The patents don't really tell you whether the Theranos technology actually works. They cover small parts of the overall system - fluid handling, centrifuge configurations, software processes and so on.
It's quite common for companies to use a mix of patents and trade secrets to protect their technology. Filing for patent protection is a tradeoff - you gain the exclusive right to use that invention for 20 years, but the invention becomes public knowledge. In many cases, that tradeoff isn't worthwhile. The fact that a set of patents don't add up to a working process is quite normal.
It's quite common for companies to use a mix of patents and trade secrets to protect their technology. Filing for patent protection is a tradeoff - you gain the exclusive right to use that invention for 20 years, but the invention becomes public knowledge. In many cases, that tradeoff isn't worthwhile. The fact that a set of patents don't add up to a working process is quite normal.