|Headquarters||Palo Alto, California, United States|
|Elizabeth Holmes (Chairman), David Taylor (CEO)|
|Total equity||$800 million (2016)|
Number of employees
|Footnotes / references
Theranos was lauded as a major challenger to existing companies before it was revealed that the company had lied about its core capabilities. Founded in 2003 by 19-year old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 2013 and 2014. Investors and the media hyped Theranos as a breakthrough in the large blood testing market, where the US diagnostic-lab industry posts annual sales of over $70 billion. Theranos claimed its technology was revolutionary for a number of reasons. At the time, Theranos said its tests required only about 1/100 to 1/1,000 of the amount of blood that would ordinarily be needed and cost far less than existing tests.
There was a turning point in October 2015, when investigative reporter John Carreyrou of The Wall Street Journal questioned the validity of its technology. Since then, Theranos has faced a string of legal and commercial challenges from medical authorities, investors, the U.S. Securities and Exchange Commission, Centers for Medicare and Medicaid Services, state attorneys general, former business partners, patients, and others. By June 2016, it was estimated that Holmes' personal net worth had dropped from $4.5 billion to virtually nothing. The company was near bankruptcy until it received a $100 million investment from Fortress Investment Group in 2017. By 2018, the company was again close to going bankrupt.
In July 2016, Theranos received sanctions from the Centers for Medicare and Medicaid Services (CMS) including the revocation of its CLIA certificate and prohibition of Holmes and other company officials from owning or operating a lab for two years. Theranos announced it would close its laboratory operations and wellness centers to work on miniature medical testing machines. In April 2017, Theranos said it had reached a settlement agreement with CMS.
Following the CMS sanctions, Walgreens, one of the largest pharmacy chains in the US, terminated its contract with Theranos and filed a lawsuit claiming continuous breaches of contract. The suit was settled out of court, with Theranos compensating Walgreens for a much smaller amount than the claimed $140 million, reported at about $30 million.
On March 14, 2018, Holmes, former Theranos President Ramesh "Sunny" Balwani and Theranos were charged with "massive fraud" by the U.S. Securities and Exchange Commission. One section of the complaint alleged that Holmes claimed in 2014 that the company had annual revenues of $100 million, a thousand times more than the actual figure of $100,000. Theranos and Holmes agreed to resolve the charges against them, with Holmes paying a fine of $500,000, returning the remaining 18.9 million shares that she held, relinquishing her control of the company, and being barred from being an officer or director of any public company for 10 years. According to the agreement, if Theranos is acquired or is otherwise liquidated, Holmes will not profit from her ownership until more than $750 million is returned to investors and other preferred shareholders. Theranos and Holmes neither admitted nor denied the allegations in the SEC’s complaint. Balwani did not settle.
On June 15, 2018, the United States Attorney for the Northern District of California announced the indictment of Holmes on wire fraud and conspiracy charges. Holmes stepped down as CEO but remained as chairman. Balwani was also indicted on the same charges.
- 1 History
- 2 Technology and products
- 3 Corporate affairs
- 4 Downfall
- 5 Loss by investors
- 6 Bad Blood
- 7 See also
- 8 References
- 9 External links
While at Stanford University, Elizabeth Holmes had an idea to develop a wearable patch that could adjust the dosage of drug delivery and notify doctors of variables in patients' blood. She started developing lab-on-a-chip technology for blood tests, and had the idea for a company that would make testing cheaper, more convenient and accessible to consumers. Holmes dropped out of Stanford and used the education trust from her parents to found the company that would later be called Theranos, derived from a combination of the words "therapy" and "diagnosis". The company's original name was Real-Time Cures, which Holmes changed after deciding that too many people were dubious about the word "cure".
Theranos raised millions of dollars in its first years. In 2004, Theranos was based in a rented basement located near the Stanford campus. By December 2004 the company had more than $6 million from investors at a valuation of $30 million. The company had about $45 million total fundraising after Series B and Series C funding in 2006. Theranos raised an additional $45 million in 2010 at a valuation of $1 billion. The company moved to the former headquarters of Facebook in June 2012. The company had significant news coverage starting in September 2013 after profiles in the San Francisco Business Times and Wall Street Journal. By 2014, Theranos had raised more than $400 million with an estimated value of $9 billion. In 2016, Forbes revised the estimated net worth of the company to $800 million taking into account the $724 million of capital raised.
In September 2013, Theranos partnered with Walgreens to offer in-store blood tests at more than 40 locations. Walgreens announced plans to expand the "wellness centers" across the United States. Theranos blood tests were used on drug trial patients of GlaxoSmithKline and Pfizer. Each company stated that there were no ongoing active projects with Theranos in October 2015. In November 2016, Walgreen Co. filed suit against Theranos in a federal court in Delaware, for breach of contract. Theranos reported to investors on June 21, 2017 that the suit, which originally sought $140 million in damages, was settled for less than $30 million.
