Track market-moving stories before they get noisy

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at First Financial Bancorp (FFBC - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. First Financial Bancorp currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if FFBC is a promising momentum pick, let's examine some Momentum Style elements to see if this holding company for First Financial Bank holds up.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For FFBC, shares are up 0.29% over the past week while the Zacks Banks - Midwest industry is up 0.9% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 2.36% compares favorably with the industry's 2.57% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of First Financial Bancorp have risen 14.53%, and are up 27.78% in the last year. On the other hand, the S&P 500 has only moved 10.22% and 24.7%, respectively.

Investors should also pay attention to FFBC's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. FFBC is currently averaging 810,317 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with FFBC.

Over the past two months, 2 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost FFBC's consensus estimate, increasing from $3.10 to $3.20 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that FFBC is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep First Financial Bancorp on your short list.

Weak Flu Season, China Snags Weigh On Q1 SalesThe diagnostic healthcare products maker reported preliminary unaudited revenue in the range of $615 million to $620 million for the first quarter, compared to the consensus of $680.59 million.

The results reflect a weaker respiratory season, with U.S. Influenza-like Illness visits down about 30% compared to the prior-year period, along with slower China distributor sales and delays in certain EMEA orders, the company said.

The San Diego, California-based company also expects free cash flow to be negative in the first half of 2026, with first-quarter free cash flow projected in the range of $(65) million to $(70) million.

Still, the full-year 2026 free cash flow is expected to be positive.

Analyst Flags Execution Risks Despite Management ConfidenceWilliam Blair said management still believes hitting the low end of its guidance is achievable following the update, but analyst Andrew Brackmann expects investors to remain skeptical.

Reaching the low end would depend on several favorable assumptions: a typical fourth-quarter respiratory season, no meaningful reimbursement changes in China—where visibility remains limited—and a normalization in the Middle East, which accounts for 3%–4% of sales and has yet to show improvement despite the ceasefire.

China Uncertainty And Segment Weakness Cloud OutlookWilliam Blair expects estimates to fall below the guidance range, particularly given ongoing uncertainty in China. Any disruption in that high-margin segment could have an outsized impact on earnings.

While factors outside management's control largely drove the first-quarter miss, the analyst believes investors will focus on broader risks.

The core business, representing about 70% of revenue, remains solid, but weakness in the remaining 30% is weighing on overall financial performance. Elevated debt levels and limited near-term free cash flow compound this.

The stock's decline reflects continued concern around the China business, where management has limited control.

Potential reimbursement changes add another layer of uncertainty, with unclear timing and financial impact.

QDEL Price Action: QuidelOrtho shares were down 32.13% at $11.87 at the time of publication on Thursday. The stock is trading at a new 52-week low, according to Benzinga Pro data.

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– Marks a Milestone in QuidelOrtho's Plans to Accelerate Growth in Point-of-Care Molecular Diagnostics –
– Expands Portfolio with Ultra-Fast PCR Platform Designed to Deliver Results in Approximately Ten Minutes or Less –
– Company Expects to Initiate U.S. Commercial Launch of the LEX VELO System Later This Year –

, /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a global leader of innovative in vitro diagnostics, announced today it has completed the acquisition of LEX Diagnostics ("LEX") for cash consideration of approximately $100 million. The LEX VELO System received U.S. Food and Drug Administration ("FDA") 510(k) clearance and CLIA waiver in February 2026.

LEX Diagnostics The LEX VELO System is a breakthrough molecular diagnostics platform that is designed to deliver highly sensitive, multiplex RT-PCR testing for Influenza A, Influenza B and COVID-19 directly from a swab sample in approximately six to ten minutes. Its proprietary cartridge-based design supports rapid clinical decision-making in decentralized care environments by eliminating the need for external liquid handling; delivering speed, reliability and ease of use. The acquisition of LEX marks a critical milestone in QuidelOrtho's molecular diagnostics strategy to accelerate its growth in point-of-care molecular diagnostics by acquiring innovative technology within one of the fastest-growing segments of the diagnostics market.

"The FDA clearance of the LEX VELO System and the completion of our acquisition of LEX mark a pivotal moment for QuidelOrtho and for our customers," said Brian J. Blaser, President and Chief Executive Officer of QuidelOrtho. "This ultra-fast PCR platform is designed to deliver lab-quality results in minutes and fits seamlessly into point-of-care workflows. It empowers providers to act faster, make better-informed decisions and ultimately improve patient outcomes. It also reflects our long-term commitment to bringing advanced diagnostics closer to the patient."

Completing the acquisition of LEX expands QuidelOrtho's molecular diagnostics portfolio while complementing the Company's leadership positions in immunoassay, clinical chemistry and transfusion medicine. It reinforces QuidelOrtho's ability to deliver integrated diagnostic solutions across the continuum of care, from point of care to hospital, lab to clinic.

"LEX achieved an extraordinary milestone with FDA clearance and CLIA waiver of the LEX VELO System," said Ed Farrell, Chief Executive Officer of LEX. "We are proud to join QuidelOrtho and to bring this technology to customers worldwide. We believe we can redefine what is possible in point-of-care molecular diagnostics."

QuidelOrtho expects to initiate the U.S. commercial launch of the LEX VELO System later this year. Global expansion is expected to follow, subject to local regulatory approvals.

QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.

About QuidelOrtho Corporation
With expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, dedicated to advancing fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho's commercial and other strategic goals, and other future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words "may," "will," "could," "would," "should," "might," "expect," "anticipate," "believe," "estimate," "plan," "intend," "goal," "project," "strategy," "future," "continue," "aim," "strive," "seek" or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho's management as of the date of this press release and are subject to significant known and unknown risks and uncertainties. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements. The following factors, among others, could cause actual results or outcomes to differ from those set forth or implied in the forward-looking statements: fluctuations in demand for QuidelOrtho's non-respiratory and respiratory products; supply chain, production, logistics, distribution and labor disruptions and challenges, including disruptions and challenges related to the 2026 Middle East conflict; inability to successfully identify, consummate or realize the anticipated benefits of strategic transactions, strategic restructurings, divestitures, spin-offs or discontinuances of certain business operations, or debt financings, on the anticipated timelines, or at all; delays in the development of or failures or delays in the receipt of approvals for new or enhanced products; failure of new products and services to be commercially viable or accepted; changes in reimbursement rates for QuidelOrtho's products, including reimbursement rate reductions proposed by the China National Health Security Administration; and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally, including those arising from the effects of announced or future or amended tariffs, trade policies, investigations and global trade relations, as well as those discussed in QuidelOrtho's Annual Report on Form 10-K for the fiscal year ended December 28, 2025 and subsequent reports filed with the Securities and Exchange Commission, including under Part I, Item 1A, "Risk Factors" of the Form 10-K. You should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date of this press release. QuidelOrtho undertakes no obligation to update any of the forward-looking information or time-sensitive information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law.

Investor Contact:
Juliet Cunningham
Vice President, Investor Relations
[email protected]

Media Contact:
Stephanie Kleewein
Senior Corporate Communications and PR Manager
[email protected]

SOURCE QuidelOrtho Corporation

Posted by Defense World Staff on Apr 23rd, 2026

QuidelOrtho (NASDAQ:QDEL – Get Free Report) and United Health Products (OTCMKTS:UEEC – Get Free Report) are both small-cap medical companies, but which is the better business? We will compare the two companies based on the strength of their earnings, institutional ownership, risk, dividends, valuation, profitability and analyst recommendations.

Earnings & Valuation This table compares QuidelOrtho and United Health Products”s gross revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio QuidelOrtho $2.73 billion 0.30 -$1.13 billion ($16.66) -0.71 United Health Products N/A N/A -$2.67 million ($0.01) -9.00 United Health Products has lower revenue, but higher earnings than QuidelOrtho. United Health Products is trading at a lower price-to-earnings ratio than QuidelOrtho, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a breakdown of recent ratings and target prices for QuidelOrtho and United Health Products, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score QuidelOrtho 3 2 1 0 1.67 United Health Products 0 0 0 0 0.00 QuidelOrtho presently has a consensus target price of $28.25, indicating a potential upside of 137.39%. Given QuidelOrtho’s stronger consensus rating and higher probable upside, equities analysts plainly believe QuidelOrtho is more favorable than United Health Products.

