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Doctors use Tempus AI’s laboratory tests to examine cancer-related molecular information and inherited disease risks. Clinical cancer and hereditary testing brings in most of its revenue. Doctors order the tests, but Tempus generally bills private insurers, government health programs or patients; providers sometimes pay directly. A substantial portion of diagnostic revenue comes from a limited number of commercial payers, and payment depends on their coverage decisions and reimbursement rates.
Testing also generates molecular data that Tempus links with clinical records and imaging after removing identifying information. Through Insights, pharmaceutical and biotechnology companies pay to license these linked records for drug research and development, either per file or through multi-year agreements. Trials also earns fees for matching patients to clinical trials and for enrollment. A few customers supply a large share of Data and applications revenue, making continued contracts and renewals important.
The business needs continued access to patient data and permission to use it commercially, subject to consent, privacy and contractual restrictions. Its clinical laboratories must maintain CLIA certification and required licenses, and certain diagnostic products need regulatory authorization before sale. Illumina is its sole supplier of sequencers and their maintenance and repair.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Tempus AI hinges on test volumes, reimbursement and revenue from patient data; watch omitted rival Roche’s Foundation Medicine and privately held Pathos, a substantial data-license customer.
Caris Life Sciences, Inc. competes with Tempus AI for physicians’ tissue and blood cancer-profiling orders and biopharma spending on testing, genomic data and AI services. Watch adoption of MI Profile and Caris Assure for pressure on Tempus’s oncology testing business.
Guardant Health competes with Tempus AI for blood and tissue cancer profiling, tests for cancer remaining after treatment, and biopharma testing and data contracts. Its oncology revenue, supported by claims to Medicare and private insurers, and its biopharma and data revenue are the lines to watch—not screening revenue.
Myriad Genetics Inc competes with Tempus AI in hereditary cancer testing, tumor profiling, tests for impaired DNA repair (HRD), and genetic tests that help guide mental-health drug choices. Watch MyRisk and GeneSight adoption for competition in inherited cancer-risk testing and psychiatric prescribing.
Natera competes with Tempus AI for clinicians’ cancer-monitoring and hereditary cancer tests, and for biopharma cancer-testing orders. Watch its personalized blood-based monitoring tests and research-use Signatera business rather than its transplant-testing business.
NeoGenomics, Inc. competes with Tempus AI for molecular cancer-testing orders from oncology practices and pharmaceutical companies. Its testing and expert interpretation for community oncology and pathology practices offer a concrete view of competition for Tempus’s clinical customers.
Tempus AI relies on Personalis, Inc. to provide NeXT Personal tests that detect residual cancer (MRD), which Tempus markets to clinicians and bundles for biopharma studies; both also sell cancer genomic testing to physicians and biopharma companies. Watch the NeXT Personal partnership, extended through November 25, 2029, because Personalis also depends on Tempus’s sales efforts.
GeneDx Holdings Corp. competes with Tempus AI’s Ambry business in hereditary and rare-disease testing, including reading the protein-coding genes or the whole genome. Watch its diagnostic-test revenue, paid by insurers, patients and healthcare partners, for competition in this part of Tempus’s testing business.
Tempus AI depends on Illumina as its primary supplier of machines that read DNA, laboratory reagents, consumables and servicing for clinical and research sequencing. Watch supply and servicing news; their 12-year agreement requires neither minimum hardware orders nor exclusive use of Illumina.
AstraZeneca pays Tempus AI for data, sequencing, trial matching and modeling, with a minimum $220 million spending commitment through December 31, 2026, unless terminated earlier. Watch purchases under this collaboration for evidence of pharmaceutical demand for Tempus’s data and services.
GSK supports Tempus AI’s data and services revenue by buying data, sequencing, trial matching and algorithm development, with at least $180 million committed through December 31, 2027, unless terminated earlier. Watch whether it elects the additional commitment of up to $120 million for 2028–2030.
