Nothing is hotter in tech right now than artificial intelligence. No wonder then that many AI companies see 2024 as the year to go public. The latest AI tech company to make its market debut is Tempus AI, Inc. Here’s what you need to know about the company and its initial public offering.
What is Tempus?
Tempus AI is a health tech company that leverages AI to process medical data, which helps doctors more effectively manage a patient’s care. Tempus was founded in 2015 by Eric Lefkofsky, a cofounder of Groupon, after his wife was diagnosed with breast cancer.
Lefkofsky sought to use AI to improve cancer care. Since then, Tempus has branched out from oncology into other areas of medicine including neuropsychiatry, radiology, cardiology, and infectious disease.
The company says that over 7,000 physicians have used its technology platform.
When is Tempus AI’s IPO
Tempus shares were priced on Thursday. They are expected to begin trading today: Friday, June 14, 2024.
What is Tempus AI’s stock ticker?
Tempus shares will trade under the stock symbol “TEM.”
Which exchange will Tempus trade on?
Tempus shares will trade on the Nasdaq Global Select Market (NQGS).
How were Tempus shares priced?
For its initial public offering, Tempus says it made 11.1 million shares of its Class A common stock available. TEM shares were offered at $37 per share, the higher end of the company’s expected range. At that price, Tempus raised $410.7 million via its IPO.
How much is Tempus worth?
At its IPO price, Bloomberg says Tempus has a market value of around $6.1 billion.
How many employees does Tempus have?
According to its S-1 filing with the Securities and Exchange Commission (SEC), Tempus has approximately 2,300 employees, which include around 250 PhDs and MDs on staff. Other employees include molecular and computational biology experts, genetic experts, and data scientists.
Is Tempus profitable?
The company says that it generated a total revenue of $531.8 million in 2023. That’s up from $320.7 million in 2022. However, the company operated at a net loss of $214.1 million and $289.8 million, respectively, during those years.