Profitability This table compares QuidelOrtho and United Health Products’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets QuidelOrtho -41.46% 5.91% 2.37% United Health Products N/A N/A -1,787.77% Insider and Institutional Ownership 99.0% of QuidelOrtho shares are held by institutional investors. Comparatively, 0.1% of United Health Products shares are held by institutional investors. 0.8% of QuidelOrtho shares are held by insiders. Comparatively, 1.5% of United Health Products shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.

Volatility and Risk QuidelOrtho has a beta of 0.92, suggesting that its share price is 8% less volatile than the S&P 500. Comparatively, United Health Products has a beta of -0.69, suggesting that its share price is 169% less volatile than the S&P 500.

Summary QuidelOrtho beats United Health Products on 9 of the 13 factors compared between the two stocks.

About QuidelOrtho (Get Free Report)

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions. The Transfusion Medicine business unit offers immunohematology instruments and tests used for blood typing to ensure patient-donor compatibility in blood transfusions; and donor screening instruments and tests used for blood and plasma screening for infectious diseases. The Point-of-Care business unit provides instruments and tests to provide rapid results across a continuum of point-of-care settings. The Molecular Diagnostics business unit offers polymerase chain reaction thermocyclers; amplification systems; and sample-to-result molecular instruments and tests for syndromic infectious disease diagnostics. The company sells its products directly to end users through a direct sales force; and through a network of distributors for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, urgent care clinics, universities, retail clinics, pharmacies, wellness screening centers, blood banks, and donor centers, as well as for individual, non-professional, and over-the-counter use. It operates in North America, Europe, the Middle East, Africa, China, and internationally. The company was incorporated in 1979 and is headquartered in San Diego, California.

About United Health Products (Get Free Report)

United Health Products, Inc. develops, manufactures, and markets hemostatic gauze products for the healthcare and wound care sectors in the United States. The company offers HemoStyp hemostatic gauze products to absorb exudate/drainage from superficial wounds, as well as helps in controlling bleeding. It serves hospitals and surgery centers, clinics and physicians, military medical care providers, hemodialysis centers, nursing homes and assisted living, and veterinary hospitals; and EMS, fire departments, and other first responders, as well as dental, oral, and maxillofacial surgery offices. The company was formerly known as United EcoEnergy Corp. and changed its name to United Health Products, Inc. in September 2010. United Health Products, Inc. was incorporated in 1997 and is headquartered in Mount Laurel, New Jersey.

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On April 27, 2026, QuidelOrtho Corp QDEL shares rose 6.1% today, currently trading at $12.29. The stock has experienced a volatile year, with a 52-week range between $10.86 and $38.99.

GF Value™ verdict: Current price of $12.29 is 69.0% below the GF Value™ of $39.69.GF Score™ of 60/100 indicates the stock is rated above average.Notable signal: Insider activity shows that insiders have bought $0.6 million worth of shares in the last 3 months, with no selling. Is QDEL Overvalued or Undervalued? QuidelOrtho Corp QDEL presents an intriguing valuation scenario as its current price of $12.29 is significantly below the GF Value™ of $39.69, indicating that the stock is 69.0% undervalued. This substantial margin of safety could suggest an opportunity for investors, especially in light of the company's GF Valuation label, which categorizes it as a possible value trap. This label serves as a cautionary note, urging potential investors to proceed with care.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the undervaluation may attract interest, it is crucial to consider the risks associated with the company’s current financial condition and market sentiment.

How Does QDEL's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 5.8x 6.6x Currently, QDEL's forward P/E of 5.8x is below its 5-year median P/E of 6.6x, indicating that the stock is trading at a lower valuation compared to its historical averages. This P/E analysis aligns with the GF Value™ verdict of undervaluation, suggesting that QDEL may offer potential upside if the company can stabilize its operations and improve market perception.

What Does QDEL's GF Score™ Tell Us? Metric Rating GF Score™ 60/100 Financial Strength 3/10 Profitability 6/10 Growth 3/10 Valuation 2/10 Momentum 4/10 The GF Score™ of 60/100 reflects above-average potential, but also reveals areas of concern. The strongest aspect is profitability, rated at 6/10, while financial strength and valuation are notably weaker, with scores of 3/10 and 2/10, respectively. This indicates that while the company may generate profits, it faces challenges in maintaining robust financial health and an attractive valuation. Investors should weigh these factors carefully when considering the stock.

What Are Insiders Doing with QDEL Stock? Recent insider activity indicates a positive sentiment among QDEL's executives, with insiders purchasing $0.6 million worth of shares in the last three months and no selling reported. This pattern of buying can be interpreted as a sign of confidence in the company's future prospects, potentially signaling that insiders believe the current stock price does not reflect the true value of the business.

However, while insider buying can be a bullish indicator, it is essential to consider the broader market context and the company's financial metrics before making any judgments about the sustainability of such trends.

What This Means for Investors Based on the analysis, QuidelOrtho Corp QDEL appears to be undervalued according to the GF Value™ assessment. However, the company's financial strength and valuation ranks pose potential risks that warrant caution. Investors should remain vigilant and conduct thorough due diligence before considering any positions in QDEL.

For the complete analysis, visit the QuidelOrtho Corp QDEL stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is QDEL's GF Score™?

QDEL has a GF Score™ of 60/100, indicating it is rated above average based on key financial metrics and historical performance.

Is QDEL overvalued or undervalued?

According to the GF Value™, QDEL is currently undervalued, trading at 69.0% below its intrinsic value estimate of $39.69.

What is QDEL's P/E ratio?

QDEL's forward P/E ratio is 5.8x, which is below its 5-year median P/E of 6.6x, suggesting that the stock is trading at a lower valuation compared to its historical averages.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

QuidelOrtho (QDEL - Free Report) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of $0.37. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -110.81%. A quarter ago, it was expected that this medical diagnostics company would post earnings of $0.43 per share when it actually produced earnings of $0.46, delivering a surprise of +6.98%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

QuidelOrtho, which belongs to the Zacks Medical - Products industry, posted revenues of $619.8 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.28%. This compares to year-ago revenues of $692.8 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

QuidelOrtho shares have lost about 56.5% since the beginning of the year versus the S&P 500's gain of 5.2%.

What's Next for QuidelOrtho?While QuidelOrtho has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for QuidelOrtho was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.05 on $609.35 million in revenues for the coming quarter and $2.18 on $2.69 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Cresco Labs Inc. (CRLBF - Free Report) , is yet to report results for the quarter ended March 2026.

This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +25%. The consensus EPS estimate for the quarter has been revised 30% higher over the last 30 days to the current level.

Cresco Labs Inc.'s revenues are expected to be $148.64 million, down 10.3% from the year-ago quarter.

Key Takeaways QuidelOrtho reported a Q1 adjusted loss of 4 cents per share, missing the consensus estimate.QDEL revenues fell 10.5% year over year as respiratory and Point of Care sales declined sharply.QuidelOrtho maintained 2026 revenue guidance of $2.7B-$2.75B despite margin pressure. QuidelOrtho Corporation (QDEL - Free Report) delivered adjusted loss per share of 4 cents in first-quarter 2026 against earnings per share (EPS) of 74 cents in the prior-year quarter. The figure missed the Zacks Consensus Estimate by 110.8%.

The adjustments include expenses related to the amortization of intangibles, acquisition and integration costs, among others.

GAAP loss per share for the quarter was $1.35 compared with the year-earlier loss of 19 cents.

QDEL’s Revenues in DetailQuidelOrtho registered revenues of $619.8 million in the first quarter of 2026, which decreased 10.5% year over year on a reported basis and 12.6% at constant exchange rate (CER). However, the figure surpassed the Zacks Consensus Estimate by 0.3%.

In the first quarter, Respiratory revenues were $67.9 million (down 43.3% on a reported basis and 43.6% at CER), while Non-Respiratory revenues were $551.9 million (down 3.7% on a reported basis and 6.2% at CER).

Shares of the company lost around 6% in yesterday’s trading session.

QuidelOrtho’s Business Units in DetailQuidelOrtho derives revenues from five business units — Labs, Immunohematology, Donor Screening, Point of Care and Molecular Diagnostics. As a result of the wind-down of the U.S. Donor Screening portfolio, the previously reported Transfusion Medicine business unit is now presented in its two product categories — Immunohematology and Donor Screening.

