In 2018 Holmes was charged along with Ramesh “Sunny” Balwani, Theranos’ chief operating officer, who was also her romantic partner.
Balwani has pleaded not guilty and will be tried at a later date.
Following the not guilty verdicts over defrauding patients there were calls for Holmes to be pursued further over misdiagnoses by Theranos.
Those included one which reportedly wrongly indicated a woman could be HIV positive, and another that mistakenly led a woman to believe she was miscarrying.
David Ring, a lawyer who has followed the case closely, said the charges relating to patients had been more difficult to prove because, unlike Theranos investors, Holmes did not communicate directly with the patients.
He said the verdicts were “a mixed bag for the prosecution” but “a loss for Elizabeth Holmes because she is going away to prison.”
Holmes’ trial in San Jose, California, featured evidence from investors, patients and former employees, and transfixed Silicon Valley, where it was viewed by many as a cautionary tale.
Investors testified that Holmes had made misleading claims, including that her machines were being used by the US military.
Patients told the court they would not have used the tests if they had known they were flawed.
And former employees testified that there had been problems with the Theranos technology.
Prosecutors said Holmes made a “callous and criminal” choice to be dishonest and opted for “fraud over business failure”.
Holmes claimed she never meant to deceive anyone, that she never stopped believing Theranos’ technology would ultimately succeed, and that she was “building a technology that would change the world.”
Her downfall, which has already been the subject of books and documentaries, will soon be retold in a TV series starring the actress Amanda Seyfried.
Following the verdict Holmes remained on bail ahead of sentencing.