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Theranos Is Laying Off 155 People, About 41 Percent Of Its Workforce (cnbc.com)
The embattled blood-testing company Theranos is laying off 155 people, about 41 percent of its workforce, as it struggles to recover from the backlash generated when the company failed to provide accurate results to patients using its proprietary blood test technology. The job cuts announced today are similar to the cuts announced last year in October, when the company said it would shut down its blood-testing facilities and shrink its workforce by more than 40%. CNBC reports: The start-up will let go of its workers after months of regulatory setbacks as well as lawsuits and scrutiny. That would leave 220 workers to focus on its business plans, primarily its blood testing product called the miniLab. "These are always the most difficult decisions; however, this move allows Theranos to marshal its resources most efficiently and effectively," Theranos said in a statement.
Why are they even keeping their doors open? They are based solely off of fraud.
Can't wait for photos of Elizabeth standing in the unemployment line in her turtleneck.
From the summary:
"Theranos... failed to provide accurate results to patients"
No. They fraudulently claimed to provide accurate results. If they had merely failed it would not be a scandal.
Ceci n'est pas une signature.
Do they have any legitimate aspirations or are they still planning to fake it 'til they make it?
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Sure seems like it.
I spent a fair amount of my life as a licensed medical testing professional. Theranos based their technology purely on using the blood sample from a finger stick (puncture). When you puncture skin like that you are also cutting open the cells of the tissue in the finger tip which leaks the cell contents as well as clotting factors into your sample. Most tests are done on circulating blood that are assumed to have a very low concentration of cell contents. An example is that sodium is high concentration in the blood and low concentration inside of cells. Potassium is the opposite with low concentration in the blood and high concentration in the cell contents. Hence, when you mix the two in a finger stick puncture it will be inaccurate by definition.
The layoffs of it's workforce are about 59% lower than expected considering the whole company is based on a sham.
Ok no H1B's for at least 2-3 years unless full rehire 1st.
Thanks a lot, Trump.
You are welcome on my lawn.
so valuable. >400 employees, $4 billion dollar valuation. There's not a lot of risk there. Sure, 9 out of 10 fail, but the 1 that survives makes up for the 9 that don't. And the 9 that don't are enough "losses" that you don't pay a dime in taxes on the profits from #1. It's a completely screwed up and perverse system created by our lovely tax code and all it's cheats.
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The entire company is nothing more than the hubris of a self-absorbed mega-ego maniac. Patient health be damned, she got to be another poster child for women success stories; riding the talk show circuit like a goddess all the while pimping dangerous snake oil that every other researcher and doctor she talked with said the device wasn’t practical.
It astonishes me that after everything that has come to light, the board doesn’t toss her out first.
I think Theranos has adopted hope as a strategy.
You can bet your house that the cocksuckers who made all the bad decisions are still pulling down major bucks...probably even bonuses.
I've calculated my velocity with such exquisite precision that I have no idea where I am.
This makes no sense. I would be royally ticked as a defrauded investor that they were spending one more cent. I would demand my money back. The woman running it had better not be getting one of the pennies left over.
How are people not in jail? ESPECIALLY Elizabeth Holmes? How is this place still worth anything?
You'd think that after pulling a stunt like that they'd be 100% done.