Guardant Health, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||
Net loss, basic and diluted | $ | (416,277) | $ | (436,373) | $ | (479,449) | |||||||||||
Net loss per share, basic and diluted | $ | (3.32) | $ | (3.56) | $ | (4.28) | |||||||||||
Weighted-average shares used in computing net loss per share, basic and diluted | 125,374 | 122,745 | 111,988 | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands) | |||||||||||||||||
Stock options | 4,910 | 3,990 | 3,566 | ||||||||||||||
| Restricted stock units | 7,283 | 5,199 | 3,474 | ||||||||||||||
| MSUs | — | 484 | 2,261 | ||||||||||||||
| PSUs | 1,258 | 1,125 | 389 | ||||||||||||||
| ESPP obligation | 170 | 209 | 176 | ||||||||||||||
| Convertible senior notes | 12,489 | 8,225 | 8,225 | ||||||||||||||
| Total | 26,110 | 19,232 | 18,091 | ||||||||||||||
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.