Shares of Bionano Genomics (BNGO) tumbled 6.44% in pre-market trading on Monday following an announcement regarding a preliminary payment determination by the Centers for Medicare & Medicaid Services (CMS) for Optical Genome Mapping (OGM).

Bionano Laboratories, a wholly-owned subsidiary of Bionano Genomics, revealed that CMS had posted the preliminary payment determination for OGM. While the specific details of the determination were not provided in the initial announcement, the market's negative reaction suggests that investors are concerned about potential implications for the company's revenue prospects.

The sharp pre-market decline indicates that shareholders are reassessing the value of Bionano Genomics in light of this development. As OGM is a key technology for the company, any changes in payment determinations by CMS could significantly impact the adoption and reimbursement of Bionano's products in the healthcare market. Investors will likely be closely monitoring further details and the final determination from CMS to gauge the long-term impact on the company's financial outlook.