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Theranos risks losing largest customer over quality problems

Feb. 11, 2016 11:58 AM ETWalgreens Boots Alliance, Inc. (WBA) StockWBABy: Douglas W. House, SA News Editor
  • Embattled upstart blood-testing firm Theranos received a warning letter last month from Walgreens Boots Alliance (WBA -1.9%) that it may end their relationship unless it can quickly fix the problems at its Newark, CA laboratory. Apparently, Theranos' largest customer has given it until the end of the month to resolve the issues cited in a government audit.
  • Theranos is running the tests normally performed at the Newark site at its Arizona facility. Its director, however, does not have a medical degree nor is pathology board-certified. The company says it has hired a new director who has the appropriate credentials, but has not publicly named the person.
  • If WBA pulls the plug, Theranos will struggle to recover, say analysts. If this happens, it would a stunning collapse for the company and founder Elizabeth Holmes, who was the world's youngest female self-made billionaire based on her stake in the firm that was valued as high as $9B.
  • Previously: Walgreens halts openings of new Theranos centers (Oct. 24, 2015)
  • Previously: Theranos' $350M Safeway deal on the rocks (Nov. 11, 2015)
  • Previously: Theranos in more hot water (Jan. 27)

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