Tempus AI reported its third-quarter 2024 financial results, with total revenue increasing 33.0% year-over-year to $180.9 million. This growth was driven by a 64.4% increase in Data and Services revenue to $64.5 million and a 20.3% rise in Genomics revenue to $116.4 million, with unit growth accelerating to 23.9%.
The company's net loss for the quarter was $(75.8 million), which included $22.2 million of stock compensation expense and related employer payroll taxes. Adjusted EBITDA showed significant improvement, reaching $(21.8 million), an improvement of $14.4 million year-over-year.
In a major strategic move, Tempus announced an agreement to acquire Ambry Genetics for $600 million, consisting of $375 million in cash and $225 million in shares. Ambry Genetics is expected to generate over $300 million in revenue and over $40 million in EBITDA in calendar year 2024, significantly expanding Tempus's testing portfolio into hereditary cancer screening and new disease categories. Tempus also maintained its full-year 2024 revenue guidance of approximately $700 million and adjusted EBITDA guidance of approximately $(105 million).
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