In the first quarter, Labs revenues were $353.1 million, down 5.3% on a reported basis and 7.6% at CER.

Immunohematologyrevenues were $138.3 million in the first quarter, up 7.6% and 3.4% on a reported basis and at CER, respectively.

Donor Screening revenues were $7.8 million in the first quarter, down 39.1% and 39.5% on a reported basis and at CER, respectively.

Point of Care revenues amounted to $112.8 million in the first quarter, reflecting a decline of 35%on a reported basis and 34.6% at CER.

Molecular Diagnosticsrevenues totaled $7.8million in the first quarter, up 2.6% and down 1.8% on a reported basis and at CER, respectively.

QDEL’s Geographical DistributionGeographically, QuidelOrtho derives revenues from North America, Europe, the Middle East and Africa (EMEA), China, Latin America and Japan and other Asia-Pacific markets (JPAC).

Revenues from North Americaamounted to $328.9million, reflecting a decline of 19.1% on a reported basis and 18.9% at CER.

EMEA revenues amounted to $92.5million, reflecting an increase of 4% on a reported basis and a decline of 6.1% at CER.

Revenues from China amounted to $63.5million, reflecting a decrease of 15.3% on a reported basis and 19% at CER.

Revenues from JPACamounted to $70million, reflecting an uptick of 2.8% on a reported basis and 4.7% at CER.

Revenues from Latin America amounted to $64.9million, reflecting an uptick of 20% on a reported basis and 9.3% at CER.

QuidelOrtho’s Margin TrendIn the quarter under review, QuidelOrtho’s adjusted gross profit declined 21.8% year over year to $271.2 million. The adjusted gross margin contracted 630 basis points (bps) to 43.8%.

Adjusted selling, marketing and administrative expenses increased 2.6% year over year to $184.8 million. Adjusted research and development expenses declined 19.2% year over year to $42.6 million. Adjusted operating expenses of $227.4 million decreased 2.4% year over year.

Adjusted operating profit totaled $43.6 million, reflecting an 59.5% decline from the prior-year quarter’s level. Adjusted operating margin in the first quarter contracted 850 bps to 7%.

QDEL’s Financial PositionQuidelOrtho exited the first quarter of 2026 with cash and cash equivalents of $140.4 million compared with $169.8 million at the end of the fourth quarter of 2025. Total debt (including short-term debt) at the end of first-quarter 2026 was $2.69 billion compared with $2.65 billion at the end of the fourth quarter 2025.

Net cash used by operating activities at the end of the first quarter was $33 million, against net cash provided by operating activities of $65.6 million a year ago.

QuidelOrtho’s 2026 GuidanceQuidelOrtho has provided its financial outlook for 2026.

Total revenues are expected to lie in the range of$2.7-$2.75 billion. The Zacks Consensus Estimate is pegged at $2.69 billion.

Adjusted EPS is expected to be between $1.80 and $2.00. The Zacks Consensus Estimate is pegged at $2.18 per share.

Our TakeQuidelOrtho ended the first quarter of 2026 with mixed results, where revenues surpassed the Zacks Consensus Estimate, but earnings missed significantly. The company continued to witness strength in its Labs and Immunohematology business units, while solid growth across Latin America and resilient performance in EMEA and JPAC were encouraging.

However, persistent weakness in respiratory testing continued to weigh heavily on the top line, with Point of Care and Donor Screening businesses also posting sharp declines. The company’s bottom line deteriorated year over year, while gross and operating margins contracted significantly due to lower volumes and an unfavorable business mix. Additionally, operating cash outflow and elevated debt levels remain concerns despite management maintaining its 2026 revenue outlook.

QDEL’s Zacks Rank and Key PicksQDEL currently carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks from the broader medical space that are expected to report earnings soon are DexCom, Inc. (DXCM - Free Report) , Encompass Health Corporation (EHC - Free Report) and The Cooper Companies, Inc. (COO - Free Report) .

The Zacks Consensus Estimate for DexCom’s first-quarter 2026 adjusted EPS is currently pegged at 47 cents. The consensus estimate for revenues is pegged at $1.18 billion. DXCM currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

DexCom has an estimated long-term growth rate of 20.6%. DXCM’s earnings yield of 4.1% compares favorably with the industry’s negative yield.

Encompass Health currently has a Zacks Rank #2. The Zacks Consensus Estimate for its first-quarter 2026 adjusted EPS is currently pegged at $1.51. The same for revenues is pegged at $1.57 billion.

Encompass Health has an estimated long-term growth rate of 8.8%. EHC’s earnings yield of 5.9% compares favorably with the industry’s 5.6%.

Cooper Companies currently carries a Zacks Rank #2. The Zacks Consensus Estimate for its second-quarter fiscal 2026 adjusted EPS is currently pegged at $1.10. The same for its revenues is pegged at $1.05 billion.

Cooper Companies has an estimated long-term growth rate of 8.4%. COO’s earnings yield of 7.2% compares favorably with the industry’s 6.1%.

, /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a global leader of innovative in vitro diagnostics, announced today that members of its management team will participate in two upcoming investor conferences:

William Blair 46th Annual Growth Stock Conference, Tuesday, June 2, 2026
Members of QuidelOrtho's management team will participate in a presentation at 12:20 p.m. ET / 9:20 a.m. PT.

Jefferies Global Healthcare Conference, Wednesday, June 3, 2026
Members of QuidelOrtho's management team will participate in a fireside chat at 8:10 a.m. ET / 5:10 a.m. PT.

Interested parties can access the live webcast and replay in the "Events & Presentations" section of the "Investor Relations" page of QuidelOrtho's website at https://ir.quidelortho.com/.

QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.

About QuidelOrtho Corporation

With expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, dedicated to advancing fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.

Investor Contact:
Juliet Cunningham
Vice President, Investor Relations
[email protected]

Media Contact:
Stephanie Kleewein
Senior Corporate Communications and PR Manager
[email protected]

SOURCE QuidelOrtho Corporation

On May 28, 2026, QuidelOrtho Corp QDEL shares rose 6.0% today, bringing the current price to $13.06. Over the past year, the stock has experienced significant volatility, with a 52-week range between $9.92 and $35.58.

GF Value™ verdict: The current price of $13.06 is 64.9% undervalued compared to the GF Value™ estimate of $37.21.GF Score™: With a score of 48/100, QuidelOrtho Corp is considered average in terms of its overall investment quality.Most notable signal: QuidelOrtho has seen no insider transactions in the last three months, indicating a lack of insider confidence or activity. Is QDEL Overvalued or Undervalued? QuidelOrtho Corp's current share price of $13.06 represents a significant discount to the GF Value™ estimate of $37.21, suggesting that the stock is undervalued by approximately 64.9%. This margin of safety could present an interesting opportunity for potential investors; however, caution is advised due to the GF Valuation label indicating a "Possible Value Trap," which suggests that despite the apparent undervaluation, the company's fundamentals may not support a price recovery. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

While the stock appears undervalued based on GF Value™, the company's financial strength score of 3/10 and a negative Altman Z-Score of -0.16 raise questions about the sustainability of this valuation. Investors might find the potential for high returns appealing, but they should remain aware of the associated risks.

How Does QDEL's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 7.2x 6.7x QuidelOrtho's current forward P/E ratio of 7.2x is slightly above its 5-year median P/E of 6.7x, indicating that the stock is trading above its historical valuation multiples. This P/E analysis appears to disagree with the GF Value™ verdict, which suggests that while the stock may be undervalued based on intrinsic value, its current trading multiples reflect a less favorable valuation compared to its historical performance.

What Does QDEL's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).

Metric Rating GF Score™ 48 Financial Strength 3/10 Profitability 5/10 Growth 2/10 Valuation 2/10 Momentum 2/10 QuidelOrtho's GF Score™ of 48/100 indicates that the company is in the average range for investment quality. The strongest aspect of QuidelOrtho's score is its profitability ranking of 5/10, suggesting some stability in earnings performance. Conversely, the weakest areas are its growth and valuation ranks, both at 2/10, which indicate challenges in expanding revenue and maintaining a favorable valuation, respectively.