Cleveland Clinic announced a partnership with Theranos to test its technology in order to decrease the cost of lab tests. Theranos became the lab-work provider for Pennsylvania insurers, AmeriHealth Caritas and Capital BlueCross, in July 2015.
In July 2015, the Food and Drug Administration approved the use of the company's fingerstick blood testing device for the herpes simplex virus (HSV-1) outside a clinical laboratory setting. Theranos was awarded the 2015 Bioscience Company of the Year by AzBio.
Theranos announced that it would close its laboratory operations, wellness centers and lay off about 40 percent of its work force to work on miniature medical testing machines in October 2016. On January 6, 2017, Theranos announced that it had laid off 41% of its workforce, or approximately 155 people.
In January 2017, the company faced lawsuits from several different entities including Walgreens and the Arizona Attorney General.. In August 2017, Theranos announced it had reached a settlement with Walgreens.
In December 2017, Fortress Investment Group loaned $100 million to Theranos. Theranos had reportedly been on the verge of bankruptcy, with the loan meant to keep the company solvent into 2018. On April 10, 2018, the company laid off the majority of workers in a renewed bid to avoid bankruptcy. The company's total headcount was down to fewer than 25 employees, after having 800 employees at its peak.
Technology and products
Theranos claimed to have developed devices to automate and miniaturize blood tests using microscopic blood volumes. Theranos dubbed its blood collection vessel the "nanotainer" and its analysis machine the "Edison." The technology has been criticized for not being peer reviewed. Theranos claimed to have data verifying the accuracy and reliability of its tests that would be published. In February 2016, Theranos announced that it would permit the Cleveland Clinic to complete a validation study of its technology. In March, 2016, the Journal of Clinical Investigation found that the company's blood test results were flagged "outside their normal range 1.6x more often than other testing services", that 68% of lab measurements evaluated "showed significant interservice (sic) variability", and that "lipid panel test results between Theranos and other clinical services" were "nonequivalent". In August 2016, the company introduced a new robotic, capillary blood testing unit named miniLab to the American Association for Clinical Chemistry, but did not present any data supporting the claimed abilities of the device.
From its incorporation in 2003 until 2018, Holmes was the company's chief executive officer. She recruited Channing Robertson, a chemical-engineering professor at Stanford, to be a technical advisor and the company's first board member during its early years. Holmes' then-boyfriend Sunny Balwani, a software engineer 18 years her senior whom Holmes had met during high school, joined the company as its president and chief operating officer in 2009. In July 2011, Holmes was introduced to former Secretary of State George Shultz, who joined the Theranos board of directors that month. Over the next three years, Shultz helped to introduce almost all the outside directors on the "all-star board," which included William Perry (former Secretary of Defense), Henry Kissinger (former Secretary of State), Sam Nunn (former U.S. Senator), Bill Frist (former U.S. Senator and heart-transplant surgeon), Gary Roughead (Admiral, USN, retired), James Mattis (General, USMC), Richard Kovacevich (former Wells Fargo Chairman and CEO) and Riley Bechtel (chairman of the board and former CEO at Bechtel Group). The board was criticized for consisting "mainly of directors with diplomatic or military backgrounds."
In April 2016, Theranos announced its medical advisory board which included past presidents or board members of the American Association for Clinical Chemistry. Members were invited to review the company's proprietary technologies and advise on the integration into clinical practice. The board included past presidents or board members of the American Association for Clinical Chemistry such as Susan A. Evans, William Foege, former director U.S. Centers for Disease Control and Prevention (CDC), David Helfet, director of the Orthopedic Trauma Service at the Hospital for Special Surgery and professors, Ann M. Gronowski, Larry J. Kricka, Jack Ladenson, Andy O. Miller and Steven Spitalnik.
Balwani left his position as President and COO in May 2016. At that time, the company announced its new board members, Fabrizio Bonanni (former executive vice president of Amgen), Richard Kovacevich and William Foege, who would help to publicly introduce its technologies.
In May 2016 members of the Theranos board of directors were:
- Elizabeth Holmes, founder and CEO
- Riley Bechtel, former Bechtel Group CEO
- David Boies, a founder and the chairman of Boies Schiller & Flexner
- William Foege, former director CDC
- Richard Kovacevich, former Wells Fargo CEO and chairman
- James Mattis, later US Secretary of Defense
- Fabrizio Bonanni, former executive vice president of Amgen
In December 2016, it was announced the Theranos management team would be restructured with the departing of Riley Bechtel. In January 2017 incoming US Secretary of Defense nominee James Mattis resigned from the Theranos board. In January 2017 the Theranos board of directors included: Elizabeth Holmes, William Foege, Fabrizio Bonanni, and Daniel Warmenhoven, former NetApp CEO, who replaced Riley Bechtel
It was also announced in November 2016 that the celebrity-studded "board of counselors" would be scrapped in January 2017.
