Trupanion, the Seattle pet health insurance company that completed a $73 million IPO last month, continues to add new customers as pet lovers continue to look to guard against skyrocketing veterinary medical bills.
The company today announced second quarter results, showing a 42 percent jump in revenue over the same period last year. The company posted revenue of $28.1 million and a net loss of $3.5 million.
“We had a solid second quarter; and yet, we have significant runway ahead of us because we are operating in what we believe is a massive, underpenetrated market,” said Darryl Rawlings, CEO of Trupanion. “Our goal is to become the category leader in this market. Propelled by a superior product and a powerful, veterinarian-focused sales strategy, we believe we are well positioned to take advantage of this opportunity and assume a leading role in building the category.”
The company said it had 194,617 enrolled pets at the end of the second quarter, a 32 percent increase over the second quarter of last year. Average monthly revenue per pet rose four percent to $43.90.
Backed by Maveron and others, Trupanion went public at $10 per share last month. It is now trading at just over $9 per share, with a market value of $239 million.