Tempus AI Inc. set a target of roughly 25% annual growth over the next decade, prioritizing durability over short-term velocity, while announcing significant pricing increases across its diagnostic portfolio and detailing further integration of its Personalis acquisition.
Speaking at the Morgan Stanley 24th Annual Global Healthcare Conference on September 15, 2026, CEO Eric Lefkofsky said the company would "rather have a business growing at 25% for a decade than 35% for a few years." He added that the firm had posted three consecutive quarters with more than $100 million in total contract value bookings, with the most recent quarter reaching approximately $200 million.
Data licensing, a core component of Tempus's platform strategy, grew about 36% last quarter. Lefkofsky defended the economics of heavy data investment, saying: "Spending $25 million a year on our data when you can make decisions that are going to save you $200 million or $500 million, it's just a no-brainer."
The company announced it expects the list price for its solid tumor assay to rise from $2,923 to $4,500 — a 54% increase — which should generate an additional $80 million to $100 million in annual revenue and profit. For its liquid biopsy offering, Tempus expects pricing to climb from about $3,200 into the mid- to high-$7,000 range, or closer to $7,000–$8,000, with a projected annual revenue lift of $250 million to $300 million. FDA approval for the updated liquid biopsy test is targeted for the second half of 2027.
Tempus acquired Personalis for $16.25 per share, winning a bidding contest by just $0.75 per share over the next-highest offer. The company had previously received a distribution fee of $400 per test from Personalis. Looking ahead, Tempus projects its ownMRD (minimal residual disease) business revenue of $333 million by 2030, while Personalis is expected to contribute $758 million, for a combined MRD market opportunity of roughly $1.1 billion. MRD average selling prices are anticipated to rise to $1,000 or more, approaching levels seen at peer Natera.
Tempus also completed its acquisition of Ambry Genetics' hereditary cancer business about 18 months prior. The unit currently posts low-single-digit growth but is expected to normalize into the mid-teens (12%–18%) once integration stabilizes. It runs approximately 2 million tests annually, with existing reimbursement policies potentially supporting as many as 70 million tests.
Lefkofsky described Tempus's data repository as encompassing 50 million de-identified patient records — 10 million of them cancer patients and 40 million in other disease areas. On the company's V940 melanoma vaccine partnership, he compared the logistical integration to Amazon's e-commerce model rather than eBay's, emphasizing operational efficiency.
He characterized AI-driven drug discovery and data utilization as "very well established" rather than speculative, adding: "If you got to bet at all, every day of the week and twice on Sunday, we over-deliver."
Tempus shares were trading lower in premarket session at $61.77, down 0.71% from the previous close of $62.21. The stock has traded between $40.77 and $104.32 over the past 52 weeks.