What Are Insiders Doing with QDEL Stock? In the last three months, there have been no insider transactions involving QuidelOrtho Corp stock. This lack of activity might suggest that insiders are not currently confident in the company's prospects or that they are waiting for more favorable conditions before making any moves. Such patterns can often be interpreted as a sign of uncertainty regarding future performance.

What This Means for Investors Based on the GF Value™ analysis, QuidelOrtho Corp appears to be undervalued at its current price of $13.06, with a significant upside potential when compared to the GF Value™ estimate of $37.21. However, the company's financial challenges and lack of insider activity suggest that investors should proceed with caution.

For the complete analysis, visit the QuidelOrtho Corp QDEL stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is QDEL's GF Score™?

QuidelOrtho Corp has a GF Score™ of 48/100, indicating that it is in the average range for investment quality based on various financial metrics.

Is QDEL overvalued or undervalued?

QuidelOrtho is currently undervalued according to GF Value™, which estimates its intrinsic value at $37.21, significantly higher than its current market price of $13.06.

What is QDEL's P/E ratio?

QuidelOrtho has a forward P/E ratio of 7.2x, which is above its historical median P/E of 6.7x, suggesting that the stock is trading at a higher multiple than it has historically. This could indicate a divergence from expected value based on historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Key Takeaways QDEL's respiratory revenue fell 43.3% to $67.9M as influenza-like illness visits declined.QDEL posted a 10.5% revenue decline and an adjusted loss of 4 cents per share in Q1.QuidelOrtho's gross margin fell to 43.8%, while lower testing demand lifted inventories. QuidelOrtho (QDEL - Free Report) is being reminded that respiratory testing can still significantly influence results even after the post-pandemic reset. A milder and shorter U.S. respiratory season weighed heavily on first-quarter 2026 performance, with management attributing the weakness to lower demand rather than market-share losses.

The distinction is important because respiratory testing remains a meaningful profit driver for the company. While testing protocols remained unchanged and management indicated that market share was stable, influenza-like illness visits declined roughly 30% year over year during the quarter. The weaker patient volumes translated directly into lower testing demand across retail and healthcare settings.

As a result, respiratory revenue fell 43.3% year over year to $67.9 million. The decline highlights an important reality for QuidelOrtho: even when competitive positioning remains intact, a shrinking testing market can materially impact financial performance. QDEL currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Image Source: Zacks Investment Research

The respiratory shortfall weighed on overall results. First-quarter revenue declined 10.5% year over year to $619.8 million, while the company reported an adjusted loss of 4 cents per share against adjusted earnings of 74 cents per share in the prior-year period. Non-respiratory revenue declined a more modest 3.7% to $551.9 million, helping offset some of the weakness but not enough to fully counter the steep drop in respiratory sales.

Profitability also came under pressure. Adjusted gross margin contracted 630 basis points year over year to 43.8%, reflecting a less favorable product mix and a lower contribution from respiratory testing. The margin impact underscores how sensitive QuidelOrtho's earnings profile remains to fluctuations in respiratory demand.

The softer season also affected working capital. Management noted that lower-than-expected respiratory volumes resulted in elevated inventory levels as production plans exceeded realized demand. This inventory build contributed to weaker cash generation, with operating activities using $33 million during the quarter compared with providing $65.6 million in the year-ago period.

The link between respiratory demand, profitability and cash flow remains straightforward. Lower testing volumes reduce operating leverage, pressure margins through unfavorable mix shifts and can leave inventory levels above expectations. While management continues to pursue productivity and procurement initiatives, respiratory seasonality is likely to remain a key driver of near-term performance.

Compared with more diversified diagnostics peers such as Abbott Laboratories (ABT - Free Report) and Thermo Fisher Scientific (TMO - Free Report) , QuidelOrtho remains more exposed to fluctuations in seasonal respiratory testing demand. The broader business mix at these companies helps cushion the impact of weakness in any single testing category.

For investors, the first-quarter results reinforce that stable market share alone cannot offset the effects of a shrinking end market. Until respiratory testing demand normalizes, QuidelOrtho is likely to face periodic revenue volatility, margin pressure and working-capital challenges tied to seasonal demand trends.

QDEL’s Sales & EPS PictureIn 2026, QDEL is expected to experience a 1.8% decline in revenues. On the profitability front, earnings per share are expected to decline 5.2% year over year.

Image Source: Zacks Investment Research

QDEL’s Valuation PictureQDEL currently trades at a price-to-book ratio of 0.49X, well below its median level of 0.70X over the past year and significantly lower than the industry’s 2.04X.

Image Source: Zacks Investment Research

Investors in QuidelOrtho Corporation (QDEL - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 18, 2026 $37.50 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for QuidelOrtho shares, but what is the fundamental picture for the company? Currently, QuidelOrtho is a Zacks Rank #5 (Strong Sell) in the Medical – Products industry that ranks in the Bottom 30% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from 12 cents per share to 4 cents in that period.

Given the way analysts feel about QuidelOrtho right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

On February 17, 2026, Bridger Management disclosed in a Securities and Exchange Commission (SEC) filing that it sold out its entire position in Masimo (MASI +0.01%).

What happenedAccording to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Bridger Management eliminated its entire stake in Masimo, reducing its holdings by 47,841 shares. The fund’s quarter-end position in Masimo decreased by $7.06 million due to the full liquidation of the position.

What else to knowTop holdings after the filing:NYSE:MS: $24.27 million (15.6% of AUM)NASDAQ:AMZN: $15.30 million (9.8% of AUM)NYSE:TEVA: $11.47 million (7.4% of AUM)NYSE:NKE: $11.45 million (7.4% of AUM)NYSE:ALC: $8.53 million (5.5% of AUM)As of Friday, Masimo shares were priced at $178.24, up about 5% over the past year, compared to a 15% gain for the S&P 500.Company overviewMetricValuePrice (as of Friday)$178.24Market capitalization$9.6 billionRevenue (TTM)$1.5 billionNet income (TTM)($207.7 million)Company snapshotMasimo develops and markets noninvasive patient monitoring technologies, including pulse oximetry, brain function monitoring, capnography, regional oximetry, and hospital automation platforms.The firm generates revenue primarily through direct sales, distributors, and OEM partnerships, offering both medical and consumer health solutions.It serves hospitals, emergency medical services, home care providers, long-term care facilities, physician offices, veterinarians, and consumers globally.Masimo is a leading provider of advanced noninvasive monitoring technologies and hospital automation solutions, with a global presence and a focus on innovation in patient care. The company leverages proprietary signal extraction technologies to address critical needs in healthcare monitoring, supporting clinical decision-making and patient safety. Its diversified product portfolio and robust distribution channels position it as a key player in the medical instruments and supplies industry.

What this transaction means for investorsThis situation serves as a reminder of how critical timing can be in the stock market. The exit followed a lackluster quarter, with shares dipping around 12%. While this drop isn’t uncommon for a mid-cap medtech company grappling with shifting product cycles and variable hospital spending, what transpired next is what really stands out. Just weeks later, Masimo announced an acquisition deal at $180 per share, totaling roughly $9.9 billion, which propelled the stock upward by about 34% in one fell swoop.

It's in that stretch between decision and outcome where long-term investors need to keep their focus. The portfolio remains heavily weighted toward large-cap, cash-generating giants like Morgan Stanley and Amazon, alongside some turnaround plays and healthcare stocks. This blend signals a preference for stability with a sprinkle of potential upside, but it also leaves less room for those unique catalysts, such as mergers and acquisitions.

Masimo occupies a curious space in this mix. It’s not your typical speculative biotech, yet it still holds event-driven potential tied to strategic interest and innovation trends. Selling into weakness may seem logical when confidence wanes, but it also risks cutting off access to precisely those asymmetrical opportunities that can yield significant returns.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Masimo, and Nike. The Motley Fool has a disclosure policy.

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NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Masimo Corporation (NasdaqGS: MASI) to Danaher Corporation (NYSE: DHR). Under the terms of the proposed transaction, shareholders of Masimo will receive $180.00 in cash for each share of Masimo that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-masi/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

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ITC Sides With Apple In Patent DisputeThe U.S. International Trade Commission has dealt a blow to Masimo (NASDAQ:MASI) by declining to review a prior ruling that cleared Apple's redesigned watches of patent infringement, Reuters reported.

