EXHIBIT 11.1
METRA BIOSYSTEMS, INC.
COMPUTATION OF NET LOSS PER SHARE
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
YEAR ENDED JUNE 30,
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1997 1996 1995
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Net loss........................................................................ $ (13,127) $ (21,399) $ (6,803)
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Weighted average number of common shares outstanding............................ 12,610 10,515 738
Mandatorily redeemable convertible preferred stock.............................. -- -- 5,325
Number of common equivalents as a result of convertible warrants outstanding
using the treasury stock method............................................... -- -- 10
Number of common shares issued and stock options granted in accordance with
Staff Accounting Bulletin 83.................................................. -- -- 230
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Weighted average shares used to compute net loss per share...................... 12,610 10,515 6,303
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Net loss per share.............................................................. $ (1.04) $ (2.04) $ (1.08)
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The calculation includes the shares of mandatorily redeemable convertible
preferred stock (Series A, Series B, Series C, Series D and Series E) and a
convertible warrant as if they had converted to common stock on their respective
original dates of issuance, because such shares automatically convert to common
stock upon the closing of the initial public offering of the Company's common
stock.