In May 2017, participating shareholders provided a release of any potential claims against Theranos in exchange for shares of the company's new preferred stock. Holders of more than 99 percent of the shares elected to participate. CEO Elizabeth Holmes contributed shares to the company and gave up equity to offset potential dilution to non-participating shareholders.
Blood test device inspection
The FDA received a formal inquiry to look at Theranos blood test devices by the U.S. Department of Defense in 2012 before the devices were commercially available and did not require FDA approval. FDA inspection reports from 2014 and 2015 stated that its containers for blood collection were "not validated under actual or simulated use conditions" and "were not reviewed and not approved by designated individual(s) prior to issuance". After the inspection, Theranos announced that it would voluntarily suspend its tests apart from the FDA-approved herpes simplex virus (HSV-1) test.
Testing allegations and case
In October 2015, The Wall Street Journal reported that Theranos was using traditional blood testing machines to run its tests instead of the company's Edison devices, and that the company's Edison machines might provide inaccurate results. Theranos claimed that the allegations were "factually and scientifically erroneous and grounded in baseless assertions by inexperienced and disgruntled former employees and industry incumbents". Walgreens suspended plans to expand blood-testing centers in their stores following the report. At that time, the Cleveland Clinic announced that it would work to verify Theranos technology. Theranos fought back against the Journal's investigation, sending lawyers after sources in the story in an effort to stop them from providing information to the press.
Theranos is under criminal investigation by federal prosecutors and the SEC for allegedly misleading investors and government officials about its technology. The case is considered "extremely unusual" by a former assistant U.S. attorney for the Justice Department. The U.S. House of Representatives Committee on Energy and Commerce requested information on what Theranos was doing to correct its testing inaccuracies and adherence to federal guidelines in June 2016. On April 21, 2017, the Wall Street Journal reported that an investor had alleged that Theranos Inc. had misled company directors about its practices concerning laboratory testing. According to a lawsuit filed by the investor, Theranos had used a shell company to secretly buy lab equipment to run fake demonstrations.. The case was settled on May 1, 2017.
Failed lab inspections
The Arizona Department of Health Services reported issues with the company's Scottsdale lab meeting regulations in October 2015. In January 2016, the Centers for Medicare and Medicaid Services (CMS) sent a letter to Theranos based on an inspection of its Newark, California, lab in the Fall of 2015, reporting that the facility did not "comply with certificate requirements and performance standards" and caused an "immediate jeopardy to patient health and safety" due to a test to determine the correct dose of the blood-thinning drug warfarin. In March 2016, CMS regulators announced plans to enact sanctions that included suspending Holmes and Balwani from owning or operating a lab for two years and that they would revoke the lab's license. The company did not receive the sanctions until July. Walgreens and Capital BlueCross announced a suspension of Theranos blood tests from the Newark lab. In May 2016, Theranos announced that it had voided two years of results from its Edison device. The company announced that about 1 percent of test results had been voided or corrected from its proprietary machines in June 2016.
In July 2016, Theranos announced that the CMS had revoked its CLIA certificate and issued sanctions prohibiting its owners and operators from owning or operating a lab for two years, suspension of approval to receive Medicare and Medicaid payments, and a civil monetary penalty. The company discontinued testing at its Newark location while attempting to resolve the issues. Theranos announced plans to appeal the decision by regulators to revoke its license to operate a lab in California and other sanctions. In April 2017, Theranos reached a settlement with CMS agreeing to stay out of the blood-testing business for at least two years in exchange for reduced penalties.
The company withdrew its request for emergency clearance of a Zika virus blood test after a lack of essential safeguards during the testing process was found by federal inspectors in August 2016.
In November, 2016, the Wall Street Journal ran a story about Tyler Shultz, the grandson of former Secretary of State and one-time Theranos director George P. Shultz. The younger Shultz was a Theranos employee 2013–14 and, it appears, a critical whistleblower regarding defects in Theranos' technology. The elder Shultz had joined the board in 2011 and been joined soon thereafter by fellow Hoover Institution fellows former Secretary of State Henry Kissinger, former Secretary of Defense William Perry, and former U.S. Senator Sam Nunn (D-GA). The Journal reported: "After the Journal published in October 2015 its first article detailing problems at Theranos, the company announced that all four men had been moved from the board of directors to a newly formed board of counselors." David Boies' law firm pursued the younger Shultz aggressively on behalf of the company. While causing significant family and financial strains, in the November 2016 article Tyler Shultz was quoted as having said, "Fraud is not a trade secret .... I refuse to allow bullying, intimidation and threat of legal action to take away my First Amendment right to speak out against wrongdoing." He had first failed to successfully register his concerns with company management, to which he had special access due to his family connection. He had then been a key Journal source for its October 2015 article and was also, under an alias, the first to report the company to a regulatory body, New York state's public-health lab.
