SoftBank-backed Tempus AI sinks to new post-IPO lows
** Shares of Tempus AI TEM.O, genetics testing firm backed by SoftBank 9984.T, down 2.7% at $24.63 on Tues and now off ~33% from IPO price
** Stock drops as much as 9.6% to $22.89 on the session
** TEM shares on track to fall for fifth time in past six days since closing up nearly 9% at $40.25 in their Jun 14 debut
** Tempus, founded in 2015 and has yet to turn a profit, raised ~$411 mln by selling 11.1 mln shares at $37, top end of marketed range
** In co news, Tempus on Tues announced it will develop, investigate AI-based medical device software to detect patients at risk of having undiagnosed pulmonary hypertension as part of collaboration with United Therapeutics UTHR.O
** Led by Groupon GRPN.O co-founder Eric Lefkofsky, Tempus rev from AI applications was $5.5 mln at end of 2023, about 1% of co's total rev of ~$532 mln, per the SEC filing
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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