The decision effectively shuts down Masimo's latest attempt to reinstate an import ban on Apple Watch models in the U.S.

The case centers on blood-oxygen sensing technology, which Masimo claims Apple copied after hiring away its employees.

However, an ITC judge previously found that Apple's updated design does not violate those patents.

Redesigned Apple Watches Avoid Import BanApple had already modified its devices following a 2023 ruling that blocked imports of certain models.

The company altered how blood-oxygen data is displayed, shifting key functions to paired devices like the iPhone.

"We thank the ITC," Apple said in a statement to the publication, adding the ruling allows it to continue offering the "important health" feature. The company also accused Masimo of a "relentless legal" campaign, noting most claims have failed.

Apple and Masimo did not immediately respond to Benzinga's requests for comment.

Legal Fight Far From OverDespite the setback, Masimo can appeal to the U.S. Court of Appeals for the Federal Circuit.

The company is also pursuing parallel litigation, including a patent case in California where it secured a $634 million verdict, which Apple plans to challenge.

Price Action: Apple closed at $270.23 on Friday, up 2.59% and rose a further $0.52, or 0.19%, to $270.75 in after-hours trading, according to Benzinga Pro.

AAPL sits in the 98th percentile for Quality on Benzinga Edge, reflecting strong performance across short, medium and long-term trends.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Posted by Defense World Staff on Apr 25th, 2026

Cwm LLC boosted its stake in shares of Masimo Corporation (NASDAQ:MASI – Free Report) by 2,045.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,535 shares of the medical equipment provider’s stock after acquiring an additional 17,671 shares during the quarter. Cwm LLC’s holdings in Masimo were worth $2,411,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its position in Masimo by 99.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,144 shares of the medical equipment provider’s stock worth $279,000 after acquiring an additional 1,070 shares during the period. Assetmark Inc. increased its stake in Masimo by 5.5% in the 4th quarter. Assetmark Inc. now owns 1,850 shares of the medical equipment provider’s stock valued at $241,000 after buying an additional 97 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Masimo by 1.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,663,875 shares of the medical equipment provider’s stock valued at $346,464,000 after buying an additional 43,915 shares during the period. Exchange Traded Concepts LLC increased its stake in Masimo by 17.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 5,101 shares of the medical equipment provider’s stock valued at $663,000 after buying an additional 772 shares during the period. Finally, Orser Capital Management LLC acquired a new position in Masimo in the 4th quarter valued at $319,000. 85.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades MASI has been the topic of several recent research reports. Raymond James Financial cut shares of Masimo from an “outperform” rating to a “market perform” rating in a research note on Friday, March 27th. Wolfe Research downgraded shares of Masimo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th. Piper Sandler downgraded shares of Masimo from an “overweight” rating to a “hold” rating and set a $180.00 price objective for the company. in a research report on Tuesday, February 17th. Weiss Ratings restated a “sell (d)” rating on shares of Masimo in a research report on Thursday, January 22nd. Finally, Stifel Nicolaus set a $180.00 price objective on shares of Masimo in a research report on Tuesday, February 17th. Eight equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $181.17.

Read Our Latest Research Report on MASI

Masimo Stock Down 0.0% Shares of NASDAQ MASI opened at $178.63 on Friday. The company has a quick ratio of 1.47, a current ratio of 2.49 and a debt-to-equity ratio of 0.72. Masimo Corporation has a 52 week low of $125.94 and a 52 week high of $179.00. The firm has a 50-day moving average price of $176.05 and a 200 day moving average price of $153.09. The stock has a market capitalization of $9.59 billion, a price-to-earnings ratio of -16.95, a price-to-earnings-growth ratio of 1.81 and a beta of 1.20.

Masimo Profile (Free Report)

Masimo (NASDAQ: MASI) is a global medical technology company specializing in noninvasive monitoring solutions. The company’s flagship technology, Masimo SET® (Signal Extraction Technology), enhances the accuracy of pulse oximetry in challenging clinical conditions. Beyond pulse oximetry, Masimo’s portfolio extends to brain function monitoring, regional oximetry, and acoustic respiration rate monitoring, serving critical, acute, and ambulatory care settings.

In addition to its core monitoring technologies, Masimo offers a range of patient cables, sensors, and connectivity platforms designed to integrate with hospital information systems and remote monitoring applications.

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Investors looking for stocks in the Medical - Instruments sector might want to consider either DexCom (DXCM) or Masimo (MASI). But which of these two stocks presents investors with the better value opportunity right now?

IRVINE, Calif.--(BUSINESS WIRE)--Masimo Corporation (Nasdaq: MASI) (“Masimo”), a leading global innovator in patient monitoring, today announced that its stockholders voted in favor of the proposal to adopt the previously announced Agreement and Plan of Merger, dated February 16, 2026 (the “Merger Agreement”), by and among Masimo, Danaher Corporation (“Danaher”) (NYSE: DHR) and Mobius Merger Sub, Inc. (the “Merger Sub”) at Masimo’s special meeting of stockholders held virtually on May 1, 2026 (the “Special Meeting”).

Katie Szyman, Chief Executive Officer of Masimo, stated: “We thank our shareholders for their strong support of this important milestone for Masimo. The Merger delivers compelling value and positions Masimo for continued global growth as an independent operating company within Danaher’s Diagnostics segment. We look forward to completing this process and, together with Danaher, continuing our mission of developing innovative technologies that empower clinicians to transform patient care.”

Under the terms of the Merger Agreement, at the effective time of the merger of Merger Sub with and into Masimo (the “Merger”), each share of common stock issued and outstanding immediately prior to the effective time of the Merger will be canceled and automatically converted into the right to receive $180.00 in cash, without interest.

The Merger is subject to fulfillment of customary conditions to closing, including the receipt of required regulatory approvals and clearances. The Company expects the Merger to close in 2026.

A full description of the proposed Merger is included in the proxy statement for the Special Meeting, which is available at https://investor.masimo.com/.

About Masimo

Masimo (Nasdaq: MASI) is a global medical technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. Our mission is to improve life, improve patient outcomes, reduce the cost of care, and take noninvasive monitoring to new sites and applications. Masimo SET® Measure-through Motion and Low Perfusion™ pulse oximetry, introduced in 1995, has been shown to outperform other pulse oximetry technologies in over 100 independent and objective studies, which can be found at www.masimo.com/evidence/featured-studies/feature. Masimo SET® is estimated to be used on more than 200 million patients around the world each year and is the primary pulse oximetry at all 10 top U.S. hospitals as ranked in the 2025 Newsweek World’s Best Hospitals listing. Additional information about Masimo and its products may be found at www.masimo.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements other than statements of historical facts included in this communication that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements, including, in particular, statements about the expected timing, completion and effects or benefits of the Merger. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to: (i) uncertainties as to the timing of the Merger; (ii) the risk that the Merger may not be completed on the anticipated terms in a timely manner or at all; (iii) the failure to satisfy any of the conditions to the consummation of the Merger; (iv) the possibility that any or all of the various conditions to the consummation of the Merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including in circumstances which would require Masimo to pay a termination fee; (vi) the effect of the announcement or pendency of the transactions contemplated by the Merger Agreement on Masimo’s or Danaher’s ability to retain and hire key personnel, their ability to maintain relationships with their customers, suppliers and others with whom they do business, or their operating results and businesses generally; (vii) risks related to diverting management’s attention from Masimo’s or Danaher’s ongoing business operations; (viii) the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; (ix) certain restrictions during the pendency of the Merger that may impact Masimo’s or Danaher’s ability to pursue certain business opportunities or strategic transactions; (x) the risk that any announcements relating to the Merger could have adverse effects on the market price of Masimo’s or Danaher’s common stock, including if the proposed transaction is not consummated; (xi) risks that the benefits of the Merger are not realized when and as expected; (xii) legislative, regulatory and economic developments; and (xiii) other factors discussed in the “Risk Factors” sections of Masimo’s and Danaher’s most recent periodic and current reports, as well as Masimo’s proxy statement for the Special Meeting filed with the SEC, all of which you may obtain for free on the SEC’s website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

