Trupanion, Inc. reported a total revenue of $341.975 million for the three months ended March 31, 2025, marking a 12% increase from $306.121 million in the same period of the previous year. The subscription business segment contributed $233.064 million, a 16% rise from $201.134 million, driven by an 11% increase in monthly average revenue per pet and a growth in subscription pet months. The other business segment also saw a revenue increase of 4%, reaching $108.911 million, primarily due to an 18% rise in monthly average revenue per pet, despite a decrease in pet months.
The company's cost of revenue increased to $290.872 million from $269.894 million, with the subscription segment's veterinary invoice expenses rising by 10% to $168.181 million. This increase was attributed to a 6% rise in veterinary invoice expense per pet and an increase in total subscription pet months. Operating expenses also grew, totaling $52.271 million compared to $42.261 million in the prior year, with significant increases in general and administrative expenses, which rose by 36% to $19.892 million, and new pet acquisition expenses, which increased by 22% to $20.516 million.
Trupanion's net loss for the quarter was $1.483 million, a notable improvement from a net loss of $6.852 million in the same quarter last year. The loss per share decreased to $(0.03) from $(0.16). The company reported a comprehensive income of $414, contrasting with a comprehensive loss of $8.836 million in the prior year, reflecting a positive shift in foreign currency translation adjustments and unrealized gains on investments.
Operationally, Trupanion's total enrolled pets decreased slightly to 1,667,637 from 1,708,017 year-over-year, while the number of subscription pets enrolled increased by 5% to 1,052,845. The average monthly revenue per pet rose to $77.53, up from $69.79, and the average monthly retention rate remained high at 98.28%. The company continues to focus on expanding its market presence, particularly in Europe, where it aims to assume full insurance risk for its products.
Looking ahead, Trupanion anticipates continued growth in its subscription business, supported by strategic investments in pet acquisition and enhancements to member experience. The company remains committed to maintaining its operational efficiency and improving its financial performance, despite the competitive landscape and potential market fluctuations.
About TRUPANION, INC.
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