoiledChild 的線上銷售額均實現了兩位數的成長，推動了整體業績的強勁成長。淨收入的成長主要得益於訂單量的增加，而平均訂單價值下降了約 1%。平均訂單價值受產品組合的影響，包括國際市場成長較快，而國際市場的平均訂單價值較低。

Repeat increased as a percentage of sales year-over-year, and our 12-month net revenue repeat cohort trends remained strong at north of 100%. Gross margins of 71.6% expanded 170 basis points versus the prior year and exceeded our guidance of 68%. We did experience some gross margin impact from the flow-through of higher tariffs during the period, but this was offset in part by cost efficiencies and favorable mix relative to our plan.

重複購買佔銷售額的比例逐年增加，我們 12 個月的淨收入重複購買群體趨勢保持強勁，超過 100%。毛利率為 71.6%，比上年增長 170 個基點，超過了我們先前 68% 的預期。在此期間，由於關稅上漲，我們的毛利率確實受到了一些影響，但成本效益和相對於我們計劃的有利產品組合在一定程度上抵消了這一影響。

We continue to expect tariff headwinds will remain manageable for the balance of 2025 and into 2026. And while we have the flexibility to take pricing as needed, we have no specific price increases planned to offset tariff-related inflation. We delivered adjusted EBITDA of $29 million in the quarter, above our guidance of $26 million to $28 million.

我們仍然預計，2025 年剩餘時間和 2026 年的關稅阻力將保持在可控範圍內。雖然我們可以根據需要靈活調整價格，但我們目前沒有具體的漲價計劃來抵消關稅相關的通貨膨脹。本季調整後 EBITDA 為 2,900 萬美元，高於我們先前預期的 2,600 萬美元至 2,800 萬美元。

We continue to invest in our long-term growth engines, including our METHODIQ brand launch and other future brands, ODDITY LABS and our tech platform. We had higher-than-planned media costs in the quarter and have seen the media backdrop improve as we progressed into the fourth quarter. We delivered adjusted diluted earnings per share of $0.40 compared to our guidance of $0.33 to $0.36.

我們將繼續投資於我們的長期成長引擎，包括我們的 METHODIQ 品牌發布和其他未來品牌、ODDITY LABS 和我們的技術平台。本季我們的媒體支出高於預期，但隨著進入第四季度，媒體環境有所改善。我們實現的調整後稀釋每股收益為 0.40 美元，而我們先前的預期為 0.33 美元至 0.36 美元。

Adjusted diluted earnings per share exclude approximately $9 million of share-based compensation expense. We delivered strong free cash flow of $90 million for the first nine months of the year. This included around $16 million of outflows related to inventory as we built inventory from METHODIQ and modified our inventory shipment timing for tariff planning purposes. We ended the quarter with $793 million of cash, cash equivalents and investments on our balance sheet with an additional $200 million available on our undrawn credit facilities.

經調整後的稀釋每股盈餘不包括約 900 萬美元的股權激勵費用。今年前九個月，我們實現了強勁的自由現金流，達到 9,000 萬美元。這其中包括與庫存相關的約 1600 萬美元支出，因為我們從 METHODIQ 建立了庫存，並出於關稅規劃的目的調整了庫存發貨時間。本季末，我們的資產負債表上擁有 7.93 億美元的現金、現金等價物和投資，此外，我們還有 2 億美元的未提取信貸額度可用。

Turning to our outlook for 2025. After a strong first nine months, we're on track for another record-breaking fiscal year and are once again raising full year guidance. We now expect full year 2025 net revenue will be between $806 million and $809 million, representing between 24% and 25% year-over-year growth.

接下來展望2025年。經過強勁的前九個月，我們預計再創財年紀錄，因此再次上調全年業績預期。我們現在預計 2025 年全年淨收入將在 8.06 億美元至 8.09 億美元之間，年增 24% 至 25%。

We expect gross margin will be approximately 72.5%. We expect adjusted EBITDA will be between $161 million and $163 million, and we expect adjusted diluted earnings per share will be between $2.10 and $2.12, assuming no share buybacks in 2025. This full year outlook includes our expectation that revenue in the fourth quarter will increase between 21% and 23% year-over-year. You can find more details on our Q4 outlook in our press release.

我們預計毛利率約為72.5%。我們預計調整後的 EBITDA 將在 1.61 億美元至 1.63 億美元之間，我們預計調整後的稀釋每股收益將在 2.10 美元至 2.12 美元之間，假設 2025 年沒有股票回購。全年展望包括我們對第四季營收年增 21% 至 23% 的預期。您可以在我們的新聞稿中找到有關第四季度展望的更多詳細資訊。

With that, I'll turn the call back to the operator for questions.

這樣，我就把電話轉回接線生，回答大家的問題。

(Operator Instructions)

（操作說明）

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

Good morning, guys. So Oran, on the base business, can you just help us unpack the 40% year-to-date growth you mentioned in international markets? Obviously, that's been a greater focus for you guys year-to-date. What have been the key geographic drivers of growth there from a country standpoint?

各位早安。奧蘭，關於基礎業務，您能否幫我們解讀您提到的國際市場今年迄今為止 40% 的成長？顯然，這是你們今年以來更加關注的重點。從國家層級來看，推動該地區成長的關鍵地理因素是什麼？

And then just as you look out to 2026, you mentioned further scaling the international business. Is that around further country penetration? Is it SpoiledChild expansion? Just the key expansion or white space opportunities as you look going forward?

展望 2026 年，您提到要進一步擴大國際業務規模。這是指進一步拓展國家市場嗎？這是 SpoiledChild 的擴充嗎？展望未來，您認為關鍵的擴張或空白市場機會是什麼？

Sure. So the first nine months, just to put things in perspective, still 83% of revenue came from the US. So although international grew 40%, it is still tiny comparing to the US while for others, as you know, international is approximately two-third of their business. For us, it's still 17%. Our plan is to continue to responsibly grow across the board in international markets. But as we said in our remarks, it's a huge revenue and profit opportunity for us, and we see that it's strategically important for us.

