Tempus AI stretches rally as co and SoftBank launch AI healthcare JV

Tempus Holdings

27/06/2024 15:32

** Shares of genetics testing firm Tempus AI  TEM.O , backed
by SoftBank  9984.T , up ~7% early Thurs, adding to ~10% gain in
prior session
    ** SoftBank has launched joint venture with Tempus aiming to
analyze personal medical data with artificial intelligence to
come up with treatment recommendations, CEO Masayoshi Son told a
briefing in Tokyo on Thurs
    ** The cos expected to each put $93 mln into the JV, which
is anticipated to close next month
    ** TEM shares have fallen in majority of sessions since
their Jun 14 public debut and are still down ~20% from $37 IPO
price
    ** On Weds, co said it received 510(k) clearance from the
FDA for device using AI to help identify patients who may be at
increased risk of atrial fibrillation
    ** On Tues, Tempus 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
has never been profitable since its 2015 inception
    ** Rev from its "AI applications" business was about 1% of
total rev of ~$532 mln in 2023, per SEC filing. Tempus described
its AI Applications rev as "immaterial"

 (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))