Updated
The most significant concentration Tempus AI discloses is oncology and hereditary tests at 74%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Tempus AI’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'clinical oncology and hereditary tests, which collectively accounted for 74%, 63% and 63% of our revenue in the years ended December 31, 2025, 2024 and 2023, respectively'”
“10-K Item 1A: 'We rely on a limited number of suppliers or, in some cases, sole suppliers, for some of our laboratory instruments and materials'”
The company's concentration profile is defined by two high-share exposures — one on the product side and one in the supply chain — both of which are material to the investment case. Clinical oncology and hereditary tests collectively accounted for 74% of revenue in the year ended December 31, 2025 — the largest disclosed revenue share — a high-share, structural concentration reflecting where the company has focused its laboratory and clinical infrastructure. The structural character means this reflects a deliberate specialization in oncology diagnostics rather than dependence on a single customer order, but it does mean that pricing pressures, reimbursement changes, or competitive substitution specifically targeting these test categories would affect the majority of the revenue base. On the supply side, the company relies on a limited number of suppliers or, in some cases, sole suppliers for laboratory instruments and materials — a high-share dependency exposure with no disclosed quantification of the specific components at risk. The absence of a disclosed percentage does not diminish the significance: sole-supplier relationships for laboratory instruments create a single point of failure in production capacity, and any disruption — supply shortfall, supplier insolvency, or quality failure — could delay test processing without ready alternatives. These two exposures interact: a high-revenue-share diagnostic category that depends on specialized instruments sourced from a narrow vendor base creates compounded operational vulnerability. Diversifying either the test menu or the supplier base would each independently reduce concentration risk, but in the current configuration both require monitoring.
For the engine’s reasoning on TEM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| TEM● | Tempus AI, Inc. | 2 | 0 | 0 | 2 |
| HQY | HealthEquity, Inc. | 1 | 1 | 1 | 3 |
| HNGE | Hinge Health, Inc. | 1 | 0 | 3 | 4 |
| HTFL | Heartflow, Inc. | 1 | 0 | 0 | 1 |
| BTSG | BrightSpring Health Services, I | 0 | 2 | 0 | 2 |
| DOCS | Doximity, Inc. | 0 | 1 | 1 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.