Health Catalyst, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||
| Net loss per share, basic | ||||||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net loss | $ | (69,502) | $ | (118,147) | $ | (137,403) | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Weighted-average number of shares used in calculating net loss per share, basic | 60,184,920 | 56,418,397 | 53,721,702 | |||||||||||||||||
| Net loss per share, basic | $ | (1.15) | $ | (2.09) | $ | (2.56) | ||||||||||||||
| Net loss per share, diluted | ||||||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net loss | $ | (69,502) | $ | (118,147) | $ | (137,403) | ||||||||||||||
| Dilutive change in fair value of shares issuable as contingent consideration | — | — | (4,668) | |||||||||||||||||
| Net loss for diluted calculation | $ | (69,502) | $ | (118,147) | $ | (142,071) | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Weighted-average number of shares used in calculating net loss per share, basic | 60,184,920 | 56,418,397 | 53,721,702 | |||||||||||||||||
Dilutive effect of shares issuable as acquisition-related contingent consideration | — | — | 358,030 | |||||||||||||||||
| Weighted-average number of shares used in calculating net loss per share, diluted | 60,184,920 | 56,418,397 | 54,079,732 | |||||||||||||||||
| Net loss per share, diluted | $ | (1.15) | $ | (2.09) | $ | (2.63) | ||||||||||||||
| As of December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| Common stock options | 1,053,251 | 1,396,452 | 1,748,306 | ||||||||||||||
| Restricted stock units | 3,505,406 | 3,111,584 | 3,292,943 | ||||||||||||||
| Performance-based restricted stock units | 524,313 | 188,533 | 534,380 | ||||||||||||||
Shares related to convertible senior notes | 7,516,331 | 7,516,331 | 7,516,331 | ||||||||||||||
| Restricted shares | — | 235,389 | 503,020 | ||||||||||||||
| Total potentially dilutive securities | 12,599,301 | 12,448,289 | 13,594,980 | ||||||||||||||
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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.