Business
Trupanion Reports Second Quarter 2021 Results
SEATTLE, Aug. 05, 2021 (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, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Trupanion, Inc. (Nasdaq: TRUP), the leading provider of medical insurance for cats and dogs, today announced financial results for the second quarter ended June 30, 2021. “Q2 was another great quarter with net pet growth up 60% year-over-year, led by exceptionally strong retention rates,” said Darryl Rawlings, founder and chief executive officer of Trupanion. Second Quarter 2021 Financial and Business Highlights Total revenue was $168.3 million, an increase of 43% compared to the second quarter of 2020.Total enrolled pets (including pets from our other business segment) was 1,024,226 at June 30, 2021, an increase of 38% over the second quarter of 2020.Subscription business revenue was $120.4 million, an increase of 30% compared to the second quarter of 2020 (27% on a constant currency basis).Subscription enrolled pets was 643,395 at June 30, 2021, an increase of 22% over the second quarter of 2020.Net loss was $(9.2) million, or $(0.23) per basic and diluted share, compared to net income of $1.4 million, or $0.04 per basic and diluted share, in the second quarter of 2020. Net loss per share was impacted by $0.11 due to an increase in stock-based compensation and by $0.04 due to an increase in depreciation and amortization when compared to the prior year period. The remaining year-over-year change in earnings per share primarily reflects our accelerated growth and associated acquisition spend in the second quarter of 2021.Adjusted EBITDA was $0.2 million, compared to adjusted EBITDA of $5.5 million in the second quarter of 2020.Operating cash flow was $(2.2) million and free cash flow was $(5.1) million in the second quarter of 2021. This compared to operating cash flow of $4.9 million and free cash flow of $3.1 million in the second quarter of 2020. First Half 2021 Financial and Business Highlights Total revenue was $322.9 million, an increase of 41% compared to the first half of 2020.Subscription business revenue was $233.7 million, an increase of 28% compared to the first half of 2020.Net loss was $(21.7) million, or $(0.54) per basic and diluted share, compared to net income of $0.2 million, or $0.01 per basic and diluted share, in the first half of 2020. Net loss per share was impacted by $0.28 due to an increase in stock-based compensation and by $0.08 due to an increase in depreci...