Boston Scientific disclosed in a Wednesday filing with the U.S. Securities and Exchange Commission (SEC) that it has been struck by a cyberattack, impacting its business operations. The incident is persistently hampering the company's ability to ship products, and the timeline for a full restoration of system services remains uncertain. Following the announcement, the medical device maker's shares declined on Wednesday.

The $72 billion market-cap healthcare company stated this week that it suffered a cyberattack, disrupting its operations, and the news triggered a drop in its stock price. In the SEC filing, the company noted that the attack has obstructed access to its corporate information systems and business applications, including those related to shipping services. The filing read: "The company is working diligently to restore affected functions and system access, but the timing of full system restoration is currently unclear."

On Wednesday morning, Boston Scientific shares fell 4.5%. The company, which manufactures medical devices such as pacemakers and stents, has seen its stock nearly halve in value this year, weighed down by first-quarter earnings guidance that missed expectations. When reached for comment by media, the company merely reiterated the information contained in its SEC filing.

Analysts at investment bank Piper Sandler said they spoke with company management on Wednesday morning and believe Boston Scientific may need several weeks to return to normal business operations. Piper Sandler analyst Matt O'Brien wrote: "We expect Boston Scientific to resume full product shipments within three weeks." He added: "The company is currently unable to process orders or arrange shipments, which will likely have a negative impact on sales. For a business already experiencing slowing sales growth, this is clearly not welcome news."