當然。所以，為了更清楚說明情況，前九個月的收入仍然有 83% 來自美國。因此，儘管國際業務成長了 40%，但與美國相比仍然很小；而對於其他一些國家來說，正如你所知，國際業務約佔其業務的三分之二。對我們來說，仍然是 17%。我們的計劃是繼續在國際市場全面實現負責任的成長。但正如我們在演講中所說，這對我們來說是一個巨大的收入和利潤機會，我們認為這對我們來說具有重要的戰略意義。

We scale international when we think it makes sense. We don't run and spend in user acquisition just because we want to grow international or because we see softness in the US. The opposite. Where we see opportunity, this is where we push and we get more revenue. This year, we grew 40%, but like the objective is not just to grow the international market.

當我們認為時機成熟時，我們會拓展國際業務。我們不會因為想要拓展國際市場或看到美國市場疲軟就盲目投入用戶獲取。恰恰相反。哪裡有機會，我們就全力以赴，這樣就能獲得更多收入。今年我們成長了 40%，但我們的目標不僅僅是拓展國際市場。

And in terms of countries today, existing countries, Canada, UK, Germany, Australia, Israel and France. New geographies are Italy, Spain, Netherlands, Ireland and Sweden and Denmark. Markets that we are adding as testing are Japan, Mexico, Korea, Belgium and a few others. But this year, only 2% of revenue came from new countries and the 15% came from existing countries. So basically, the majority of the growth came from countries that we already were active in.

就當今國家而言，現有的國家有：加拿大、英國、德國、澳洲、以色列和法國。新增地區包括義大利、西班牙、荷蘭、愛爾蘭、瑞典和丹麥。我們正在新增的測試市場包括日本、墨西哥、韓國、比利時以及其他一些市場。但今年，只有 2% 的收入來自新國家，15% 來自現有國家。所以基本上，大部分成長都來自我們已經開展業務的國家。

That's very helpful. And then just one on METHODIQ. Just high level, any thoughts after you've done some testing there on how much ability the platform has to bring in new customers to the ODDITY franchise and perhaps over time, indirectly drive beauty sales and cross-sell? And just as you see initial interest in the platform, how much of that is coming from your existing consumer base versus a new consumer base?

那很有幫助。然後只在 METHODIQ 上發了一個。從宏觀層面來說，您在進行了一些測試之後，對該平台為 ODDITY 品牌帶來新客戶的能力有何看法？隨著時間的推移，該平台是否能夠間接地推動美容產品銷售和交叉銷售？正如您所看到的，人們對該平台的初步興趣有多少來自您現有的客戶群，又有多少來自新的客戶群？

Every new country is completely new because we don't have users there. So that's why it's -- in terms of cost, it costs more because like we don't have any existing users.

每個新國家對我們來說都是全新的，因為我們在那裡還沒有使用者。所以這就是為什麼——就成本而言，它的成本更高，因為我們沒有任何現有用戶。

Oran, his question is on METHODIQ. The question is on METHODIQ, right there.

Oran，他的問題是關於 METHODIQ 的。問題就在 METHODIQ 上，就在那裡。

Sorry, I couldn't hear you. Yes, sorry. In terms of METHODIQ, yes, of course, like SpoiledChild, when we started, the majority of revenue came from IL MAKIAGE, and we expect that a decent percentage will come from IL MAKIAGE and SpoiledChild for METHODIQ. \

抱歉，我沒聽清楚。是的，抱歉。就 METHODIQ 而言，是的，當然，就像 SpoiledChild 一樣，我們剛起步時，大部分收入來自 IL MAKIAGE，我們預計 METHODIQ 的收入中將有相當一部分來自 IL MAKIAGE 和 SpoiledChild。\

Of course, we are also doing user acquisition because we want to expand our user base. So it will be mixed. Over time, of course, when the brand grows, then we will have more acquisition, but we are doing both.

當然，我們也在進行用戶獲取，因為我們想擴大用戶群。所以結果會是混合的。當然，隨著時間的推移，當品牌發展壯大後，我們會進行更多的收購，但我們現在兩種方法都在嘗試。

Okay, great. Thank you, guys.

好的，太好了。謝謝大家。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

Hi, good morning. Thank you so much for the question. On METHODIQ, just wondering in terms of how we should be thinking about this brand for '26. Just wondering if you can continue to elaborate on how you're thinking about new customer acquisition for METHODIQ. Just how can we think about it incrementally versus SpoiledChild and IL MAKIAGE?

您好，早安。非常感謝您的提問。關於 METHODIQ，我只是想知道我們應該如何看待這個品牌在 2026 年的發展。我想請您進一步詳細說明您是如何考慮 METHODIQ 的新客戶獲取策略的。我們該如何逐步地將它與 SpoiledChild 和 IL MAKIAGE 進行比較呢？

And just in terms of the investments that you're making, we previously expected, I guess, a larger headwind on the second half in SG&A and the guidance for Q4 implies that this might not be as bad as we previously expected. So was wondering if you can comment on this also for the beginning of '26 in the context of the new brand launch. Thank you so much.

至於你們的投資，我們之前預計下半年銷售、一般及行政費用會面臨更大的阻力，但第四季度的業績指引表明，情況可能不會像我們之前預期的那麼糟糕。所以我想問您能否就2026年初新品牌發布的情況也發表一下看法。太感謝了。

I will start with high level. Our expectation from METHODIQ Brand 3 is to scale faster than SpoiledChild, which was one of the best D2C launches of all time. And our expectation here is to see even bigger numbers. In terms of contribution due to the fact that it's like relatively small, like SpoiledChild did $25 million in year one. And even if we do a bit more, still comparing to our next year revenue goal is still tiny. So Lindsay, if you want to touch regarding contribution for both top line and bottom line and METHODIQ.

我先從高層次的層面談起。我們對 METHODIQ Brand 3 的期望是，其規模擴張速度能夠超過 SpoiledChild，而 SpoiledChild 是有史以來最成功的 D2C 品牌之一。我們預計實際數字還會更高。就貢獻而言，因為它的規模相對較小，例如 SpoiledChild 第一年就賺了 2500 萬美元。即使我們再多做一些，與我們明年的收入目標相比仍然微不足道。所以 Lindsay，如果你想談談對營收和利潤的貢獻以及 METHODIQ 的話。

Yes. No, that's right. We haven't given -- we're not ready to give any specific plans for 2026 for METHODIQ. But of course, as we look long term, we're extremely bullish about the brand. This is a telehealth platform that is really reimagined what medical care would look like if it was built entirely around the customer.

