Tempus AI stretches rally as co and SoftBank launch AI healthcare JV
** Shares of genetics testing firm Tempus AI TEM.O, backed by SoftBank 9984.T, up ~7% early Thurs, adding to ~10% gain in prior session
** SoftBank has launched joint venture with Tempus aiming to analyze personal medical data with artificial intelligence to come up with treatment recommendations, CEO Masayoshi Son told a briefing in Tokyo on Thurs
** The cos expected to each put $93 mln into the JV, which is anticipated to close next month
** TEM shares have fallen in majority of sessions since their Jun 14 public debut and are still down ~20% from $37 IPO price
** On Weds, co said it received 510(k) clearance from the FDA for device using AI to help identify patients who may be at increased risk of atrial fibrillation
** On Tues, Tempus 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 has never been profitable since its 2015 inception
** Rev from its "AI applications" business was about 1% of total rev of ~$532 mln in 2023, per SEC filing. Tempus described its AI Applications rev as "immaterial"
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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