Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the
adoption of AI to advance precision medicine and patient care,
today reported financial results for the quarter that ended June
30, 2024, and provided recent business highlights.
- Revenue increased 25% year-over-year to $166.0 million in the
second quarter of 2024
- Data licensing revenue growth accelerated to 40%
year-over-year
- Expanded into the minimal residual disease (MRD) market with
the launch of both tumor-naïve and tumor-informed assays
- Established a joint venture with Softbank to enter the Japanese
market
- Raised $410.7 million of gross proceeds in initial public
offering
- Net Loss of ($552.2 million), largely driven by $493.1 million
of stock compensation expense and related employer payroll taxes
tied to initial public offering
- Adjusted EBITDA improved $12.7 million quarter-over-quarter to
($31.2 million)
- Expect full year 2024 revenue of ~$700 million, which
represents ~32% annual growth
- For additional information on the quarter, including a letter
from our CEO, please visit our investor relations site
“We continue to make great progress in deploying technology
within healthcare as providers and life science companies are
increasingly seeking AI solutions,” said Eric Lefkofsky, Founder
and CEO of Tempus. “Given our expansive multimodal dataset, and our
broad reach across thousands of connected healthcare providers, we
are uniquely positioned to advance AI in diagnostics and accelerate
the pace of algorithmic insights.”
Second Quarter 2024 Financial Results
Three Months Ended June 30,
2024
2023
Change
(in thousands, except
percentages)
GAAP Results
Revenue
$
165,969
$
132,417
25.3%
Genomics gross margin
39.2%
48.9%
NM(1)
Data and services gross margin
58.7%
65.9%
NM(1)
Operating expenses
$
609,005
$
116,787
NM(1)
Net loss
$
(552,212)
$
(55,832
)
NM(1)
Non-GAAP Results
Non-GAAP Genomics gross margin
49.4%
48.9%
50 bps
Non-GAAP Data and services gross
margin
72.4%
65.9%
650 bps
Non-GAAP Operating Expenses
$
134,742
$
116,787
15.4%
Adjusted EBITDA
$
(31,186)
$
(36,967)
15.6%
_______________
(1) Not meaningful due to the impact of
including stock compensation expense and related employer payroll
taxes
- Genomics revenue of $112.3 million in the second quarter of
2024, an increase of $20.4 million or 22.2% over the second quarter
of 2023.
- Data and services revenue of $53.6 million in the second
quarter of 2024, an increase of $13.2 million or 32.5% over the
second quarter of 2023, including 40% growth in our Insights (data
licensing) business.
- Non-GAAP Genomics gross margin was 49.4% in the second quarter
of 2024, compared to 48.9% in the second quarter of 2023.
- Non-GAAP Data and services gross margin was 72.4% in the second
quarter of 2024, compared to 65.9% in the second quarter of
2023.
- Net Loss of ($552.2 million), largely driven by $493.1 million
of stock compensation and related employer payroll taxes tied to
initial public offering.
- Adjusted EBITDA ($31.2 million) in the second quarter of 2024,
compared to ($43.9 million) in the first quarter of 2024.
Recent Operating Highlights
- Announced the clinical launch of our MRD portfolio including
Tempus’ xM tumor-naïve test and xM tumor-informed (NeXT Personal®
Dx) test.
- Received 510(k) clearance from the U.S. Food and Drug
Administration (FDA) for the Tempus ECG-AF device that uses AI to
help identify patients who may be at increased risk of atrial
fibrillation/flutter (AF).
- Completed a Joint Venture Agreement with SoftBank, titled “SB
Tempus,” to bring Tempus’ AI-enabled precision medicine solutions
to Japan.
- Received Advanced Diagnostic Laboratory Test (ADLT) status from
the Centers for Medicare & Medicaid Services (CMS) for Tempus’
next-generation sequencing assay, xT CDx.
