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How Theranos Misled Me

fortune.com

21–30 of 89 posts

Re: How Theranos Misled Me

#21

Earlier quoted context omitted.

They never once said they were not using existing machines to do these tests, not once, they only spoke about the quantity of the sample needed. Using the same analogy, saying I have a great story to tell you but then reading Moby Dick isn't necessarily cheating, because Moby Dick is a great story :).

Right, it's not cheating or lying, just kinda misleading.

Agreed, they should have been upfront on what technology they developed in house and what it can and cannot do. A simple table outlining that could have cleared up the air.

Re: How Theranos Misled Me

#22

Theranos was very clear on this. They have about 200 tests that are successful in a lab setting with only one in the works to be cleared by FDA. Truth is that simple ! The rest is just sleazy journalism that sells tabloids

I couldn't disagree more. Everything in Theranos' marketing and PR collateral was all about finger-pricks and nanotainers. And it was all one big fat lie. You couldn't pay me to take a blood test at one of their facilities.

Re: How Theranos Misled Me

#23

The company seems to be grasping at straws in desperate attempts at damage control now that everyone seems to be catching on that the company is perhaps more hype than substance. Certainly not the first time in business history that a product has failed to live up to initial expectations, but if theres a feeling that people were misled about what was real vs. conceptual then it can get ugly quite quick.

"not the first time..."

What other product/company has not lived up at this scale, and with this capitalization?

Re: How Theranos Misled Me

#24
post #16

Earlier quoted context omitted.

I read the original article, and what I understood after reading it, was that Theranos had developed a new technology for testing small samples of blood that could be obtained from a finger prick, and could do so inexpensively (sometimes for 1/10th the prior price). Theranos never made it clear that (A) many (most?) of the tests were not done using Theranos equipment, but by third party diagnostic equipment, and that…

Some of the later back-and-forth stuff states that even for the tests they can do, they were using third party equipment for "scaling" reasons. They're not good at PR and this reporter isn't good at getting answers. What a mess.

I believe Theranos was almost on to something, and it didn't pan out. You know, science.

So they used smoke-and-mirrors instead. Countless startups have used the same strategy - using hubris to hide failure long enough to either fix problems or get sold.

Most startups don't mess with people's lives. Theranos deserves every bit of the scrutiny they're under now.

Re: How Theranos Misled Me

#25

The company seems to be grasping at straws in desperate attempts at damage control now that everyone seems to be catching on that the company is perhaps more hype than substance. Certainly not the first time in business history that a product has failed to live up to initial expectations, but if theres a feeling that people were misled about what was real vs. conceptual then it can get ugly quite quick.

"not the first time..." What other product/company has not lived up at this scale, and with this capitalization?

Fair point. I was going to say Clinkle, but they were no where near this valuation.

Re: How Theranos Misled Me

#26
post #4

Hard to not have a lot of doubt in much of what Theranos has claimed to accomplish. Far too much shroud of secrecy to seem legitimate. Every article that comes up about it reeks of something not being quite right.

But....young...female....billionaire.

Re: How Theranos Misled Me

#27
post #3

Theranos' reply: http://fortune.com/2015/12/20/letter-to-the-editor-theranos-... It reads like it was written by a small team of lawyers who have had little sleep - not a good sign. :/

That link appears to have been deleted, so here it is, via Google cache:

----

Letter to the Editor: Theranos Responds

Brooke Buchanan is vice president of communications at Theranos

Both the headline and much of the content of Roger Parloff’s December 17 story, “How Theranos Misled Me” are inaccurate and — ironically — misleading. Theranos was honest and transparent with Mr. Parloff, and the headline to Mr. Parloff’s story is not supported by the facts or the story itself. Let’s take a look.

After two months of reviewing his notes, there is no statement by Theranos cited in this article that is in any way inaccurate or misleading to support his headline or the statement in his article that he was misled.

Rather, Mr. Parloff states in this story that he made an error: “I then started looking back at my research for the original story—which had been conducted, by then, 17-19 months earlier—to try to reconstruct how I made the error (italics added).” He concludes, “I regret the error.”

