Theranos was losing hundreds of millions as Elizabeth Holmes talked up prospects to Investors, an ex-employee says
who are inside the courtroom, represents the most detail shared with the public to date about the finances of the famously secretive company.
The company made no revenue in 2012 or 2013 and was burning through roughly $2 million a week during the second year, Spivey said, noting Theranos had an accumulated deficit of $376 million by the end of 2014. Though Theranos was accumulating big losses, Holmes sent rosy financial projections to one of the company’s providers, Arcana, in 2014, estimating revenues would be $50 million by the end of 2013, $90 million by the end of 2014 and $112 million by the end of 2015, Spivey said.
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