Shares of Tempus AI (TEM), a leading precision medicine and AI technology company, plummeted 11.91% intraday on Monday, following the company's announcement of preliminary, unaudited financial results for the fourth quarter and full year 2024.
While Tempus AI reported an expected revenue growth of around 30% year-over-year to approximately $693 million for the full year 2024 and a 35% increase in Q4 2024 revenue to around $200 million, the company acknowledged softness in its contract research organization (CRO) revenues.
"Despite some softness in our CRO revenues, our core businesses gained momentum throughout the year," said Eric Lefkofsky, Tempus' Founder and CEO, in a statement. This admission of weakness in the CRO segment, which provides research services to pharmaceutical and biotechnology companies, likely contributed to the stock's sharp decline despite the overall revenue growth and continued improvement in adjusted EBITDA.
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