Boston Scientific is eliminating jobs as part of “a pretty meaningful restructuring,” the company’s CEO said Wednesday, as the medical device manufacturer lowered its sales forecast and saw its stock price drop further.

“Some employees impacted by the global restructuring plan have been notified this week,” the company said in a statement to the Minnesota Star Tribune on Wednesday.

Executives said a cybersecurity incident disclosed in August cut third-quarter sales growth and will weigh on financial performance through year-end. The company’s shares were down about 4% in midday trading.

Growth has faltered for Boston Scientific. The slowdown includes heart-device businesses based in Maple Grove and Arden Hills that are part of a medical device cluster that’s long been a pillar of the Twin Cities economy.

“We are taking immediate actions to prepare for the future, including through our previously announced restructuring program and the evolution of our operating structure,” chief executive Mike Mahoney said during a call with investors Wednesday.

Over three years, the company expects more than $500 million in savings from an ongoing program that includes $275 million to $300 million in termination benefits.

Boston Scientific reported third-quarter sales of $5.14 billion, up 1.5% compared to the year-ago quarter, and now expects fourth-quarter sales to decline 1% to 3%. The company cut its full-year sales growth forecast for the third time this year.

The company is struggling with weak sales of made-in-Minnesota technologies for patients with different heart problems — an implant called the Watchman to reduce stroke risks in patients with irregular heartbeats, and pulsed field ablation technology for treating a heart rhythm problem called atrial fibrillation.

Competing products are part of the problem, including those from nearby corporate rivals Medtronic and Abbott, both of which have major operations in the Twin Cities.

Troubles in the ablation market drove a 17% decline in Boston Scientific’s stock price in just one day this February.

Mahoney said he wanted to “acknowledge the pressures in these two businesses and the impact that it has on our overall growth.”

Year to date, the stock has lost about half its value.

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