Business
Trupanion Reports First Quarter 2023 Results
SEATTLE, May 04, 2023 (GLOBE NEWSWIRE) -- Trupanion, Inc. (Nasdaq: TRUP), the leading provider of medical insurance for cats and dogs, today announced
About this update from Trupanion, Inc.
[{"type":"text","content":"SEATTLE, May 04, 2023 (GLOBE NEWSWIRE) -- Trupanion, Inc. (Nasdaq: TRUP), the leading provider of medical insurance for cats and dogs, today announced financial results for the first quarter ended March 31, 2023. “In Q1, veterinary inflation increased 15% year-over-year, approximately 3% higher than our assumptions,” said Darryl Rawlings, Trupanion’s founder, CEO and Chair of the Board. “While these ongoing but necessary increases in veterinary inflation pressured margins in the quarter, they also continued to drive demand for Trupanion, as evidenced by our strong revenue growth. The entire Trupanion team is focused on successfully executing the second half of our 60-month plan and achieving our margin targets.” First Quarter 2023 Financial and Business Highlights Total revenue was $256.3 million, an increase of 24% compared to the first quarter of 2022.Total enrolled pets (including pets from our other business segment) was 1,616,865 at March 31, 2023, an increase of 28% over the first quarter of 2022.Subscription business revenue was $165.2 million, an increase of 18% compared to the first quarter of 2022 (20% on a constant currency basis).Subscription enrolled pets was 906,369 at March 31, 2023, an increase of 23% over the first quarter of 2022.Net loss was $(24.8) million, or $(0.60) per basic and diluted share, compared to net loss of $(8.9) million, or $(0.22) per basic and diluted share, in the first quarter of 2022. Net loss in the first quarter of 2023 included $8.6 million, or $0.21 per basic and diluted share, of non-recurring expenses.Adjusted EBITDA was $(4.9) million, compared to adjusted EBITDA of $1.2 million in the first quarter of 2022.Operating cash flow was $(6.9) million and free cash flow was $(12.0) million in the first quarter of 2023. This compared to operating cash flow of $(3.6) million and free cash flow of $(7.1) million in the first quarter of 2022. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed7b273d-f1a1-40e5-b1d3-3b32b9098770 Conference CallTrupanion’s management will host a conference call today to review its first quarter 2023 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at https://investors.trupanion....