The writing on the wall for blood-testing startup Theranos continues. Not that anyone should be surprised, but Walgreens is immediately closing all those Theranos blood-testing centers it probably shouldn’t have opened to begin with.
Walgreens’ 40 Theranos centers in Arizona provided most of the customers for the start-up, which has been in freefall since reports surfaced last fall that its technology doesn’t actually work. Theranos promised it could accurately and cheaply test blood with a finger prick, and yet under scrutiny has been unable to show that this pin-prick method works at all.
Theranos spokesperson Brooke Buchanan said in a statement that the company was “disappointed” with Walgreens’ decision, but was working with government officials and would continue serving customers through its independent retail locations.
Still, since those first reports, it’s only been bad news, between Theranos voiding two years of test results to founder Elizabeth Holmes’ net worth dropping from $4.5 billion to zero (and possibly facing an industry ban). Theranos said it was “disappointed” with Walgreens decision, but it can’t be too surprised. Walgreens said in January it would stop sending lab tests to Theranos’ Newark lab and that was before, oh, the criminal investigation.