Business
Trupanion Reports First Quarter 2024 Results
SEATTLE, May 02, 2024 (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 02, 2024 (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, 2024. “It was a solid start to the year, with performance across our key financial metrics as expected,” said Margi Tooth, President of Trupanion. “Subscription revenue increased by 22% year-over-year. Moreover, discretionary profit from our core subscription business increased 55% while acquisition spend decreased 23% year-over-year. We continue to prioritize cash flow generation with the intention of gradually increasing our spending on growth as our margins expand.” First Quarter 2024 Financial and Business Highlights Total revenue was $306.1 million, an increase of 19% compared to the first quarter of 2023.Total enrolled pets (including pets from our other business segment) was 1,708,017 at March 31, 2024, an increase of 6% over March 31, 2023.Subscription business revenue was $201.1 million, an increase of 22% compared to the first quarter of 2023.Subscription enrolled pets was 1,006,168 at March 31, 2024, an increase of 11% over March 31, 2023.Net loss was $(6.9) million, or $(0.16) per basic and diluted share, compared to net loss of $(24.8) million, or $(0.60) per basic and diluted share, in the first quarter of 2023.Adjusted EBITDA was $4.8 million, compared to adjusted EBITDA of $(4.9) million in the first quarter of 2023.Operating cash flow was $2.4 million and free cash flow was $(0.6) million in the first quarter of 2024. This compared to operating cash flow of $(6.9) million and free cash flow of $(12.0) million in the first quarter of 2023.At March 31, 2024, the Company held $275.2 million in cash and short-term investments, including $38.1 million held outside the insurance entities, with an additional $15 million available under its credit facility.The Company maintained $256.7 million of capital surplus at its insurance subsidiaries. This was $103.4 million more than the estimated risk-based capital requirement of $153.3 million. Margi Tooth CEO AppointmentToday, in a separate release, the Company announced that its board of directors has unanimously approved the appointment of Margi Tooth to the position of Chief Executive Officer, effective August 1, 2024. Tooth’s appointment to CEO marks the culmination o...