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Theranos was fraud, of course, but that leads us to the most compelling question...HOW. How did they get so many people to believe...what was it about their story that was so compelling.
Not just one thing, for sure, but one of the things is what I call "The Theranos Trap."
There is only one way out of the Theranos Trap, and that is through understanding. Now, of course, sometimes we need adventurous rebels to ask questions like "What if there was a device you could stick to your skin that knew everything about you and could give you medicine when you need." But we also need normal people who have heard of things to say, "Well, that would be cool, but it's impossible."
SOURCES!
SEC Files on the Theranos Litigation https://www.sec.gov/files/litigation/complaints/2018/comp-pr2018-41-theranos-holmes.pdf
Theranos reached a valuation of roughly $9 billion: https://www.newyorker.com/magazine/2014/12/15/blood-simpler
Elizabeth Holmes and Sunny Balwani convicted: https://www.justice.gov/usao-ndca/pr/elizabeth-holmes-sentenced-more-11-years-defrauding-theranos-investors-hundreds
https://www.justice.gov/usao-ndca/pr/theranos-president-sentenced-more-12-years-fraud-jeopardized-patient-health-and-bilked
Stuff About Blood!
https://prod-www.redcrossblood.org/donate-blood/dlp/whole-blood.html
https://www.aabb.org/regulatory-and-advocacy/regulatory-affairs/regulatory-for-blood/plasma-components
The Coulter counter (CBC)
https://americanhistory.si.edu/collections/object/nmah_1200679
https://www.beckman.com/resources/reading-material/application-notes/cellular-analysis-using-the-coulter-principle
Hematology can combine a bunch of techniques
https://www.accessdata.fda.gov/cdrh_docs/reviews/K141681.pdf
Fluorescent flow cytometry (differential): https://www.sysmex.com/-/media/project/sysmex/sysmex/documents/brochures/xn-1000-brochure.pdf?sc_lang=en-ca
The ADVIA 2120/2120i can process 120 CBC/differential samples per hour: https://doclib.siemens-healthineers.com/rest/v1/view?document-id=592706
You can get a refurbished one for like $5000!
Blood drawn for laboratory testing result in anemia in intensive care: https://jamanetwork.com/journals/jama/fullarticle/2810758
The Canadian STRATUS Study which showed there was some benefit to smaller tubes (but only in secondary analysis): https://pubmed.ncbi.nlm.nih.gov/37824152/
Potassium-EDTA contamination: https://pubmed.ncbi.nlm.nih.gov/18768536/
Clotting assays https://www.bd.com/en-us/products-and-solutions/products/product-families/bd-vacutainer-blood-collection-tubes
https://academy.siemens-healthineers.com/_/en-us/hemostasis-basic-overview-online-training/
Glucose Testing https://diabetesjournals.org/care/article/46/10/e151/153425/Guidelines-and-Recommendations-for-Laboratory
Serum collection tubes and tests:
https://www.bd.com/en-us/products-and-solutions/products/product-page.367841
https://doclib.siemens-healthineers.com/rest/v1/view?document-id=1066994
https://academy.siemens-healthineers.com/_/en-us/atellica-solution-chemistry-assay-principles-online-training/
Immunoassays
https://en.wikipedia.org/wiki/Immunoassay
https://www.cancer.gov/about-cancer/treatment/types/immunotherapy/monoclonal-antibodies
https://www.beckmancoulter.com/download/file/phxC94179D-EN_US/C94179D?type=pdf
https://www.accessdata.fda.gov/cdrh_docs/reviews/K210901.pdf
Vitamin D can also be measured using spectrometry: https://www.accessdata.fda.gov/cdrh_docs/reviews/DEN170019.pdf
The MiniLab:
https://pubmed.ncbi.nlm.nih.gov/29376134/
https://www.prnewswire.com/news-releases/theranos-unveils-its-diagnostic-testing-technologies-at-american-association-for-clinical-chemistry-meeting-300307117.html
Other Tubes (metals, sugar tubes)
https://www.bd.com/en-anz/products-and-solutions/products/product-page.368380
https://www.bd.com/en-us/products-and-solutions/products/product-page.364606
https://pubmed.ncbi.nlm.nih.gov/12433734/
https://www.mayocliniclabs.com/test-catalog/Overview/609354
The Edison https://www.sec.gov/files/litigation/complaints/2018/comp-pr2018-41-theranos-holmes.pdf
Theranos ran most patient tests using regular lab equipment (but badly)
https://www.sec.gov/newsroom/press-releases/2018-41
https://cdn.ca9.uscourts.gov/datastore/opinions/2025/12/22/23-1167.pdf
https://www.courthousenews.com/wp-content/uploads/2022/11/Holmes-gov-sentencing-19721901-0-17879.pdf
https://www.govinfo.gov/content/pkg/USCOURTS-ca9-22-10312/pdf/USCOURTS-ca9-22-10312-0.pdf
Capillary Collection (and problems with it)
https://www.ncbi.nlm.nih.gov/books/NBK138654/
https://pubmed.ncbi.nlm.nih.gov/26572995/
https://www.accessdata.fda.gov/cdrh_docs/pdf19/K190898.pdf
Modified laboratory tests require work! https://www.cdc.gov/mmwr/preview/mmwrhtml/rr5806a1.htm
Fraud Stuff
https://cdn.ca9.uscourts.gov/datastore/opinions/2025/12/22/23-1167.pdf
https://www.sec.gov/files/litigation/complaints/2018/comp-pr2018-41-theranos-holmes.pdf
Not just one thing, for sure, but one of the things is what I call "The Theranos Trap."
