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

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