NEW YORK, July 30, 2026, 18:00 EDT — Wall Street trading is closed for the day; after-market moves continue.
- Tempus ended the session up 6.6% at $44.29 before slipping 2.6% in after-hours trading.
- Revenue increased by 22% to $382.5 million, slightly surpassing analyst expectations.
- An initial assessment indicates a sharp increase in adjusted EBITDA for the second half.
Tempus AI NASDAQ:TEM dropped 2.6% to $43.15 in after-hours trading on Thursday, following a slight beat for its second quarter and raised full-year revenue outlook. Shares finished regular trade up 6.6% at $44.29 prior to the report.
The timing shifts the perspective. Thursday’s rise at the close was unrelated to earnings. The drop after hours was a response to results.
Tempus faces scrutiny as investors examine its profit bridge for the second half. The company must generate nearly $60 million in adjusted EBITDA to meet its full-year guidance, having reported just $5.2 million in the first half. Management’s outlook remains unchanged.
The quarter outperformed a consensus compiled by MarketBeat. Revenue surpassed expectations by under 1%, and the adjusted loss came in 10 cents lower than projected.
| Q2 measure | Reported | Comparison | Variance |
|---|---|---|---|
| Revenue | $382.5 million | $379.7 million consensus | Increase of 0.7% |
| Non-GAAP loss per share | $0.04 | $0.14 consensus | $0.10 above |
| Gross profit | $246.5 million | $195.0 million year earlier | Up 26% |
| Adjusted EBITDA | $8.0 million | $(5.6) million year earlier | Improved $13.6 million |
| GAAP operating loss | $(75.9) million | $(61.8) million year earlier | Loss increased $14.1 million |
GAAP net profit appeared higher than the company’s core performance. Net income was $5.6 million, boosted by $98.5 million in unrealized securities gains. Operating loss increased by 23%.
The business mix provided a more positive indication. Diagnostics saw increases in both scale and margin. Data and Applications experienced quicker growth, but its gross margin decreased.
| Business line | Q2 revenue | Year-on-year growth | Q2 gross margin | Prior-year margin |
|---|---|---|---|---|
| Diagnostics | $289.3 million | 20% | 62.6% | 58.8% |
| Data and Applications | $93.2 million | 28% | 70.2% | 72.7% |
Chief Executive Eric Lefkofsky stated, “Our strategy is working.” Oncology testing volumes climbed 31%. Revenue from data licensing and modeling was up 36%, and new Data and Applications bookings neared $200 million. Business Wire
Tempus has increased its projected 2026 revenue range to between $1.595 billion and $1.605 billion, while keeping its adjusted EBITDA forecast close to $65 million. Based on the midpoint estimates, this implies $869.4 million in revenue and $59.8 million in adjusted EBITDA are expected in the second half.
The figures below are initial estimates and do not represent official company guidance.
| Second-half bridge | Q2 actual | Average for second half, implied quarterly | Needed change |
|---|---|---|---|
| Revenue | $382.5 million | $434.7 million | +13.7% |
| Adjusted EBITDA | $8.0 million | $29.9 million | 3.7 times Q2 |
| Adjusted EBITDA margin | 2.1% | 6.9% | +4.8 percentage points |
The revenue target appears attainable given the company’s recent growth. However, the margin target is more challenging. Tempus needs to generate higher earnings from additional sales while maintaining its investment in testing and AI.
Thursday’s regular session saw gains extend beyond Tempus. Two publicly traded diagnostic-testing rivals rose by comparable margins, as technology shares propelled Wall Street upward.
| Security or index | Thursday close | Daily move | Earnings timing |
|---|---|---|---|
| Tempus AI NASDAQ:TEM | $44.29 | +6.59% | Reports post-market |
| Guardant Health NASDAQ:GH | $152.35 | +5.87% | Reports post-market |
| Natera NASDAQ:NTRA | $269.66 | +6.21% | No catalyst tied to Tempus |
| Nasdaq Composite | 25,122.18 | +2.78% | Technology sector gains |
Molecular residual disease testing, designed to detect cancer remnants post-therapy, completed 9,000 tests, up 38% from the prior quarter. Tempus announced on July 20 that it would purchase Personalis NASDAQ:PSNL, a company focused on MRD, in a deal valued at roughly $1.5 billion.
Lefkofsky indicated expansion will remain cautious until testing economics strengthen. “You’re just burning money” by conducting far more tests at a loss, he said. MarketBeat
The deal introduces an additional challenge for capital allocation. Tempus can finance up to 50% of the payment in cash and is seeking debt to limit share dilution. Guggenheim analyst Subbu Nambi associated the early drop in share price with the structure’s reliance on equity.
Management projected that adjusted pricing for its FDA-approved tumor-only xT assay might generate roughly $85 million in additional annual revenue starting in 2027. Tempus has also supplied its initial oncology foundation model to AstraZeneca NASDAQ:AZN. These developments are expected to provide future upside, but have not yet impacted current cash flow.
Risks: Tempus consumed $80.8 million in operating cash over the first half. Quarterly GAAP profitability depended on gains from securities. The Personalis financing might result in increased debt, dilution, or a mix of both, and the current outlook does not factor in this deal.
The regular session on Friday will offer clearer results. The key issue is if Tempus can convert its rapid expansion into an adjusted EBITDA margin nearing 7% in the second half.