Arizona Attorney General
In April 2017, Theranos reached a settlement with the state of Arizona over violations of the Arizona Consumer Fraud Act. Alleged violations included false advertisement and inaccurate blood testing. Theranos agreed to refund $4.65 million to the state's residents for Theranos blood testing services, regardless of whether the test results were voided or corrected.
Partner Fund Management
In court documents unsealed on April 18, 2017, lawyers for Partner Investments LP and two other funds, with combined stakes totaling more than $96 million in Theranos preferred shares, charged that Theranos had threatened to seek bankruptcy protection if the investors did not agree to accept additional stock equity in lieu of litigation. Theranos officials said the funds had mischaracterized the exchange offer, which was discussed before the suit was filed. On May 1, 2017, Theranos announced that it had reached an undisclosed settlement with Partner Fund Management LP. Theranos General Counsel David Taylor stated: “Theranos is pleased to have resolved both lawsuits with PFM. Although we are confident that we would have prevailed at trial, resolution of these two cases allows our tender offer to go forward and enables us to return our focus where it belongs, which is on executing our business plans and delivering value for our shareholders.”
SEC fraud charge
In March 2018 the US Securities and Exchange Commission charged Theranos, its CEO Elizabeth Holmes and former president Ramesh "Sunny" Balwani, claiming they had engaged in an "elaborate, years-long fraud" wherein they "deceived investors into believing that its key product—a portable blood analyzer—could conduct comprehensive blood tests from finger drops of blood." Holmes reached a settlement with the SEC, which requires her to pay $500,000, forfeit 19 million shares of company stock, and be barred from having a leadership position in any public company for ten years. Balwani did not settle with the SEC.
On June 15, 2018 Holmes and Balwani were indicted on multiple counts of wire fraud and conspiracy to commit wire fraud. Both investors and doctors and patients were alleged to have been defrauded. It is alleged that the defendants were aware of the unreliability and inaccuracy of their products, but concealed that information. if convicted, they each face a maximum fine of $250,000 and 20 years in prison. The case has been assigned to Lucy H. Koh, United States District Judge of the United States District Court for the Northern District of California.
Loss by investors
In May 2018 John Carreyrou reported that American business and government leaders lost more than $600 million by privately investing in Theranos. Major investments had been made by the Walton family ($150 million), Rupert Murdoch ($121 million), Betsy DeVos ($100 million), and the Cox family (of Cox Media Group) ($100 million).
Wall Street Journal investigative reporter John Carreyrou was responsible for uncovering and exposing "that the company was, in effect, a sham". For this he received the 67th annual George Polk Awards for Financial Reporting (2015). He published a book-length treatment in May 2018 titled Bad Blood: Secrets and Lies in a Silicon Valley Startup. A film version is in the works starring Jennifer Lawrence as Elizabeth Holmes and directed by Adam McKay.
- Herper, Matthew (June 1, 2016). "From $4.5 Billion To Nothing: Forbes Revises Estimated Net Worth of Theranos Founder Elizabeth Holmes". Forbes. Retrieved June 1, 2016.
- Mukherjee, Sy (2018-04-10). "Report: Theranos Just Laid Off the Vast Majority of Its Employees". Fortune. Retrieved 2018-04-11.
- John Carreyrou (21 May 2018). Bad Blood: Secrets and Lies in a Silicon Valley Startup. Knopf Doubleday Publishing Group. ISBN 978-1-5247-3166-3.
- Levine, Matt (14 March 2018). "The Blood Unicorn Theranos Was Just a Fairy Tale". Bloomberg View. Retrieved 14 March 2018.
- Musil, Steven. "Theranos reportedly lays off most of remaining workforce". Retrieved 18 April 2018.
- Shefrin, Hersh (April 14, 2018). "The Theranos Con". Forbes. Retrieved 18 April 2018.
- Rago, Joseph (2013-09-08). "Elizabeth Holmes: The Breakthrough of Instant Diagnosis". Wall Street Journal. Retrieved 2013-09-16.
- Salzman, Avi. "Theranos: From Unicorn Hype to 'Massive Fraud'". Retrieved 2018-03-31.
- "America's Richest Self-Made Women". Forbes. Retrieved November 5, 2016.
- Parloff, Roger (2014-06-12). "This CEO is out for blood". Fortune. Retrieved 2016-04-17.
