This Thursday, November 3, Trupanion will report its third quarter earnings. This reporter would like to provide analysts with “interview prep” ahead of Thursday for the live question and answer round since reporters are not permitted to participate.
Here are a few suggested questions:
- Trupanion launched PHI Direct and Furkin more than one year ago. To date, no numbers have been released with regard to policies sold. Will you do that today?
- If the numbers are not material, and given that it’s been more than one year since launching, are you reconsidering the decision to brand the products entirely apart from Trupanion?
- How far from a U.S. launch are the products at this point?
- If you cannot or will not answer, please explain why.
- More than one year ago, on October 15, 2021, The Canine Review reported that Trupanion’s dog food venture Landspath had its first consumer feeding trials and quoted president Margi Tooth saying the following:
“I think we’ve probably got a good six months to go before we’re in a position to start to expand it dramatically,” Tooth said when asked about the timetable. “We’re not in a desperate hurry,” she added. “We’re certainly not going to do it badly; we’re rolling it out at a level that we feel confident in, and we’re in a lucky position that we can do that without distracting the core business [Trupanion].”
Trupanion has declined TCR’s requests for updates since publishing our October 2021 story. What can you tell us today about where the startup dog food venture Landspath stands? Can you tell us how many dogs have been eating it for how many months? If you cannot or will not answer specifics on Landspath, please explain why.
6. You gave a C- (the single worst grade of the 13 total issued) to your team for web conversion in your shareholder letter last year. Thus, even if you want to debate the meaning of a “C-” grade, relatively speaking, the fact is that it was the single lowest grade, second only to “new products,” the category that includes the food venture. In June, Trupanion announced a new marketing hire whose focus would be online conversion. Do you expect a big improvement in your web conversation rates by next year’s shareholder letter? Why or why not?