Boston Scientific Announces Missed Financial Guidance Due to Cyberattack
Boston Scientific (BSX) announced it will not meet its financial guidance for the third quarter and full year due to a cyberattack that has disrupted operations. The medical-technology company is working on restoring systems, including distribution networks and sterilization facilities, but expects delays in manufacturing and order fulfillment. Shares fell 4% in premarket trading as investors reacted negatively. The company reported unauthorized activity affecting its ability to manufacture and ship orders last month. While major distribution centers are now operating at or above normal levels, Boston Scientific said it will provide updated guidance when reporting third-quarter results on October 28. It expects some revenue recovery over time but warned of ongoing challenges due to backlogs. Boston Scientific had previously forecast sales growth between 3% and 5% for the quarter and adjusted earnings per share in a narrow range. Analysts expected similar figures, making the guidance miss significant.
Tickers: $BSX
Topics: cybersecurity earnings_guidance_miss medical_devices