Health technology company Tempus AI has launched an artificial intelligence-powered medical data app known as Olivia, causing share prices to hit record highs.
Olivia is intended to centralise users’ medical data on a single platform, and includes AI features to summarise physician appointments and health records.
“At Tempus, our goal has always been to improve patient outcomes by harnessing the power of data and AI. Now, as AI becomes increasingly integrated into healthcare, tools like Olivia will be essential in helping patients understand and navigate their care,” said Tempus CEO Eric Lefkofsky.
The app can create AI-generated user profiles with information on diagnoses, medication, and family medical history, by connecting to a variety of electronic health record systems. A closed beta version was first launched in September.
Tempus’ share price (NASDAQ: TEM) soared to a new high of US$47.64 after the app’s release, a 35.5% increase over its previous close at $35.15.
The company’s initial public offering was in June 2024. Before Olivia’s launch, Tempus share prices had grown by 22.8% across the six months since its Nasdaq debut.
Former United States House Speaker Nancy Pelosi also said in a trading disclosure yesterday that she had bought 50 Tempus call options on 14 January.
Tempus projected in its third-quarter earnings that 2024’s annual revenues would reach US$700 million, representing 32% growth over 2023. It agreed to acquire Ambry Genetics in November in a deal that will close this year.
Tempus’ market capitalisation is US$7.5 billion.