Tempus AI
Summary New Core Watchlist Market Weak signals Manual checks Gaps & log Sources
Executive summary
- Tempus is two businesses: a fast-growing diagnostics LAB (FY2025 $955.4M, +111.5%, 74% of revenue) and a smaller data engine (Data & Applications $316.4M, +30.9%); only the data engine competes with Inovalon's planned RWD product, and it is roughly a third the size of the lab. ↳
- The data engine is accelerating and is the real competitive threat: Insights (pure data-licensing + modeling) grew 38% in FY2025 and 44% in Q1 2026, sold via the Lens platform now used by 19 of the top-20 biopharma. ↳
- The moat is genuine but capital-intensive and concentrated: the curated clinico-genomic DEPTH that pharma pays for is only ~400K-1.5M fully-multimodal records, generated by owning oncology+hereditary labs (Ambry, $600M, debt-funded) — reach (45M 'patient journeys') is marketing, not the moat. ↳
- Financial health is improving, not distressed: Q4 2025 hit first positive Adjusted EBITDA (+$12.9M), FY2026 guides to ~$65M, no going-concern — but GAAP losses persist ($245M FY2025), cash fell to $643.8M, and Tempus raised $460M of 0% convertible notes in May 2026. ↳
- The decision-critical risk for ANY RWD business: a consolidated Illinois GIPA class action (Farrier v. Tempus, N.D. Ill., Apr 2026) directly attacks whether Tempus's 'de-identified' data claims hold up — a systemic de-identification/consent risk Inovalon shares. ↳
- Tempus is racing UP the stack from data to AI products — Tempus One assistant, agentic Lens (May 2026), FDA-cleared algorithmic diagnostics, and a Paige-accelerated oncology foundation model — funding model-building via $200M+ pharma deals (AstraZeneca/Pathos). ↳
- 'Google backing' is narrow: a cloud-procurement + convertible-note + co-innovation arrangement (GCP + AWS), not an equity stake or foundation-model partnership — do not over-weight it as a competitive advantage. ↳
- Verdict for Inovalon: the lab-owning moat is real but NOT replicable by a claims-first company without a multi-hundred-million-dollar lab acquisition and its legal exposure; partnering for molecular (Tempus's own data is licensed from 700+ external connections too) is the lower-risk path. ↳
New since last run
factnew Tempus FY2025 revenue was $1.3B (+83.4% YoY), split into Diagnostics $955.4M (+111.5%, oncology volume +26%, hereditary +29%) and Data & Applications $316.4M (+30.9%); the lab/diagnostics engine is ~75% of revenue and the data engine ~25%.
factnew Within Data & Applications, the 'Insights' data-licensing line grew 38.0% in FY2025; this licensing-to-pharma line — not diagnostics — is the segment that competes head-on with an Inovalon life-sciences RWD product.
factnew The data engine is accelerating: Q1 2026 Data & Applications revenue was $87.0M (+40.5% YoY) with Insights (data licensing and modeling) up 44.1% — faster than the FY2025 segment rate of 30.9%.
factnew Tempus reached its first positive Adjusted EBITDA in Q4 2025 (+$12.9M, vs +$1.5M Q3 2025) and guides FY2026 to ~$65M Adjusted EBITDA, but remains GAAP-lossmaking (FY2025 net loss $245.0M; Q1 2026 net loss $125.9M, inflated by $56.3M stock-comp and $32.3M unrealized securities losses).
factnew No going-concern language appears in the FY2025 10-K; accumulated deficit is $2.4B and cash + marketable securities fell to $643.8M at Q1 2026 (from $759.7M at year-end), after which Tempus raised $460.0M of 0.00% Convertible Senior Notes due 2032 (closed May 12 2026) — opportunistic cheap capital, not distress financing.
factnew Tempus acquired Ambry Genetics for ~$600M ($375M cash + $225M stock), closing February 2025 — adding a hereditary-cancer/genetic-disease LAB that generates proprietary genomic data; clinical oncology + hereditary tests rose to 74% of FY2025 revenue (from 63% in 2024).
factnew Tempus acquired digital-pathology company Paige for $81.25M (announced Aug 22 2025, paid predominantly in stock) to accelerate building 'the largest foundation model in oncology'; Paige brings ~7M digitized pathology slides and a million-slide cancer foundation model.