Mr. Parloff’s basis for saying he was misled appears to rest on the last part of the following statement in his lengthy original article: “I wrote that the company currently offers 200 – and is ramping up to offer more than 1000 – of the most commonly ordered blood diagnostic tests, all without the need of a syringe.”

The fact is that Theranos was, indeed, offering 200 diagnostic tests at that time, and was ramping up to offer more than 1000 – all via finger-stick. That is true.

Theranos had also developed over 200 assays to run with small volumes from finger-sticks, urine, and other sample types at that time, as we explained to him then. That capability remains today.

Theranos did in fact run certain tests collected through venipuncture on its proprietary technologies at the time of this article.

Theranos never told Mr. Parloff it was running all of its tests without a syringe – neither did he ask and neither was this a secret. Our website has always made clear that was not the case (e.g. “Instead of a huge needle, we can use a tiny finger stick or collect a micro-sample from a venous draw. Theranos website, 2014). Indeed, Theranos has always been clear – in statements on the website dating back to when it announced its retail lab services in 2013, in statements it made to those who asked, and elsewhere – that it has always performed some tests via venipuncture. As acknowledged in Mr. Parloff’s story, Theranos explicitly discussed its use of venipuncture with him.

To be clear, this topic was also not fact checked with Theranos prior to his article. Rather, as he readily states, this sentence was based on assumptions that led to a statement in his article which he is now reading through the lens of other’s faulty reporting – reporting based largely on anonymous and uninformed or misinformed sources with respect to our proprietary technologies and their capabilities.

In his article, Mr. Parloff now says that he feels he simply “assumed” that Theranos had brought up over 200 tests to run in its clinical lab only on finger-sticks. Again, Mr. Parloff never asked anyone at Theranos whether that assumption was correct. Had he done so, we would have corrected that ambiguity. And if the sentence had jumped out at the time as containing an erroneous assumption, Theranos would have corrected it.

Finally, it is important to point out that when Mr. Parloff first met with Theranos about writing the article, in the spring of 2014, it was originally in connection with a patent troll litigation that Theranos had undertaken. It was in that context — of demonstrating Theranos’ technological capabilities and other intellectual property — that Theranos shared data from the development of over 200 proprietary assays on finger-stick/small volumes of samples.

If Mr. Parloff now feels that because of recent reporting he got one sentence in his story from mid-2014 about Theranos wrong, it was not because he was misled, but rather because — as he states — he now feels he made faulty assumptions that he now thinks he should have further clarified. The company has grown and evolved and made many business and regulatory decisions about its operations along the way. At no point did the company mislead him.

Re: How Theranos Misled Me

#28

The company seems to be grasping at straws in desperate attempts at damage control now that everyone seems to be catching on that the company is perhaps more hype than substance. Certainly not the first time in business history that a product has failed to live up to initial expectations, but if theres a feeling that people were misled about what was real vs. conceptual then it can get ugly quite quick.

"not the first time..." What other product/company has not lived up at this scale, and with this capitalization?

Microsoft wrote down its entire purchase of aQuantive for 6B.

Re: How Theranos Misled Me

#29

Theranos was very clear on this. They have about 200 tests that are successful in a lab setting with only one in the works to be cleared by FDA. Truth is that simple ! The rest is just sleazy journalism that sells tabloids

They weren't "clear" on this. They said were all about their proprietary technology and getting everything from a pinprick when it turns out they weren't doing any of that. It's like saying I have a great story to tell you but then reading you Moby Dick.

> when it turns out they weren't doing any of that

Except for the part where they had all 200 tests going through lab review... Is the doubt that they'll move on to getting more tests FDA approved once the first one passes full review?

Re: How Theranos Misled Me

#30
post #26
post #4

Hard to not have a lot of doubt in much of what Theranos has claimed to accomplish. Far too much shroud of secrecy to seem legitimate. Every article that comes up about it reeks of something not being quite right.

But....young...female....billionaire.

...and we know this because every single article about the company comes complete with a video or photo shoot of the CEO.
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