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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The operating opportunity spans test growth and data demand, but Q2 positive net income was driven by $98.5M of unrealized securities gains alongside a $75.913M operating loss. September commentary adds meaningful potential tissue and liquid-biopsy pricing changes, with conditional timing and payer realization. The model separates those from core growth and excludes incremental Personalis operations until a proper closing forecast can be built.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track actual pricing/coverage milestones, payer collections and data delivery rather than equating bookings or FDA milestones with immediate cash. Rebuild the model after Personalis closing terms and purchase accounting are available."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1717115/000119312526326083/tem-ex99_1.htm","title":"July 30 Q2 results and standalone annual outlook","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1717115/000119312526326090/tem-20260630.htm","title":"July 30 Form 10-Q: segments, securities, debt and cash","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1717115/000119312526376895/d864810ds4.htm","title":"August 31 S-4: merger conditions, cash election and financing","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1717115/000119312526392159/d158929d425.htm","title":"September 15 filed conference transcript: pricing and operating commentary","retrieved":"2026-09-19"}],"business":{"drivers":["Diagnostics volumes and conditional reimbursement/pricing changes","Data-license delivery and actual cash collection","Equity compensation, investments and pending merger financing"],"description":"Tempus operates diagnostics and a Data and Applications business serving clinicians and life-science customers. Diagnostics includes oncology and hereditary testing; data licensing and software turn clinical and molecular datasets into research tools. Test volume, reimbursement, contract delivery and collections drive economics. The pending Personalis acquisition would expand the company, but these scenarios retain the existing perimeter, including current commercial collaborations."},"earnings":{"source":"Undated in the latest note (https://chartlibrary.io/research/views/tem-personalis-demand-remarks-20260916): the Personalis stockholder vote and closing; third-quarter results in early November","next_report_date":null},"identity":{"cik":1717115,"sic":"7370","name":"Tempus AI, Inc.","symbol":"TEM","cluster":"Semis & compute","exchange":"Nasdaq"},"research":{"risks":["Test reimbursement and regulatory milestones can shift timing or economics.","Conditional pricing opportunities may realize below illustrative amounts.","Data bookings, recognized revenue and cash collections are different.","Securities received from customers or held as investments create valuation risk.","Stock compensation and software capitalization complicate adjusted results.","Personalis closing, financing, dilution and integration can materially change the perimeter."],"title":"A standalone diagnostics and data model with conditional pricing","question":"What operating cash can the current business produce before pending merger funding and conditional pricing gains?","economics":"H1 Diagnostics revenue was $550.431M and Data/Applications $180.171M, totaling $730.602M. GAAP operating loss was $160.624M despite $5.211M adjusted EBITDA. CFO was negative $80.802M; PP&E of $14.327M and software of $6.832M left negative $101.961M. H1 securities gains of $66.166M were noncash; $8.750M of preferred stock was received for receivables. June cash was $599.614M, marketable equities $216.377M and restricted cash $4.724M. The release liquidity headline includes the restricted amount. The July outlook excludes Personalis. September 15 management commentary discussed $80M-$100M tumor-only pricing benefit and a larger $250M-$300M liquid-biopsy opportunity, with liquid timing expected in H2 2027; these are conditional opportunities, not a guaranteed full-year guide. The August 31 S-4 left the up-to-50% cash election and funding choice undetermined, and described a planned HSR refiling with an October 2 expected waiting-period end.","change_note":"First current-perimeter scenarios incorporating September 15 pricing commentary and August S-4; no post-merger revenue or unrealized-gain extrapolation.","checkpoints":[{"event":"Personalis conditions and financing","watch":"Monitor regulatory timing and the cash/stock election; do not treat October 2 as a guaranteed closing date.","timing":"Pending; July target late Q4 2026 or early 2027","date_status":"estimated"},{"event":"Tissue and liquid pricing","watch":"Verify actual approval, payer coverage and collected pricing against September commentary.","timing":"January 2027 tissue expectation; conditional H2 2027 liquid timing","date_status":"estimated"},{"event":"Operating cash conversion","watch":"Reconcile diagnostics collections, data delivery, SBC and noncash investment gains.","timing":"Each results release","date_status":"estimated"}],"countercase":"Coverage, approval, implementation or collections can lag management expectations, and license demand can be lumpy. Gains on owned equities do not pay ongoing expenses until monetized. The pending acquisition can introduce substantial dilution, cash needs, integration costs and intercompany eliminations absent from this standalone view.","limitations":["STANDALONE SCOPE: excludes incremental Personalis operations and merger purchase accounting in all forecast periods. This is not a post-merger consolidated estimate. Existing commercialization arrangements remain within current Tempus operations.","September 15 pricing commentary is management expectation, not a confirmed full-year revenue guide or a guarantee of regulatory approval, payer coverage or collections. Liquid-biopsy timing and realized payer mix are explicit sensitivities.","The $250M-$300M liquid pricing discussion is treated as a potential full-effect opportunity; fractional-year realization is a desk interpretation, not an additional company FY2027 forecast.","Data-license bookings are not immediate revenue or cash. Some receivables have been settled in equity; future cash collection assumptions do not count noncash securities as cash.","Adjusted EBITDA excludes SBC and other expenses; a positive adjusted result can coexist with GAAP losses and cash use. Forecast gains on marketable equity securities are zero.","No combined-company share model, EPS, valuation, full debt schedule or closing financing waterfall. The merger cash election and dilution remain uncertain; standalone FCF excludes merger consideration and financing."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue excluding incremental Personalis ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":420000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue excluding incremental Personalis ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":449397999.99999994},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue excluding incremental Personalis ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":491700000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue excluding incremental Personalis ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":512100000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue excluding incremental Personalis ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":1,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":730.602,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1717115/000119312526326090/tem-20260630.htm","source_date":"2026-07-30"},{"id":"h1_diagnostics","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 diagnostics","value":550.431,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1717115/000119312526326090/tem-20260630.htm","source_date":"2026-07-30"},{"id":"h1_data","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 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