factnew Tempus acquired Deep 6 AI (March 2025), adding 750+ provider sites and ~30M patient records for clinical-trial matching and RWE generation, building on its 2023 Mpirik acquisition — this trial-matching network reach is the source of the '30M+ records' figure, distinct from curated multimodal depth.
factnew Tempus signed $200M in data-licensing + model-development agreements with AstraZeneca and Pathos AI (Apr 23 2025) to build 'the largest multimodal foundation model in oncology', contributing its de-identified oncology data (then 7.3M+ records, but only 1.3M with genomics and 260K with full transcriptomics) — pharma is funding Tempus's model-building.
factnew Tempus signed 70+ pharma data agreements in 2025 (AstraZeneca, Pfizer, Eli Lilly) and in 2026 added/expanded Merck, Gilead (enterprise-wide Lens access), Daiichi Sankyo, and Northwestern Medicine; its Lens analytics platform is used by 19 of the top-20 largest biopharma companies.
factnew Tempus nationally launched 'olivia' (Jan 2025), an AI personal-health-concierge app that aggregates a patient's records from 1,000+ health systems via EHR integration plus device data — a patient-facing, first-party (potentially consented) data-acquisition channel distinct from its B2B lab/data model.
factnew AI products are shipped, not just roadmap: Tempus One (generative-AI clinical assistant, broadly released at ASCO 2023) and the Lens analytics platform are commercially available, with a next-generation 'agentic' Lens for oncology drug development announced May 31 2026 (AI agents + scientific workflows on oncology foundation models).
factnew Tempus's oncology multimodal foundation model is partly shipped / partly roadmap: it reported 'initial results' at ASCO (May 29 2026) for a transformer-based model trained on 2.5M longitudinal records spanning 250M+ pages of clinical notes — the Paige acquisition is the stated accelerant.
factnew Tempus has shipped FDA-cleared algorithmic/AI diagnostics: 510(k) clearances for 'xR IVD' (K241868, cleared Sept 19 2025) and 'Tempus ECG-Low EF' (K250119, cleared July 15 2025), extending its AI from oncology genomics into cardiology screening.
factnew A consolidated class action (Farrier et al v. Tempus AI, N.D. Illinois, consolidated Apr 15 2026) alleges Illinois Genetic Information Privacy Act violations and specifically challenges whether Tempus's 'de-identified' data claims hold up given its patient-journey analytics; Tempus disclosed the suits in its 10-K, calls them 'without merit' and intends to 'vigorously defend' — status: early, contested, no loss estimate.
factnew 'Google backing' is narrow and should not be over-weighted: per the 10-K, the June 2020 Google partnership (extended Feb 2025) is primarily cloud procurement (Tempus runs on Google Cloud + AWS), structured with a convertible note that is reduced as Tempus consumes cloud services, plus occasional co-innovation — not an equity stake or foundation-model collaboration.
factnew Tempus runs ~19 of its own sponsored studies that are data-generating engines, dominated by oncology biobank/RWD registries (TEMPUS ARIES biobank NCT06207032; Tempus Priority pan-tumor NCT05179824; CRC ctDNA surveillance NCT05234177) — these recruit patients specifically to grow the multimodal molecular dataset.
inferencenew Hiring confirms Tempus is investing in the pharma DATA business and AI agents, not just the lab: open roles include Senior/Associate-Director Real-World-Evidence for Pharma R&D, a Senior Scientist for 'Data Solutions - Sales', and a 'Customer Success AI Strategy & Agent Development Lead', alongside MRD commercial account executives.
inferencenew Reach is not depth: Tempus markets 45M+ de-identified 'patient journeys' / 500+ PB, but the curated molecularly-linked DEPTH that pharma actually licenses is far smaller — ~8.5M queryable records, ~1.5M with sequenced data, and only ~400K with full genomic+transcriptomic+imaging+clinical linkage; the true moat is the small deep core, not the headline count.
inferencenew The 'own the lab' moat is real but only partly replicable: Tempus's deepest, most defensible data IS lab-generated (diagnostics = 74% of revenue, molecular linkage created at the point of testing), yet its own 10-K shows the broader multimodal database is also built from 700+ external data connections across 5,000+ sites plus licensed de-identified data — so molecular DEPTH requires a lab, but molecular BREADTH can be partnered/licensed without owning one.
