Five US Q3 Earnings Beats: Tempus AI, Axsome, Waystar, Krystal Biotech Lead Healthcare and Tech Rally

The Quick Take

• Five companies reported strong Q3 2026 earnings: Tempus AI posted 32% oncology volume growth and landed $192.5M in new pharma collaborations, while Axsome Therapeutics grew revenue 52% to $259.7M and narrowed its net loss to $12.9M
• Waystar raised full-year EBITDA guidance after 21% Q3 revenue growth, Krystal Biotech authorized a $400M share buyback on strong Vyjuvek drug sales, and Adeia posted $80.2M in quarterly revenue with eight new license agreements
• The common theme across the five names is accelerating revenue growth combined with improving unit economics—a rare combination in the current environment that the market is rewarding with premium valuations

Five companies spanning healthcare technology, medical devices, software, and specialty pharma all delivered Q3 2026 earnings that exceeded guidance, with varied financial profiles converging on the theme of revenue acceleration. Tempus AI's 32% oncology volume growth and $192.5 million in new pharmaceutical collaborations with Bristol-Myers Squibb and Moderna/Merck positions the company as a key player in the AI-driven drug discovery ecosystem. The company raised its 2026 guidance on the back of these new data collaboration deals.

Axsome Therapeutics and Krystal Biotech represented the specialty pharma segment, with both demonstrating the classic drug commercialization pattern of rapid revenue growth as newly approved therapies gain formulary adoption. Axsome's 52% revenue growth to $259.7 million with a narrowed net loss reflects the typical trajectory of a pharma company transitioning from cash-burning development stage to self-funded commercial operations. Krystal Biotech's decision to authorize a $400 million buyback sends a strong signal that management believes the stock is undervalued relative to Vyjuvek's commercial potential.

Waystar and Adeia represent the technology services component of this cluster, with Waystar's healthcare revenue cycle management platform growing 21% and raising guidance, while Adeia's intellectual property licensing business signed eight new agreements in the quarter. The combination of a guidance raise (Waystar) and new revenue agreements (Adeia) in a single quarter is a bullish signal for technology services companies serving healthcare and media sectors. For portfolio managers, the five-company sweep confirms that selective healthcare technology and specialty pharma names are delivering above-consensus results in Q3.

Synthesized from 5 sources.