Random Most Obviously BS Claims Theranos And Elizabeth Holmes (13 items)

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  (#1) The US Department Of Defense Was Using Theranos's Products In Afghanistan

  What Theranos said: Theranos told investors the US Department of Defense was using the company's products. Elizabeth Holmes and Ramesh "Sunny" Balwani claimed Theranos's blood testing devices were already actively used in medevac helicopters on military battlefields.

  The reality: The product never worked and was certainly not widely used by the government in wartime. Theranos products were, however, part of a government burn study. Theranos made $300,000 over three contracts. Other than that, its products were not approved by officials. 
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  (#2) The Company Could Deliver Test Results Almost Immediately

  What Theranos said: Standardized blood tests take a few days or even weeks to provide results, but Holmes claimed Theranos products could produce accurate information much quicker. Holmes told The New Yorker:

  A chemistry is performed so that a chemical reaction occurs and generates a signal from the chemical interaction with the sample, which is translated into a result, which is then reviewed by certified laboratory personnel.

  The reality: The Edison could not perform the tasks Theranos claimed - certainly not in such a short period of time. Since the Edison did not work, the company was using standard third-party lab devices to administer tests and provide results. That's right, the exact lab devices Theranos claimed to outperform.
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  (#3) Theranos Created A Device That Could Run Multiple Tests From A Finger Prick

  What Theranos said: Holmes claimed her blood testing device, the Edison, could run a multitude of blood tests from a single finger prick in what the company called a "nanotainer." Traditionally, blood testing requires several vials. 

  The reality: The Edison, which was later dubbed the miniLab, never actually worked. Blood testing requires more than a finger prick to accurately detect disease. According to Dr. George Yaghmour, a hematologist at USC's Keck School of Medicine, "If you talk about culture and infection, then you need a specific amount of blood." In other words, the idea that only a drop would be sufficient in identifying illness is outrageous. 
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  (#4) Theranos's Projected Revenue For 2015 Was $1 Billion

  What Theranos said: Theranos COO Sunny Balwani and Holmes told investors Theranos was on track to make $1 billion in 2015 after generating $100 million in 2014. 

  The reality: According to the SEC filing against Theranos, "This information had no basis." Theranos made only $100,000 in 2014. While Balwani was giving these inflated projections to investors, the company was hemorrhaging almost $9 million a month. 
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  (#5) Theranos Could Test For Countless Conditions With A Single Drop Of Blood 

  What Theranos said: The company claimed the Edison could test for over 1,000 conditions with just one drop of blood in its nanotainer vial. The tests could be done quickly and accurately with Theranos's equipment, even by those without a medical background. It would also cost less than existing tests. 

  The reality: The Edison did not work, nor would it have been able to test upwards of 1,000 conditions. Pieces of the machine easily broke or became stuck. Additionally, medical practitioners say gleaning that many results from such a small sample is impossible. One pathologist, Benjamin Mazer, MD, said:

  The promises were, quite simply, too good to be true. If the thousands of laboratory tests being done on standard venous blood samples could be so easily replicated with finger-stick blood, it surely would have been done.
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  (#6) Elizabeth Holmes Said Theranos Did Not Need FDA Approval

  What Theranos said: Holmes told investors and employees they didn't need FDA approval for their diagnostic tests.
  
  The reality: Theranos did need approval, but managed to avoid FDA intervention. The company hid the equipment they knew didn't work during FDA inspections. They also used a loophole by designating their technology as "lab-developed tests," which allowed them to move ahead without official approval.

  The FDA approved just one test for herpes, but a Theranos employee filed a complaint against it saying it was "tainted by breaches in research protocol." 
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  (#7) Theranos's Technology Was Ready To Roll Out In Walgreen Stores

  What Theranos said: The company claimed its products were ready to be placed in stores all across the country. Walgreens invested heavily in Theranos, who rolled out "wellness centers" equipped with Theranos technology in about 45 stores, mainly in Arizona.
  
