Summary by Moomoo AI
Tempus AI reported Q3 2024 revenue of $180.9 million, up 33% year-over-year, driven by growth in both Genomics and Data services. Genomics revenue increased 20% to $116.4 million, while Data and services revenue surged 64% to $64.5 million. However, net loss widened to $75.8 million from $53.4 million in Q3 2023, primarily due to increased operating expenses.The company's adjusted EBITDA loss narrowed to $21.8 million from $36.2 million a year ago. Operating expenses rose significantly, largely due to $21 million in stock-based compensation related to RSUs following the company's IPO. Tempus ended the quarter with $388.9 million in cash and cash equivalents.Tempus continues to invest heavily in research and development, spending $27.3 million in Q3, up 18% year-over-year. The company also announced plans to acquire Ambry Genetics for $375 million in cash plus stock, aiming to expand its genetic testing capabilities. Despite widening losses, Tempus remains focused on growth and expanding its AI-driven precision medicine platform.
