ODDITY Tech Ltd. secures a $200 million credit facility to enhance growth, acquisitions, and corporate needs.
Quiver AI Summary
ODDITY Tech Ltd. announced on January 31, 2025, that it has secured a new $200 million credit facility with a syndicate of banks, replacing its previous $100 million credit line. This new facility aims to enhance the company's financial flexibility for growth initiatives, acquisitions, share buybacks, and other corporate needs. As of December 31, 2024, ODDITY reported a strong financial position with over $165 million in cash and investments, and it has not drawn any funds from the new facility. ODDITY is a consumer tech company focused on disrupting the beauty and wellness industries through its AI-driven platform, serving around 50 million users with its brands IL MAKIAGE and SpoiledChild. The company is headquartered in New York City, with additional operations in Tel Aviv and Boston.
Potential Positives
- ODDITY Tech Ltd. secured a $200 million credit facility, doubling its previous financing arrangement, which enhances its financial flexibility for growth initiatives and potential acquisitions.
- The company maintains a strong financial position with over $165 million in cash and equivalents, indicating solid liquidity and overall financial health.
- The expansion of credit facilities supports strategic goals, including share buybacks, which could benefit shareholders by potentially increasing stock value.
- ODDITY serves approximately 50 million users through its AI-driven platform, highlighting its significant customer base and market impact in the beauty and wellness industries.
Potential Negatives
- Replacing a $100 million credit facility with a $200 million facility may indicate prior financial instability or increased leverage, raising concerns among investors about the company's debt management.
- The press release provides no information on the terms of the new credit facility, which could be unfavorable and raise questions about the company’s borrowing costs and conditions.
- Although the company claims to remain in a strong financial position, having zero funds drawn from the new facility may suggest a hesitance to utilize credit for growth, potentially limiting expansion opportunities.
FAQ
What is the total amount of the new credit facility secured by ODDITY Tech Ltd.?
The total amount of the new credit facility secured by ODDITY Tech Ltd. is $200 million.
How does the new facility benefit ODDITY?
The new facility increases ODDITY's financial flexibility to fund growth initiatives, acquisitions, share buybacks, and other corporate needs.
What was the previous credit facility amount for ODDITY?
The previous credit facility amount for ODDITY was $100 million.
What is the financial position of ODDITY as of December 31, 2024?
As of December 31, 2024, ODDITY has over $165 million in cash and investments with zero funds drawn on the new facility.
What types of products does ODDITY develop?
ODDITY develops beauty and wellness products using AI-driven solutions to meet consumer needs.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ODD Hedge Fund Activity
We have seen 57 institutional investors add shares of $ODD stock to their portfolio, and 66 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WESTFIELD CAPITAL MANAGEMENT CO LP removed 1,506,752 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $60,842,645
- GRANAHAN INVESTMENT MANAGEMENT, LLC added 317,094 shares (+31.4%) to their portfolio in Q3 2024, for an estimated $12,804,255
- MILLENNIUM MANAGEMENT LLC removed 316,450 shares (-46.5%) from their portfolio in Q3 2024, for an estimated $12,778,251
- WELLINGTON MANAGEMENT GROUP LLP added 299,277 shares (+inf%) to their portfolio in Q3 2024, for an estimated $12,084,805
- JPMORGAN CHASE & CO removed 270,798 shares (-68.6%) from their portfolio in Q3 2024, for an estimated $10,934,823
- IBEX INVESTORS LLC added 215,000 shares (+inf%) to their portfolio in Q3 2024, for an estimated $8,681,700
- BAILLIE GIFFORD & CO removed 189,740 shares (-3.1%) from their portfolio in Q4 2024, for an estimated $7,972,874
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) -- On January 31, 2025, ODDITY Tech Ltd. (NASDAQ: ODD, the “Company”) entered into agreements with a syndicate of banks to secure credit facilities for a total of $200 million (collectively the “Facility”). The Facility replaces the Company’s previous $100 million credit facility and increases financial flexibility to fund growth initiatives, acquisitions, share buybacks, and other general corporate needs.
ODDITY remains in a strong financial position, with over $165 million of cash, cash equivalents, and investments on its balance sheet as of December 31, 2024,
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and zero funds drawn on the new $200 million Facility.
About ODDITY:
ODDITY is a consumer tech company that builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries. The company serves approximately 50 million users with its AI-driven online platform, deploying data science to identify consumer needs, and developing solutions in the form of beauty and wellness products. ODDITY owns IL MAKIAGE and SpoiledChild. The company operates with business headquarters in New York City, an R&D center in Tel Aviv, Israel, and a biotechnology lab in Boston.
Contacts:
Press:
Michael Braun
michaelb@oddity.com
Investor:
investors@oddity.com
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Figure includes cash and cash equivalents, restricted cash, short-term deposits, and marketable securities; it is based on unaudited management accounts.
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