Earnings Per Share

The following table sets forth the computation of basic and diluted loss per share of Class A common stock (amounts in thousands, except share and per share data) for the years ending December 31:


	2025		2024		2023
Numerator:
Net income (loss) from continuing operations	$	27,274	$	(47,049)	$	(121,196)
Net (income) loss attributable to noncontrolling interests—continuing operations	(4,542)		10,924		24,458
Net income (loss) attributable to Bioventus Inc. Class A common stockholders—continuing operations	$	22,732	$	(36,125)	$	(96,738)

Net loss from discontinued operations	$	—	$	—	$	(74,429)
Net loss attributable to noncontrolling interests—discontinued operations	—		—		14,937
Net loss attributable to Bioventus Inc. Class A common stockholders—discontinued operations	$	—	$	—	$	(59,492)

Denominator:
Basic weighted-average shares of Class A common stock outstanding	66,622,631		64,547,474		62,647,554
Dilutive effects of:
Stock options	953,822		—		—
Restricted stock units	1,338,442		—		—
Diluted weighted-average shares of Class A common stock outstanding	68,914,895		64,547,474		62,647,554

Net income (loss) per share of Class A common stock, from continuing operations—basic	$	0.34	$	(0.56)	$	(1.54)
Net loss per share of Class A common stock, from discontinued operations—basic	—		—		(0.95)
Net income (loss) per share of Class A common stock—basic	$	0.34	$	(0.56)	$	(2.49)

Net income (loss) per share of Class A common stock, from continuing operations—diluted	$	0.33	$	(0.56)	$	(1.54)
Net loss per share of Class A common stock, from discontinued operations—diluted	—		—		(0.95)
Net income (loss) per share of Class A common stock—diluted	$	0.33	$	(0.56)	$	(2.49)

Shares of Class B common stock do not share in the losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted losses per share of Class B common stock under the two-class method has not been presented.

The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive upon conversion for the years ending December 31:


	2025	2024	2023
LLC Interests held by Continuing LLC Owner(a)	15,786,737	15,786,737	15,786,737
Stock options(b)	2,239,466	2,289,436	5,860,516
RSUs(c)	637,600	11,052	595,030
Total	18,663,803	18,087,225	22,242,283

(a)Shares of Class A common stock reserved for future issuance upon redemption or exchange of LLC Interests by the Continuing LLC Owner. LLC Interests are neither dilutive nor antidilutive for the periods presented as the assumed redemption for shares of Class A common stock would cause a proportionate increase to net income (loss) attributable to Class A common shareholders—diluted.

(b)Options with exercise prices greater than the average market price of our Class A common stock are excluded from the computation of diluted net income (loss) per share because they are out-of-the-money.

(c)A portion of the restricted stock units are considered antidilutive under the treasury stock method as the number of shares that could be purchased with the assumed proceeds of the restricted stock units exceed the total amount of the underlying shares outstanding.