Why this name is on the tape
Tempus AI, Inc. (NASDAQ: TEM) is a Chicago precision-medicine company founded in 2015 by Eric Lefkofsky. It listed on 14 June 2024. The product is not a chatbot. Tempus runs genomic and other diagnostic tests — especially in oncology — then licenses de-identified multimodal data and software to drug makers. The two lines feed each other: more tests mean more data; more data makes the tests and the pharma products stickier.
That flywheel is why TEM prints on both “AI healthcare” headlines and ordinary lab-volume headlines. Founder control sits in a dual-class structure. In August 2025 the company reincorporated in Nevada. Neither fact tells you what next quarter’s test volume will be. Both are part of how the equity is governed.
Two revenue lines, and what Q2 2026 actually showed
In the quarter ended 30 June 2026, Tempus reported $382.5 million of revenue, up 22% from a year earlier. Diagnostics was $289.3 million (up 20%). Data and Applications was $93.2 million (up 28%), with Insights licensing up 36%. Oncology test volume was up 31%. Minimal residual disease (MRD) tests ran at 9,000 in the quarter, from 6,500 a year earlier.
GAAP net income was $5.6 million. That print includes large stock-based compensation and unrealized gains on securities — it is not a clean operating-profit number. Adjusted EBITDA was $8.0 million. Cash and marketable securities were $820.7 million. Full-year 2026 revenue guidance is $1.595–1.605 billion, about 25% growth, with adjusted EBITDA around $65 million. Those are company targets, not a guarantee.
Pharma names, FDA, and a pathology model
Tempus says it works with 19 of the 20 largest public pharma companies (2024 revenue basis). The named 2026 book includes a multi-year oncology foundation-model collaboration with AstraZeneca and Pathos: about $200 million of data-licensing and model fees, with the first model delivered to AstraZeneca in Q2 2026. Q2 bookings were about $200 million, including BioNTech, Daiichi Sankyo, Level Set Bio, and Incyte.
On the diagnostic side, FDA cleared Tempus’s tumor-only xT CDx — the company says it is the first lab with companion-diagnostic approval for both tumor-only and tumor-normal comprehensive genomic profiling, with an ADLT pricing migration behind that. In digital pathology, PRISM2 — a foundation model developed with Microsoft researchers — was described in Nature Medicine on 4 August 2026, with weights on Hugging Face (paige-ai/Prism2). Tempus has also pointed to a USC Keck collaboration, a digital-pathology consortium with Yale New Haven Health and Memorial Sloan Kettering, and Tempus Preview, a roughly 24-hour biomarker readout.
Personalis is signed. It is not closed.
Tempus has a definitive agreement to acquire Personalis at $16.25 per share, about $1.5 billion of enterprise value, for NeXT Personal MRD. Expected close is late Q4 2026 or early 2027. Full-year guidance excludes Personalis. A signed deal is not the same as a combined lab network, and it is not in the $1.6 billion revenue target. Personalis is also the tumor-profiling lab Merck and Moderna have used for their individualized mRNA therapy since that program started — a separate clock from Tempus’s own AstraZeneca model work.
What this does not tell you
A profitable GAAP quarter that is padded by securities marks is not proof that Diagnostics and Insights will keep compounding at Q2 rates. Bookings and a $200 million AstraZeneca-related package are evidence of pharma demand. They are not the same as recognized revenue in every future quarter. Personalis is still a closing risk.
On MarketNeon, TEM is a ticker like any other: price, volume, crowd mentions, and headlines can run hot while the lab, the data book, and the acquisition sit on different clocks. This article is context for those prints. It does not rank the name, and it does not tell anyone to buy or sell.