The company flag flies in front of Boston Scientific Headquarters in Natick, Massachusetts.JB Reed | Bloomberg | Getty ImagesBoston 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, the company said in a SEC 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.Shares were down 5.8% in premarket trading on 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 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."
Medical device maker Boston Scientific is being hit by a cyberattack. The shares are falling
Full Article
Original Source
Read the full article at Cnbc →KhanList aggregates and links to publicly available news content. We do not host full articles from third-party sources. Always verify important information with original sources.