Verily, Google, with skin testing, loses revenue

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Verily, Google, with skin testing, loses revenue

A L'Oreal logo is seen at the company's offices in Levallois-Perret near Paris, France on May 7, 2021. The approach of Verily has left it with intermittent revenue and further off from generating profit, according to the critics.

Amy Abernethy, President of Verily's clinical research platforms, said the company's technology will underpin a longitudinal examination into skin issues and environments and behaviors that could potentially affect them. Results could aid in the development of diagnostic and treatment options.

Abernethy, who has worked closely with skin cancer patients, noted that existing technology struggles to distinguish between similar skin conditions.

Barbara Lavernos, deputy chief executive officer at L'Oreal, said the company's goal is to give everyone access to the most inclusive and personalized information on skin management by working together.

The figures show that Verily booked about $400 million in revenue last year, according to a source briefed on the figures. The low-profit margin business of administering COVID 19 tests for outside organizations was responsible for over a quarter of sales, and Verily's overall losses widened significantly from 2020, the source said.

Verily said those numbers are inaccurate. It does not report financial results publicly.

Plans for the L'Oreal project include both the long-term software component and the co-development of a new telecare service for dermatologists and consumers. The deal is Verily's first with a beauty company and follows years of talks with L'Oreal.

Google, the company that is testing an artificial intelligence tool for identifying skin conditions, is not involved, executives said.

In August of last year, a similar partnership was unveiled with Colgate-Palmolive Co CL.N to study oral health.