Medical device maker Boston Scientific is being hit by a cyberattack. The shares are falling - CNBC
π¨ Boston Scientific confirmed via SEC filing that a cyberattack is actively disrupting its operations and access to information systems.
π Shares fell 4.5% on Wednesday as investors reacted to the news of the ongoing security breach affecting product shipments.
π The company reported an inability to process and ship orders, directly impacting sales for a business already seeing growth slow.
β³ Piper Sandler analysts estimate it may take less than three weeks for Boston Scientific to resume full shipping operations.
πΈ The cyberattack compounds existing headwinds as the stock has already dropped nearly 50% year-to-date following weak Q1 guidance.
π‘οΈ Management stated they are working diligently to restore systems, but no specific timeline for full recovery is currently known.
- Boston Scientific disclosed an active cyberattack disrupting operations and access to critical information systems and applications.
- The company confirmed it is unable to process and ship orders, which will likely adversely impact sales revenue.
- Analysts at Piper Sandler warn that the inability to ship products poses a significant risk to a company already facing slowing sales growth.
- The cyberattack adds to existing pressure on the stock, which has already fallen nearly 50% year-to-date following weak profit forecasts.