- Johnson, Carolyn Y. (2015-10-15). "The wildly hyped $9 billion blood test company that no one really understands". The Washington Post. ISSN 0190-8286. Retrieved 2015-10-29.
- Ableson, Reed (April 18, 2016). "Theranos Under Federal Criminal Investigation, Adding to Its Woes". New York Times. Retrieved 18 April 2018.
- Carreyrou, John (24 December 2017). "Blood-Testing Firm Theranos Gets $100 Million Lifeline From Fortress". Wall Street Journal. Retrieved 14 March 2018. (Subscription required (. ))
- Carreyrou, John; Siconolfi, Michael; Weaver, Christopher (2016-07-08). "Theranos Dealt Sharp Blow as Elizabeth Holmes Is Banned From Operating Labs". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-07-09.
- "Theranos to Close Labs and Lay Off 340 Workers". New York Times. Retrieved 5 October 2016.
- "Theranos Reaches Resolution with Centers For Medicare & Medicaid Services". Theranos Newsroom. 17 April 2017.
- "Theranos founder Elizabeth Holmes charged with 'massive fraud'". USA Today.
- Aiello, Chloe (2018-03-14). "Theranos president exaggerated the company's revenue by 1,000x to investors, says SEC". CNBC. Retrieved 2018-05-26.
- Thomas, Katie (14 March 2018). "Elizabeth Holmes, Theranos C.E.O. and Silicon Valley Star, Accused of Fraud". New York Times. Retrieved 14 March 2018.
- "Theranos founder Elizabeth Holmes charged with 'massive fraud'". USA Today. Retrieved 2018-03-14.
- Balakrishnan, Anita (2018-03-14). "Theranos CEO Holmes and former president Balwani charged with massive fraud". CNBC. Retrieved 2018-05-26.
- O'Brien, Sarah Ashley. "Elizabeth Holmes indicted on wire fraud charges, steps down from Theranos". CNN.com. CNN. Retrieved 15 June 2018.
- Weisul, Kimberly (October 2015). "How Playing the Long Game Made Elizabeth Holmes a Billionaire". Inc. Retrieved 3 September 2016.
- Leuty, Ron (30 August 2013). "Theranos: The biggest biotech you've never heard of". San Francisco Business Times. Retrieved 9 March 2014.
- Roper, Caitlin (18 February 2014). "This Woman Invented a Way to Run 30 Lab Tests on Only One Drop of Blood". Wired. Retrieved 27 September 2016.
- Bolt, Beth (14 November 2014). "Bringing Painless Blood Testing to the Pharmacy". Pharmacy Times. Retrieved 27 September 2016.
- Hu, Charlotte; Ramsey, Lydia (May 25, 2018). "The rise and fall of Theranos, the blood-testing startup that went from a rising star in Silicon Valley to facing fraud charges over a wild 15-year span". Business Insider. Retrieved June 11, 2018.
- Stockton, Nick (May 4, 2016). "Everything You Need to Know About the Theranos Saga So Far". Wired. Retrieved June 11, 2018.
- Crow, David (8 April 2016). "Blood Simple". Financial Times. Retrieved 27 September 2016.
- Carreyrou, John (27 December 2015). "At Theranos, Many Strategies and Snags". The Wall Street Journal. Retrieved 28 December 2015.
- Leuty, Ron (29 June 2015). "Theranos: Testing times lie ahead for secretive blood-testing firm". American City Business Journals. Retrieved 27 September 2016.
- Klein, Julie (2010-07-08). "Theranos raises $45M to help patients track drug reactions". VentureBeat. Retrieved 2013-09-16.
- Segall, Eli (29 June 2012). "Theranos growing close to home in Palo Alto". Silicon Valley Business Journal. Retrieved 27 September 2016.
- Grossman, Lev (5 May 2016). "The Fall Of Theranos And The Future Of Science In Silicon Valley". TIME. Retrieved 27 September 2016.
- Loria, Kevin (29 September 2014). "This Woman's Revolutionary Idea Made Her A Billionaire — And Could Change Medicine". Business Insider. Retrieved 27 September 2016.
- Moon, Mariella (18 November 2014). "Walgreens to offer affordable and needle-free blood tests in more stores (updated)". Business Insider. Retrieved 4 September 2016.
- "Young blood". The Economist. 27 June 2015. Retrieved 4 September 2016.
- Duhaime-Ross, Arielle (2015-10-26). "Theranos didn't work with the huge drug company it supposedly made money from, drug company says". The Verge. Retrieved 2015-10-29.
- Weaver, Christopher, John Carreyrou and Michael Siconolfi, "Walgreen Sues Theranos, Seeks $140 Million in Damages", Wall Street Journal, November 8, 2016.
