Trupanion, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved revenues of $327.5 million for Q3 2024, a 15% increase from $285.9 million in Q3 2023. For the nine months, total revenue reached $948.4 million, up 17% from $812.7 million in the prior year. The subscription business segment was a key driver, generating $219.0 million in Q3 2024, a 20% increase from $182.9 million in Q3 2023, and $628.7 million for the nine months, a 21% rise from $521.4 million.
Despite the revenue growth, Trupanion's costs also increased. The total cost of revenue for Q3 2024 was $278.1 million, up from $250.6 million in Q3 2023, primarily due to a rise in veterinary invoice expenses. Operating income for Q3 2024 was $1.7 million, a recovery from an operating loss of $3.5 million in Q3 2023. The company reported net income of $1.4 million for Q3 2024, compared to a net loss of $4.0 million in the same quarter of the previous year. However, for the nine months ended September 30, 2024, Trupanion recorded a net loss of $11.3 million, an improvement from a net loss of $42.5 million in the prior year.
The company’s total operating expenses for Q3 2024 were $47.6 million, up from $38.7 million in Q3 2023. Notably, technology and development expenses surged by 50% to $7.9 million, reflecting increased investment in product development. General and administrative expenses also rose by 34% to $17.0 million.
As of September 30, 2024, Trupanion had approximately $599.6 million in current assets, an increase from $562.1 million at the end of 2023. Cash and cash equivalents decreased to $137.5 million from $147.5 million, while short-term investments rose to $155.6 million from $129.7 million. The company’s total assets increased to $816.1 million from $782.9 million.
Strategically, Trupanion continues to focus on expanding its subscription business and enhancing member acquisition strategies. The total number of subscription pets enrolled reached 1,032,042, a 6% increase from 969,322 in the previous year. The company is also actively remediating identified weaknesses in internal controls over financial reporting, which were noted as a concern in the filing.
Overall, Trupanion's financial results reflect a positive trajectory in revenue growth and operational recovery, despite ongoing challenges related to costs and internal controls.
About TRUPANION, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.