- Sold 11,100,000 shares of Class A common stock at $37 per share
in initial public offering, raising $410.7 million of gross
proceeds.
Financial Outlook and Guidance
Tempus expects full year 2024 revenue of approximately $700
million, which represents approximately 32% year-over-year growth.
The Company expects approximately ($105 million) in adjusted
EBITDA, an improvement of approximately $50 million over 2023.
Webcast and Conference Call Information
A conference call and webcast will begin today, August 6, 2024
after market close at 4:30 p.m. Eastern Time. Interested parties
may access details at:
Conference ID: 6326328 Domestic Dial-in Number: (800) 715-9871
International Dial-in Number: (646) 307-1963 Live Webcast:
https://edge.media-server.com/mmc/p/75k462fh
The webcast may be accessed on the company’s investor relations
website at investors.tempus.com. For those unable to listen to the
live webcast, a recording will be made available on the company’s
website after the event and will be accessible for one year. Visit
the investor relations website to find the company’s latest deck,
and commentary on the quarter by Eric Lefkofsky, Founder and CEO
and Jim Rogers, CFO, which will be discussed on the conference call
and webcast.
About Tempus
Tempus is a technology company advancing precision medicine
through the practical application of artificial intelligence in
healthcare. With one of the world’s largest libraries of multimodal
data, and an operating system to make that data accessible and
useful, Tempus provides AI-enabled precision medicine solutions to
physicians to deliver personalized patient care and in parallel
facilitates discovery, development and delivery of optimal
therapeutics. The goal is for each patient to benefit from the
treatment of others who came before by providing physicians with
tools that learn as the company gathers more data. For more
information, visit tempus.com.
Non-GAAP Financial Measures
In addition to the financial information presented in this
release in accordance with accounting principles generally accepted
in the United States of America (GAAP), Tempus also presents
adjusted non-GAAP financial measures.
Non-GAAP gross profit is defined as GAAP gross profit,
excluding stock-based compensation expense and employer payroll tax
related to stock-based compensation (collectively, the “stock-based
compensation adjustments”). Non-GAAP gross margin is defined
as gross profit, excluding the stock-based compensation
adjustments, as a percentage of revenue. Non-GAAP operating
expenses are calculated as the sum of technology research and
development expense, research and development expense, and selling,
general and administrative expense, excluding the stock-based
compensation adjustments. Non-GAAP net income (loss) is
defined as net income (loss), adjusted to exclude (i) losses on
equity method investments, (ii) changes in fair value of our
warrant liability, warrant asset, marketable equity securities,
contingent consideration liabilities and indemnity-related holdback
liabilities, and (iv) the payment of $2.3 million of our Series G-4
convertible preferred stock in connection with the initial public
offering (the “G-4 Special Payment”). Non-GAAP net income (loss)
per share is defined as adjusted net income (loss) divided by
weighted average common shares outstanding, basic and diluted.
Adjusted EBITDA is defined as net income (loss), adjusted
to exclude (i) interest income, (ii) interest expense, (iii)
depreciation and amortization, (iv) provision for (benefit from)
income taxes, (v) losses on equity method investments, (vi) changes
in fair value of our warrant liability, warrant asset, marketable
equity securities, contingent consideration liabilities and
indemnity-related holdback liabilities, (vii) the stock-based
compensation adjustments, and (Viii) the G-4 Special Payment.
Adjusted EBITDA margin is calculated as adjusted EBITDA as a
percentage of revenue.
Tempus believes these non-GAAP financial measures are useful to
investors and others because they allow for additional information
with respect to financial measures used by management in its
financial and operational decision-making and they may be used by
institutional investors and the analyst community to help them
analyze the health of Tempus’ business. In particular, Adjusted
EBITDA is a key measurement used by Tempus management to make
operating decisions, including those related to analyzing operating
expenses, evaluating performance, and performing strategic planning
and annual budgeting. However, there are a number of limitations
related to the use of non-GAAP financial measures, and these
non-GAAP measures should be considered in addition to, not as a
substitute for or in isolation from, our financial results prepared
in accordance with GAAP. Other companies, including companies in
our industry, may calculate these non-GAAP financial measures
differently or not at all, which reduces their usefulness as
comparative measures.