- Thomas, Lauren (2017-06-21). "Theranos, Walgreens reportedly reach a deal to settle suit for under $30 million". Retrieved 2017-06-21.
- "Theranos, Cleveland Clinic CEO's on innovation partnership". Fox Business. 9 March 2015. Retrieved 4 September 2016.
- George, John (16 July 2016). "Philadelphia health insurer to make lab testing easier for Medicaid members". Philadelphia Business Journal. Retrieved 4 September 2016.
- Chen, Caroline; Tracer, Zachary (8 July 2015). "Fingerprick Lab Test Startup Theranos Strikes Insurance Deal". Bloomberg. Retrieved 4 September 2016.
- Parloff, Roger (2 July 2015). "Disruptive diagnostics firm Theranos gets boost from FDA". Fortune Magazine. Retrieved 16 July 2015.
- Quinn, Michelle (16 July 2015). "Theranos gets another FDA approval for its blood test". Silicon Beat. Retrieved 27 September 2016.
- "AZBio Awards 2015". AzBio.org. 2015. Retrieved 27 September 2016.
- "An Open Letter From Elizabeth Holmes". theranos.com. 5 October 2016. Retrieved 6 October 2016.
- Post, Washington. "Theranos will close labs and Walgreens testing sites, laying off hundreds". chicagotribune.com. Retrieved 6 October 2016.
- Mole, Beth (5 October 2016). "Theranos throws in the towel on clinical labs, officially pivots to devices". Ars Technica. Retrieved 6 October 2016.
- O'Brien, Sara Ashley (6 January 2017). "Theranos fires 41% of staffers". cnn.com. Retrieved 10 January 2017.
- Chen, Caroline. "Theranos to fire 41 percent of workforce in second round of cuts". chicagotribune.com. Retrieved 10 January 2017.
- "Arizona AG plans to sue Theranos over blood-testing devices". Reuters. 12 January 2017. Retrieved 12 January 2017.
- "THERANOS REACHES SETTLEMENT WITH WALGREENS - Theranos Newsroom". 1 August 2017.
- Carreyrou, John (December 24, 2017). "Blood-Testing Firm Theranos Gets $100 Million Lifeline From Fortress". The Wall Street Journal. Retrieved January 15, 2018.
- Morris, David Z. (December 23, 2017). "Theranos Secures $100 Million in New Funding from Fortress Capital". Fortune.
- Sheetz, Michael (December 26, 2017). "Theranos dodges bankruptcy after $100 million loan: Report". CNBC. Retrieved January 15, 2018.
- "Theranos Lays Off Most Of Its Workforce". PYMNTS. April 11, 2018. Retrieved 12 April 2018.
- Rago, Joseph (8 September 2013). "Elizabeth Holmes: The Breakthrough of Instant Diagnosis". Wall Street Journal. Retrieved 25 July 2016.
- Nguyen, Tuan C. "How To Run 30 Health Tests On a Single Drop of Blood". Smithsonian Magazine. Smithsonian. Retrieved 31 October 2015.
- Loria, Kevin (16 October 2015). "Here's what we know about how Theranos' 'revolutionary' technology works". Tech Insider. Retrieved 25 July 2016.
- Stewart, James B. (October 29, 2015). "The Narrative Frays for Theranos and Elizabeth Holmes". nytimes.com. The New York Times Company. Retrieved 31 October 2015.
- Lapowsky, Issie (2015-10-15). "Theranos' Scandal Exposes the Problem With Tech's Hype Cycle". Wired Magazine. Retrieved 2015-11-15.
- "Theranos Chief Yields to Calls for Proof of Blood Test's Reliability". The New York Times. 27 October 2015. Retrieved 26 December 2015.
- "Theranos Has Still Not Begun a Promised Validation Study". Fortune. Retrieved 2016-02-02.
- Kidd, Brian; et al. (28 March 2016). "Evaluation of direct-to-consumer low-volume lab tests in healthy adults". Journal of Clinical Investigation. Retrieved 21 June 2017.
- Abelson, Reed (1 June 2016). "Elizabeth Holmes, Founder of Theranos, Falls From Highest Perch Off Forbes List". The New York Times. Retrieved 25 July 2016.
- Langreth, Robert; Chen, Caroline (1 August 2016). "Expecting Data From Theranos, Lab Experts Get New Product". Bloomberg L.P. Retrieved 1 August 2016.
- Herper, Matthew (1 August 2016). "Theranos Presents Data On New Blood Test Machine, Remains Mum On Previous Technology". Forbes. Retrieved 1 August 2016.
- Abelson, Reed; Creswell, Julie (19 December 2015). "Theranos Founder Faces a Test of Technology, and Reputation". The New York Times. Retrieved 2 July 2016.
- Auletta, Ken (15 December 2014). "Blood, Simpler". The New Yorker. Retrieved 31 May 2016.
