Tempus AI reported a 36% year-over-year increase in Q1 revenue to $348.1 million and raised its full-year revenue guidance, citing accelerating demand for its AI-driven diagnostic platform. Diagnostics revenue grew 35% to $261.1 million, with oncology volumes up 28% year over year. The company highlighted minimal residual disease (MRD) testing volume growth of about sixfold to roughly 6,500 tests, alongside expansion in hereditary testing. During the quarter, Tempus also disclosed a multi-year strategic collaboration with Merck to accelerate biomarker discovery and development using Tempus’ multimodal data and Lens analytical platform. It expanded a separate collaboration with Gilead to provide enterprise-wide access to Lens and associated datasets to support Gilead’s oncology pipeline. While Tempus’ R&D and SG&A costs rose (R&D +34%, SG&A +37% year over year), it ended Q1 2026 with $521.2 million in cash and cash equivalents, and reported a non-GAAP loss per share that came in below analyst expectations.