Tempus does not provide guidance for net loss, the most directly
comparable GAAP measure to Adjusted EBITDA, and similarly cannot
provide a reconciliation between its forecasted Adjusted EBITDA and
net loss without unreasonable effort due to the unavailability of
reliable estimates for certain components of net income and the
respective reconciliations. These forecasted items are not within
Tempus’ control, may vary greatly between periods and could
significantly impact future financial results.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended, about Tempus and Tempus’ industry
that involve substantial risks and uncertainties. All statements
other than statements of historical facts contained in this press
release are forward-looking statements, including, but not limited
to, Tempus’ expected financial results for full year 2024; the
contributions of Tempus’ research and findings to the larger
scientific community and the use of Tempus’ products and services
to advance clinical care for patients. In some cases, you can
identify forward-looking statements because they contain words such
as “anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “going to,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,” or
“would” or the negative of these words or other similar terms or
expressions. Tempus cautions you that the foregoing may not include
all of the forward-looking statements made in this press
release.
You should not rely on forward-looking statements as predictions
of future events. Tempus has based the forward-looking statements
contained in this press release primarily on its current
expectations and projections about future events and trends that it
believes may affect Tempus’ business, financial condition, results
of operations and prospects. These forward-looking statements are
subject to risks and uncertainties related to: the intended use of
Tempus’ products and services; Tempus’ financial performance; the
ability to attract and retain customers and partners; managing
Tempus’ growth and future expenses; competition and new market
entrants; compliance with new laws, regulations and executive
actions, including any evolving regulations in the artificial
intelligence space; the ability to maintain, protect and enhance
Tempus’ intellectual property; the ability to attract and retain
qualified team members and key personnel; the ability to repay or
refinance outstanding debt, or to access additional financing;
future acquisitions, divestitures or investments; the potential
adverse impact of climate change, natural disasters, health
epidemics, macroeconomic conditions, and war or other armed
conflict, as well as risks, uncertainties, and other factors
described in the section titled “Risk Factors” in Tempus’ Final
Prospectus filed with the Securities and Exchange Commission
(“SEC”) on June 17, 2024, pursuant to Rule 424(b)(4) under the
Securities Act, as well as in other filings Tempus may make with
the SEC in the future, including its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2024. In addition, any
forward-looking statements contained in this press release are
based on assumptions that Tempus believes to be reasonable as of
this date. Tempus undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect new information or the
occurrence of unanticipated events, except as required by law.
Tempus AI, Inc.
Condensed Consolidated Statements
of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except per share
amounts)
Three Months Ended June 30, Six Months Ended June
30,
2024
2023
2024
2023
Net revenue Genomics
$
112,324
$
91,924
$
214,893
$
173,982
Data and services
53,645
40,493
96,896
74,059
Total net revenue
$
165,969
$
132,417
$
311,789
$
248,041
Cost and operating expenses Cost of revenues,
genomics
68,324
46,961
121,159
92,241
Cost of revenues, data and services
22,132
13,807
37,420
25,200
Technology research and development
77,908
23,427
104,975
46,329
Research and development
68,025
22,171
92,365
43,034
Selling, general and administrative
463,072
71,189
542,636
140,236
Total cost and operating expenses
699,461
177,555
898,555
347,040
Loss from operations
$
(533,492
)
$
(45,138
)
$
(586,766
)
$
(98,999
)
Interest income
1,718
1,957
2,749
4,381
Interest expense
(13,295
)
(11,712
)
(26,533
)
(20,903
)
Other (expense) income, net
(7,048
)