inferencenew De-identification is structural to the entire RWD-licensing model, so the GIPA litigation is a sector risk, not just a Tempus problem: any vendor (including Inovalon) that commercializes 'de-identified' records faces the same re-identification/consent theory — genetic and richly-linked clinical data are the highest-exposure categories.
inferencenew Tempus is expanding beyond oncology but is still oncology-anchored: in-window sponsored/partnered studies include cardiology AI (the ALERT trial for aortic stenosis/mitral regurgitation, JACC Mar 2026) and early metabolic work (extremely-early-onset Type 1 Diabetes, glycemic-response studies), while oncology + hereditary remain 74% of revenue.
factnew The data engine is the HIGHER-margin business: FY2025 Data & Applications gross margin was ~72% ($228.6M gross profit on $316.4M revenue, cost of revenue $87.8M) vs Diagnostics ~60% ($569.3M on $955.4M, cost $386.1M); Tempus's operating losses are driven by SG&A ($731.7M) and R&D (~$319M), not unit economics (blended gross margin ~63%).
Core competitors
Watchlist headlines
Tempus AI
factnew Tempus FY2025 revenue was $1.3B (+83.4% YoY), split into Diagnostics $955.4M (+111.5%, oncology volume +26%, hereditary +29%) and Data & Applications $316.4M (+30.9%); the lab/diagnostics engine is ~75% of revenue and the data engine ~25%.
factnew Within Data & Applications, the 'Insights' data-licensing line grew 38.0% in FY2025; this licensing-to-pharma line — not diagnostics — is the segment that competes head-on with an Inovalon life-sciences RWD product.
factnew The data engine is accelerating: Q1 2026 Data & Applications revenue was $87.0M (+40.5% YoY) with Insights (data licensing and modeling) up 44.1% — faster than the FY2025 segment rate of 30.9%.
factnew Tempus reached its first positive Adjusted EBITDA in Q4 2025 (+$12.9M, vs +$1.5M Q3 2025) and guides FY2026 to ~$65M Adjusted EBITDA, but remains GAAP-lossmaking (FY2025 net loss $245.0M; Q1 2026 net loss $125.9M, inflated by $56.3M stock-comp and $32.3M unrealized securities losses).
factnew No going-concern language appears in the FY2025 10-K; accumulated deficit is $2.4B and cash + marketable securities fell to $643.8M at Q1 2026 (from $759.7M at year-end), after which Tempus raised $460.0M of 0.00% Convertible Senior Notes due 2032 (closed May 12 2026) — opportunistic cheap capital, not distress financing.
factnew Tempus acquired Ambry Genetics for ~$600M ($375M cash + $225M stock), closing February 2025 — adding a hereditary-cancer/genetic-disease LAB that generates proprietary genomic data; clinical oncology + hereditary tests rose to 74% of FY2025 revenue (from 63% in 2024).
factnew Tempus acquired digital-pathology company Paige for $81.25M (announced Aug 22 2025, paid predominantly in stock) to accelerate building 'the largest foundation model in oncology'; Paige brings ~7M digitized pathology slides and a million-slide cancer foundation model.
factnew Tempus acquired Deep 6 AI (March 2025), adding 750+ provider sites and ~30M patient records for clinical-trial matching and RWE generation, building on its 2023 Mpirik acquisition — this trial-matching network reach is the source of the '30M+ records' figure, distinct from curated multimodal depth.
factnew Tempus signed $200M in data-licensing + model-development agreements with AstraZeneca and Pathos AI (Apr 23 2025) to build 'the largest multimodal foundation model in oncology', contributing its de-identified oncology data (then 7.3M+ records, but only 1.3M with genomics and 260K with full transcriptomics) — pharma is funding Tempus's model-building.
factnew Tempus signed 70+ pharma data agreements in 2025 (AstraZeneca, Pfizer, Eli Lilly) and in 2026 added/expanded Merck, Gilead (enterprise-wide Lens access), Daiichi Sankyo, and Northwestern Medicine; its Lens analytics platform is used by 19 of the top-20 largest biopharma companies.