  The reality: Since the faulty Edison machines could not be placed in stores, blood drawn in wellness centers was sent back to a Theranos lab to be processed. Some patients even proceeded with traditional blood draws. Their vials were shipped to Theranos, who used standardized machines rather than their "groundbreaking" invention. The tests were sometimes inaccurate. 

  Walgreens terminated its contract with Theranos in 2016 and sued the company for $140 million. The suit was settled for less than $30 million a year later. 
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  (#8) Holmes's Dog Is A Wolf

  What Elizabeth Holmes said: Holmes claims her Siberian Husky, Balto, is a wolf. After hearing her dog has DNA that can be traced back to ancient wolves, Holmes started identifying Balto as a wild animal.

  The reality: Balto is no more of a wolf than any other dog. All dogs carry a certain amount of wolf DNA. Holmes, however, treated her dog as if he were a wild animal. She never housetrained Balto; when he followed her around the Theranos facility, he would relieve himself as he pleased - including in board meetings. 
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  (#9) Holmes Can Recite Classic Novels From Memory

  What Elizabeth Holmes said: Holmes claims she can recite classic novels from memory - specifically, books by Jane Austen. Austen is famous for novels including Pride and Prejudice and Sense and Sensibility, among others. 
  
  The reality: According to a former Theranos employee, Holmes couldn't quote Austen or the work of any other author. Colleagues also discovered she didn't know much about famous works of philosophy beyond their titles. Her literary intellect is allegedly mostly superficial. 
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  (#10) Holmes Was Devastated By Her Uncle's Passing

  What Elizabeth Holmes said: Holmes was very open about how devastated she was when she lost her uncle to cancer. His passing allegedly inspired her work at Theranos. She said her technology was supposed to "create a world in which no one has to say goodbye too soon."
  
  The reality: While the Holmes family did visit Ron Dietz - the husband of Elizabeth's mother's sister - Holmes was not nearly as close to him as she claimed. According to Bad Blood author John Carreyrou, "To family members who knew the reality of their relationship, using his [passing] to promote her company felt phony and exploitative." 
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  (#11) Heavyweights In The Pharmaceutical Industry Endorsed Theranos's Technology

  What Theranos said: Holmes and Balwani told investors that pharmaceutical industry giants Pfizer and GlaxoSmithKline were using Theranos technology. They also claimed Theranos had earned millions from the companies who used its tech in clinical trials. They went so far as to include letters from these companies in Theranos investor packets touting the success of its products.

  The Reality: The claims made by Holmes and Balwani about Theranos' relationship with pharmaceutical companies was either completely false or overstated. A GlaxoSmithKline spokesperson said, "I cannot find any evidence that we've done business with [Theranos] in recent years."

  Holmes's press interviews and Theranos's over-inflated projections were also included in investor packets. The company's income, balance sheets, and cash-flow information were excluded. 
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  (#12) Holmes's Voice Is Unusually Low

  What Elizabeth Holmes said: One of Holmes most notable qualities is her deep, baritone voice. She says the voice is completely natural, though many speculate she fakes her vocal range in an attempt to appear more authoritative. 
  
  The reality: Holmes's voice has occasionally slipped into a higher register in recorded interviews and in conversation with those around her. Dr. Phyllis Gardner, one of Holmes's professors at Stanford, said:

  When [Holmes] came to me, she didn’t have a low voice. When I next saw her again was at the Harvard Medical School board meeting where she was being introduced. It was quite off.
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  (#13) Holmes Didn't Have Time To Date

  What Elizabeth Holmes said: In 2014, Holmes told The New Yorker she didn't have time for friends, socializing, or romantic relationships. 
  
  The reality: Holmes had been living with her boyfriend and Theranos COO Sunny Balwani since 2005. Neither she nor Balwani disclosed the nature of their relationship to investors, even though it was the worst-kept secret around the office. 

  Balwani joined Theranos in 2009 and ascended the ranks quickly despite his lack of experience. The couple stayed together until 2016, around the time the DEA and FBI began to expose Theranos's fraud. 

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