Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Tempus AI reported total revenue growth of 22% year-over-year in the second quarter of 2026, reaching $382.5 million, marking the first quarter with full integration of Ambry Genetics in the results.</li><li>The Diagnostics segment accounted for $289.3 million of revenue, up 20% year-over-year, despite slower growth in hereditary cancer testing balanced by accelerated growth in comprehensive genomic profiling (CGP).</li><li>Hereditary testing revenues increased by 5%, while the Data and Applications segment grew 28% to $93.2 million, driven by a 36% rise in data licensing and modeling business insights.</li></ul>

Tempus AI reported total revenue growth of 22% year-over-year in the second quarter of 2026, reaching $382.5 million, marking the first quarter with full integration of Ambry Genetics in the results.The Diagnostics segment accounted for $289.3 million of revenue, up 20% year-over-year, despite slower growth in hereditary cancer testing balanced by accelerated growth in comprehensive genomic profiling (CGP).Hereditary testing revenues increased by 5%, while the Data and Applications segment grew 28% to $93.2 million, driven by a 36% rise in data licensing and modeling business insights.

Tempus AI's AstraZeneca, BioNTech & Merck Deals — Pharma Demand Keeps Building

<ul><li>Tempus AI has moved to deepen its position in precision oncology through a definitive agreement to acquire Personalis, its existing partner in molecular residual disease testing.</li><li>Announced on July 20, 2026, the transaction values the remaining Personalis equity at $16.25 per share and implies an enterprise value of roughly $1.5 billion, net of Tempus’ existing stake.</li><li>The consideration is structured primarily as stock, although Tempus may elect to fund up to half in cash, with closing expected in late 2026 or early 2027, subject to shareholder and regulatory approvals.</li></ul>

Tempus AI has moved to deepen its position in precision oncology through a definitive agreement to acquire Personalis, its existing partner in molecular residual disease testing.Announced on July 20, 2026, the transaction values the remaining Personalis equity at $16.25 per share and implies an enterprise value of roughly $1.5 billion, net of Tempus’ existing stake.The consideration is structured primarily as stock, although Tempus may elect to fund up to half in cash, with closing expected in late 2026 or early 2027, subject to shareholder and regulatory approvals.

Tempus AI Acquisition Bombshell: The $1.5 Billion MRD Bet!

<ul><li>The latest quarter for Tempus AI demonstrated continued growth across its core business segments, with total revenue reaching $348.1 million, reflecting a 36% increase year-over-year.</li><li>Diagnostic revenue totaled $261.1 million, rising nearly 35%, driven primarily by strength in Oncology, including solid tumor, liquid biopsies, and notably minimal residual disease (MRD) volumes.</li><li>However, growth in the hereditary testing segment slowed, attributed in part to a challenging comparison against strong prior-year results.</li></ul>

The latest quarter for Tempus AI demonstrated continued growth across its core business segments, with total revenue reaching $348.1 million, reflecting a 36% increase year-over-year.Diagnostic revenue totaled $261.1 million, rising nearly 35%, driven primarily by strength in Oncology, including solid tumor, liquid biopsies, and notably minimal residual disease (MRD) volumes.However, growth in the hereditary testing segment slowed, attributed in part to a challenging comparison against strong prior-year results.

Tempus AI's Big Pharma Data Push: AI Models Meet Recurring Revenue Momentum!

<ul><li>Tempus AI reported financial results for the fourth quarter and full year 2025.</li><li>The company highlighted significant achievements, indicating a robust performance across both its core businesses, diagnostics and data.</li><li>Tempus' total revenue surged over 33%, particularly bolstered by the acquisition of Ambry.</li></ul>

Tempus AI reported financial results for the fourth quarter and full year 2025.The company highlighted significant achievements, indicating a robust performance across both its core businesses, diagnostics and data.Tempus' total revenue surged over 33%, particularly bolstered by the acquisition of Ambry.

Tempus AI Is Unlocking A New Era Of Oncology Intelligence Through Its Massive Clinical Data Network!

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Benchling hit $210M in annual recurring revenue (ARR) in May 2024, up from $185M at the end of 2023.</li><li>Benchling&#39;s customer base expanded from 410 in 2020 to 1,200 as of May 2024.</li><li>Benchling drives this expansion through a combination of user growth within accounts (i.e., adding more seats) and upselling additional modules and capabilities.</li></ul>

Sacra estimates that Benchling hit $210M in annual recurring revenue (ARR) in May 2024, up from $185M at the end of 2023.Benchling&#39;s customer base expanded from 410 in 2020 to 1,200 as of May 2024.Benchling drives this expansion through a combination of user growth within accounts (i.e., adding more seats) and upselling additional modules and capabilities.

United States

Tempus AI, Inc. operates as a clinical laboratory. The Company provides genomic sequencing services and analyze molecular and therapeutic data to help physicians to make real-time and data-driven decisions.Tempus AI serves customers in the United States.

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Tempus AI (TEM US)

Tempus AI's AstraZeneca, BioNTech & Merck Deals — Pharma Demand Keeps Building

Tempus AI reported total revenue growth of 22% year-over-year in the second quarter of 2026, reaching $382.5 million, marking the first quarter...

Baptista Research

Tempus AI Acquisition Bombshell: The $1.5 Billion MRD Bet!

Tempus AI has moved to deepen its position in precision oncology through a definitive agreement to acquire Personalis, its existing partner in...

Baptista Research

Tempus AI's Big Pharma Data Push: AI Models Meet Recurring Revenue Momentum!

The latest quarter for Tempus AI demonstrated continued growth across its core business segments, with total revenue reaching $348.1 million,...

Baptista Research

Tempus AI Is Unlocking A New Era Of Oncology Intelligence Through Its Massive Clinical Data Network!

Tempus AI reported financial results for the fourth quarter and full year 2025. The company highlighted significant achievements, indicating a...

Baptista Research

Primer: Benchling - 12 Oct 2026

Software for biotech teams to design, document, and manage scientific experiments and samples

Sacra

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