Bionano is a genomics instruments and software company built around Optical Genome Mapping (OGM), a technology for detecting structural variations (SVs) — large-scale chromosomal rearrangements, deletions, and duplications — that legacy cytogenetic methods like karyotyping and FISH miss or detect unreliably. OGM works by stretching ultra-long DNA molecules through nanochannel arrays on a chip, imaging them, and constructing a detailed physical map of the genome in a single workflow. Bionano sells two OGM instruments — the Saphyr and the higher-throughput Stratys — primarily to cytogenetics and molecular pathology labs at academic medical centers and hospital systems. Key applications include hematologic malignancies, constitutional genetic disorders, and cell and gene therapy quality control. Bionano operates a razor-and-blade model: instruments generate upfront revenue, but the recurring economic engine is consumable flowcell chips, each priced at roughly $500 per genome sample. On top of this, Bionano sells VIA, a subscription or pay-per-sample genome analysis software platform that works with OGM, NGS, and microarray data, including to labs that don't use OGM. Consumables and software together represent roughly 72-77% of revenue. Bionano's near-term strategy focuses on driving utilization within its existing installed base of ~387 systems — particularly among ~118 "routine user" labs that account for over 80% of consumables purchases — rather than aggressive new placements. The recent establishment of Category I CPT reimbursement codes for hematologic malignancies and constitutional disorders is a key catalyst for broader clinical adoption.