- Parloff, Roger (12 June 2014). "A singular board at Theranos". Fortune. Retrieved 11 May 2016.
- Leuty, Ron (2 August 2013). "Theranos adds Kovacevich to all-star board". San Francisco Business Times. Retrieved 9 March 2014.
- Leuty, Ron (29 July 2013). "Quiet Theranos adds former Wells chief Kovacevich, 'Mad Dog' Mattis to power-packed board". San Francisco Business Times. Retrieved 9 March 2014.
- Parloff, Roger (7 April 2016). "Theranos Adds Startlingly Well-Qualified Medical Board". Fortune. Retrieved 14 April 2016.
- Ramsey, Lydia (7 April 2016). "Theranos just made a crucial move that could help its reputation". Business Insider. Retrieved 9 September 2016.
- Weisul, Kimberly (7 April 2016). "Heavy Hitters Join Theranos Advisory Board". Inc. Retrieved 9 September 2016.
- Masunaga, Samantha. "Theranos shuffles leadership; president retires". latimes.com. Los Angeles Times. Retrieved 9 September 2016.
- Carreyrou, John. "Theranos Executive Sunny Balwani to Depart Amid Regulatory Probes". wsj.com. Retrieved 12 May 2016.
- della Cava, Marco. "Theranos COO departs as embattled startup adds to board". usatoday.com. USA Today. Retrieved 12 May 2016.
Theranos also is adding former Amgen executive Fabrizio Bonanni to its board.
- Abelson, Reed (11 May 2016). "Embattled Blood Lab Theranos Makes a Bid to Regain Confidence". The New York Times. Retrieved 17 May 2016.
- Ramsey, Lydia. "Theranos Dissolves High-Profile Board of Counselors". Inc. Retrieved 3 December 2016.
- Weaver, Christopher. "Theranos Investor Riley Bechtel Steps Down From Board". Wall Street Journal. Retrieved 3 December 2016.
- "Theranos Finalizes Shareholder Recapitalization". www.businesswire.com. Retrieved 2017-05-19.
- Johnson, Carolyn Y. (2 December 2015). "E-mails reveal concerns about Theranos's FDA compliance date back years". Washington Post. Retrieved 26 December 2015.
- "The FDA's notes from its visit to Theranos' labs don't look good". Business Insider. 27 October 2015. Retrieved 2015-10-27.
- Derla, Katherine (22 October 2015). "Blood-Testing Start-Up Theranos Is In 'Pause Period', Says CEO Elizabeth Holmes". Tech Times. Retrieved 23 October 2016.
- Carreyrou, John. "Hot Startup Theranos Has Struggled With Its Blood-Test Technology". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-10-29.
- "Report Claims Theranos Struggling With Blood Test Tech". Fortune. Retrieved 2015-10-16.
- Dawn Chmielewski. "Theranos Attacks Wall Street Journal (Again) in a Rebuttal You'll Need a Medical Degree to Understand". Re/code. Retrieved 26 December 2015.
- "Walgreens halts expansion of Theranos centers". Fortune Magazine. 24 October 2015. Retrieved 2015-10-25.
- Rosenbloom, Micah (21 November 2015). "In Defense Of Theranos". TechCrunch. Retrieved 23 October 2016.
- DiChristopher, Tom (30 October 2015). "We'll test Theranos tech: Cleveland Clinic CEO". CNBC. Retrieved 23 October 2016.
- "Don't Blame Silicon Valley for Theranos". The New York Times. 27 April 2016. Retrieved 1 June 2016.
- Lee, Thomas (11 May 2016). "Federal criminal probe of Theranos rings hollow". San Francisco Chronicle. Retrieved 23 October 2016.
- Lagasse, Jeff (2016-07-01). "Theranos founder Elizabeth Holmes asked by Congressional committee to detail company's compliance efforts". Healthcare Finance News. Retrieved 2016-07-02.
- Tracer, Zachary. "Theranos Queried on Blood Test Failures by House Democrats". Retrieved 5 July 2016.
- Weaver, Christopher (2017-04-22). "Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-04-22.
- "Theranos Reaches Steelement with Partner Fund Management". theranos.com. Theranos Newsroom. 1 May 2017. Retrieved 28 September 2017.
- "Theranos suspends micro blood tests to allow FDA review". AZ Central. October 25, 2015. Retrieved 2015-10-26.
- "US government says Theranos lab poses 'immediate jeopardy to patient safety'". The Verge. Retrieved 2016-01-27.
- "Theranos Under Fire as U.S. Threatens Crippling Sanctions". New York Times. Retrieved 2016-04-19.
- Ramsey, Lydia (13 April 2016). "US regulators want to bar Elizabeth Holmes from Theranos for 2 years". Business Insider. Retrieved 23 October 2016.
