Boston Scientific shares fall as cyberattack disrupts operations and shipping services for the medical device maker.
Boston Scientific shares dropped 4.5% on Wednesday following a cyberattack that disrupted the company's access to internal information systems and applications. The medical device maker, known for producing pacemakers and stents, reported that the attack has hindered its ability to process and ship orders, with a full restoration timeline currently unknown. Analysts at Piper Sandler suggest that while the company is working to restore functions, it may take several weeks before Boston Scientific can resume normal business operations. This disruption comes at a time when the company's shares have already faced significant pressure this year due to a weak profit forecast in the first quarter. The cyberattack is expected to an adversely impact sales growth, which has already been experiencing a slowdown.