SG Americas Securities LLC grew its holdings in CNO Financial Group, Inc. (NYSE:CNO – Free Report) by 83.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,381 shares of the financial services provider’s stock after purchasing an additional 16,092 shares during the period. SG Americas Securities LLC’s holdings in CNO Financial Group were worth $1,503,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Franklin Resources Inc. lifted its stake in CNO Financial Group by 1.0% in the 3rd quarter. Franklin Resources Inc. now owns 4,302,316 shares of the financial services provider’s stock worth $170,157,000 after acquiring an additional 42,467 shares in the last quarter. American Century Companies Inc. boosted its position in CNO Financial Group by 3.8% during the 3rd quarter. American Century Companies Inc. now owns 3,239,944 shares of the financial services provider’s stock worth $128,140,000 after acquiring an additional 118,417 shares during the period. AQR Capital Management LLC grew its stake in CNO Financial Group by 8.1% during the 3rd quarter. AQR Capital Management LLC now owns 898,238 shares of the financial services provider’s stock valued at $35,525,000 after acquiring an additional 66,937 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of CNO Financial Group by 11.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 882,512 shares of the financial services provider’s stock valued at $34,903,000 after purchasing an additional 91,417 shares during the period. Finally, Balyasny Asset Management L.P. increased its holdings in shares of CNO Financial Group by 32.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 764,867 shares of the financial services provider’s stock valued at $29,509,000 after purchasing an additional 187,974 shares during the period. Hedge funds and other institutional investors own 95.43% of the company’s stock.

Wall Street Analyst Weigh In Several analysts recently commented on the stock. Keefe, Bruyette & Woods restated a “hold” rating and set a $46.00 price target on shares of CNO Financial Group in a report on Thursday, March 26th. Evercore reiterated an “underperform” rating and issued a $43.00 price objective on shares of CNO Financial Group in a research note on Wednesday, February 18th. Weiss Ratings reissued a “buy (b)” rating on shares of CNO Financial Group in a research note on Wednesday, January 21st. Wall Street Zen cut shares of CNO Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Jefferies Financial Group raised shares of CNO Financial Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $42.00 to $47.00 in a research note on Monday, December 15th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $46.50.

Check Out Our Latest Stock Report on CNO Financial Group

Insider Buying and Selling In related news, General Counsel Matthew J. Zimpfer sold 33,800 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $43.05, for a total transaction of $1,455,090.00. Following the completion of the sale, the general counsel directly owned 307,937 shares of the company’s stock, valued at approximately $13,256,687.85. This represents a 9.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary C. Bhojwani sold 45,357 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $43.17, for a total transaction of $1,958,061.69. Following the completion of the transaction, the chief executive officer owned 320,547 shares in the company, valued at $13,838,013.99. The trade was a 12.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 196,778 shares of company stock worth $8,442,863. 3.00% of the stock is currently owned by company insiders.

CNO Financial Group Price Performance NYSE CNO opened at $41.59 on Tuesday. CNO Financial Group, Inc. has a fifty-two week low of $34.63 and a fifty-two week high of $44.85. The stock’s 50-day moving average is $41.64 and its two-hundred day moving average is $41.20. The firm has a market cap of $3.90 billion, a P/E ratio of 18.65 and a beta of 0.83. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.17 and a quick ratio of 0.17.

CNO Financial Group (NYSE:CNO – Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The financial services provider reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.27. CNO Financial Group had a return on equity of 15.80% and a net margin of 4.94%.The business had revenue of $101.10 million for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the firm posted $1.18 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, analysts anticipate that CNO Financial Group, Inc. will post 3.83 earnings per share for the current fiscal year.

CNO Financial Group Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.6%. The ex-dividend date was Tuesday, March 10th. CNO Financial Group’s dividend payout ratio (DPR) is 30.49%.

CNO Financial Group Company Profile (Free Report)

CNO Financial Group is an Indiana‐based holding company that offers a range of insurance and retirement solutions through its operating subsidiaries. Its primary business activities include life insurance, annuities, and supplemental health insurance products designed to help individuals plan for retirement and manage health‐related expenses. The company serves middle‐income Americans, with particular emphasis on senior customers seeking guaranteed coverage and reliable income streams.

Originally founded as Conseco in 1979, the company underwent a financial restructuring and rebranded as CNO Financial Group in 2010.

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, /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) will report results for the first quarter of 2026 after the market closes on Thursday, April 30, 2026. The company will host a conference call to discuss results at 11:00 a.m. Eastern Time on Friday, May 1, 2026.

Participate by Dial-In
To participate, please register here. Upon registering, you will be provided with call details and a registrant ID that is used to track attendance on the conference call. Reminders will also be sent to registered participants via email.

Participate by Webcast
For those investors who prefer to participate online, we will broadcast the call live via webcast. The event can be accessed through the Investors section of our website at ir.CNOinc.com. Participants should register on the website at least 15 minutes before the event begins.

Participate by Replay
A replay of the conference call will be available on the Investors section of our website at ir.CNOinc.com.

About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $38.8 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

SOURCE CNO Financial Group

Investors in CNO Financial Group, Inc. (CNO - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $42 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for CNO Financial shares, but what is the fundamental picture for the company? Currently, CNO Financial is a Zacks Rank #2 (Buy) in the Insurance - Multi line industry that ranks in the Bottom 37% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimates for the current quarter, while none dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 94 cents per share to 91 cents in that period.

Given the way analysts feel about CNO Financial right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

, /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported its first quarter 2026 financial results:

First quarter performance reflects disciplined execution and the strength of our diversified products and distribution. Net income was $38 million, or $0.39 per diluted share, and net operating income(1)  was $101 million, or $1.05 per diluted share. Return on equity (ROE) of 9.5%; Operating ROE(5) of 12.2%, excluding significant items(5). Book value per share of $26.64 and book value per diluted share, excluding accumulated other comprehensive loss,(2) of  $38.98. Operating earnings per share grew 33%, as continued sales momentum drove earnings growth. Total new annualized premiums (NAP)(4) up 11%, demonstrating consistent, sustained growth following a strong 2025. Total Medicare policies sold increased 24%, underscoring the strength of these products in expanding our household reach. Consumer and Worksite continued their producing agent count growth streak to 13 and 15 consecutive quarters, respectively. "CNO is off to a strong start to 2026, building on the momentum from our excellent performance in 2025," said Gary C. Bhojwani, chief executive officer. "With 15 consecutive quarters of sales growth, we're pleased with the consistent results we're generating as we continue to grow earnings, improve profitability and reinvest in the business."

"Operating earnings per share grew 33% in the quarter, supported by strong performance across all areas of our business, including insurance product margin, investment results, fee income and capital management. Our results reflect the strength and resilience of our business model and our focus on the middle‑income market. Disciplined execution will continue to drive our growth and create meaningful value for customers, associates and shareholders."

FINANCIAL SUMMARY
Quarter End
(Amounts in millions, except per share data)
(Unaudited)

Net income decreased in 1Q26 and 1Q25, primarily due to non-economic accounting impacts resulting from market volatility and investment losses. Additionally, 1Q26 net income was impacted by expenses related to our TechMod initiative.

Net operating income, a non-GAAP(a) financial measure, excludes these non-economic accounting impacts as well as other non-operating items. Net operating income is used consistently by CNO's management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes the non-operating items as defined in note (1).  Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business.  Net income is the most directly comparable GAAP measure.

In 1Q26, net income and net operating income(1) were unaffected by significant items, compared to favorable impacts in 1Q25 of $5.3 million or $0.05 per diluted share.  Significant items are detailed in note (6).