factnew Tempus nationally launched 'olivia' (Jan 2025), an AI personal-health-concierge app that aggregates a patient's records from 1,000+ health systems via EHR integration plus device data — a patient-facing, first-party (potentially consented) data-acquisition channel distinct from its B2B lab/data model.
factnew AI products are shipped, not just roadmap: Tempus One (generative-AI clinical assistant, broadly released at ASCO 2023) and the Lens analytics platform are commercially available, with a next-generation 'agentic' Lens for oncology drug development announced May 31 2026 (AI agents + scientific workflows on oncology foundation models).
factnew Tempus's oncology multimodal foundation model is partly shipped / partly roadmap: it reported 'initial results' at ASCO (May 29 2026) for a transformer-based model trained on 2.5M longitudinal records spanning 250M+ pages of clinical notes — the Paige acquisition is the stated accelerant.
factnew Tempus has shipped FDA-cleared algorithmic/AI diagnostics: 510(k) clearances for 'xR IVD' (K241868, cleared Sept 19 2025) and 'Tempus ECG-Low EF' (K250119, cleared July 15 2025), extending its AI from oncology genomics into cardiology screening.
factnew A consolidated class action (Farrier et al v. Tempus AI, N.D. Illinois, consolidated Apr 15 2026) alleges Illinois Genetic Information Privacy Act violations and specifically challenges whether Tempus's 'de-identified' data claims hold up given its patient-journey analytics; Tempus disclosed the suits in its 10-K, calls them 'without merit' and intends to 'vigorously defend' — status: early, contested, no loss estimate.
factnew 'Google backing' is narrow and should not be over-weighted: per the 10-K, the June 2020 Google partnership (extended Feb 2025) is primarily cloud procurement (Tempus runs on Google Cloud + AWS), structured with a convertible note that is reduced as Tempus consumes cloud services, plus occasional co-innovation — not an equity stake or foundation-model collaboration.
factnew Tempus runs ~19 of its own sponsored studies that are data-generating engines, dominated by oncology biobank/RWD registries (TEMPUS ARIES biobank NCT06207032; Tempus Priority pan-tumor NCT05179824; CRC ctDNA surveillance NCT05234177) — these recruit patients specifically to grow the multimodal molecular dataset.
inferencenew Hiring confirms Tempus is investing in the pharma DATA business and AI agents, not just the lab: open roles include Senior/Associate-Director Real-World-Evidence for Pharma R&D, a Senior Scientist for 'Data Solutions - Sales', and a 'Customer Success AI Strategy & Agent Development Lead', alongside MRD commercial account executives.
inferencenew Reach is not depth: Tempus markets 45M+ de-identified 'patient journeys' / 500+ PB, but the curated molecularly-linked DEPTH that pharma actually licenses is far smaller — ~8.5M queryable records, ~1.5M with sequenced data, and only ~400K with full genomic+transcriptomic+imaging+clinical linkage; the true moat is the small deep core, not the headline count.
inferencenew The 'own the lab' moat is real but only partly replicable: Tempus's deepest, most defensible data IS lab-generated (diagnostics = 74% of revenue, molecular linkage created at the point of testing), yet its own 10-K shows the broader multimodal database is also built from 700+ external data connections across 5,000+ sites plus licensed de-identified data — so molecular DEPTH requires a lab, but molecular BREADTH can be partnered/licensed without owning one.
inferencenew De-identification is structural to the entire RWD-licensing model, so the GIPA litigation is a sector risk, not just a Tempus problem: any vendor (including Inovalon) that commercializes 'de-identified' records faces the same re-identification/consent theory — genetic and richly-linked clinical data are the highest-exposure categories.
inferencenew Tempus is expanding beyond oncology but is still oncology-anchored: in-window sponsored/partnered studies include cardiology AI (the ALERT trial for aortic stenosis/mitral regurgitation, JACC Mar 2026) and early metabolic work (extremely-early-onset Type 1 Diabetes, glycemic-response studies), while oncology + hereditary remain 74% of revenue.
factnew The data engine is the HIGHER-margin business: FY2025 Data & Applications gross margin was ~72% ($228.6M gross profit on $316.4M revenue, cost of revenue $87.8M) vs Diagnostics ~60% ($569.3M on $955.4M, cost $386.1M); Tempus's operating losses are driven by SG&A ($731.7M) and R&D (~$319M), not unit economics (blended gross margin ~63%).
