Tempus Ai,Inc.(TEM) - 2024 Q3 - Quarterly Results

Revenue Growth - Revenue increased 33.0% year-over-year to $180.9 million in Q3 2024[2] - Data and services revenue grew 64.4% year-over-year, reaching$ 64.5 million[4] - Genomics revenue was $116.4 million, an increase of 20.3% year-over-year, with unit growth of 23.9%[4] - Total net revenue for Q3 2024 was$ 180,929,000, representing a 33% increase from $136,057,000 in Q3 2023[20] - Genomics revenue increased to$ 116,422,000 in Q3 2024, up 20% from $96,815,000 in Q3 2023[20] - Data and services revenue rose to$ 64,507,000 in Q3 2024, a 64% increase compared to $39,242,000 in Q3 2023[20] - Genomics revenue for the nine months ended September 30, 2024, increased to$ 331,315 thousand, up from $270,797 thousand in the same period of 2023, representing a growth of approximately 22.3%[30] - Data and services revenue for the nine months ended September 30, 2024, reached$ 161,403 thousand, compared to $113,301 thousand in the same period of 2023, reflecting a growth of approximately 42.5%[31] Financial Performance - Net loss for Q3 2024 was$ (75.8) million, including $22.2 million of stock compensation expense[4] - Adjusted EBITDA improved to$ (21.8) million, a $14.4 million year-over-year improvement[2] - The company reported a comprehensive loss of$ 65,538,000 for Q3 2024, compared to a comprehensive loss of $53,480,000 in Q3 2023[20] - Net loss for the nine months ended September 30, 2024, was$ 692,795 thousand, compared to a net loss of $163,635 thousand for the same period in 2023[25] - The net loss for the three months ended September 30, 2024, was$ (75,840) million, compared to $(53,426) million in the same period of 2023[35] - Non-GAAP net loss per share for the nine months ended September 30, 2024, was$ (1.53), compared to $(1.53) in the same period of 2023[35] Expenses - Total operating expenses for Q3 2024 were$ 234,545,000, up 30% from $180,846,000 in Q3 2023[20] - Operating expenses for the three months ended September 30, 2024, totaled$ 159,455 million, a 34% increase from $118,816 million in the same period of 2023[34] - Non-GAAP operating expenses for the nine months ended September 30, 2024, were$ 404,996 million, compared to $348,415 million for the same period in 2023, indicating a 16% increase[34] - Technology research and development expenses for the three months ended September 30, 2024, were$ 30,680 million, up from $24,156 million in the same period of 2023, reflecting a 27% increase[34] - Selling, general and administrative expenses for the three months ended September 30, 2024, were$ 101,427 million, compared to $71,426 million in the same period of 2023, a 42% increase[34] Cash and Assets - Cash and cash equivalents increased to$ 388,006,000 as of September 30, 2024, from $165,767,000 at December 31, 2023[21] - Total current assets reached$ 679,412,000 as of September 30, 2024, up from $350,331,000 at December 31, 2023[21] - Total cash, cash equivalents, and restricted cash at the end of the period was$ 388,878 thousand, up from $133,528 thousand at the end of the same period in 2023[27] Liabilities and Equity - Total liabilities increased to$ 918,000,000 as of September 30, 2024, compared to $840,672,000 at December 31, 2023[22] - Stockholders' equity improved to$ 53,728,000 as of September 30, 2024, from a deficit of $1,382,163,000 at December 31, 2023[24] Future Outlook - Full year 2024 revenue is expected to be approximately$ 700 million, representing ~32% annual growth[10] - Ambry Genetics is expected to generate over $300 million in revenue and over$ 40 million in EBITDA in 2024[7] - Tempus announced an agreement to acquire Ambry Genetics for $375 million in cash and$ 225 million in shares[7] - Tempus initiated a collaboration with BioNTech to support its next-generation oncology pipeline[6]