Pacific Biosciences of California, Inc. PACB, also popularly known as PacBio, recently entered into a research collaboration with Alphabet's GOOGL Google. PacBio will leverage Google’s genomic analysis, machine learning and algorithm development tools to advance its highly accurate variant calls for HiFi sequencing runs, revealing new insights from PacBio sequencing data. The terms of the deal, however, have been kept under wraps.The collaboration builds on prior PacBio and Google research. A recent bioRxiv publication titled: “Deep Consensus: Gap-Aware Sequence Transformers for Sequence Correction,” demonstrated improvements in variant calling and suggested that Google’s DeepConsensus machine learning tool can expand the yield of 99.9% accurate HiFi reads by approximately another 27% per instrument run.This collaboration is likely to bolster PacBio’s highly accurate HiFi Sequencing technology.Strategic Benefits of the CollaborationThe collaboration between PacBio and Google is expected to help the former’s customers further improve the quality and output of HiFi data by lowering the number of sequencing passes required to attain high confidence in base accuracy. Management at PacBio expects the advances in accuracy and data analysis to allow more customers to benefit from long-read sequencing as part of their research and translational projects, resulting in a positive impact on the implementation of genomics in precision health.By incorporating Google’s deep learning technology into future product launches, PacBio intends to enhance the utility and overall value of HiFi data for applications such as whole-genome sequencing, full-length isoform and targeted sequencing applications.Image Source: Zacks Investment ResearchPer management at Google, the latest partnership with PacBio represents a significant step forward in collaborating with the genomics community to maximize the value of genomic data.Industry ProspectsPer a report published in MarketsandMarkets, the global genomics market is anticipated to witness a CAGR of 19% during the forecast period (2020 to 2025). Factors such as higher government funding for genomics projects, growing applications of next-generation sequencing in cancer research, entry of new players and start-ups in the genomics market and greater application areas of genomics are driving the market.Given the substantial market prospects, PacBio’s latest collaboration with Google seems well-timed.Notable DevelopmentsPacBio engaged in a couple of significant developments this month.The company announced a collaboration with Berry Genomics-- a China-based clinical genomics and life science company-- to deliver the PacBio long-read sequencing technology to the China clinical market. PacBio will create its first long-read desktop sequencing platform with funds and guidance from Berry Genomics under the terms of the deal.The company also partnered with Genomics England to study its technology for finding genetic variants in unexplained rare disease cases. This collaboration is part of PacBio’s broader strategy to demonstrate the benefits of its HiFi sequencing in identifying rare diseases following short-read genome sequencing.Share Price PerformanceThe stock has underperformed its industry over the past year. It has declined 68.3% compared with the industry’s 3.9% fall.Zacks Rank and Key PicksCurrently, PacBio carries a Zacks Rank #3 (Hold).A few better-ranked stocks in the broader medical space that investors can consider are Baxter International Inc. BAX and Apollo Endosurgery, Inc. APEN.Baxter, carrying a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 9.5%. Baxter’s earnings surpassed estimates in the trailing four quarters, delivering a surprise of 10.2%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.Baxter has outperformed its industry over the past year. BAX has gained 8.8% against the 10.3% industry decline.Apollo Endosurgery, carrying a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 7%. Apollo Endosurgery‘s earnings surpassed estimates in the trailing four quarters, delivering a surprise of 25.6%, on average.Apollo Endosurgery has outperformed its industry in the past year. APEN has gained 50.4% versus the industry’s 4.8% fall. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Baxter International Inc. (BAX): Free Stock Analysis Report Pacific Biosciences of California, Inc. (PACB): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Apollo Endosurgery, Inc. (APEN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research