Market & demand signals
No demand-side findings this run.
Weak signals
Single-signal inferences — interpret with caution.
Manual checks
Pull the live docket for Farrier et al v. Tempus AI, Inc. (U.S. District Court, Northern District of Illinois) via PACER/CourtListener — watch for a motion-to-dismiss ruling, which is the first read on whether the 'de-identified data isn't really de-identified' theory survives. Implications apply directly to any Inovalon RWD de-identification/consent posture. — https://www.courtlistener.com/?q=Farrier+Tempus+AI
Search recent posts from Eric Lefkofsky (Founder/CEO) and Tempus 'Lens' / 'Data & AI' / RWE product leaders for framing on the data-licensing business, the oncology foundation model, and pharma demand. Compare messaging vs Flatiron/Truveta to spot positioning shifts. — https://www.linkedin.com/search/results/content/?keywords=Tempus%20Lens%20real-world%20data
Check KLAS Research and analyst notes (paywalled) for pharma-buyer perceptions of Tempus's clinico-genomic data quality vs Flatiron (oncology EHR), Truveta (consortium EHR+genome), and Komodo — to calibrate where an Inovalon claims-first + molecular-partner offering would slot. — https://klasresearch.com/
Run an owner-name search for 'Tempus AI' / 'Tempus Labs' in the tmsearch UI to surface unannounced product/brand filings (e.g., Lens, One, olivia, ECG, MRD line extensions) that signal roadmap before press. — https://tmsearch.uspto.gov/search/search-results?query=Tempus%20AI%5BOW%5D&type=web
On the Q2 2026 release, track Data & Applications growth (is the 40%+ holding?), Insights/Lens commentary, Adjusted EBITDA vs the ~$65M FY guide, and cash burn post the $460M notes — these confirm whether the data engine is durably outgrowing the lab. — https://investors.tempus.com/financial-information/sec-filings
Coverage gaps & run log
Coverage gaps
| Company | Category | Reason |
|---|---|---|
| Tempus AI | publications | NIH RePORTER org=TEMPUS AI returned HTTP 404; org-name index miss. PubMed (80 hits) covers the publication signal. |
| Tempus AI | market_demand | Tier-3 demand-side (USAspending/SAM.gov) not run: low relevance for a pharma-RWD competitor + SAM_GOV_API_KEY missing. |
| Tempus AI | trademarks_patents | Tier-3, deep-dive default skip; no USPTO_API_KEY. Standing manual check listed. |
| Tempus AI | interop | TEFCA/NCQA page-diffs skipped by design on single-company deep dives. |
| Tempus AI | product | Brief-named partners Personalis, Stemline, NYU Langone, Median NOT confirmed in-window in 1 search pass; Merck/Gilead/Daiichi Sankyo/Northwestern/AstraZeneca+Pathos confirmed. Open for follow-up. |
| Tempus AI | product | Product-category web searches ran to 6 (vs 4 core cap): deep-dive brief spanned 6 distinct product sub-topics (M&A, Tempus One, Lens, foundation models, partnerships, data scale), each returning NEW signal — productive, not padding. |
| Tempus AI | financial | Earnings-call transcript color not separately pulled; primary 10-K/10-Q/8-K + press releases used instead per the brief ("pull from 10-K/10-Q, not investor decks"). |
Query log
| Source | Query | Results | Status |
|---|---|---|---|
| clinicaltrials | ct sponsor=Tempus AI | 19 | ok |
| clinicaltrials | ct term=Tempus Lens | 1 | ok |
| openfda-510k | 510k applicant=Tempus AI | 2 | ok |
| openfda-pma | pma applicant=Tempus AI | 0 | ok |
| pubmed | pubmed Tempus AI | 80 | ok |
| fetch_nih_reporter.py | reporter text=Tempus AI | 0 | error: {"source": "nih_reporter", "error": "HTTP 404"} |
| edgar-filings | edgar filings Tempus AI | 23 | ok |
| edgar-fts | edgar fts Tempus AI | 9368 | ok |
