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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": "The table highlights that Tempus AI's valuation multiples (EV/Revenues, EV/Gross Profit) are generally higher than the averages of its medical diagnostic peers.",
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      "text": "We believe Tempus is overvalued relative to both hype and momentum-oriented AI companies, along with medical diagnostic peers.",
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      "text": "EV / Revenues: 9.7x",
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      "text": "We believe Tempus is overvalued relative to both hype and momentum-oriented AI companies, along with medical diagnostic peers. However, we believe the market is misvaluing the Company's actual AI revenue, related-party revenue, and the inorganic contribution from Ambry.",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg and Spruce Point estimates.",
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      "kind": "title",
      "text": "We Believe Tempus Trades At An Unwarranted Premium To Peers",
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      "evidence": "Risk/reward, insider selling, peer multiples, final $24-34 SoP valuation.",
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      "evidence": "SBC vs peers (77% vs 25%), EV/Rev 9.7x vs 3.9x peers, sum-of-parts to $24.87.",
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      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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