Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Tempus AI, a healthcare IT company and provider of next-gen diagnostics, is expected to IPO next week. The company plans to raise $411M at the high end of the range.</li>
<li>The most recent S-1/A puts the expected price range per share at $35 to $37, implying a market cap of ~$6B at the midpoint.</li>
<li>Tempus AI provides personalized cancer care and brings AI to healthcare at scale. They train LLMs to develop AI applications and have the largest public genomic data sets in oncology</li>
</ul>


Tempus AI, a healthcare IT company and provider of next-gen diagnostics, is expected to IPO next week. The company plans to raise $411M at the high end of the range.
The most recent S-1/A puts the expected price range per share at $35 to $37, implying a market cap of ~$6B at the midpoint.
Tempus AI provides personalized cancer care and brings AI to healthcare at scale. They train LLMs to develop AI applications and have the largest public genomic data sets in oncology


Tempus AI IPO: AI in Diagnostics at Scale, Investor Sentiment Appears Positive

Equity Analyst focused on Korea Stock Market

Thomas Yi

Equity Bottom-Up

"Korea’s #1 and the world’s #5 NGS player"<ul>
<li>The world’s 5th ranked DNA sequencing service provider. Growing NGS (Next Generation Sequencing) market suggests its substantial upside for next decade</li>
<li>Macrogen’s strong points - (1) Abundant genetic research experience and records, (2) The most advanced instruments for genome sequencing, (3) Fast growing oversea (US, Japan) subsidiaries</li>
<li>Issues to keep an eye on - (1) US subsidiary’s plan for KOSDAQ IPO, (2) Singapore NGS project likely to name Macrogen a project leader, (3) Ample cash to enable shareholder-friendly policy</li>
<li>Macrogen appears significantly undervalued relative to its peers (Foundation Medicine, Illumina)</li>
</ul>* Stock Information: Share price(18/07/19) KRW 35,950  Market Cap(18/07/19) KRW 381.2 bn  Trading Volume (@60days) 141,710 shares  Historical price(52 weeks; Highest/Lowest) KRW 54,900/ KRW 22,150  Absolute Return (1 month) +1.99%, (3 month) -17.07%  Major shareholders – Jeong-sun Seo and others 9.92%, treasury stock 3.12%

"Korea’s #1 and the world’s #5 NGS player"
The world’s 5th ranked DNA sequencing service provider. Growing NGS (Next Generation Sequencing) market suggests its substantial upside for next decade
Macrogen’s strong points - (1) Abundant genetic research experience and records, (2) The most advanced instruments for genome sequencing, (3) Fast growing oversea (US, Japan) subsidiaries
Issues to keep an eye on - (1) US subsidiary’s plan for KOSDAQ IPO, (2) Singapore NGS project likely to name Macrogen a project leader, (3) Ample cash to enable shareholder-friendly policy
Macrogen appears significantly undervalued relative to its peers (Foundation Medicine, Illumina)
* Stock Information: Share price(18/07/19) KRW 35,950  Market Cap(18/07/19) KRW 381.2 bn  Trading Volume (@60days) 141,710 shares  Historical price(52 weeks; Highest/Lowest) KRW 54,900/ KRW 22,150  Absolute Return (1 month) +1.99%, (3 month) -17.07%  Major shareholders – Jeong-sun Seo and others 9.92%, treasury stock 3.12%

United States

Foundation Medicine, Inc. develops cancer diagnostic technology. The Company offers cancer genomics laboratory tests enabling the personalization of cancer treatments. Foundation Medicine serves the biomedical sector in the United States.

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Foundation Medicine (FMI US)

Tempus AI IPO: AI in Diagnostics at Scale, Investor Sentiment Appears Positive

Healthcare IT company Tempus AI is expected to IPO next week, making it one of several high-profile AI unicorns scheduled to go public this year.

Andrei Zakharov

CV Note: Macrogen (038290 KQ)

"Korea’s #1 and the world’s #5 NGS player" The world’s 5th ranked DNA sequencing service provider. Growing NGS (Next Generation Sequencing) market...

Thomas Yi

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Tempus AI IPO: AI in Diagnostics at Scale, Investor Sentiment Appears Positive

​Healthcare IT company Tempus AI is expected to IPO next week, making it one of several high-profile AI unicorns scheduled to go public this year.

Andrei Zakharov

CV Note: Macrogen (038290 KQ)

"Korea’s #1 and the world’s #5 NGS player" The world’s 5th ranked DNA sequencing service provider. Growing NGS (Next Generation Sequencing) market...

Thomas Yi

Healthcare IT company Tempus AI is expected to IPO next week, making it one of several high-profile AI unicorns scheduled to go public this year.