There is only one way out of the Theranos Trap, and that is through understanding. Now, of course, sometimes we need adventurous rebels to ask questions like "What if there was a device you could stick to your skin that knew everything about you and could give you medicine when you need." But we also need normal people who have heard of things to say, "Well, that would be cool, but it's impossible."
SOURCES!
SEC Files on the Theranos Litigation https://www.sec.gov/files/litigation/complaints/2018/comp-pr2018-41-theranos-holmes.pdf
Theranos reached a valuation of roughly $9 billion: https://www.newyorker.com/magazine/2014/12/15/blood-simpler
Elizabeth Holmes and Sunny Balwani convicted: https://www.justice.gov/usao-ndca/pr/elizabeth-holmes-sentenced-more-11-years-defrauding-theranos-investors-hundreds
https://www.justice.gov/usao-ndca/pr/theranos-president-sentenced-more-12-years-fraud-jeopardized-patient-health-and-bilked
Stuff About Blood!
https://prod-www.redcrossblood.org/donate-blood/dlp/whole-blood.html
https://www.aabb.org/regulatory-and-advocacy/regulatory-affairs/regulatory-for-blood/plasma-components
The Coulter counter (CBC)
https://americanhistory.si.edu/collections/object/nmah_1200679
https://www.beckman.com/resources/reading-material/application-notes/cellular-analysis-using-the-coulter-principle
Hematology can combine a bunch of techniques
https://www.accessdata.fda.gov/cdrh_docs/reviews/K141681.pdf
Fluorescent flow cytometry (differential): https://www.sysmex.com/-/media/project/sysmex/sysmex/documents/brochures/xn-1000-brochure.pdf?sc_lang=en-ca
The ADVIA 2120/2120i can process 120 CBC/differential samples per hour: https://doclib.siemens-healthineers.com/rest/v1/view?document-id=592706
You can get a refurbished one for like $5000!
Blood drawn for laboratory testing result in anemia in intensive care: https://jamanetwork.com/journals/jama/fullarticle/2810758
The Canadian STRATUS Study which showed there was some benefit to smaller tubes (but only in secondary analysis): https://pubmed.ncbi.nlm.nih.gov/37824152/
Potassium-EDTA contamination: https://pubmed.ncbi.nlm.nih.gov/18768536/
Clotting assays https://www.bd.com/en-us/products-and-solutions/products/product-families/bd-vacutainer-blood-collection-tubes
https://academy.siemens-healthineers.com/_/en-us/hemostasis-basic-overview-online-training/
Glucose Testing https://diabetesjournals.org/care/article/46/10/e151/153425/Guidelines-and-Recommendations-for-Laboratory
Serum collection tubes and tests:
https://www.bd.com/en-us/products-and-solutions/products/product-page.367841
https://doclib.siemens-healthineers.com/rest/v1/view?document-id=1066994
https://academy.siemens-healthineers.com/_/en-us/atellica-solution-chemistry-assay-principles-online-training/
Immunoassays
https://en.wikipedia.org/wiki/Immunoassay
https://www.cancer.gov/about-cancer/treatment/types/immunotherapy/monoclonal-antibodies
https://www.beckmancoulter.com/download/file/phxC94179D-EN_US/C94179D?type=pdf
https://www.accessdata.fda.gov/cdrh_docs/reviews/K210901.pdf
Vitamin D can also be measured using spectrometry: https://www.accessdata.fda.gov/cdrh_docs/reviews/DEN170019.pdf
The MiniLab:
https://pubmed.ncbi.nlm.nih.gov/29376134/
https://www.prnewswire.com/news-releases/theranos-unveils-its-diagnostic-testing-technologies-at-american-association-for-clinical-chemistry-meeting-300307117.html
Other Tubes (metals, sugar tubes)
https://www.bd.com/en-anz/products-and-solutions/products/product-page.368380
https://www.bd.com/en-us/products-and-solutions/products/product-page.364606
https://pubmed.ncbi.nlm.nih.gov/12433734/
https://www.mayocliniclabs.com/test-catalog/Overview/609354
The Edison https://www.sec.gov/files/litigation/complaints/2018/comp-pr2018-41-theranos-holmes.pdf
Theranos ran most patient tests using regular lab equipment (but badly)
https://www.sec.gov/newsroom/press-releases/2018-41
https://cdn.ca9.uscourts.gov/datastore/opinions/2025/12/22/23-1167.pdf
https://www.courthousenews.com/wp-content/uploads/2022/11/Holmes-gov-sentencing-19721901-0-17879.pdf
https://www.govinfo.gov/content/pkg/USCOURTS-ca9-22-10312/pdf/USCOURTS-ca9-22-10312-0.pdf
Capillary Collection (and problems with it)
https://www.ncbi.nlm.nih.gov/books/NBK138654/
https://pubmed.ncbi.nlm.nih.gov/26572995/
https://www.accessdata.fda.gov/cdrh_docs/pdf19/K190898.pdf
Modified laboratory tests require work! https://www.cdc.gov/mmwr/preview/mmwrhtml/rr5806a1.htm
Fraud Stuff
https://cdn.ca9.uscourts.gov/datastore/opinions/2025/12/22/23-1167.pdf
https://www.sec.gov/files/litigation/complaints/2018/comp-pr2018-41-theranos-holmes.pdf
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