Palo Alto, Calif.-based Theranos and CMS reached a global settlement agreement resolving outstanding legal and regulatory proceedings.
Here are five things to know:
1. Under the settlement, CMS withdrew revocation of Clinical Laboratory Improvement Amendments operating certificates.
2. Additionally, CMS decreased its civil monetary penalty against Theranos to $30,000.
3. Theranos will not own or operate a clinical laboratory for the next two years.
4. The company withdrew its September 2015 appeal of CMS sanctions placed on its Newark clinical laboratory.
5. Theranos departed the clinical lab and retail business in 2016, and has refocused its efforts on its miniaturized, automated testing platforms and related chemistries.