Per diluted share

Quarter ended

Quarter ended

March 31,

March 31,

2026

2025

%
change

2026

2025

%
change

Income from insurance products (b)

$       1.01

$        0.85

19 %

$    97.0

$    87.7

11 %

Fee income

0.11

(0.01)

n/m

10.6

(0.8)

n/m

Investment income not allocated to product lines (c)

0.43

0.37

16

41.7

38.0

10

Expenses not allocated to product lines

(0.20)

(0.20)

—

(19.4)

(20.3)

(4)

Operating earnings before taxes

1.35

1.01

129.9

104.6

Income tax expense on operating income

(0.30)

(0.23)

30

(28.6)

(23.5)

22

Net operating income (1)

1.05

0.79

33

101.3

81.1

25

Net realized investment losses from disposals,
impairments and change in allowance for credit losses

(0.16)

(0.13)

(15.2)

(13.2)

Net change in market value of investments
recognized in earnings

(0.08)

0.06

(7.5)

6.4

Changes in fair value of embedded derivative
liabilities and market risk benefits

(0.44)

(0.68)

(42.4)

(69.6)

Expenses related to TechMod initiative

(0.14)

—

(13.7)

—

Net loss related to divested business

(0.02)

—

(1.9)

—

Other

(0.01)

—

(0.8)

(0.4)

Non-operating income before taxes

(0.85)

(0.75)

(81.5)

(76.8)

Income tax expense on non-operating income

0.19

0.17

17.9

17.2

Net non-operating income

(0.66)

(0.58)

(63.6)

(59.6)

Net income

$       0.39

$        0.21

$    37.7

$    21.5

Weighted average diluted shares outstanding

96.1

103.1

(a)

GAAP is defined as accounting principles generally accepted in the United States of America.

(b)

Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines.  It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes.  Insurance product margin is management's measure of the profitability of its annuity, health and life product lines' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.

(c)

Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN")  program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders.  Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

FINANCIAL SUMMARY (continued)
Management vs. GAAP Measures
(Dollars in millions, except per share data)
(Unaudited)

Shareholders' equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale.  Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations.  In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid.  Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.

Quarter ended

March 31,

2026

2025

Trailing four quarters:

Net Income

$        245.5

$        330.0

Net operating income (a non-GAAP financial measure)

459.4

452.9

Net operating income, excluding significant items

427.2

428.8

Average of each of the trailing four quarters average:

Shareholders' equity

$     2,574.7

$     2,523.3

Accumulated other comprehensive loss

1,178.7

1,327.9

Shareholders' equity, excluding accumulated other comprehensive loss

3,753.4

3,851.2

Net operating loss carryforwards

(258.9)

(237.6)

Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss
carryforwards

$     3,494.5

$     3,613.6

Ratios:

Return on equity

9.5 %

13.1 %

Operating return on equity (a non-GAAP financial measure) (5)

13.1 %

12.5 %

Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)

12.2 %

11.9 %

Shareholders' equity

$     2,498.4

$     2,555.1

Accumulated other comprehensive loss

1,217.6

1,239.1

Shareholders' equity, excluding accumulated other comprehensive loss

$     3,716.0

$     3,794.2

Basic shares outstanding

93,795,306

99,893,923

Diluted shares outstanding

95,323,466

101,796,131

Book value per share

$        26.64

$        25.58

Book value per diluted share

$        26.21

$        25.10

Accumulated other comprehensive loss per diluted share

12.77

12.17

Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial
measure) (2)

$        38.98

$        37.27

Non-Operating Items
Net investment losses in 1Q26 were $15.2 million, including the unfavorable change in the allowance for credit losses of $9.4 million. Net investment losses in 1Q25 were $13.2 million, including the unfavorable change in the allowance for credit losses of $9.6 million.

During 1Q26 and 1Q25, we recognized a decrease in earnings of $7.5 million and an increase of $6.4 million, respectively, due to the net change in market value of investments.

During 1Q26 and 1Q25, we recognized a decrease in earnings of $42.4 million and $69.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities.  Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.

During 1Q26, we incurred $13.7 million of expense related to TechMod, a previously announced technology modernization initiative. This three-year project began in the second quarter of 2025 to modernize certain elements of our technology.

We recognized a $1.9 million non-operating loss related to our previously announced exit from the fee services side of the Worksite business during 1Q26. Beginning in 4Q25, operating losses, including costs to exit this business, are reported in non-operating income. These operating losses were previously reported in operating income as a component of fee income.

INVESTMENT PORTFOLIO
(Dollars in millions)

Fixed maturities, available for sale, at amortized cost by asset class as of March 31, 2026 are as follows:

Investment
grade

Below
investment
grade

Total

Corporate securities

$   13,878.7

$       679.9

$   14,558.6

United States Treasury securities and obligations of the United States government and
agencies

208.9

—

208.9

States and political subdivisions

3,228.4

22.4

3,250.8

Foreign governments

134.8

—

134.8

Asset-backed securities

1,800.3

43.8

1,844.1

Agency residential mortgage-backed securities

810.6

—

810.6

Non-agency residential mortgage-backed securities

1,332.5

223.7

(a)

1,556.2

Collateralized loan obligations

1,466.5

—

1,466.5

Commercial mortgage-backed securities

2,162.4

88.5

2,250.9

Total

$   25,023.1

$     1,058.3

$   26,081.4

(a)

Certain structured securities rated below investment grade by Nationally Recognized Statistical Rating Organizations may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the National Association of Insurance Commissioners (NAIC).

As of March 31, 2026, the fair value of CNO's available for sale fixed maturity portfolio was $23,881.1 million compared with an amortized cost of $26,081.4 million.  Net unrealized losses were comprised of gross unrealized gains of $116.8 million and gross unrealized losses of $2,273.2 million as of March 31, 2026.  The allowance for credit losses was $43.9 million at March 31, 2026.

Statutory (based on non-GAAP measures) and GAAP Capital Information
The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 375 percent at March 31, 2026, reflecting estimated 1Q26 statutory operating gain of $23.0 million.  There were no insurance company dividends, net of capital contributions, paid to the holding company during 1Q26.

During 1Q26, we repurchased $60.0 million of common stock under our securities repurchase program (including $0.8 million of repurchases settled in 2Q26).  We repurchased 1.4 million common shares at an average cost of $41.79 per share.  As of March 31, 2026, we had 93.8 million shares outstanding and had authority to repurchase up to an additional $360.4 million of our common stock.  During 1Q26, dividends paid on common stock totaled $17.1 million.

Unrestricted cash and investments held by our holding company were $280.1 million at March 31, 2026 compared to $351.4 million at December 31, 2025.

Book value per common share was $26.64 at March 31, 2026 compared to $27.92 at December 31, 2025.  Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $38.98 at March 31, 2026 compared to $38.81 at December 31, 2025. 

The debt-to-capital ratio was 34.8% and 33.6% at March 31, 2026 and December 31, 2025, respectively.  Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 26.4% and 26.2% at March 31, 2026 and December 31, 2025, respectively. 

Return on equity for the trailing four quarters ended March 31, 2026 and 2025 was 9.5% and 13.1%, respectively.  Operating return on equity, excluding significant items(5), for the trailing four quarters ended March 31, 2026 and 2025 was 12.2% and 11.9%, respectively.

In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business.  The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective.  CNO's definitions of non-GAAP measures may differ from other companies' definitions.  More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements within the meaning of federal securities laws.  These prospective statements reflect management's current expectations, but are not guarantees of future performance.  Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section.  CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

The Company will host a conference call to discuss results on May 1, 2026 at 11:00 a.m. Eastern Time.  During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.

To participate by dial-in, please register at https://events.q4inc.com/attendee/401757742. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.

For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast.  The event can be accessed through the Investors section of the company's website: ir.CNOinc.com.  Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.

ABOUT CNO FINANCIAL GROUP

CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America.  CNO provides life and health insurance, annuities, financial services and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National.  Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39.0 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions, except per share data)

(unaudited)

Three months ended

March 31,

2026

2025

Revenues:

Insurance policy income

$        673.4

$         650.7

Net investment income:

  General account assets

395.0

375.1

  Policyholder and other special-purpose portfolios

(64.9)

(63.6)

Investment gains (losses):

  Realized investment losses

(7.8)

(3.8)

  Other investment losses

(14.9)

(3.0)

Total investment losses

(22.7)

(6.8)

Fee revenue and other income

48.8

48.7

 Total revenues

1,029.6

1,004.1

Benefits and expenses:

Insurance policy benefits

576.6

570.0

Liability for future policy benefits remeasurement gain

(6.5)

(12.2)

Change in fair value of market risk benefits

10.7

15.3

Interest expense

50.9

62.0

Amortization of deferred acquisition costs and present value of future
profits 

74.2

67.4

Gain on extinguishment of borrowings related to variable interest
entities

—

(1.5)

Other operating costs and expenses

275.3

275.3

Total benefits and expenses

981.2

976.3

Income before income taxes

48.4

27.8

Income tax expense

10.7

6.3

Net income

$          37.7

$           21.5

Earnings per common share:

Basic:

Weighted average shares outstanding

94,078,000

100,743,000

Net income

$          0.40

$           0.21

Diluted:

Weighted average shares outstanding

96,139,000

103,070,000

Net income

$          0.39

$           0.21

NOTES

(1)

Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry.  The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings.  Management believes this information provides a better understanding of the business and a more meaningful analysis of results of our insurance product lines.  A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2.  Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings.

