Tempus reaffirmed its growth targets - displayed its leadership position in data and breadth of diagnostics business - reiterate Buy, $80 PT

Research evidence excerpt

Tempus reaffirmed its growth targets - displayed its leadership position in data and breadth of diagnostics business - reiterate Buy, $80 PT

LIFE Investment Thesis Tempus' oncology technology platform is one of the largest global libraries of clinical and molecular oncology data, generated in

part by leveraging healthcare data from siloes. TEM's platform includes proprietary software and dedicated data pipelines that form

a network of healthcare institutions through ~450 unique data connections, many of which supply TEM with complex multimodal

data in near real time, across 3,000 healthcare institutions that order TEM's products and services. TEM leverages an advantage

over other data providers in being rooted in clinical care delivery, with onsite access to data. To date, TEM's offerings have been usedSCIENCE by ~95% of the largest public pharma companies (19 of the 20 largest public pharmaceutical companies). TEM's clinical NGS volume

in oncology rapidly rose from ~41k samples in 2019 to ~271k samples in 2024. TEM's offerings have been used by >7,000 physicians

across hundreds of provider networks, including >65% of academic medical centers in the U.S. Between TEM's sequencing andAND

data collection efforts, TEM is currently connected to >50% of oncologists in the U.S. As of the end of 2025, Tempus has signed data

contracts with a total remaining contract value of over $1.1 billion, which TEM expects to deliver on over the next several years.

Upcoming Catalysts Price Performance

■ TEM expects to obtain Medicare coverage/pricing for its tumor-naïve CRC test over $110

the coming months, and plans to ramp volumes thereafter. $100DIAGNOSTIC ■ We look for FDA approval, ADLT status and a higher price for its xF liquid biopsy $90

assay. $80