是的。沒錯。我們還沒有給出——我們還沒有準備好給出 METHODIQ 在 2026 年的任何具體計劃。當然，從長遠來看，我們對該品牌非常看好。這是一個遠距醫療平台，它真正重新構想瞭如果完全以客戶為中心構建的醫療保健模式會是什麼樣子。

Oran talked about the world-class treatments we've put together, highest standards of care, truly personalized to the individual and broadly available to everyone available online. We're starting in dermatology. That's a focus for us right now, a market that we understand really well because we've got around half of our IL MAKIAGE and SpoiledChild users on the ODDITY platform that tell us they have issues like acne and dark spots and eczema.

Oran 談到了我們精心打造的世界級治療方案、最高標準的護理、真正個性化的治療，以及面向所有人的在線廣泛服務。我們從皮膚科開始。這是我們目前的重點，我們對這個市場非常了解，因為我們大約有一半的 IL MAKIAGE 和 SpoiledChild 用戶在 ODDITY 平台上告訴我們，他們有痤瘡、黑斑和濕疹等問題。

And so it's a nice place for us to begin, as we said with the earlier question. And there's truly nothing like it on the market. So we're very, very bullish, but we are in very early stages. We had our soft launch on time in the third quarter. We just launched formally this week. A lot of very strong early signals, but still lots of work for us to do before we figure out our plans in terms of timing of scaling, et cetera, but we're really excited.

所以，正如我們之前回答問題時所說，這是一個很好的切入點。市面上確實沒有類似的產品。所以我們非常非常看好，但我們仍處於非常早期的階段。我們在第三季按時進行了試營運。我們本週剛正式上線。早期有很多非常強烈的訊號，但在我們確定擴張的時間安排等方面的計劃之前，還有很多工作要做，但我們真的非常興奮。

As far as the SG&A implied guidance for Q4 versus prior, I guess what I would say is, historically, we like to guide to revenue and EBITDA. And then from a gross margin perspective, we always give the team a lot of flexibility. So we try to guide conservatively that allow them to kind of chase whatever products from a DC margin perspective, that's gross margin after media spend.

至於第四季與之前相比的銷售、管理及行政費用隱含指引，我想說的是，從歷史經驗來看，我們喜歡對收入和 EBITDA 進行指引。從毛利率的角度來看，我們總是給予團隊很大的彈性。因此，我們盡量採取保守的指導方針，讓他們能夠從 DC 利潤率的角度去追求任何產品，也就是扣除媒體支出後的毛利。

That's how we evaluate the business. We want them to have lots of flexibility to go after the right DC margin or other products that from a strategy perspective, we're focused on. So gross margin is not an internal focus metric. And as a result for our guidance, we try to walk you guys to a place where we feel really comfortable, we can deliver, and we've historically delivered a bit better, but we're always managing towards that revenue and EBITDA figure.

我們就是這樣評估企業的。我們希望他們擁有很大的彈性，去追求合適的配送​​中心利潤或其他我們從策略角度關注的產品。因此，毛利率並非內部關注的指標。因此，為了提供指導，我們努力引導大家達到一個我們感覺非常滿意、能夠交付成果的目標，而且我們過去也確實做得更好一些，但我們始終朝著營收和 EBITDA 目標努力。

So I wouldn't read too much into that. We still have some nice investment planned for all of our growth initiatives, including METHODIQ in the fourth quarter, and we talked about the growth investments in the first half of 2026 on our prior call.

所以我覺得不必對此過度解讀。我們仍然計劃對所有成長計劃進行一些不錯的投資，包括第四季度的 METHODIQ，我們在之前的電話會議上也談到了 2026 年上半年的成長投資。

Great. Thank you so much.

偉大的。太感謝了。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Good morning. Thank you for taking the question, and I have two, maybe just starting with one, Oran. We've seen a pretty mixed bag of earnings from various consumer-oriented companies this earnings season. I think you alluded to that a little bit in your prepared remarks. Can you maybe speak to your views about the health of the US consumer right now and some of the things that you guys are doing in particular, just to help ODDITY buck that trend? And I have another question.

早安.感謝您接受提問，我有兩個問題，或許可以先從第一個開始，奧蘭。本財報季，我們看到各家面向消費者的公司績效喜憂參半。我認為你在事先準備好的發言稿中已經略微提到了這一點。您能否談談您對目前美國消費者健康狀況的看法，以及您們為了幫助 ODDITY 扭轉這一趨勢而採取的一些具體措施？我還有個問題。

Sure. Yes, like we see what you guys see regarding softness from like from the outside. But internally, as you can see based on our results, revenue is still like according to plan, even better. Margin was strong. This is despite the fact that we see like higher acquisition costs. And the main reason that we can offset it is just like the massive repeat that we have.

當然。是的，就像我們從外部看到的那樣，我們看到了你們看到的柔軟度。但從內部來看，正如您從我們的業績中看到的，收入仍然符合計劃，甚至更好。利潤率很高。儘管我們看到收購成本較高，但情況依然如此。我們能夠抵消它的主要原因就像我們擁有的大量重複一樣。

And when I try to think about the way like to think or to answer regarding softness, the first thing that I look at is obviously acquisition, but the second part is repeat. So yes, acquisition is higher, but repeat is getting way higher every quarter. And therefore, we are not impacted.

當我試著思考如何思考或回答有關「柔軟」的問題時，我首先想到的顯然是習得，但其次是重複。所以，沒錯，獲客量是增加了，但復購率每季都在大幅成長。因此，我們不受影響。

Okay. Okay. That's great to hear. And then Lindsay, I know you're not guiding quite yet to 2026. But is the growth algo for 2026 any different from what we've expected or what we've heard from you guys up until this point, which is committing to basically 20% top line, about 20% adjusted EBITDA margins. And maybe within that, maybe just talk about the marketing efficiency in the business that you're seeing.

