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Tempus , a genomic testing and data analysis company started byEric Lefkofsky , who previously establish Groupon , debuted on Nasdaq on Friday , rising about 15 % on the opening night .
The fellowship priced its IPO on Thursday at $ 37 apiece , at the top of its $ 35 to $ 37 price range , raising nearly$411 millionat a in full diluted rating of over $ 6 billion . Tempus ’ last official private valuation was $ 8.1 billion , however , and PitchBook data calculate that the caller was valued at $ 10.25 billion in late 2022 . Shares closed the first daytime of trading at $ 40.25 , up near 9 % from the IPO price .
Despite the substantial discount from its former valuation , the initial public offering is a feat for an unprofitable company during what ’s considered to be a tepid time to set up public offerings . Tempus ’ revenues were $ 531 million in 2023 with a net loss of $ 290 million . But the company ’s operating losses have shrunk from 83 % in 2022 to 37 % in 2023 , and Lefkofsky told CNBC that he expect Tempus to be cash - rate of flow and EBITDA positive in 2025 .
Lefkofsky founded Tempus in 2015 , after detect that doctors did n’t swear on datum during his wife ’s treatment of breast genus Cancer . He said he fix out to build up a company that uses engineering and datum derived from genomic sequencing .
Tempus is now trying to position itself as an AI companionship , even though AI revenue accounted for only $ 5.5 million of revenue , approximately 1 % of its 2023 revenue . The company said in its prospectus that its AI product line is nascent , but it designate “ to embed AI , let in generative AI ” in every expression of its diagnostics tools .
Lefkofsky is by far the big shareholder in the company . According to the S1 , he holds 30.1 % of the troupe and 65 % of shareholder voting power , due to the dual - class part structure . A firm controlled by Kimberly Keywell , the former wife of Brad Keywell , Lefkofsky’slongtime business enterprise partner , owns a 10.2 % interest in Tempus . Scottish asset manager Baillie Gifford , holds 5.9 % of the company , worth $ 350 million at the IPO cost .
Early shareholder in Tempus include NEA , Revolution and T. Rowe Price . The party raised a $ 200 million Series G5 from SoftBank in April . Tempus is the 4th company Lefkofsky is taking public . He is most known for having founded Groupon , which went public at a valuation ofnearly $ 13 billion in 2011but now trades at under $ 600 million .
