Tempus AI (TEM) Announces June 14th IPO

Tempus AI (TEM) expects to raise $400 million in an initial public offering (IPO) on Friday, June 14th, IPO Scoop reports. The company will issue 11,100,000 shares at $35.00-$37.00 per share.

In the last twelve months, Tempus AI generated $562 million in revenue and had a net loss of $224.5 million. The company has a market-cap of $5.9 billion.

Morgan Stanley, J.P. Morgan, Allen & Company, BofA Securities, TD Cowen, Stifel and William Blair served as the underwriters for the IPO and Loop Capital Markets and Needham & Company were co-managers.

Tempus AI provided the following description of their company for its IPO: “We provide data and analytics tools for precision medicine. (Incorporated in Delaware)  We are focused on the use of AI (artificial intelligence) in healthcare. This led to the creation of the Tempus Platform, which includes proprietary software and data pipelines. As a result of this proprietary technology, we have accumulated what we consider to be one of the largest libraries of clinical and molecular oncology data in the world. We have established a network that we believe would be difficult for potential competitors to replicate. We have relationships with providers, life sciences companies, and leading industry associations that help provide key competitive advantages around our Platform. We work with hundreds of provider networks, including more than 65 percent of all academic medical centers in the United States. We have approximately 450 direct unique data connections, many of which supply us with complex multimodal data in near real time, across more than 2,000 healthcare institutions that order our products and services. In addition, we work with numerous industry associations, such as ASCO to structure and distribute the oncology data they collect as part of CancerLinq, which is their oncology data effort. To align interests with the healthcare providers who share data with us, we have developed software products and services that help our partners leverage data and benefit from being part of our network to improve patient care and research. These products have gained significant traction over the past five years, as our offerings are used by more than 7,000 physicians in some way. Between our sequencing and data collection efforts, we are connected in some way to more than 50 percent of all oncologists practicing in the United States. Eric Lefkofsky, our founder, has served as our CEO and a member of our board of directors since our inception in 2015. Before founding Tempus, Mr. Lefkofsky co-founded Groupon, Inc. in 2008, where he held various roles, including member of the board of directors through November 2023, chairman of the board of directors (November 2015 to June 2020), and CEO (August 2013 to November 2015). Mr. Lefkofsky also co-founded Lightbank LLC in 2008, a private venture capital firm specializing in investments in technology companies. He has served as Lightbank’s managing member since inception and general partner since January 2019. Note: Net loss and revenue figures are for the 12 months that ended March 31, 2024. (Note: Tempus AI disclosed the terms for its IPO on June 5, 2024, in an S-1/A filing: The company is offering 11.1 million shares at a price range of $35.00 to $37.00 to raise $399.6 million. Background: Tempus AI filed its S-1 on May 20, 2024, without disclosing terms for its IPO. Estimated IPO proceeds are $100.0 million. Background: Tempus AI filed confidentially on Sept. 1, 2021.)   “.

Tempus AI was founded in 2015 and has 2300 employees. The company is located at 600 West Chicago Avenue, Suite 510 Chicago, Illinois 60654 and can be reached via phone at (800) 976-5448 or on the web at https://www.tempus.com/.

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