Tempus is planning to list on the Nasdaq under the ticker symbol 'TEM'
Tempus AI Inc. is about to give investors a way to play the intersection of medicine and artificial intelligence.
The healthcare-technology company, founded in 2015, plans to offer 11.1 million shares for between $35 and $37, setting Tempus (TEM) up to raise just over $410 million at the high point of that range.
Tempus's technology seeks to personalize laboratory testing by analyzing results in the context of a patient's other clinical information. "Our goal is to embed AI, including generative AI, throughout every aspect of diagnostics to enable physicians and researchers to make personalized, data-driven decisions that improve patient care," the company said in its prospectus.
The company also sees itself as occupying a unique position within healthcare. "Unlike traditional diagnostic labs, we can incorporate unique patient information, such as clinical, molecular, and imaging data, with the goal of making our tests more intelligent and our results more insightful," Tempus noted in the filing. "Unlike other technology companies, we are deeply rooted in clinical care delivery as one of the largest sequencers of patients in the United States."
Tempus brought in $531.8 million in revenue during 2023, up from $320.7 million in 2022. During the most recent March quarter, its revenue was $145.8 million, up from $115.6 million in the same period a year prior.
Losses narrowed on an annual basis, but widened when looking at the most recent quarter. Tempus reported a net loss of $214.1 million for 2023 compared with $289.8 million in 2022. In the March quarter of 2024, it logged a $64.7 million net loss, compared with $54.4 million a year earlier.
Eric Lefkofsky, who founded the company, serves as chief executive. He previously co-founded Groupon Inc.
Tempus is planning to list on the Nasdaq under the ticker symbol "TEM."
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