Biotech and medical equipment manufacturer Boston Scientific will no longer meet financial targets this year after a cyberattack in August, it revealed in an SEC filing on Tuesday.
The company is still recovering certain systems after the attack, identified on August 25, and subsequent network outage, and said it determined the fallout would have a “material impact” on its Q3 and full year earnings.
The Form 8-K document said the outage temporarily “impacted the company’s ability to manufacture as well as process and ship customer orders” and would affect its bottom line despite the company having recovered most operations already.
While Boston Scientific said it was yet to determine the full impact, it said it will not meet the 3-5% growth it projected for net sales Q3 in its July Q2 earnings, or the 5-6.5% growth projected for its full year earnings.
The company recorded $5.4 billion in net sales for Q2 and will provide another update with its Q3 earnings release in October.