好的。好的。聽到這個消息真是太好了。還有，林賽，我知道你還沒開始指導到 2026 年。但 2026 年的成長演算法與我們之前的預期或你們之前所說的有什麼不同嗎？你們承諾的基本上是營收成長 20%，調整後 EBITDA 利潤率約 20%。或許還可以藉此機會談談你所看到的企業行銷效率。

Thank you.

謝謝。

Yes, we're not ready to give 2026 specific guidance. We'll give that when we issue our Q4 earnings results, but there's no change to our algorithm of 20% revenue growth and 20% adjusted EBITDA margin. And you heard Oran reiterate in his remarks earlier that the other sort of medium-term guidance that we've given for IL MAKIAGE to deliver $1 billion by 2028, there's no change to that either. So business continues to be on a very healthy footing.

是的，我們目前還無法給出2026年的具體指導意見。我們將在發布第四季財報時公佈具體數據，但我們20%的營收成長和20%的調整後EBITDA利潤率的演算法並沒有改變。你們也聽到了奧蘭在先前的演講中重申，我們先前為IL MAKIAGE設定的中期目標——到2028年實現10億美元的營收——也沒有任何改變。因此，業務持續保持良好發展勢頭。

As far as media efficiency goes, you heard Oran comment, we did have some higher acquisition costs. In my remarks, I mentioned the environment has actually improved for us as we've gotten into the fourth quarter. Overall, SG&A in the third quarter was up around 30%, and that's including some of the increased spending initiatives that we have, for example, for METHODIQ, ODDITY LABS, et cetera. So it's been very manageable for us, and we're feeling really good as we head into Q4.

至於媒體效率​​方面，正如奧蘭所說，我們的獲客成本確實較高。我在發言中提到，進入第四季後，我們的環境實際上已經有所改善。總體而言，第三季銷售、一般及行政費用增加了約 30%，其中包括我們的一些增加支出計劃，例如 METHODIQ、ODDITY LABS 等。所以對我們來說一切都在掌控之中，進入第四季度，我們感覺非常好。

Okay, that's great. Thank you both.

好的，太好了。謝謝你們兩位。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Thanks so much for taking the question. Lindsay, as we think about METHODIQ being added to the model, is there anything that we should keep in mind in terms of the different financial profile, whether that be different AOVs, whether that be different margin profiles? Is there anything we should be considering as we think about the next three years and layering in that brand?

非常感謝您回答這個問題。Lindsay，當我們考慮將 METHODIQ 添加到模型中時，在不同的財務狀況方面，例如不同的平均訂單價值 (AOV) 或不同的利潤率狀況，我們是否應該注意一些事項？在考慮未來三年以及如何將品牌融入其中時，我們應該注意哪些方面？

And then on ODDITY LABS, it's great to see molecules start to contribute to the portfolio in 2026. Can you guys just help us understand what the expectation is of proprietary molecules? It feels like a step function change in terms of what you guys can bring to market. How do we think about that? And then what's the path beyond those eight initial products? How do we think beyond this first step?

此外，在 ODDITY LABS 方面，很高興看到分子在 2026 年開始為產品組合做出貢獻。各位能否幫我們理解專有分子的預期用途是什麼？感覺你們能推向市場的產品種類發生了翻天覆地的變化。我們該如何看待這個問題？那麼，在最初的八款產品之後，發展之路又是什麼呢？我們如何才能超越這第一步？

Oran, you want me to start?

奧蘭，你想讓我先開始嗎？

Yes, please.

好的，謝謝。

So in terms of financial profile for METHODIQ, over the long term, we see this brand in a very similar framework that we think about with both IL MAKIAGE and SpoiledChild, and those are brands that will support long-term compounding 20% revenue growth and 20% adjusted EBITDA margin.

因此，就 METHODIQ 的財務狀況而言，從長遠來看，我們認為該品牌與 IL MAKIAGE 和 SpoiledChild 的框架非常相似，這些品牌將支持長期複合 20% 的收入增長和 20% 的調整後 EBITDA 利潤率。

So very healthy unit economics that we see for the category in general and that we think METHODIQ will deliver, especially as it relates to repeat and other KPIs that build into LTV. I think for the prescription product, in particular, we will have lower gross margins, especially at first.

因此，我們看到該類別整體上具有非常健康的單位經濟效益，我們認為 METHODIQ 將會帶來這種效益，尤其是在重複購買和其他影響 LTV 的關鍵績效指標方面。我認為，特別是處方藥產品，我們的毛利率會比較低，尤其是在初期。

We'll be -- we're always quite inefficient on the gross margin side when we launch a business. But in the case of prescription for METHODIQ, because you have the third-party physician network and also the compounding pharmacies, those are extra costs for us. The business we expect will be mostly not prescription, but you do have some of the prescription cost input that will impact on the gross margin side.

我們－我們在創業初期，毛利率方面總是效率很低。但是，對於 METHODIQ 的處方來說，由於涉及第三方醫生網路和配藥藥房，這些都會增加我們的成本。我們預期業務主要不會來自處方藥，但處方藥成本投入會對毛利率產生一定影響。

However, we think you're going to have a really nice repeat business there that drives healthy DC margin. Probably too early to say much else, but we look forward to sharing a bit more as we progress post launch in 2026. As it relates to ODDITY LABS, maybe I'll start and Oran, if you want to add additionally.

不過，我們認為您在那裡會擁有非常好的回頭客，從而帶來健康的配送中心利潤。現在說太多可能還為時過早，但我們期待在 2026 年發布後，隨著專案的推進，與大家分享更多資訊。至於 ODDITY LABS，也許我會開始，如果你還想補充的話，Oran 也可以。

As you guys know, in 2024, we made a strategic pivot with Labs where we decided to extend our development timelines in order to focus on delivering molecules that had much higher efficacy and far superior performance characteristics than what was on the market today.

如你所知，2024 年，我們對實驗室進行了策略調整，決定延長研發時間，以便專注於研發比目前市場上的產品功效更高、性能更優異的分子。

And so we knew that would delay some of the timing of certain launches, but we thought it was a really smart trade-off to make because we believe that we could produce things that were way better. And now you're starting to see the fruits of that labor.

