Business
Trupanion Reports Fourth Quarter and Full Year 2022 Results
SEATTLE, Feb. 15, 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, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Trupanion, Inc. (Nasdaq: TRUP), the leading provider of medical insurance for cats and dogs, today announced financial results for the fourth quarter and full year ended December 31, 2022. “2022 was another year of consistent revenue growth and we set solid foundations for our long-term growth initiatives, leading to the doubling of our addressable market,” said Darryl Rawlings, founder and chief executive officer of Trupanion. “With our work over the last 24 months and the opportunities ahead of us, 2023 will be an exciting year. We will remain disciplined in our cash deployment and focused on earning strong internal rates of return.” Full Year 2022 Financial and Business Highlights Total revenue was $905.2 million, an increase of 29% compared to 2021.Total enrolled pets (including pets from our other business segment) was 1,537,573 at December 31, 2022, an increase of 31% over 2021.Subscription business revenue was $596.6 million, an increase of 21% compared to 2021 (22% on a constant currency basis).Subscription enrolled pets was 869,862 at December 31, 2022, an increase of 24% over 2021.Net loss was $(44.7) million, or $(1.10) per basic and diluted share, compared to net loss of $(35.5) million, or $(0.89) per basic and diluted share, in 2021. Net loss per share is inclusive of stock-based compensation expense of $0.80 and $0.70 for the year ended December 31, 2022 and December 31, 2021, respectively.Adjusted EBITDA was $0.7 million, compared to adjusted EBITDA of $4.7 million in 2021.Operating cash flow was $(8.0) million and free cash flow was $(25.1) million in 2022. This compared to operating cash flow of $7.5 million and free cash flow of $(4.9) million in 2021. Fourth Quarter 2022 Financial and Business Highlights Total revenue was $246.0 million, an increase of 27% compared to the fourth quarter of 2021.Subscription business revenue was $158.6 million, an increase of 18% compared to the fourth quarter of 2021 (20% on a constant currency basis).Net loss was $(9.3) million, or $(0.23) per basic and diluted share, compared to net loss of $(7.0) million, or $(0.17) per basic and diluted share, in the fourth quarter of 2021. Net loss per share is inclusive of stock-based compensation expense of $0.21 and $0.17 for the three months ended December 31, 2022 and December 31, 2021, res...