Pacific Biosciences cut the high end of its 2026 revenue guidance by $5 million after reporting flat Q1 revenue tied to softer instrument demand, particularly for its Vega platform, and continued academic funding pressure. The company now expects 2026 revenue of $165 million to $175 million, down from prior guidance of $165 million to $180 million. PacBio said consumables remained a key growth driver, with Q1 consumable revenue totaling $21.8 million, a company record and up 8% year over year. The company also described delayed consumable orders from some Revio customers ahead of a commercial launch of Sprq-Nx chemistry, planned for later this month. Management emphasized that guidance assumptions rely on continued clinical utilization and expansion of the Revio and Vega installed base, while expecting no meaningful recovery in academic and government funding, especially in the Americas. The quarter also showed instrument revenue decline, driven by Revio pricing and promotional activity for Vega.