Theranos is an American privately held health technology company based in Palo Alto, California. The company has been recognized for its fingerstick and microfluidics technology. It was founded in 2003 by Elizabeth Holmes at the age of 19. By 2014, Theranos had raised more than $400 million in funding with an estimated value of $9 billion. In 2015, Theranos received negative news coverage due to concerns about the effectiveness of its technologies. The companys net worth is estimated to be $800 million as of June 2016. In July 2016, Theranos received sanctions from the Centers for Medicare & Medicaid Services (CMS) including the revocation of its CLIA certificate and prohibition of the owners and operators from owning or operating a lab for two years. Theranos announced that it would close its laboratory operations and wellness centers to work on miniature medical testing machines in October 2016. While at Stanford University, Elizabeth Holmes created a wearable patch to adjust the dosage of drug delivery and notify doctors wirelessly of variables in patients blood. She started developing lab-on-a-chip technology for blood tests and the idea for a company that would make testing cheaper, more convenient and accessible to consumers. Holmes used the education trust from her parents for Stanford to found the company that would later be called Theranos, which is a combination of the words "therapy" and "diagnosis".