Earnings per share

The following table sets forth the computation of basic and diluted loss per share of Class A common stock (amounts in thousands, except share and per share data) for the years ending December 31:


	2024		2023		2022
Numerator:
Net loss from continuing operations	$	(43,833)	$	(121,196)	$	(144,651)
Net loss attributable to noncontrolling interests — continuing operations	10,291		24,458		40,732
Net loss attributable to Bioventus Inc. Class A common stockholders — continuing operations	$	(33,542)	$	(96,738)	$	(103,919)

Numerator:
Net loss from discontinued operations	$	—	$	(74,429)	$	(68,740)
Net loss attributable to noncontrolling interests — discontinued operations	—		14,937		13,955
Net loss attributable to Bioventus Inc. Class A common stockholders — discontinued operations	$	—	$	(59,492)	$	(54,785)

Denominator:
Weighted-average shares of Class A common stock outstanding - basic and diluted	64,547,474		62,647,554		61,389,107

Net loss per share of Class A common stock, from continuing operations, basic and diluted	$	(0.52)	$	(1.54)	$	(1.70)
Net loss per share of Class A common stock, from discontinued operations, basic and diluted	—		(0.95)		(0.89)
Net loss per share of Class A common stock, basic and diluted	$	(0.52)	$	(2.49)	$	(2.59)

Shares of Class B common stock do not share in the losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted losses per share of Class B common stock under the two-class method has not been presented.

The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted loss per share because the effect of including such potentially dilutive shares would have been antidilutive upon conversion for the years ending December 31:


	2024	2023	2022
LLC Interests held by Continuing LLC Owner(a)	15,786,737	15,786,737	15,786,737
Stock options	2,289,436	5,860,516	7,679,780
RSUs	11,052	595,030	710,807
Total	18,087,225	22,242,283	24,177,324

(a)Class A Shares reserved for future issuance upon redemption or exchange of LLC Interests by the Continuing LLC Owner.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Bioventus Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

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