Pacific Biosciences of California, Inc. PACB recently announced fourth-quarter 2020 preliminary revenue figures.The company is set to report fourth-quarter 2020 and full-year financial results on Feb 10, 2021.Results in DetailPer the preliminary announcement, fourth-quarter revenues are projected to be around $27 million, indicating a surge of around 41% from $19.1 million in the third quarter of 2020.The same, however, suggests a 3% dip from $27.9 million in the year-ago period.Going by the preliminary estimate, instrument revenues for the fourth quarter of 2020 are anticipated to be $13.5 million, up from $7.7 million in the sequential quarter but down from $15.3 million in the year-earlier period.Further, preliminary consumables revenues for the December quarter are predicted to be around $10 million, up from $8 million on a sequential basis and higher than $9.3 million year over year. Preliminary service and other revenues for the final quarter of 2020 are expected to be $3.5 million, up from $3.3 million in the sequential previous quarter and above $3.4 million in the prior-year period.HighlightsThe company installed 35 Sequel II/IIe Systems during the fourth quarter, increasing the total installed base of Sequel II/IIe systems to 203 as of Dec 31, 2020 compared with 168 as of Sep 30, 2020.Last October, the company unveiled the Sequel IIe System, the latest instrument evolution based on its Single Molecule, Real-Time (SMRT) Sequencing technology.Later in November, it raked in nearly $94 million as net proceeds from an underwritten public offering of its common stock and ended the fourth quarter with a balance of more than $318 million of unrestricted cash and investments.During the fourth quarter, the Wellcome Sanger Institute inked a deal with the company to purchase its seven new Sequel IIe systems for supporting the Darwin Tree of Life initiative. The transaction will make the institute one of the world’s largest SMRT sequencing facilities.COVID-19 Pandemic ImpactFinancial results for the full year are likely to be adversely impacted as many of the company’s customers in several regions around the world closed operations to minimize the spread of the coronavirus. This dented product revenues for 2020 compared with the 2019 level.Shares DownThe company’s shares declined 2.9% to $33.24 at the close of the session, following the announcement.Price PerformanceOver the past year, the stock has declined 3.4% against 18.5% growth of its industry.Zacks Rank and Other Key PicksPacific Biosciences currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the broader medical space are McKesson Corporation MCK, PerkinElmer PKI and IDEXX Laboratories IDXX, each carrying a Zacks Rank of 2, presently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.McKesson has a projected long-term earnings growth rate of 6.6%.PerkinElmer has a projected long-term earnings growth rate of 19.5%.IDEXX has an estimated long-term earnings growth rate of 15.8%.The Hottest Tech Mega-Trend of AllLast year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >> . 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 McKesson Corporation (MCK): Free Stock Analysis Report PerkinElmer, Inc. (PKI): Free Stock Analysis Report IDEXX Laboratories, Inc. (IDXX): Free Stock Analysis Report Pacific Biosciences of California, Inc. (PACB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research