GeneDx Holdings Corp. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net loss attributable to common stockholders | $ | (21,021) | $ | (52,286) | $ | (175,767) | |||||||||||
| Denominator: | |||||||||||||||||
| Basic and diluted weighted-average common shares outstanding | 28,641,734 | 26,891,213 | 24,311,989 | ||||||||||||||
| Basic and diluted loss per share | $ | (0.73) | $ | (1.94) | $ | (7.23) | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Outstanding options and RSUs to purchase Class A common stock | 1,719,187 | 2,210,841 | 2,005,853 | ||||||||||||||
| Outstanding warrants | 666,515 | 666,515 | 1,466,515 | ||||||||||||||
| Outstanding 2021 ESPP shares | 21,258 | 20,566 | — | ||||||||||||||
| Total | 2,406,960 | 2,897,922 | 3,472,368 | ||||||||||||||
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.