Theranos had 'no material revenue' over the past two years, report says

Theranos had 'no material revenue' over the past two years, report says
Theranos had 'no material revenue' over the past two years, report says

Embattled blood-testing start-up Theranos did not have any material revenue in 2015 or 2016, the Wall Street Journal reported on Thursday.

The company had about $200 million in cash at the end of last year, and had no funds set aside for legal liability, according to the Journal. CNBC has reached out to Theranos for comment.

Theranos, which promised technologies that lower costs and reduced sample size for disease detection, had raised $686 million in equity funding and was once valued at $9 billion by start-up investors, according to data firms Crunchbase and CB Insights.

But a series of Wall Street Journal articles over the past two years alleged that the tests were not as accurate as Theranos had claimed, attracting the attention of regulators. Amid regulatory probes, the start-up ultimately voided two years of blood test results and lost its partnership with Walgreens. Founder Elizabeth Holmes has been banned from the lab industry for at least two years.

For more details on Theranos' financials, see the latest article at WSJ.com.

CNBC

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