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

Bionano Laboratories, a wholly-owned subsidiary of Bionano Genomics, revealed that CMS has posted the preliminary payment determination for OGM. While the specifics of the determination were not provided in the initial announcement, the sharp decline in stock price suggests that investors perceive this development as potentially unfavorable for the company.

The market's reaction highlights the significance of CMS reimbursement decisions for healthcare technology companies like Bionano Genomics. Optical Genome Mapping is likely a key offering for the company, and the preliminary payment determination could have substantial implications for its future revenue and adoption of the technology. Investors will be closely watching for more details about the CMS decision and its potential impact on Bionano Genomics' business prospects.