(766
)
(6,299
)
5,622
Loss before provision for income taxes
$
(552,117
)
$
(55,659
)
$
(616,849
)
$
(109,899
)
Provision for income taxes
(95
)
(3
)
(106
)
(9
)
Losses from equity method investments
-
(170
)
-
(301
)
Net Loss
$
(552,212
)
$
(55,832
)
$
(616,955
)
$
(110,209
)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4
preferred shares
(11,540
)
(10,897
)
(39,347
)
(21,566
)
Cumulative Undeclared Dividends on Series C preferred shares
(668
)
(745
)
(1,174
)
(1,466
)
Net loss attributable to common shareholders, basic and diluted
(564,420
)
(67,474
)
(657,476
)
(133,241
)
Net loss per share attributable to common shareholders, basic and
diluted
$
(6.86
)
$
(1.07
)
$
(9.02
)
$
(2.11
)
Weighted-average shares outstanding used to compute net loss per
share, basic and diluted
82,325
63,286
72,930
63,257
Comprehensive Loss, net of tax Net loss
$
(552,212
)
$
(55,832
)
$
(616,955
)
$
(110,209
)
Foreign currency translation adjustment
(43
)
53
(99
)
25
Comprehensive loss
$
(552,255
)
$
(55,779
)
$
(617,054
)
$
(110,184
)
Tempus AI, Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands, except share and
per share amounts)
June 30, 2024 December 31, 2023 Assets Current
Assets Cash and cash equivalents
$
478,811
$
165,767
Accounts receivable, net of allowances of $1,092 and $1,115 at June
30, 2024 and December 31, 2023, respectively
118,106
94,462
Inventory
32,690
28,845
Warrant asset
800
5,070
Prepaid expenses and other current assets
29,704
17,295
Marketable equity securities
11,255
31,807
Deferred offering costs
-
7,085
Total current assets
$
671,366
$
350,331
Property and equipment, net
60,539
61,681
Goodwill
73,345
73,354
Warrant asset, less current portion
1,500
4,930
Intangible assets, net
16,252
21,916
Investments and other assets
7,677
8,971
Warrant contract asset, less current portion
19,077
21,499
Operating lease right-of-use assets
13,994
20,530
Restricted cash
861
840
Total Assets
$
864,611
$
564,052
Liabilities, Convertible redeemable preferred stock, and
Stockholders' equity (deficit) Current Liabilities Accounts
payable
28,646
54,421
Accrued expenses
85,185
82,517
Deferred revenue
50,905
64,860
Other current liabilities
7,273
8,213
Operating lease liabilities
5,828
6,437
Accrued data licensing fees
3,727
6,382
Accrued dividends
-
9,797
Total current liabilities
$
181,564
$
232,627
Operating lease liabilities, less current portion
27,238
32,040
Convertible promissory note
180,648
193,124
Warrant liability
33,600
34,500
Other long-term liabilities
16,790
19,751
Interest payable
62,608
55,321
Long-term debt, net
261,853
256,541
Deferred revenue, less current portion
2,059
16,768
Total Liabilities
$
766,360
$
840,672
Commitments and contingencies (Note 7) Convertible
redeemable preferred stock, $0.0001 par value, no and 69,803,765
shares authorized at June 30, 2024 and December 31, 2023,
respectively; no and 63,525,953 shares issued and outstanding at
June 30, 2024 and December 31, 2023, respectively; aggregate
liquidation preference of $0 and $1,130,429 at June 30, 2024 and
December 31, 2023, respectively
$
-
$
1,105,543
Stockholders' equity (deficit) Class A Voting Common
Stock, $0.0001 par value, 1,000,000,000 and 200,228,024 shares
authorized at June 30, 2024 and December 31, 2023, respectively;
149,274,923 and 58,367,961 shares issued and outstanding at June
30, 2024 and December 31, 2023, respectively
$
15
$
6
Class B Voting Common Stock, $0.0001 par value, 5,500,000 and
5,374,899 shares authorized at June 30, 2024 and December 31, 2023,
respectively; 5,043,789 and no shares issued and outstanding at
June 30, 2024 and December 31, 2023, respectively
1
-
Non-voting Common Stock, $0.0001 par value, no and 66,946,627
shares authorized at June 30, 2024 and December 31, 2023,
respectively; no shares issued and outstanding at June 30, 2024,
and 5,205,802 shares issued and 5,060,336 shares outstanding at
December 31, 2023
-
0
Treasury Stock, 145,466 shares at June 30, 2024 and December 31,
2023, at cost
(3,602
)
(3,602
)
Additional Paid-In Capital
2,163,911
18,345
Accumulated Other Comprehensive (Loss) Income
(94
)
5
Accumulated deficit
(2,061,980
)
(1,396,917
)
Total Stockholders' equity (deficit)
$
98,251
$
(1,382,163
)
Total Liabilities, Convertible redeemable preferred stock, and
Stockholders' equity (deficit)
$
864,611
$
564,052
Tempus AI, Inc.
