PacBio makes DNA sequencing instruments and consumables that enable researchers and clinicians to read long stretches of DNA with high accuracy. Its core technology, HiFi (Highly Accurate Long-Read) sequencing, is built on Single-Molecule Real-Time (SMRT) sequencing, which observes individual DNA molecules being synthesized in real time without amplification — producing reads of 15–20 kilobases in length at above 99.9% accuracy. This allows PacBio's systems to capture structural variants, repeat expansions, and DNA methylation in a single run, giving a more complete genomic picture than conventional short-read sequencing. Key applications include rare disease diagnosis, oncology, infectious disease, and population genomics. PacBio sells two instruments: Revio, a high-throughput flagship targeting large research and clinical labs, and Vega, a lower-cost benchtop system targeting smaller labs and new customers. Both systems consume proprietary SMRT Cells and reagent kits on every sequencing run, creating a razor-and-blades revenue model where instrument placements drive a recurring, higher-margin consumable stream. A key upcoming product is SparkNex, a new consumable chemistry launching in 2026 that enables SMRT Cells to be reused across multiple runs, targeting sub-$300 per-genome pricing while simultaneously expanding PacBio's consumable margins. PacBio sells globally through a direct sales force and distribution partners, with EMEA as its fastest-growing region driven by clinical adoption in rare disease programs. In 2025, PacBio divested its short-read sequencing assets to Illumina, sharpening its focus exclusively on HiFi long-read sequencing.