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NEW YORK – Pacific Biosciences reported after the close of the market on Wednesday that its first quarter 2020 revenues declined 5 percent year over year, attributable to lower instrument revenues.

For the three months ended March 31, the Menlo Park, California-based company recognized total revenues of $15.6 million compared to $16.4 million in Q1 2019, missing analysts' average estimate of $20.1 million. Revenues included $12.3 million in product revenue and $3.3 million in service and other revenue.

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