因此我們知道這會推遲某些產品的發佈時間，但我們認為這是一個非常明智的權衡，因為我們相信我們可以生產出更好的產品。現在你開始看到努力的成果了。

So as we said, we expect in '26 that just for our existing brands, we'll have eight products on the market, including four for METHODIQ. I would describe the METHODIQ brands products as some of them extremely innovative, addressing very important needs for the consumer. So we're really, really excited about that.

正如我們所說，我們預計到 2026 年，僅就我們現有的品牌而言，我們將有八款產品上市，其中包括 METHODIQ 的四款產品。我認為 METHODIQ 品牌的產品非常具有創新性，滿足了消費者非常重要的需求。所以我們對此真的非常非常興奮。

And we have even additional -- we have a lot in the pipeline, including some molecules that we expect will be delivered with Brand 4 and more beyond. So I would just say super happy to see how the level of improvement that we got out of the work that we put into ODDITY LABS.

我們還有更多——我們有很多項目正在研發中，包括一些我們預計會隨第四代產品推出的分子，以及更多後續產品。所以，我非常高興地看到，我們投入到 ODDITY LABS 的工作中取得瞭如此大的進步。

I would just add that like when we started labs, we built it -- we started and we built it again. It was hard because the first time that we've done something like it. And the fact that you see so many products and so many molecules coming to market this year just shows like that what we've done was the right thing, and there is a real progress in labs.

我只想補充一點，就像我們當新創辦實驗室一樣，我們一步一步建立起來——我們開始，然後又重新建立起來。這很難，因為這是我們第一次做這樣的事情。今年有這麼多產品和這麼多分子上市，這正好說明我們所做的是正確的，實驗室也取得了真正的進展。

So we expect to see the same pace and even higher in the next few years. The fact that both METHODIQ and our IL MAKIAGE and SpoiledChild brands are going to get molecules this year is very encouraging. And again, just shows like the strength and the progress that we've done, which is significant in the past 1.5 years.

因此，我們預計未來幾年將保持同樣的成長速度，甚至更快。METHODIQ 以及我們的 IL MAKIAGE 和 SpoiledChild 品牌今年都將獲得分子認證，非常令人鼓舞。這再次顯示了我們在過去一年半所取得的實力和進步，這非常顯著。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Hey, good morning. I have two, Lindsay, probably both for you. Just hoping you could expand on the comments around the media environment and higher acquisition costs now going a little lower. And anything in particular to call out on the search channel?

嘿，早安。琳賽，我有兩個，可能都是給你的。希望您能就媒體環境和目前獲客成本略有下降的現狀，再詳細談談您先前的評論。搜尋頻道有什麼特別需要指出的地方嗎？

And then capital allocation, you have a healthy cash balance. You have not purchased shares since the convert earlier this year. So maybe if you could just refresh us on your capital allocation priorities.

然後進行資本配置，確保擁有健康的現金餘額。自今年早些時候的股票轉換以來，您沒有購買過任何股票。所以，您能否再給我們簡單說明一下您的資金配置優先事項？

Sure. On the media side, media costs, as we've said before, they tend to get more expensive every year, but we are able to offset them really effectively with higher repeat and also other unlocks across our KPIs, including conversion and other things that we focus on. So this has allowed us to deliver a very healthy, sustained profitable business and repeat is running at around, call it, two-third of our overall business.

當然。就媒體方面而言，正如我們之前所說，媒體成本往往逐年上漲，但我們能夠透過更高的重複購買率以及其他關鍵績效指標（包括轉換率和我們關注的其他方面）的提升來有效地抵消這些成本。因此，這使我們能夠實現非常健康、持續盈利的業務，而回頭客業務大約占我們整體業務的三分之二。

And we were really -- are really pleased to see that the -- I discussed the net revenue repeat cohorts, like the 12-month cohorts and the cohorts that we examine are all continue to be really, really strong. So we think you're still seeing a healthy consumer environment and a solid environment for us to continue to deliver.

我們非常高興地看到，我討論過的淨收入重複購買群體，例如 12 個月的群體以及我們考察的群體，都繼續保持著非常強勁的增長勢頭。所以我們認為，您仍然可以看到一個健康的消費環境，以及一個有利於我們繼續提供服務的穩固環境。

As far as our cash position goes, we're in a very strong position, almost $800 million of cash equivalents and investments on our balance sheet today. We post the convertible earlier this year, we view this as really efficient, patient capital for us that we have flexibility to do what we want with. So we, of course, have the opportunity to deploy it for buybacks. We have the opportunity to deploy it for M&A, and we feel like we're in a really strong position where we can be patient and selective about what we use it for.

就我們的現金狀況而言，我們處於非常有利的地位，目前我們的資產負債表上擁有近 8 億美元的現金等價物和投資。我們今年稍早發行了可轉換債券，我們認為這筆資金非常高效，而且具有耐心，我們可以靈活地用它來做我們想做的事情。所以，我們當然有機會將其用於股票回購。我們有機會將其應用於併購，我們感覺自己處於非常有利的地位，可以耐心且有選擇地決定將其用於什麼用途。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Thanks for taking my question. Congrats on a great quarter. As you look at the international success into the test market, can you talk about how replicable like the data model in terms of targeting subscribers and new users and then sort of identifying maybe more local or geographic differences in terms of what their needs product-wise might be just as you continue to scale that international efforts?

謝謝您回答我的問題。恭喜你本季表現出色。從國際測試市場的成功經驗來看，您能否談談資料模型在目標用戶和新用戶方面的可複製性，以及在繼續擴大國際業務規模的同時，如何識別他們在產品需求方面可能存在的更多本地或地理差異？

And then is your intent to immediately go international with METHODIQ right away? Or are you going to take sort of a more measured sort of region-by-region approach like you've done with other brands in the past?

