A ketone measurement and analysis system provides various features for enabling health program participants to interpret their ketone measurements, such as breath acetone measurements. One such feature breaks down ketone measurements into causal components. For example, the system may generate and display an estimate of how much of a participant's ketone measurement is attributable to stored fat metabolism versus consumption of a “confounding substance” such as dietary fat and/or exogenous ketones. The system may also estimate the contributions of specific confounding substances, and/or the contributions of other factors or events (such as exercise, interrupted sleep, a missed medication, etc.) that affect ketone levels. Another feature involves the generation and display of target ketone levels that are personalized for the participants. The system may generate the measurement breakdowns and target ketone levels by applying data mining algorithms to aggregated data of many program participants.