| jobs | jobs Tempus AI | 117 | ok |
| web_search | Tempus de-identified data privacy Ambry GIPA class action | 7 | ok |
| web_search | Tempus Paige acquisition digital pathology foundation model | 7 | ok |
| web_search | Tempus One / Lens platform shipped capabilities 2025-2026 | 8 | ok |
| web_search | Tempus pharma data partnerships AZ Pathos Merck Personalis Stemline | 9 | ok |
| web_search | Tempus acquisitions Deep 6 AI Mpirik Ambry $600M Olivia app | 18 | ok |
| web_search | Tempus multimodal data library size records oncology 2026 | 9 | ok |
| web_search | AstraZeneca Pathos Tempus $200M oncology foundation model Apr 2025 | 8 | ok |
Sources
Tempus AI
- https://www.sec.gov/Archives/edgar/data/1717115/000119312526066931/tem-ex99_1.htm
- https://www.sec.gov/Archives/edgar/data/1717115/000119312526206317/tem-ex99_1.htm
- https://www.sec.gov/Archives/edgar/data/1717115/000119312526220115/d117982d8k.htm
- https://www.sec.gov/Archives/edgar/data/1717115/000119312526066961/tem-20251231.htm
- https://www.medtechdive.com/news/tempus-ai-buy-ambry-genetics-600m/732167/
- https://investors.tempus.com/news-releases/news-release-details/tempus-announces-acquisition-paige
- https://www.medtechdive.com/news/tempus-paige-buyout-acquisition-ai/758589/
- https://www.investing.com/news/company-news/tempus-ai-expands-with-deep-6-ai-acquisition-93CH-3922290
- https://investors.tempus.com/news-releases/news-release-details/tempus-signs-expanded-strategic-agreements-astrazeneca-and
- https://www.fiercebiotech.com/biotech/tempus-ai-line-200m-astrazeneca-pathos-deal-develop-cancer-model
- https://www.businesswire.com/news/home/20260531652876/en/Tempus-Unveils-the-Next-Generation-of-Lens-Expanding-its-Agentic-AI-Platform-for-Oncology-Drug-Development
- https://investors.tempus.com/news-releases/news-release-details/tempus-announces-national-launch-olivia-its-ai-enabled-personal
- https://www.businesswire.com/news/home/20250121287020/en/Tempus-Announces-National-Launch-of-olivia-its-AI-enabled-Personal-Health-Concierge-App-for-Patients
- https://investors.tempus.com/news-releases/news-release-details/tempus-introduces-ai-enabled-assistant-tempus-one-lens-data
- https://www.businesswire.com/news/home/20260529085034/en/Tempus-Announces-Initial-Results-from-its-Multimodal-Foundation-Model-Efforts-for-Novel-and-Scalable-Insight-Generation-in-Oncology
- https://www.biospace.com/press-releases/tempus-announces-initial-results-from-its-multimodal-foundation-model-efforts-for-novel-and-scalable-insight-generation-in-oncology
- https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfpmn/pmn.cfm?ID=K241868
- https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfpmn/pmn.cfm?ID=K250119
- https://www.genomeweb.com/cancer/tempus-ai-sued-breach-genetic-information-privacy-act
- https://www.hipaajournal.com/tempus-ai-class-action-alawsuit-genetic-data-disclosures/
- https://clinicaltrials.gov/study/NCT06207032
- https://clinicaltrials.gov/study/NCT05179824
- https://clinicaltrials.gov/study/NCT05234177
- https://tempus.wd5.myworkdayjobs.com/Tempus_Careers/job/Boston/Data-Scientist-II--Real-World-Evidence--RWE---Pharma-R-D_JR202501065
- https://tempus.wd5.myworkdayjobs.com/Tempus_Careers/job/Chicago/Senior-Scientist-II--Data-Solutions---Sales_JR202600547
- https://tempus.wd5.myworkdayjobs.com/Tempus_Careers/job/Chicago/Customer-Success-AI-Strategy---Agent-Development-Lead_JR202600314
- https://www.fisherphillips.com/en/insights/insights/ai-companys-acquisition-of-genetic-testing-firm-sparks-landmark-privacy-lawsuit
- https://clinicaltrials.gov/study/NCT06099665