Tempus is an AI-driven healthcare technology company focused on genomic diagnostic testing for oncologists and other physicians. When a physician orders a Tempus test, Tempus sequences the patient's tumor or blood and returns a clinical report that incorporates not just raw genomic data but also contextualized insights — recommended therapies, clinical trial matches, and adverse event flags — drawn from Tempus's proprietary database of over 8.6 million patient records. Tempus calls this "Intelligent Diagnostics." Core products include xT (648-gene solid tumor sequencing), xF (liquid biopsy), xR (full transcriptome RNA sequencing), hereditary cancer panels via Ambry Genetics (acquired in early 2025), and xM (minimal residual disease monitoring, in limited commercial launch). Tempus sells tests through a direct U.S. sales force, bills insurers and Medicare/Medicaid on the patient's behalf, and earns higher reimbursement as tests receive FDA approval and CMS coverage. Tempus reports two segments: Genomics (~76% of revenue) covers all diagnostic testing, and Data and Services (~24%) covers data licensing, clinical trial matching, and AI-based diagnostics. The Data and Services segment licenses de-identified multimodal patient data to pharmaceutical and biotech companies under multi-year subscription agreements; Tempus works with 19 of the 20 largest public pharma companies by revenue. The two segments reinforce each other: every test run generates data that makes the licensing product more valuable, attracting more pharma partners who also fund sequencing. Key growth drivers include migrating xT volume to its FDA-approved version to unlock higher reimbursement, commercializing xM pending CMS approval, and pursuing separate reimbursement for AI-based algorithmic diagnostics.