Tempus AI said it will raise $350 million in convertible senior notes in a private placement, citing planned use of proceeds to repay existing loans and fund corporate purposes including acquisitions and strategic investments. The notes are due in 2032, with an option for initial buyers to purchase up to an additional $52.5 million. Separately, Tempus reported a 36% year-over-year Q1 revenue increase to $348.1 million, driven by diagnostics growth and accelerating volumes in minimal residual disease testing. The company logged data and applications revenue up 41% and highlighted a multi-year biomarker collaboration with Merck as well as expanded access arrangements with Gilead. The combination of financing capacity and business momentum points to continued investment in clinical ordering, AI model deployment, and scaling for oncology MRD workflows. For the biotech ecosystem, Tempus’ updates are a reminder that companion diagnostics and MRD platforms remain central to precision oncology economics, with data and platform access increasingly tied to payer- and provider-facing adoption.