(2)

Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested.  The dilution from options, restricted shares and performance units is calculated using the treasury stock method.  Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.  In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure.  Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

(3)

The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure.  Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

(4)

Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities).  Sales of third-party products are excluded.

(5)

Operating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters.

The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):

Net operating

Net operating

income,

income,

excluding

Net

excluding

significant

income -

Net operating

Significant

significant

items - trailing

Net

trailing

income

items

items (a)

four quarters

income (loss)

four quarters

2Q24

$          114.6

$              —

$          114.6

$          364.0

$          116.3

$          432.2

3Q24

119.2

(21.9)

(b)

97.3

376.9

9.3

274.2

4Q24

138.0

3.1

(c)

141.1

410.5

182.9

420.8

1Q25

81.1

(5.3)

(d)

75.8

428.8

21.5

330.0

2Q25

87.5

—

87.5

401.7

91.8

305.5

3Q25

127.2

(32.2)

(e)

95.0

399.4

23.1

319.3

4Q25

143.4

—

143.4

401.7

92.9

229.3

1Q26

101.3

—

101.3

427.2

37.7

245.5

(a)

See note (6) for additional information.

(b)

Comprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million.

(c)

Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.

(d)

Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.

(e)

Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $9.1 million.

A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):

Trailing four quarters

1Q26

1Q25

Pre-tax operating earnings (a non-GAAP financial measure)

$       578.5

$        580.6

Income tax expense

(119.1)

(127.7)

Net operating income

459.4

452.9

Non-operating items:

Net realized investment losses from disposals, impairments and change in allowance for credit
losses

(71.0)

(81.3)

Net change in market value of investments recognized in earnings

0.4

16.8

Changes in fair value of embedded derivative liabilities and market risk benefits

(36.8)

(87.3)

Fair value changes related to the agent deferred compensation plan

(1.7)

6.6

Expenses related to TechMod initiative

(34.0)

—

Goodwill and other asset impairment

(101.9)

—

Net loss related to divested business

(19.2)

—

Other

(0.3)

(13.9)

Non-operating loss before taxes

(264.5)

(159.1)

    Income tax benefit on non-operating loss

50.6

36.2

Net non-operating loss

(213.9)

(122.9)

Net income

$       245.5

$        330.0

A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):

1Q24

2Q24

3Q24

4Q24

Consolidated capital, excluding accumulated other comprehensive

income (loss) and net operating loss carryforwards

(a non-GAAP financial measure)

$      3,536.8

$      3,596.7

$      3,529.9

$      3,810.0

Net operating loss carryforwards

311.2

296.5

273.9

76.6

Accumulated other comprehensive loss

(1,480.3)

(1,464.3)

(1,116.0)

(1,371.4)

Common shareholders' equity

$      2,367.7

$      2,428.9

$      2,687.8

$      2,515.2

1Q25

2Q25

3Q25

4Q25

Consolidated capital, excluding accumulated other comprehensive

income (loss) and net operating loss carryforwards

(a non-GAAP financial measure)

$      3,498.9

$      3,504.3

$      3,483.6

$      3,510.2

Net operating loss carryforwards

295.3

271.1

246.3

243.0

Accumulated other comprehensive loss

(1,239.1)

(1,252.7)

(1,118.9)

(1,115.0)

Common shareholders' equity

$      2,555.1

$      2,522.7

$      2,611.0

$      2,638.2

1Q26

Consolidated capital, excluding accumulated other comprehensive

income (loss) and net operating loss carryforwards

(a non-GAAP financial measure)

$      3,461.2

Net operating loss carryforwards

254.8

Accumulated other comprehensive loss

(1,217.6)

Common shareholders' equity

$      2,498.4

A reconciliation of consolidated capital, excluding accumulated other comprehensive loss and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):

Trailing four quarter average

1Q26

1Q25

Consolidated capital, excluding accumulated other comprehensive

income (loss) and net operating loss carryforwards

(a non-GAAP financial measure)

$      3,494.5

$      3,613.6

Net operating loss carryforwards

258.9

237.6

Accumulated other comprehensive loss

(1,178.7)

(1,327.9)

Common shareholders' equity

$      2,574.7

$      2,523.3

(6)

The tables below summarize the financial impact of significant items on our net operating income for the quarters during the year ended December 31, 2025 that had significant items impacting our net operating income. There were no significant items on our net operating income during the three months ended March 31, 2026. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data).

Three months ended

September 30, 2025

Actual
results

Significant
items

Excluding
significant

items

Insurance product margin

Annuity margin

$      72.9

$     (16.6)

(a)

$      56.3

Health margin

157.0

(21.1)

(a)

135.9

Life margin

70.6

(3.6)

(a)

67.0

Total insurance product margin

300.5

(41.3)

259.2

Allocated expenses

(151.0)

—

(151.0)

Income from insurance products

149.5

(41.3)

108.2

Fee income

(3.9)

—

(3.9)

Investment income not allocated to product lines

39.5

—

39.5

Expenses not allocated to product lines

(22.3)

—

(22.3)

Operating earnings before taxes

162.8

(41.3)

121.5

Income tax (expense) benefit on operating income

(35.6)

9.1

(26.5)

Net operating income

$    127.2

$     (32.2)

$      95.0

Net operating income per diluted share

$      1.29

$     (0.33)

$      0.96

(a)

Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.

Three months ended

March 31, 2025

Actual
results

Significant
items

Excluding
significant

items

Insurance product margin

Annuity margin

$      54.5

$          —

$      54.5

Health margin

126.2

—

126.2

Life margin

68.2

(6.8)

(a)

61.4

Total insurance product margin

248.9

(6.8)

242.1

Allocated expenses

(161.2)

—

(161.2)

Income from insurance products

87.7

(6.8)

80.9

Fee income

(0.8)

—

(0.8)

Investment income not allocated to product lines

38.0

—

38.0

Expenses not allocated to product lines

(20.3)

—

(20.3)

Operating earnings before taxes

104.6

(6.8)

97.8

Income tax (expense) benefit on operating income

(23.5)

1.5

(22.0)

Net operating income

$      81.1

$       (5.3)

$      75.8

Net operating income per diluted share

$      0.79

$     (0.05)

$      0.74

(a)

Comprised of $6.8 million of the favorable impact of an out-of-period adjustment, which decreased reserves.

SOURCE CNO Financial Group

CNO Financial Group, Inc. (CNO) Q1 2026 Earnings Call Transcript

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced today that its Board of Directors has approved a $0.01 per share increase in its quarterly dividend. This marks the 14th consecutive annual increase by the company. The Board declared a quarterly cash dividend of $0.18 per share on the company's common shares. The dividend will be payable June 24, 2026, to shareholders of record at the close of business on June 10, 2026.

About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services  through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

SOURCE CNO Financial Group

Also from this source

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced that at the company's annual meeting held earlier today, its shareholders:

Elected nine directors (Gary C. Bhojwani, Archie M. Brown, David B. Foss, Linda T. Gibson, Adrianne B. Lee, Daniel R. Maurer, Chetlur S. Ragavan, Steven E. Shebik and Jessica A. Turner) to each serve a one-year term expiring at next year's annual meeting. Approved, by non-binding advisory vote, the executive compensation of the company's named executive officers as disclosed in the proxy statement for the annual meeting. Ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2026. About CNO Financial Group

CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

SOURCE CNO Financial Group

Also from this source

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company to watch right now is CNO Financial Group (CNO - Free Report) . CNO is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.

Another valuation metric that we should highlight is CNO's P/B ratio of 1.52. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.60. Within the past 52 weeks, CNO's P/B has been as high as 1.75 and as low as 1.31, with a median of 1.50.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CNO has a P/S ratio of 0.97. This compares to its industry's average P/S of 1.03.

These are only a few of the key metrics included in CNO Financial Group's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CNO looks like an impressive value stock at the moment.