PACIFIC BIOSCIENCES OF CALIFORNIA, INC. Earnings Per Share Disclosure
NOTE 10. NET LOSS PER SHARE | ||
| Years Ended December 31, | |||||||||||||||||
(In thousands, except per share amounts) | 2025 | 2024 | 2023 | ||||||||||||||
| Numerator: | |||||||||||||||||
Basic | |||||||||||||||||
| Basic net loss | $ | (546,376) | $ | (309,851) | $ | (306,735) | |||||||||||
Diluted | |||||||||||||||||
| Basic net loss | $ | (546,376) | $ | (309,851) | $ | (306,735) | |||||||||||
| Add: Interest charges applicable to convertible notes (2028 Notes) | — | 6,428 | — | ||||||||||||||
| Less: Gain on debt restructuring (2029 Notes) | — | (154,407) | — | ||||||||||||||
| Diluted net loss | $ | (546,376) | $ | (457,830) | $ | (306,735) | |||||||||||
| Denominator: | |||||||||||||||||
| Basic | |||||||||||||||||
| Weighted-average shares used in computing basic net loss per share | 299,959 | 274,488 | 253,629 | ||||||||||||||
| Basic net loss per share | $ | (1.82) | $ | (1.13) | $ | (1.21) | |||||||||||
| Diluted | |||||||||||||||||
| Weighted-average shares used in computing basic net loss per share | 299,959 | 274,488 | 253,629 | ||||||||||||||
| Add: Weighted average shares issuable upon conversion of convertible notes (2028 Notes) | — | 9,395 | — | ||||||||||||||
| Add: Weighted average shares issuable upon conversion of convertible notes (2029 Notes) | — | 4,483 | — | ||||||||||||||
| Weighted-average shares used in computing diluted net loss per share | 299,959 | 288,366 | 253,629 | ||||||||||||||
| Diluted net loss per share | $ | (1.82) | $ | (1.59) | $ | (1.21) | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Shares issuable upon conversion of convertible senior notes | 61,415 | 20,512 | 31,063 | ||||||||||||||
| Equity awards | 41,613 | 34,136 | 27,246 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
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.