那麼，你們是否打算立即將 METHODIQ 推向國際市場？或者，你們會像過去對待其他品牌一樣，採取一種更穩健的、分區域逐步推進的方式嗎？

Sure. So first of all, regarding METHODIQ, we thought only US. It's complex enough without international. So by the way, SpoiledChild was the same for the past -- for the first almost three years, we didn't even test international. So we plan to do the same with METHODIQ. I'm not sure it's going to be three years, but I don't think it's going to be way less than that.

當然。首先，關於 METHODIQ，我們當時只想到了自己。即使不考慮國際因素，事情也已經夠複雜了。順便一提，SpoiledChild 過去也是如此——在最初的近三年裡，我們甚至沒有進行國際測試。所以我們計劃對 METHODIQ 也採取同樣的做法。我不確定是不是三年，但我覺得不會少於三年。

Regarding international and what we -- exactly what you said, that's the reason why we do tests. And when I said test, like we open market with a localized website and starting to put -- to spend media against new users in those countries and to ship products based on that, we see satisfaction, we see repeat, we see unit economics, then we decide if this market is suitable for us or not. And that's how we -- that's what we have done for the past 2.5 years.

關於國際方面以及我們——正如你所說，這就是我們進行測試的原因。我說測試，就像我們透過在地化網站開拓市場，開始在這些國家投放媒體廣告來吸引新用戶，並根據這些用戶回饋來出貨，觀察他們的滿意度、復購率和單位經濟效益，然後決定這個市場是否適合我們。而這正是我們——這就是我們過去兩年半以來所做的。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

Hey, thanks for taking my question. METHODIQ here. Lindsay, you mentioned the majority of revenues were going to be -- volumes are coming from the nonprescription side versus prescription. Are the molecules, those four molecules also going to be for nonprescription versus prescription?

嘿，謝謝你回答我的問題。METHODIQ在此。琳賽，你提到大部分收入將來自非處方藥領域，而不是處方藥領域。這四種分子也是用於非處方藥還是處方藥？

And then as a follow-up, on the prescription side, the physician network that you've built, there's clearly a shortage of dermatologists. And so this is an asset. How are you thinking about deploying technology to leverage more dermatologists on your network for patients?

然後，作為後續跟進，在處方方面，您建立的醫生網絡顯然存在皮膚科醫生短缺的問題。所以這是一項資產。您打算如何運用科技手段，調動您網路中更多的皮膚科醫師資源，為病人提供服務？

Thanks, Scott. So the four products are not prescription. They're a combination of OTC and cosmetic. And again, we're really excited to have them out there, but those are not prescription products. And in fact, for ODDITY LABS, we're not -- for the most part, and certainly, in the near to medium term, you won't see anything that's prescription coming from ODDITY LABS that will all be either OTC or cosmetic.

謝謝你，斯科特。所以這四款產品都不是處方藥。它們是OTC（非處方藥）和化妝品的結合體。再次強調，我們非常高興能推出這些產品，但這些並非處方藥。事實上，對於 ODDITY LABS 而言，我們目前不會推出任何處方藥，而且在近期到中期內，您肯定不會看到 ODDITY LABS 推出任何處方藥，所有產品都將是 OTC 或化妝品。

In terms of our physician network, we are currently plugged into third parties to help us with that. We have not brought that in-house, but we have the opportunity to do so for cost efficiency reasons down the road if we decide to do it. We -- the networks we're using now, we're using all physicians at the moment, not all dermatologists, but all board-certified physicians. And we can, of course, scale that to NPs and other medical care practitioners down the road. There's the opportunity for that, but we're starting with all physicians as we build that and learn.

就我們的醫生網絡而言，我們目前正與第三方合作來幫助我們。我們目前還沒有將這項技術納入公司內部，但如果將來我們決定這樣做，出於成本效益的考慮，我們有機會這樣做。我們－我們現在使用的醫療網絡，目前合作的都是醫生，不是全部都是皮膚科醫生，而是全部都是經過認證的醫生。當然，將來我們也可以將其推廣到執業護理師和其他醫療保健從業人員。這方面是有機會的，但我們首先要從所有醫生開始，邊做邊學。

And I think from a technology standpoint, it's really us building capabilities that allow the network of clinicians to get the strongest signals possible to help inform treatment decisions based on the inputs that we take, basically, when you're going through the METHODIQ intake and onboarding funnel, we're picking up on the contextual real pathways and real signals that -- the same thing that you would look for if you were in an office, right?

我認為從技術角度來看，我們實際上是在建立能力，使臨床醫生網路能夠獲得盡可能強的訊號，從而根據我們收集的輸入資訊來輔助治療決策。基本上，當您透過 METHODIQ 的接收和入職流程時，我們會捕捉到相關的真實路徑和真實訊號——這和您在辦公室裡尋找的資訊是一樣的，對吧？

So you're looking at questions about demographics, hormonality, history and that kind of stuff. Meanwhile, the vision tools are picking up signals like number of lesions, intensity and those kinds of signals that are really helpful for a clinician when making a decision about treatment outcomes.

所以你要研究的是人口統計、荷爾蒙、歷史等等這類問題。同時，視覺工具正在捕捉病灶數量、強度等訊號，這些訊號對於臨床醫生在決定治療結果時非常有幫助。

So that's a really important part of our technology and then also just integrating our records directly with the provider systems that help the -- operate the clinician interface and help them to integrate with our tools. And then I think finally, like within the METHODIQ app, the ability to get feedback, progress tracking and to chat directly with your clinician to help drive things like confidence and most importantly, compliance and success, those are enormous ways we're using technology to drive the outcomes that we want.

所以這是我們技術中非常重要的一部分，此外，我們還將記錄直接與供應商系統集成，以幫助操作臨床醫生介面並幫助他們與我們的工具集成。最後，我認為，像 METHODIQ 應用程式這樣的功能，能夠獲得回饋、追蹤進度，並直接與臨床醫生聊天，以幫助增強信心，最重要的是提高依從性和成功率，這些都是我們利用技術來實現我們想要的結果的巨大方式。

Perfect, thank you so much.

太好了，非常感謝。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

Thank you. Good morning. I just have a question on IL MAKIAGE and SpoiledChild. Growth in the US remains strong double digits for these brands, but it has moderated year-to-date versus last year. So could you talk about what's driving this? And if the low 20% growth in the US for these two brands is doable over the next few years? Or should we expect a continued slowdown? I guess I'm asking especially for IL MAKIAGE. Also, could you touch on repeat rates for the brands and if these rates are also moderating?

