To quote Larry Kudlow: Free market capitalism is the best path to prosperity! Matters of business and free enterprise are discussed on this blog. Included are company press releases, 3rd party news articles and videos, articles and videos pertaining to small business, and white collar crime.
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Sunday, October 9, 2016
Why is This Medical Company Closing All of Its Locations? (Watch)
Silicon Valley medical company Theranos is closing all of its clinical labs and wellness centers. The company’s founder Elizabeth Holmes, who was once called the world’s youngest woman billionaire, published an open letter explaining the closures and layoffs by saying the company is headed in a new direction.
That new direction is a more product-based approach, focusing on the Theranos miniLab platform, a small blood testing device. Previously, the company had focused on providing inexpensive and convenient blood testing services at its locations. But Theranos has faced some federal investigations and heavy sanctions due to questions about its products and services. So focusing on products instead of services would allow Holmes to keep running the company even if she’s banned from owning or operating labs for the next two years.