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  "documentTitle": "Tempus AI, Inc. (TEM)",
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  "presentationDate": "2025-05-28 00:00:00",
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  "notes": "Uses a before-after framing to highlight a contradiction in the company's narrative regarding their product's nature.",
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      "text": "We believe Tempus's decision to change its billing practices by separating DNA and RNA sequencing into distinct CPT codes raises ethical concerns, as the Company is now charging more for what is essentially the same procedure it historically performed under a single billing code.",
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      "text": "Clinical validation of the tempus xT next-generation targeted oncology sequencing assay",
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      "text": "Beginning January 1, 2023, a new CPT code went into effect covering full transcriptome testing when performed separately from DNA testing. Historically, our xT assay was actually comprised of two separate and distinct procedures, DNA and RNA.",
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      "text": "Pre-2023: xT was DNA and RNA",
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      "text": "Post 2023: xT was just DNA",
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      "text": "Beginning January 1, 2023, a new CPT code went into effect covering full transcriptome testing when performed separately from DNA testing. Historically, our xT assay was actually comprised of two separate and distinct procedures, DNA and RNA. Given there was not an applicable CPT code for RNA, we did not bill that test. With the introduction of the new code, we now have two separate assays, one analyzing DNA – xT and one analyzing RNA – xR that are ordered and billed for separately. — Tempus AI",
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      "text": "Source: Clinical validation of the tempus xT next-generation targeted oncology sequencing assay, TEM S-1",
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      "text": "Unpacking Double Billing: Identical Procedure, Inflated Costs",
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