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  "documentTitle": "Tempus AI, Inc. (TEM)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-05-28 00:00:00",
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      "text": "Ambry Genetics uses CPT code 81479 (unlisted molecular pathology procedure) for their RNA testing services, including their RNAinsight testing that accompanies their various genetic panel tests. We believe Ambry Genetics was able to significantly grow its RNA testing volumes by leveraging CPT code 81479, as evidenced by the sharp increase in Medicare revenue and reimbursement rates from 2019 to 2022. The ongoing rapid increase in RNA sample testing after 2022 likely reflects continued reliance on this CPT code.",
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      "text": "We believe Ambry Genetics was able to significantly grow its RNA testing volumes by leveraging CPT code 81479, as evidenced by the sharp increase in Medicare revenue and reimbursement rates from 2019 to 2022.",
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      "text": "Ambry Genetics Medicare CPT 81479 Annual Revenue and Average Medicare Reimbursement rate (2018 to 2022)",
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      "text": "Ambry Genetics Estimated Number of RNA Samples Processed",
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      "text": "Medicare revenue: $28.9",
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      "text": "Source: CMS.gov, Konica Minolta Investor Presentation (11/5/2024), Konica Minolta Investor Presentation (5/10/2023), Ambry White Paper (January 2023). 1) See this slide for Spruce Point's Historical Estimates for Ambry.",
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      "text": "Ambry's Accelerated Use of CPT Code 81479: Driving Revenue & Reimbursement Rates",
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