SoftBank-backed Tempus AI sinks to new post-IPO lows

Tempus Holdings

25/06/2024 18:21

** Shares of Tempus AI  TEM.O , genetics testing firm backed
by SoftBank  9984.T , down 2.7% at $24.63 on Tues and now off
~33% from IPO price
    ** Stock drops as much as 9.6% to $22.89 on the session
    ** TEM shares on track to fall for fifth time in past six
days since closing up nearly 9% at $40.25 in their Jun 14 debut
    ** Tempus, founded in 2015 and has yet to turn a profit,
raised ~$411 mln by selling 11.1 mln shares at $37, top end of
marketed range
    ** In co news, Tempus on Tues announced it will develop,
investigate AI-based medical device software to detect patients
at risk of having undiagnosed pulmonary hypertension as part of
collaboration with United Therapeutics  UTHR.O 
    ** Led by Groupon  GRPN.O  co-founder Eric Lefkofsky, Tempus
rev from AI applications was $5.5 mln at end of 2023, about 1%
of co's total rev of ~$532 mln, per the SEC filing

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))