Tempus AI, Inc.
Health Care · Health Care Technology
Structural: vertically integrated precision-medicine stack - proprietary multimodal library (~250PB of de-identified clinical+molecular data), in-house CLIA/CAP labs, and an AI applications layer (Tempus One, ECG-AF, Next) that sits on top.
Two reported segments: Genomics (sequencing tests, ~60-65% of revenue) and Data and Services (pharma R&D licensing + AI apps, higher margin, growing faster). Ambry Genetics acquisition (Feb 2025) added hereditary cancer + cardiology testing scale.
data-network moat compounds as test volume grows feedback loop (every test enriches library, library improves AI, AI sells next pharma deal); pharma contract backlog >$1B run-rate gives multi-year revenue visibility; cardiology + radiology line extensions open beyond-oncology TAM; AI apps layer is the high-margin tail if attach rates climb; Lefkofsky owns >30% post-IPO - aligned operator.
$GH (Guardant), $NTRA (Natera), $EXAS (Exact Sciences), $ILMN (Illumina-on-Illumina sequencers), and academic labs all compete on overlapping tests; Genomics segment gross margin still mid-teens to low-20s - reimbursement-pressured; cash burn high (operating losses ~$200-300M/qtr cadence in 2025) with dilution risk; AI/data segment growth is contract-lumpy not subscription; valuation prices in a clean transition from sequencing-services co.
to AI/data platform that has not yet shown up in gross-margin mix; Ambry integration execution risk.
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