|Trupanion CEO Darryl Rawlings|
Trupanion ($TRUP) said second-quarter total revenues soared 27% behind strong subscription business, while the provider of pet insurance reported net losses as relatively flat for the period.
Total revenues were $35.6 million compared to $28.1 million for the same quarter a year ago. Its subscription business brought in $32.2 million for the quarter versus $25 million, the company said. Trupanion's net loss for the second quarter was $4.9 million, or 18 cents per share, against $3.5 million, or $2.25 per share, a year ago.
Marketing costs also continued to climb, reaching $3.5 million for the quarter as opposed to $2.8 million a year ago. For the first 6 months, Trupanion has spent $7.2 million to drum up business.
The company had a total of 259,948 enrolled pets so far this year against 207,696 a year ago.
"We're encouraged by our performance in the second quarter," Darryl Rawlings, CEO, said in a statement. "Looking ahead, we will continue to make strategic investments in Trupanion Express, our Territory Partners and in corporate partnerships to increase the number of active hospitals, which we believe will be a key driver to strengthen our leadership position in the medical insurance for pets' category in North America."
Trupanion is looking to distinguish itself from competitors by integrating with veterinary hospitals so claims can be filled automatically rather than pet owners having to file for reimbursement themselves. In an effort to bolster that goal, the company said earlier this year it plans to expand its sales force from 70 to 85 by the end of the year.
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