Condensed Consolidated Statements
of Cash Flows
(Unaudited)
(In thousands, except per share
amounts)
Six Months Ended June 30,
2024
2023
Operating activities Net loss
$
(616,955
)
$
(110,209
)
Adjustments to reconcile net loss to net cash used in operating
activities Change in fair value of warrant liability
$
(900
)
$
(5,700
)
Stock-based compensation
488,313
-
Gain on warrant exercise
(173
)
-
Gain on marketable equity securities
(2,541
)
-
Amortization of original issue discount
691
489
Amortization of deferred financing fees
255
255
Change in fair value of contingent consideration
165
-
Amortization of warrant contract asset
2,422
3,307
Depreciation and amortization
18,348
16,185
Provision for bad debt expense
327
1,376
Change in fair value of warrant asset
7,700
-
Loss from equity-method investments
-
301
Amortization of finance right-of-use lease assets
-
190
Non-cash operating lease costs
3,252
3,382
Minimum accretion expense
92
187
Impairment of intangible assets
-
7,359
PIK interest added to principal
4,366
297
Change in assets and liabilities Accounts receivable
(23,971
)
(6,850
)
Inventory
(3,845
)
(5,101
)
Prepaid expenses and other current assets
(12,409
)
(1,634
)
Investments and other assets
1,294
(4,528
)
Accounts payable
(33,371
)
(4,195
)
Deferred revenue
(28,669
)
(19,974
)
Accrued data licensing fees
(2,749
)
(7,608
)
Accrued expenses & other
(2,805
)
8,125
Interest payable
7,287
7,611
Operating lease liabilities
(4,582
)
(4,352
)
Net cash used in operating activities
$
(198,458
)
$
(121,087
)
Investing activities Purchases of property and
equipment
$
(14,116
)
$
(15,906
)
Proceeds from sale of marketable equity securities
23,098
-
Business combinations, net of cash acquired (Note 4)
-
(2,869
)
Net cash provided by (used in) investing activities
$
8,982
$
(18,775
)
Financing activities Proceeds from issuance of common
stock in connection with initial public offering, net of
underwriting discounts and commissions
$
381,951
$
-
Tax withholding related to net share settlement of restricted stock
units
(69,918
)
-
Issuance of Series G-5 Preferred Stock
199,750
-
Principal payments on finance lease liabilities
-
(192
)
Purchase of treasury stock
-
(3,602
)
Payment of deferred offering costs
(2,714
)
(151
)
Dividends paid
(5,625
)
(5,625
)
Proceeds from long-term debt, net of original issue discount
-
48,750
Payment of indemnity holdback related to acquisition
(813
)
-
Net cash provided by financing activities
$
502,631
$
39,180
Effect of foreign exchange rates on cash
$
(90
)
$
28
Net increase (decrease) in Cash, Cash Equivalents and
Restricted Cash
$
313,065
$
(100,654
)
Cash, cash equivalents and restricted cash, beginning of period
166,607
303,731
Cash, cash equivalents and restricted cash, end of period
$
479,672
$
203,077
Cash, Cash Equivalents and Restricted Cash are
Comprised of: Cash and cash equivalents
$
478,811
$
202,266
Restricted cash and cash equivalents
861
811
Total cash, cash equivalents and restricted cash
$
479,672
$
203,077
Supplemental disclosure of cash flow information Cash
paid during the year for interest
$
13,921
$
5,691
Cash paid for income taxes
$
89
$
