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  "documentTitle": "Tempus AI, Inc. (TEM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-28 00:00:00",
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  "notes": "Uses a 'bridge' logic to show that core business is declining despite headline revenue growth.",
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      "text": "The Company's updated guidance from May 6, 2025 reveals concerning weakness in its core genomics and data business despite positive developments elsewhere. While the Company raised its overall revenue guidance by just $10 million (from $1,240 million to $1,250 million), this modest increase masks significant underperformance in its core operations. Spruce Point estimates that Ambry revenue improved by $25.8 million and the new Pathos/AZN deal contributed approximately $20 million (using the midpoint of the provided range), resulting in a total positive impact of $45.8 million to 2025 revenue guidance. The substantial $35.8 million gap between these positive contributors and the minimal increase in overall guidance strongly indicates that Tempus's fundamental genomics and data segments are significantly underperforming compared to expectations established just months earlier in February.",
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      "text": "The substantial $35.8 million gap between these positive contributors and the minimal increase in overall guidance strongly indicates that Tempus's fundamental genomics and data segments are significantly underperforming compared to expectations established just months earlier in February.",
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      "kind": "disclaimer",
      "text": "1) We estimate Ambry's FY2024 revenue at $305 million and project 18% growth for FY2025... 2) Tempus completed its acquisition of Ambry... 3) The Pathos/AZN deal is expected to contribute $200 million over three years...",
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      "text": "revenue guidance: $10 million",
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      "text": "Source: TEM Q3'24 Presentation",
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      "text": "Updated Guidance Implies Weakness In Core Operations",
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