World Economy

Theranos Workforce Cut by 41%

Theranos Workforce  Cut by 41%
Theranos Workforce  Cut by 41%

Months after it laid off 340 employees, controversy-ridden Theranos announced Friday it will cut down its workforce by 41%t, firing around 155 more employees. The blood-testing company now has 220 workers. The California-based healthcare technology company called the layoffs “re-engineering,” and said: “These are always the most difficult decisions; however, this move allows Theranos to marshal its resources most efficiently and effectively.” Theranos CEO Elizabeth Holmes’ one-drop blood test company was once worth $9 billion but an investigation launched into the company’s technology by the Wall Street Journal in 2015 revealed numerous shortcomings, causing regulators to announce sanctions against Theranos, International Business Times reported. Test results using the company’s Edison machine were found to be inaccurate by regulators from the Centers for Medicare and Medicaid Services, forcing Theranos to shut down its California lab facility after the company’s license to operate it was revoked in July last year. Holmes has been banned from operating any of her labs for two years, a move that was appealed by the company.


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