41
Supplemental disclosure of noncash investing and
financing activities Dividends payable
$
5,487
$
4,545
Purchases of property and equipment, accrued but not paid
$
1,108
$
2,952
Deferred offering costs, accrued but not yet paid
$
6,051
$
2,917
Redemption of convertible promissory note
$
12,476
$
13,926
Non-voting common stock issued in connection with business
combinations
$
344
$
4,305
Operating lease liabilities arising from obtaining right-of-use
assets
$
-
$
892
Conversion of redeemable convertible preferred stock to common
stock in connection with initial public offering
$
1,348,809
$
-
Taxes related to net share settlement of restricted stock units not
yet paid
$
164
$
-
Reclassificiation of deferred offering costs to additional paid-in
capital upon initial public offering
$
12,347
$
-
Issuance of Series G-3 Preferred Stock
$
3,809
$
2,738
Issuance of Series G-4 Preferred Stock
$
611
$
-
Tempus AI, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(Unaudited)
(In thousands, except percentages
and per share amounts)
Genomics Gross Profit & Gross Margin
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Genomics revenue
$
112,324
$
91,924
$
214,893
$
173,982
Cost of revenues, genomics
68,324
46,961
121,159
92,241
Gross profit, genomics
$
44,000
$
44,963
$
93,734
$
81,741
Stock-based compensation expense
11,327
-
11,327
-
Employer payroll tax related to stock-based compensation
136
-
136
-
Non-GAAP gross profit, genomics
$
55,463
$
44,963
$
105,197
$
81,741
Genomics gross margin
39.2
%
48.9
%
43.6
%
47.0
%
Stock-based compensation expense
10.1
%
0.0
%
5.3
%
0.0
%
Employer payroll tax related to stock-based compensation
0.1
%
0.0
%
0.1
%
0.0
%
Non-GAAP gross margin, genomics
49.4
%
48.9
%
49.0
%
47.0
%
Data and Services Gross Profit & Gross
Margin
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Data and services revenue
$
53,645
$
40,493
$
96,896
$
74,059
Cost of revenues, data and services
22,132
13,807
37,420
25,200
Gross profit, data and services
$
31,513
$
26,686
$
59,476
$
48,859
Stock-based compensation expense
7,229
-
7,229
-
Employer payroll tax related to stock-based compensation
119
-
119
-
Non-GAAP gross profit, data and services
$
38,861
$
26,686
$
66,824
$
48,859
Gross margin, data and services
58.7
%
65.9
%
61.4
%
66.0
%
Stock-based compensation expense
13.5
%
0.0
%
7.5
%
0.0
%
Employer payroll tax related to stock-based compensation
0.2
%
0.0
%
0.1
%
0.0
%
Non-GAAP gross margin, data and services
72.4
%
65.9
%
69.0
%
66.0
%
Total Gross Profit & Gross Margin
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net revenue
$
165,969
$
132,417
$
311,789
$
248,041
Cost of revenues
90,456
60,768
158,579
117,441
Gross profit
$
75,513
$
71,649
$
153,210
$
130,600
Stock-based compensation expense
18,556
-
18,556
-
Employer payroll tax related to stock-based compensation
255
-
255
-
Non-GAAP gross profit
$
94,324
$
71,649
$
172,021
$
130,600
Gross margin
45.5
%
54.1
%
49.1
%
52.7
%
Stock-based compensation expense
11.2
%
0.0
%
6.0
%
0.0
%
Employer payroll tax related to stock-based compensation
0.2
%
0.0
%
0.1
%
0.0
%
Non-GAAP gross margin
56.8
%
54.1
%
55.2
%
52.7
%
Operating Expenses
