Stryker Shipping Stock Slips As Cyberattack-Spurred Outage Drags On

Bloomberg reported on Thursday that the company’s ordering and shipping systems are still offline following a cyberattack, claimed by pro-Iranian digital activist group Handala, on Wednesday.

• Stryker said it has no indication of ransomware or malware.
• Stryker also added that its teams are working to understand the full impact of the disruption to its internal environment. 
• The company also clarified earlier in the day that its products like the Mako system for hip, knee and shoulder procedures, as well as other products like Vocera and LIFEPAK35, are fully safe to use.

Shares of medical technology company Stryker Corp. (SYK) traded lower for the third straight day on Thursday following a hack that left its ordering and shipping systems offline.

Bloomberg reported on Thursday that the company’s ordering and shipping systems are still offline following a cyberattack, claimed by pro-Iranian digital activist group Handala, on Wednesday.

Shares of the company traded nearly 2% lower at the time of writing.

Stryker Responds

“Stryker is responding to a global network disruption to our Microsoft environment as a result of a cyber attack. We have no indication of ransomware or malware and believe the incident is contained,” Stryker said in a statement 10:43 a.m. ET.

The company also clarified earlier in the day that its products like the Mako system for hip, knee and shoulder procedures, as well as other products like Vocera and LIFEPAK35, are fully safe to use.

Stryker also added that its teams are working to understand the full impact of the disruption to its internal environment. On Wednesday, the company said that it has launched an internal investigation into the incident with the support of external advisors and cybersecurity experts.

According to Bloomberg, the company has not confirmed whether an Iranian group is behind the incident yet. The risk of disruption to supplies depends on how much stock is held by hospitals, by local Stryker sales representatives, and by wholesalers and distributors, a person familiar with the matter told Bloomberg, while adding inventory held by distributors was expected to be sufficient to weather a short-term interruption.

Stryker is a global leader in medical technologies, and provides products and services in MedSurg, Neurotechnology and Orthopaedics. Based out of Kalamazoo, Michigan, the company makes makes joint replacements, robotic surgical systems, hospital beds, stretchers, and specialized imaging equipment.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around SYK stock stayed within the ‘bullish’ territory over the past 24 hours, while message volume rose from ‘high’ to ‘extremely high’ levels.

SYK stock has declined 7% over the past 12 months.

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