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Boston Scientific warned Tuesday that it is unlikely to meet its full-year and third-quarter net sales growth and adjusted earnings per share guidance, after a cyberattack disrupted manufacturing and order fulfillment across its global operations. Boston Scientific stock fell more than 4% to $45.73 on Tuesday.
In a regulatory filing Tuesday, the company said unauthorized activity on its IT systems, which it first detected on August 25, triggered a network outage that left employees unable to reach operating systems and business applications. At the end of July, Boston Scientific had projected full-year adjusted earnings of $3.28 to $3.32 per share and full-year net sales growth of 5.5% to 6.5%. For the third quarter, it had forecast adjusted earnings of 80 cents to 82 cents per share and net sales growth of 3% to 5%.
The company said it anticipates clawing back some of the revenue lost during the disruption, though it cautioned that the total financial toll has yet to be determined. The company will share a revised operational and financial picture, factoring in the cyberattack's consequences, alongside its third-quarter earnings release on October 28. Boston Scientific added that its long-term financial condition is not expected to suffer a material impact from the attack.
Recovery is underway but not complete. The company said its logistics infrastructure is largely back online, with key distribution hubs handling product volumes that meet or exceed their typical throughput. Sterilization facilities are operational, and manufacturing has resumed at most of its global facilities. The company said it has not identified evidence of ongoing unauthorized access to its systems, though the investigation remains ongoing.