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Mar 31, 2025
Trupanion Q1 2025 Earnings Report
Trupanion reported its financial results for the first quarter ended March 31, 2025.
Key Takeaways
Trupanion started the year strong, with performance ahead of plan across key metrics, showing early momentum in retention and pet acquisition, and expanded margins in its subscription business, positioning the company for continued investment in growth.
Total revenue was $341.975 million, an increase of 12% compared to the first quarter of 2024.
Net loss was $(1.483) million, or $(0.03) per basic and diluted share, a significant improvement from a net loss of $(6.852) million in Q1 2024.
Adjusted EBITDA was $12.237 million, compared to adjusted EBITDA of $4.844 million in the first quarter of 2024.
Operating cash flow was $15.964 million and free cash flow was $14.036 million in the first quarter of 2025, a substantial increase from Q1 2024.
Revenue by Segment
Forward Guidance
Trupanion expects to continue growing its enrollments and revenue and executing its business plan, but acknowledges various risks that could cause actual results to differ materially.
Positive Outlook
- Expects to continue growing enrollments.
- Expects to continue growing revenue.
- Aims to execute its business plan.
Challenges Ahead
- Ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods.
- Ability to keep growing membership base and revenue.
- Accuracy of assumptions used in determining appropriate member acquisition expenditures, and the severity and frequency of claims.
- Ability to maintain high retention rates and accuracy of assumptions used in pricing medical plan subscriptions.
- Regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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