Indeed - my understanding was Theranos’ claim of being able to do hundreds of immediate analysis done with just a pinprick wasn’t just faulty, it was a complete fraud.
do they actually have a working product?
Yes, my impression has been that their main technology claims proved to be total fraud, i.e., they never had the technology to quickly and accurately conduct blood tests from a finger “pin prick” to avoid the usual blood-draw method. While they were conducting blood tests they mainly used conventional laboratory equipment and lied about it. I’m amazed they haven’t been taken down yet, but I guess they had enough money from their previous “investors” to keep the thing going until now.
I don’t know what all the “patents” might be or whether they do have any valuable technologies, but they don’t seem to have accomplished anything except scandal up until now.