Two of medtech's heavyweights are still cleaning up after hacks that jammed their supply chains. Boston Scientific said last month's cyber event continues to disrupt operations as it works to bring systems back online, including much of its distribution and shipping network. The company also said the investigation is ongoing and so far has not uncovered evidence of continuing unauthorized access.
Boston Scientific told investors it does not expect to hit projections for revenue or adjusted earnings per share in the third quarter or for the full year. The company said the timing for a full operational recovery is still unclear, and it plans to share a refreshed financial outlook on Oct. 28.
Stryker's recovery has stretched out longer than planned after a March breach. At a Wells Fargo healthcare conference, Chief Financial Officer Preston Wells said, "We took all our manufacturing down, or our manufacturing was taken down for several weeks," adding, "I don't think anybody could have anticipated the cyber incident and what that would then mean from a supply perspective." He said restarting production in the peripheral vascular business has been slower than expected, and the hip replacement business also hasn't bounced back as quickly as anticipated.
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These companies touch a wide chunk of the care continuum. Boston Scientific's portfolio centers on cardiac rhythm therapies and electrophysiology, as well as products for gastrointestinal and pulmonary conditions. Stryker's offerings include surgical and hospital gear, joint-replacement products, and assorted instruments and robotics deployed in procedures. The flare ups are part of a broader pattern in healthcare tech, with Intuitive Surgical saying it, too, experienced a cybersecurity incident. For everyday investors, the takeaway is simple: operational hiccups can ripple through sales, margins, and sentiment before the charts catch up.
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