Brandon Vazquez

John Barnidge

Jonathan Block

Katie Sakys

Wilma Jackson Burdis

Joshua Shanker

Maria Ripps

Wilma Burdis

- Trupanion has achieved **62 straight quarters of revenue growth** and has **raised its 2025 guidance** for total revenue to **10.9% year-over-year**, subscription revenue to **$15,300,000**, and adjusted operating income to **27.5%**.  **[1371285_2146517_49]** **[1371285_2146517_50]**  The company also reported **$61,000,000 of positive free cash flow** in the last four quarters.  **[1371285_2146517_49]** 
- The company has significantly improved profitability, with profit per pet expected to reach **nearly $12** from a low of $6, while maintaining a **71% loss ratio**.  **[1371285_2146517_8]**  Subscription adjusted operating income (AOI) experienced **54% year-over-year growth in 2024** and is projected to be around **30% in 2025**.  **[1371285_2146517_3]** 
- Trupanion is increasing its acquisition spend in **2025 and 2026**, with **Q3 pet count expected to accelerate** due to more growth from new pet ads.  **[1371285_2146517_16]** **[1371285_2146517_18]**  The company operates in a **vast, underpenetrated market** with only **4% penetration** in the US, and has outlined a new strategic plan focusing on product, channels, and geography.  **[1371285_2146517_9]** **[1371285_2146517_50]** 
- The company is **overcapitalized** and has deployed **$38,000,000 from its insurance entity in the last two years** to fuel growth, including through dividends.  **[1371285_2146517_49]**

TRUPANION (TRUP)