Trupanion Inc

- Revenue growth decelerated (7th in a row)
- Gross margins fell so much (from 14.5% to 11.3%), gross profit actually _shrank_ from $29.9M to $26.3M YoY
- Operating margin fell from -4.4% to -9.5%
- EBT margin fell from -4.3% to -9.7%
- FCF % of revenue fell from -3.5% to -4.7%
- SBC as a % of revenue increased from 3.7% to 4.8%
- Total pets enrolled grew <30%, the first time that has happen in 3 years
- Monthly average revenue per pet decreased YoY for the second quarter in a row
- A bright spot could be the average pet acquisition cost decreased YoY by 18%... except the lifetime value of a pet decrease YoY even more, 26%

Currently down 16% after-hours and honestly, even with the recent 12% stock price slide over the past month, 16% after-hours doesn't feel right. It should be a bigger fall. This quarter was awful. This thesis may be busted.

Maybe the fall will continue
![Image upload](https://cdn.commonstock.com/7fb4167b598b85576c8798da8b8414b8e93f528dbba023f688b4f57794a7159c-1510x1068.png)

Nathan Worden

Trupanion ($TRUP) with one of the worst quarters I've seen

This member connected a brokerage account and is sharing trades and portfolio performance with the community. 