謝謝。早安.我有個關於IL MAKIAGE和SpoiledChild的問題。這些品牌在美國的成長依然保持兩位數的強勁勢頭，但與去年同期相比，今年迄今的成長速度有所放緩。那麼，您能談談是什麼原因導致了這種情況嗎？如果這兩個品牌未來幾年在美國實現 20% 的低成長率是可行的呢？或者我們應該預期經濟成長將持續放緩？我主要是想問IL MAKIAGE。另外，您能否談談各品牌的複購率，以及這些複購率是否也趨於緩和？

I will start by saying --

首先我要說的是…--

Go ahead.

前進。

Yes, I would just start by saying that as I mentioned before, we manage growth across brands and geographies. So like I don't wake up tomorrow and say, today, I need to see 25% IL MAKIAGE in the US. We see we look more broader and we maximize the potential based on what we see in real time. So if Germany is working better at a specific day, this is where we push more and vice versa with SpoiledChild.

是的，首先我想說的是，正如我之前提到的，我們管理著跨品牌和跨地域的成長。所以，我不會明天醒來說，今天，我需要在美國看到 25% 的 IL MAKIAGE。我們發現，我們的視野更加開闊，並且能夠根據即時所見最大限度地發揮潛力。所以如果德國在某一天表現得更好，我們就加大力度推廣；反之亦然，對於 SpoiledChild 也是如此。

Lindsay, do you want to touch repeat?

琳賽，你想重複觸摸嗎？

Yes. I mean just to add on that, like we are driving growth at the ODDITY level and our growth targets we're managing growth towards 20%. We don't want to grow faster than that. And so ever since our IPO, we have been very clear and explicit about our plans to sustain 20% compounded durable growth. And that's exactly what we've been delivering on, and we're managing it at the ODDITY level, and we'll pull different levers within the different brands.

是的。我的意思是補充一點，就像我們正在 ODDITY 層面推動成長，我們的成長目標是實現 20% 的成長。我們不想成長速度超過這個範圍。因此，自從我們上市以來，我們一直非常明確地闡述了我們保持 20% 複合持續成長的計劃。而這正是我們一直在努力實現的，我們正在 ODDITY 層級進行管理，我們將在不同的品牌內部採取不同的措施。

Specific to IL MAKIAGE, our target is to get to $1 billion by 2028, and we've always talked about international being an important piece of that. And so you're seeing us flex on the international part now. At the same time, we want to make sure we're feeding SpoiledChild and now we have a third baby to give oxygen to. So we're managing it as a portfolio in order to deliver an overall ODDITY level growth. I think in terms of repeat, no, repeats continue to be very, very strong.

就 IL MAKIAGE 而言，我們的目標是到 2028 年達到 10 億美元的營收，我們一直認為國際市場是實現這一目標的重要組成部分。所以現在你們可以看到我們在國際事業上大放異彩了。同時，我們也要確保 SpoiledChild 得到餵養，現在我們又要給第三個寶寶提供氧氣了。因此，我們將其作為一個投資組合進行管理，以實現整體 ODDITY 水準的成長。我認為就重複播放而言，不，重複播放仍然非常非常強勁。

All right. Thank you.

好的。謝謝。

Georgia Anderson, Evercore ISI.

喬治亞安德森，Evercore ISI。

Hi, I was wondering if you could talk a little bit about the TAM for METHODIQ. Are you guys kind of defining this as all chronic skin sufferers in the US or globally? Or is it a narrow cohort, acne or eczema patients are willing to pay out of pocket? And then just kind of in terms of measuring success of the brand, do you have any milestones or KPIs that would give you confidence that METHODIQ is scaling towards its full TAM?

您好，我想請您談談 METHODIQ 的 TAM（目標市場規模）。你們是把這個族群定義為美國所有慢性皮膚病患者，還是全球所有慢性皮膚病患者？或者，這只是一小部分人群，即痤瘡或濕疹患者願意自費治療嗎？那麼，就衡量品牌成功與否而言，您是否有任何里程碑或關鍵績效指標 (KPI) 可以讓您確信 METHODIQ 正在朝著其全部目標市場規模 (TAM) 擴展？

Lindsay, I'll start with the KPIs and you'll talk about TAM.

琳賽，我先講關鍵績效指標，再講目標市場規模。

Yes.

是的。

So like we soft launched in September, official launch this week. So of course, very early. But based on what we see early, the demand is there. The KPIs that we look at now are user acquisition, repeat, up downloads, open rates, weekly check-ins. And like when we see that those KPIs as we envision they are, then we will start scaling.

就像我們9月低調發布一樣，本周正式發布。所以當然是很早。但根據我們目前觀察到的情況來看，需求是存在的。我們現在關注的關鍵績效指標是用戶獲取、重購、向上下載、開啟率、每週簽到。當我們看到這些關鍵績效指標達到我們預期的目標時，我們就會開始擴大規模。

In terms of the TAM, the right way we think to look at this is number of people rather than dollar size. And the reason for that is because it's such a high friction market and one that hasn't been run well that we think if you actually can unleash some technology that leads to better outcomes and easier outcomes for people to access, you're going to see the overall market grow.

就 TAM 而言，我們認為看待它的正確方法是關注人數而不是金額。原因在於，這是一個摩擦很大的市場，而且一直沒有很好的管理。我們認為，如果你能真正釋放一些技術，帶來更好的結果，讓人們更容易獲得結果，你就會看到整個市場成長。

And for these chronic skin conditions like acne and hyperpigmentation and eczema, I mean, your solutions are, number one, go to a dermatologist. Oran talked about two-third of US counties don't even have a dermatologist. Your average wait times are over a month. People spend hours commuting to from plus sitting in the waiting room and waiting for a doctor's office. So it's a real pain in the neck, and it's not a great experience. So it's something people avoid.

