Fulgent Genetics, Inc. Earnings Per Share Disclosure
Note 12. Income (Loss) per Share
The following is a reconciliation of the basic and diluted loss per share computations:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(in thousands) |
|
|||||||||
Net loss attributable to Fulgent |
|
$ |
(60,513 |
) |
|
$ |
(42,708 |
) |
|
$ |
(167,825 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Weighted-average common shares - outstanding, basic |
|
|
30,777 |
|
|
|
30,235 |
|
|
|
29,784 |
|
Weighted-average effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|||
Stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Contingently issuable shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted-average common shares - outstanding, diluted |
|
|
30,777 |
|
|
|
30,235 |
|
|
|
29,784 |
|
|
|
|
|
|
|
|
|
|
|
|||
Loss per share: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
(1.97 |
) |
|
$ |
(1.41 |
) |
|
$ |
(5.63 |
) |
Diluted |
|
$ |
(1.97 |
) |
|
$ |
(1.41 |
) |
|
$ |
(5.63 |
) |
The following securities have been excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(in thousands) |
|
|||||||||
Stock options |
|
|
99 |
|
|
|
95 |
|
|
|
224 |
|
Restricted stock units |
|
|
2,233 |
|
|
|
2,206 |
|
|
|
2,210 |
|
Contingently issuable shares |
|
|
293 |
|
|
|
— |
|
|
|
186 |
|
The anti-dilutive shares described above were calculated using the treasury stock method. In the years ended December 31, 2025, 2024, and 2023, the Company had outstanding stock options and restricted stock units that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss positions.
In the year ended December 31, 2025, the Company also had contingently issuable shares for contingent consideration to the acquisition of ANP that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss positions. The milestones have not been satisfied as of December 31, 2025, thus, nothing was included in dilutive shares. See more details in Note 15. Business Combinations. In the year ended December 31, 2023, the Company also had contingently issuable shares for shares held back in connection with the business combination of Fulgent Pharma, or Pharma Hold Back Shares. In May 2024, the Company released the remaining Pharma Hold Back Shares such that no shares remain contingently issuable in connection with the business combination of Fulgent Pharma.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 8, 2021 | |
| 2019 | Mar 13, 2020 | |
| 2017 | Mar 20, 2018 | |
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.