- Ramsey, Lydia (29 January 2016). "Another partner just asked Theranos to stop running blood tests". Business Insider. Retrieved 23 October 2016.
- Carreyrou, John (2016-05-19). "Theranos Voids Two Years of Edison Blood-Test Results". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-05-21.
- Caroline Chen; Rebecca Spalding (June 3, 2016). "Theranos Says Only 1% of Results Affected; Some Doubt Tests". Bloomberg.com. Retrieved June 29, 2016.
- "Theranos to Appeal Regulatory Sanctions" Wall Street Journal, Retrieved 26 August 2016.
- Weaver, Christopher. "Theranos agrees to 2-year ban on clinical blood work". MarketWatch. Retrieved 2017-04-28.
- "Troubled Theranos hits another wall as Zika test withdrawn". Washington Post. Retrieved 31 August 2016.
- Carreyrou, John; Weaver, Christopher (30 August 2016). "Theranos Halts New Zika Test After FDA Inspection". Retrieved 6 October 2016 – via Wall Street Journal.
- Christopher Weaver (17 January 2017). "Second Theranos Lab Failed U.S. Inspection". The Wall Street Journal. Retrieved 18 January 2017.
- Jon Russell (18 January 2017). "Theranos closes its last remaining blood-testing lab after it reportedly failed an inspection". TechCrunch. Retrieved 18 January 2017.
- Carreyrou, John (2016-11-17). "Theranos Whistleblower Shook the Company – And His Family". Wall Street Journal. Retrieved 2016-11-17.
- "Theranos, Arizona Attorney General Reach Agreement on Full Restitution to State Consumers". Theranos Newsroom. 18 April 2017.
- Mole, Beth (18 April 2017). "With $4.65M deal, Arizonans will get their money back from Theranos". Ars Technica. Retrieved 18 April 2017.
- Sy Mukherjee, Theranos Just Reached a Deal With Investors to Avoid Lawsuits Fortune, May 16, 2017
- Howard Fischer, Theranos will refund $4.6M to Arizonans who took its blood tests White Mountain Independent April 21, 2017
- "Theranos Investors Say They Were Pressured to Abandon Lawsuit". Bloomberg.com. 2017-04-19. Retrieved 2017-04-20.
- "Theranos Reaches Settlement with Partner Fund Management". Theranos Newsroom. 2017-05-01. Retrieved 2017-05-02.
- Johnson, Carolyn Y. (14 March 2018). "Theranos chief executive Elizabeth Holmes charged with massive fraud" – via www.washingtonpost.com.
- sec.gov (PDF). SEC https://www.sec.gov/litigation/complaints/2018/comp-pr2018-41-theranos-holmes.pdf. Retrieved 14 March 2018. Missing or empty
- Robinson, Matt (14 March 2018). "Theranos and CEO Elizabeth Holmes Accused of Fraud by SEC". Bloomberg News. Retrieved 14 March 2018.
- Balakrishnan, Anita (14 March 2018). "Theranos CEO Holmes and former president Balwani charged with massive fraud". CNBC. Retrieved 14 March 2018.
- "Theranos Founder and Former Chief Operating Officer Charged In Alleged Wire Fraud Schemes" (press release). justice.gov. United States Department of Justice. June 15, 2018. Retrieved June 16, 2018.
Elizabeth Holmes and Ramesh “Sunny” Balwani Are Alleged To Have Perpetrated Multi-million Dollar Schemes To Defraud Investors, Doctors, and Patients.
- John Carreyrou (May 3, 2018). "Theranos Cost Business and Government Leaders More Than $600 Million". Wall Street Journal. Retrieved May 5, 2018.
- Bilton, Nick. "Exclusive: How Elizabeth Holmes's House of Cards Came Tumbling Down". The Hive. Retrieved 2017-04-22.
- "How One Company Scammed Silicon Valley. And How It Got Caught". The New York Times. 2018-05-21. ISSN 0362-4331. Retrieved 2018-05-22.
- David Canfield (December 26, 2017). "Bad Blood, by John Carreyrou". Entertainment Weekly. Retrieved December 26, 2017.
- Official website
- Theranos Original Pitchdeck 2006, "A Presentation For Investors"
- "Elizabeth Holmes on Her Billion-Dollar Health Care Idea", Charlie Rose via YouTube, June 3, 2015.
- Tobak, Steve, "After the Theranos Mess, Can We Finally Quit Idolizing Entrepreneurs?" (Commentary), Fortune magazine. May 27, 2016.
- "Theranos, CEO Holmes, and Former President Balwani Charged With Massive Fraud". Press Release. The Securities and Exchange Commission. Retrieved 14 March 2018.