對於痤瘡、色素沉著和濕疹等慢性皮膚病，我的意思是，你的解決方案首先是去看皮膚科醫生。奧蘭談到，美國三分之二的縣甚至沒有皮膚科醫生。平均等待時間超過一個月。人們要花幾個小時通勤，還要坐在候診室等待醫生。所以這真的很麻煩，而且體驗也很糟糕。所以人們都盡量避免這種情況。

And then your alternative of going to the drugstore, bouncing around with low efficacy products that don't really work, it's overall stifled the total potential size of the market. We think that by really opening up this much better user experience, highest standards of care, world-class treatments made available easily to everybody online, you're actually going to see the overall market size grow.

然後，你選擇去藥局，嘗試各種低效且無效的產品，這總體上抑制了市場的潛在規模。我們認為，透過真正開放更好的使用者體驗、最高標準的照護、世界一流的治療，讓每個人都能輕鬆地在線上獲得這些服務，你會看到整個市場規模實際上會成長。

And that's why we're unleashing we think it's like probably the biggest wave of innovation to dermatology in decades and maybe ever. So we're really excited about it. And then if you look at just the number of the people, which is what we think is the right way to look at it in America, you've got 50 million Americans, around 50 million with acne, around 30 million with dark spots/hyperpigmentation, around 30 million with eczema.

這就是為什麼我們要推出我們認為可能是幾十年來，甚至可能是皮膚病學領域最大的創新浪潮。所以我們對此感到非常興奮。如果你只看人數，我們認為這才是美國看待這個問題的正確方式，你會發現美國有 5000 萬人口，其中約 5000 萬人患有痤瘡，約 3000 萬人患有黑斑/色素沉著過度，約 3000 萬人患有濕疹。

And just on our platform alone, we see the deep prevalence of these issues. A lot of people are buying foundation from IL MAKIAGE already to cover them up. So it's a natural place now that we have new tools and an effective way to address it for us to expand into.

僅在我們自己的平台上，我們就看到了這些問題的普遍存在。很多人已經開始購買IL MAKIAGE的粉底來遮蓋瑕疵。現在我們有了新的工具和有效的方法來解決這個問題，所以很自然地，我們可以向這個領域拓展業務。

Got it. Thank you for all the color.

知道了。感謝你們帶來的所有色彩。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great, thanks so much. I was just curious to talk a little bit about launch plans for METHODIQ and sort of learnings maybe from spoils because you did -- I recall that you did billboards for spoils. I see that you're doing it from METHODIQ. You talked about it being sort of the biggest -- I think you said biggest TikTok activation.

太好了，非常感謝。我只是好奇想和你聊聊 METHODIQ 的發布計劃，以及從之前的失敗中學到的一些經驗教訓，因為我記得你曾為失敗做過廣告看板宣傳。我看到你正在使用 METHODIQ 來操作。你提到過這可能是規模最大的——我想你說的是規模最大的TikTok活動。

So just curious about how you made decisions around the non-online portions of the launch and for how long you expect to have these kind of big TikTok activations going on because it's something right, you get lots of attention if days, but how should we think about that ongoing TikTok activation to get the brand's awareness up?

所以，我很好奇你們是如何決定線上線下推廣活動的，以及你們預計這種大型 TikTok 活動會持續多久，因為這種活動確實能吸引很多關注，但我們應該如何考慮持續的 TikTok 推廣活動來提高品牌知名度呢？

Sure. So it's the third brand that we are launching, and we've done the same more or less with all three offline activation out of the gate for IL MAKIAGE, SpoiledChild and now in New York, we have the same with METHODIQ. Regarding TikTok, it's the biggest campaign that we've done so far. And we started now, and we plan to continue until end of Q1.

當然。所以這是我們推出的第三個品牌，我們對 IL MAKIAGE、SpoiledChild 和現在在紐約推出的 METHODIQ 這三個品牌都採取了類似的線下推廣方式。就TikTok而言，這是我們迄今為止所進行的最大規模的行銷活動。我們現在已經開始，並計劃持續到第一季末。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Hey, good morning, guys. Congrats on the quarter. Maybe I'll follow up on Bonnie's question from earlier. As I think through the makeup of the growth rate for the quarter, very strong growth, obviously. How should we be thinking about volume versus pricing versus mix in that growth rate for the different product lines?

嘿，各位早安。恭喜你本季取得佳績。或許我會就邦妮之前提出的問題做個後續調查。我仔細分析了本季的成長率組成，顯然成長非常強勁。我們應該如何考慮不同產品線的銷售、價格和產品組合在成長率中的作用？

The biggest driver of the vast majority of our revenue is driven just purely by orders. AOV was down around 1%, so essentially flat and order growth historically and in the future will be the dominant driver of our revenue growth.

我們絕大部分收入的最大驅動力完全來自於訂單。平均訂單價值下降了約 1%，基本上持平，訂單成長無論從歷史角度還是未來來看，都將是我們收入成長的主要驅動力。

Understand. And if I may ask a follow-up, my follow-up question would just be, as we think about METHODIQ, is this going to be primarily a compounded drug product offering? Or is there a noncompounded version here? And how should we be thinking about like margin differentials between the two, if that was the case?

理解。如果可以的話，我想問一個後續問題，當我們考慮 METHODIQ 時，它是否會主要是一種複方藥物產品？或者這裡有非複合版本嗎？如果情況真是如此，我們該如何看待兩者之間的利潤率差異呢？

So the business today is a combination of nonprescription and prescription. Like we said, we think the prescription will be the smaller part of the business. And within the prescription, we're contemplating compounded products today with potential in the future, of course, to evolve, but that's the business model now.

所以，如今的業務是處方藥和非處方藥的結合。正如我們所說，我們認為處方藥業務在公司業務中所佔比例較小。在處方方面，我們目前正在考慮使用具有未來發展潛力的複合產品，當然，這些產品未來可能會不斷發展，但這就是目前的商業模式。

Perfect. Thanks.

完美的。謝謝。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Oran for closing remarks.

我們的問答環節到此結束。我謹將會議交還給奧蘭，請他作閉幕致詞。

Thank you very much for joining us today. See you next quarter, guys. Bye-bye.

非常感謝您今天蒞臨。各位，下個季度見。再見。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路了，感謝您的參與。