Boston Scientific Sales Fall After August Cyberattack

Boston Scientific Corp. shares fell after the medical device maker lowered its sales outlook and forecast a fourth-quarter decline, Anna Edney reported for Bloomberg News.

Boston Scientific lowered its financial outlook after an August cyberattack disrupted its global operations and weighed on sales. [Photo: Boston Scientific]

The company suffered a cyberattack in August that disrupted its global operations. It subsequently warned that it did not expect to meet its full-year expectations for net sales or adjusted earnings.

Boston Scientific shares fell as much as 14% in premarket trading on Wednesday. Through Tuesday’s close, the stock had declined 53% this year.

The company said Wednesday that it now expects full-year adjusted earnings per share of $3.16 to $3.18, below analysts’ estimate of $3.23.

It also forecast a year-over-year fourth-quarter net sales decline of 1% to 3% and adjusted earnings per share of $0.77 to $0.79.

The company estimated that the cyberattack reduced third-quarter sales growth by about 300 basis points and adjusted earnings per share by $0.07. Management also expects the incident to continue weighing on fourth-quarter results as customers work through inventory accumulated after the disruption.