Today, nearly a year after Wall Street Journal reporter John Carreyrou published the first of many investigative articles into the company's struggles and lies, Theranos is changing its story.

In an open letter to stakeholders published online, CEO Elizabeth Holmes writes that Theranos is closing its remaining clinical labs and wellness centers. This, she adds, will "impact" 340 employees in three states, Pennsylvania, California, and Arizona. The new plan is to focus on the miniLab, a new testing platform Holmes presented at the annual meeting of the American Association of Clinical Chemistry in August. With this announcement, Theranos has completed its pivot from promising startup to a minor version of the testing giants it sought to disrupt.

Holmes' announcement was basically inevitable. In June, Walgreens—with whom Theranos had opened 40 Wellness Centers in Arizona and one in California—ended its partnership with the company. And in July, the Centers for Medicare and Medicaid Services (which regulates clinical labs that develop their own blood tests) made good on a threat to ban Holmes from the testing business. (Theranos is appealing the ban.)