Recursion Pharmaceuticals, Inc. pays Tempus AI to use de-identified clinical and molecular data for drug development and AI training, with license fees totaling up to $160 million through November 3, 2028, subject to early termination. Watch continuation and payment terms: Recursion can pay in cash or shares and can terminate after three years with notice and an early-termination fee.
IQVIA competes with Tempus AI for life-sciences companies’ spending on healthcare data, analytics and clinical-development support. Watch its data and analytics business for competition with Tempus’s patient-data licenses and trial-matching services.
BillionToOne, Inc. competes with Tempus AI through Northstar blood tests that help physicians select therapies and monitor treatment response in late-stage solid tumors. Watch Northstar’s commercial expansion, rather than its prenatal UNITY tests, for competition in Tempus’s oncology business.
SOPHiA GENETICS SA competes with Tempus AI to analyze genomic and other health data for hospitals, laboratories and biopharma companies. Its clinical customers pay for each SOPHiA DDM analysis, making analysis usage a concrete measure to watch alongside Tempus’s data and analytics offerings.
Fulgent Genetics, Inc. competes with Tempus AI in precision diagnostics, specialized cancer testing and laboratory services for biopharma customers. Watch its laboratory-services business, which earns money from testing and physician interpretation, rather than its separate drug-development business.
IQVIA Holdings Inc. earningsIQV
IQVIA’s data and analytics business will show how much drug companies are spending on healthcare data and clinical-development services that Tempus AI also sells.
Watch IQVIA’s data and analytics business. Growth would show that drug companies are still buying healthcare data and analytics, leaving Tempus AI to compete for customers in an active market; weakness could point to more cautious demand. IQVIA’s results cannot establish whether Tempus won or lost business. The takeaway is the strength of demand in this market, not Tempus AI’s actual sales.
GeneDx Holdings Corp. earningsWGS
GeneDx Holdings Corp.’s diagnostic-test revenue will show paid demand in hereditary and rare-disease testing, where it competes with Tempus AI’s Ambry business.
Watch GeneDx Holdings Corp.’s diagnostic-test revenue for signs that insurers, patients and healthcare partners continue to pay for hereditary and rare-disease testing. Stronger revenue would show paid demand in a field where Ambry faces a capable competitor; weaker revenue could mean demand or reimbursement is under pressure, but would not prove Tempus AI won customers. The takeaway is whether paid demand and competition in this testing market remain strong.
Illumina Inc earningsILMN
Illumina’s supply and servicing will show whether Tempus AI can keep its laboratories processing tests without disruption.
Watch for Illumina’s disclosures about sequencing-equipment and reagent supply and maintenance service. Steady supply and servicing would support Tempus AI’s laboratory workflow; shortages or service interruptions could delay tests, constrain throughput or add costs because Tempus relies on Illumina for sequencers and their maintenance. The takeaway is whether this critical supply link can keep testing on track.
Tempus AI, Inc. earningsThis company
Tempus AI earns from diagnostic tests and from licensing data and providing analytics to drug companies, and this report will show whether both businesses are growing.
Read clinical oncology test volume and revenue per test alongside Data and applications revenue. More tests and higher revenue per test would show providers are using the tests and reimbursement is supporting revenue; growth in data and applications would show demand from drug companies extends beyond the tests themselves. If testing growth falters or data and applications stall, the other business is not making up the difference. A larger Diagnostics share also tends to mean higher costs as a share of revenue. The conclusion is whether growth is coming from both businesses or resting mainly on one.
Guardant Health, Inc. earningsGH
Guardant Health’s oncology-testing and biopharma and data revenue will show how active the cancer-testing and related-services markets are that it shares with Tempus AI.
Read Guardant Health’s oncology-testing revenue separately from its biopharma and data revenue. Stronger testing revenue would show continued demand for cancer tests supported by insurance reimbursement; growth in the other lines would show continued drug-company demand for related testing and data services. Strength in both means Tempus AI faces an active but competitive market; weakness in both could point to pressure on industry demand or reimbursement. Guardant’s results cannot establish a change in Tempus AI’s orders, so the conclusion is about market demand and competitive intensity.