Three Months Ended June 30, Six Months Ended June
30,
2024
2023
2024
2023
Technology Research and Development
$
77,908
$
23,427
$
104,975
$
46,329
Stock-based compensation expense
50,434
-
50,434
-
Employer payroll tax related to stock-based compensation
1,248
-
1,248
-
Non-GAAP technology research and development
$
26,226
$
23,427
$
53,293
$
46,329
Research and development
$
68,025
$
22,171
$
92,365
$
43,034
Stock-based compensation expense
42,233
-
42,233
-
Employer payroll tax related to stock-based compensation
676
-
676
-
Non-GAAP research and development
$
25,116
$
22,171
$
49,456
$
43,034
Selling, general and administrative
$
463,072
$
71,189
$
542,636
$
140,236
Stock-based compensation expense
377,090
-
377,090
-
Employer payroll tax related to stock-based compensation
2,582
-
2,582
-
Non-GAAP selling, general and administrative
$
83,400
$
71,189
$
162,964
$
140,236
Operating expenses
$
609,005
$
116,787
$
739,976
$
229,599
Stock-based compensation expense
469,757
-
469,757
-
Employer payroll tax related to stock-based compensation
4,506
-
4,506
-
Non-GAAP operating expenses
$
134,742
$
116,787
$
265,713
$
229,599
Earnings per Share
Three Months EndedJune 30, 2024 Six Months EndedJune 30,
2024 Net loss
$
(552,212
)
$
(616,955
)
Fair value changes(1)
4,870
4,280
Stock-based compensation expense
488,313
488,313
Employer payroll tax related to stock-based compensation
4,762
4,762
G-4 Special Payment
2,250
2,250
Non-GAAP net loss
$
(52,017
)
$
(117,350
)
Non-GAAP net loss per share
$
(0.63
)
$
(1.61
)
Weighted average common shares outstanding, basic and diluted
82,325
72,930
(1)Fair value changes include gains and losses related to
quarterly fair value adjustments of our warrant liability, warrant
asset, marketable equity securities, contingent consideration
liabilities, and indemnity-related holdback liabilities.
Adjusted EBITDA
Three Months Ended June 30, Six Months Ended June 30,
2024
2023
2024
2023
Net loss
$
(552,212
)
$
(55,832
)
$
(616,955
)
$
(110,209
)
Interest income
(1,718
)
(1,957
)
(2,749
)
(4,381
)
Interest expense
13,295
11,712
26,533
20,903
Depreciation
6,415
5,194
12,684
10,254
Amortization
2,744
3,043
5,664
5,931
Provision for income taxes
95
3
106
9
EBITDA
$
(531,381
)
$
(37,837
)
$
(574,717
)
$
(77,493
)
Losses on equity method investments
-
170
-
301
Fair value changes(1)
4,870
700
4,280
(5,700
)
Stock-based compensation expense
488,313
-
488,313
-
Employer payroll tax related to stock-based compensation
4,762
-
4,762
-
G-4 Special Payment
2,250
-
2,250
-
Adjusted EBITDA
$
(31,186
)
$
(36,967
)
$
(75,112
)
$
(82,892
)
(1)Fair value changes include gains and losses related to
quarterly fair value adjustments of our warrant liability, warrant
asset, marketable equity securities, contingent consideration
liabilities, and indemnity-related holdback liabilities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806760449/en/
Tempus Communications Erin Carron media@tempus.com
Tempus Investor Relations Elizabeth Krutoholow
Elizabeth.krutoholow@tempus.com
H/Advisors Abernathy Dan Scorpio
Dan.scorpio@h-advisors.global
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