His blood was taken by needle in a vein, not by finger-stick, and his results were not ready within four hours, despite his team having been told results from Theranos tests were available within that period, he testified. Grossman testified that while PFM was looking into Theranos, he went to get a Theranos blood test at a Palo Alto Walgreens without telling Holmes or anyone at her company. “It also would’ve had implications for the cost structure of the business.”
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“That would have led to a whole series of questions around the technical limitations of the platform,” Grossman told jurors. When he and colleagues visited Theranos’ two laboratories, they were not shown any third-party machines or told anything about them, Grossman testified. Holmes, in the first meeting, said Theranos was “vertically integrated, meaning they made their own analyzers, as opposed to third parties’.”Īsked by Leach if Holmes or Balwani ever told him or his company that Theranos was using other firms’ analyzers, Grossman said no. Grossman also addressed another major element of the federal government’s case against Holmes: her company’s use of third-party machines for tests her own firm’s analyzers could not run. Prosecutors allege that Theranos machines suffered from severe accuracy problems and were never able to perform more than “a handful” of tests. “To be able to match the entire menu of tests … was a really big statement about how much they had accomplished, where the technology was at that point in time.” “This was a company that really we’d never heard of,” Grossman testified. In that first of two meetings with Holmes and Balwani, Grossman said Holmes had been “very clear” that her company could “match every test” performed by competitors Labcorp and Quest. She and Balwani, who faces the same dozen felony fraud charges, have denied the allegations.
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Holmes, who founded the now-defunct Palo Alto blood-testing startup in 2003, is charged with allegedly bilking investors out of hundreds of millions of dollars, and defrauding patients with false claims that the company’s machines could conduct a full range of tests using just a few drops of blood from a finger-stick. * UPDATE: On November 17, 2021, Holmes lawyer Lance Wade asserted before the jury that Theranos had $25 million in revenue in 2013.* Theranos’ former accounting head testified earlier that 2011 revenue came in at $518,000 and that the company had no revenue in 2012 or 2013. Grossman also testified that his team was told at the meeting that Theranos had brought in more than $200 million in revenue, “mostly from the Department of Defense,” which had “sustained the company.”
Army doctor assigned to Afghanistan operations, on a preliminary project that never bore fruit. military med-evac helicopters and “saving the lives of soldiers in the field.” Jurors heard previously that Theranos worked with the Special Operations Command, including with a U.S. Prosecutors allege Holmes falsely claimed to investors that Theranos’ technology was being used on U.S. “What better application for a technology like this than in a military setting under harsh conditions like one would expect in Afghanistan or Iraq?” he testified.Ī former Theranos employee, Daniel Edlin, testified earlier he was not aware of Theranos technology being used clinically on soldiers in war zones or military aircraft. “They emphasized how their technology had been able to do that in these difficult situations.” * UPDATE: On Wednesday, Grossman said Holmes had told him Theranos technology was being used in med-evac helicopters.*Īsked by prosecutor Robert Leach whether that claim was impressive, Grossman said yes. “They told us the technology had been used in the battlefield, on med-evacs for example, and that getting diagnostic information to medical personnel in that setting was a matter of life and death,” Grossman told the jury in U.S. His firm ended up investing $96 million in Theranos the following year.
Holmes did most of the talking, he said, but he was not always able to remember whether she or Balwani provided specific information. Elizabeth Holmes trial: Damaging testimony on claims made in meeting with investorsĪ former investor in Theranos founder Elizabeth Holmes’ company gave dramatic and damaging testimony Tuesday that bolstered key allegations in the prosecution’s case.īrian Grossman, chief investment officer at San Francisco investment firm PFM Health Sciences, described a meeting he and colleagues had with Holmes and former Theranos president Sunny Balwani in December 2013.
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