TRUP - Why Trupanion Stock Soared Today
2023-11-03 16:03:06 ET
Shares of Trupanion (NASDAQ: TRUP) rallied as much as 30% early Friday, then settled to trade up 16.7% as of 2:45 p.m. ET after the pet insurance provider announced better-than-expected third-quarter results.
Trupanion's quarterly revenue grew 22% year over year, to $285.9 million, while its net loss narrowed to just over $4 million, or $0.10 per share, from a loss of $0.32 per share in last year's third quarter. Analysts, on average, were expecting a wider net loss of $0.31 per share on revenue of $275 million.
Within Trupanion's top line, subscription business revenue grew 20% year over year, to $182.9 million. Other business revenue -- primarily comprised of business-to-business (B2B) contracts as opposed to Trupanion's core direct-to-consumer (DTC) business -- grew 26.5% to $102.9 million. Total enrolled pets also increased 19% year over year to 1,712,177, including a 20% increase in subscription-enrolled pets to 969,322.
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Why Trupanion Stock Soared Today