The laboratory report indicates that the patient has an arterial blood pH of 7.21, which is acidic (normal pH is around 7.35 to 7.45), alongside high blood glucose levels (650 mg/dL), high serum ketones, and a very low serum bicarbonate level (8 mEq/L).
These findings are characteristic of diabetic ketoacidosis (DKA), a serious complication of diabetes that occurs when the body starts breaking down fats at an excessive rate, producing ketones and leading to acidosis. The low bicarbonate level further supports this diagnosis, as it indicates a metabolic acidosis.
Given this information, the correct diagnosis is:
Diabetic ketoacidosis.