Trupanion Reports Second Quarter 2023 Results.

SEATTLE, Wash: 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, 2023.

"In the second quarter, we saw early signs of margin expansion, while exercising discipline in our capital deployment. As a result, we delivered sequential improvement in free cash flow, marking progress towards our goal of being free cash flow positive in the fourth quarter of 2023," said Darryl Rawlings, Trupanion's founder, CEO and Chair of the Board.

Second Quarter 2023 Financial and Business Highlights

Total revenue was $270.6 million, an increase of 23% compared to the second quarter of 2022.

Total enrolled pets (including pets from our other business segment) was 1,679,659 at June 30, 2023, an increase of 25% over the second quarter of 2022.

Subscription business revenue was $173.3 million, an increase of 19% compared to the second quarter of 2022 (20% on a constant currency basis).

Subscription enrolled pets was 943,958 at June 30, 2023, an increase of 23% over the second quarter of 2022.

Net loss was $(13.7) million, or $(0.33) per basic and diluted share, compared to net loss of $(13.6) million, or $(0.33) per basic and diluted share, in the second quarter of 2022.

Adjusted EBITDA was $(3.2) million, compared to adjusted EBITDA of $(1.7) million in the second quarter of 2022.

Operating cash flow was $(3.4) million and free cash flow was $(8.1) million in the second quarter of 2023. This compared to operating cash flow of $(3.1) million and free cash flow of $(7.1) million in the second quarter of 2022. Sequentially, free cash flow improved $3.9 million from the first quarter of 2023.

First Half 2023 Financial and Business Highlights

Total revenue was $526.9 million, an...

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