Medical device maker Boston Scientific is being hit by a cyberattack. The shares are falling
The attack has disrupted the company's ability to ship products, and it's not clear when services will be restored.
MikeTyes
JB Reed | Bloomberg | Getty Images
Boston Scientific said Wednesday it was hit with a cyberattack this week that is affecting its operations. The disclosure sent shares of the $72 billion medical device maker lower.
The attack is disrupting Boston Scientific's access to company information systems and applications, including shipments services, it said in a Securities and Exchange Commission filing.
"While the company is working diligently to restore affected functions and systems access, the timeline for a full restoration is not yet known," the filing said.
Boston Scientific's stock was down 4.5% in morning trading Wednesday. Shares of the maker of devices such as pacemakers and stents have been nearly cut in half already this year, under pressure after issuing a weak profit forecast in the first quarter.
When asked to comment, the company reiterated the info from the SEC filing.
Analysts at investment bank Piper Sandler said that they spoke to company management on Wednesday morning and that they thought it may be weeks before Boston Scientific can resume normal business operations.
"We believe BSX may be able to return to shipping all of its products in less than three weeks," Matt O'Brien at Piper Sandler wrote.
"The company is unable to process and ship orders, so sales will likely be adversely impacted," he wrote, adding that "clearly, this is not great for a company that is already seeing sales growth slow."
