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Earnings per diluted share of $0.71; $0.77 on an adjusted(1) basis Return on average assets of 1.34%; 1.45% on an adjusted(1) basis Net interest margin on FTE basis(1) of 3.99% Record quarterly revenue of $265.3 million on an adjusted(1) basis Noninterest income of $75.6 million on an adjusted(1) basis $150 million of subordinated debt redeemed ROTCE of 17.8%; 19.2% on adjusted(1) basis 2nd consecutive Gallup Exceptional Workplace Award for outstanding associate engagement BankFinancial acquisition closed January 1, 2026 Board of Directors authorized 5,000,000 share repurchase plan , /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three months ended March 31, 2026. 

For the three months ended March 31, 2026, the Company reported net income of $74.4 million, or $0.71 per diluted common share.  These results compare to net income of $62.4 million, or $0.64 per diluted common share, for the fourth quarter of 2025.

Return on average assets for the first quarter of 2026 was 1.34% while return on average tangible common equity was 17.78%(1).  These compare to return on average assets of 1.22% and return on average tangible common equity of 16.27%(1) in the fourth quarter of 2025. 

First quarter 2026 highlights include:

Robust net interest margin of 3.97%, or 3.99% on a fully tax-equivalent basis(1) 1 bp increase from fourth quarter Increase from linked quarter driven by a 13 bp decline in funding costs, which was partially offset by a 12 bp decrease in asset yields Noninterest income of $81.9 million; $75.6 million on an adjusted(1) basis Adjustments include a $1.3 million loss on securities, an $8.9 million gain on bargain purchase, and a $1.4 million loss on the surrender of a bank owned life insurance policy Leasing business income remains strong at $21.6 million, a 10.7% increase from fourth quarter Record wealth management income increased 12.9%, to $10.5 million Foreign exchange income of $16.3 million Noninterest expenses of $169.4 million, or $154.8 million as adjusted(1); 9.1% increase from linked quarter Adjustments(1) include $14.3 million of acquisition related expenses, $0.7 million of tax credit investment writedowns and $0.4 million of efficiency and other noninterest expenses Increase driven by the BankFinancial and Westfield acquisitions Efficiency ratio of 62.4%; 58.4% as adjusted(1)  Modest loan growth during the quarter End of period loan balances increased $70.8 million; includes $227.7 million acquired in BankFinancial transaction offset primarily by $151.9 million decrease in ICRE Decline in legacy loan balances driven by elevated payoffs Originations increased approximately 45% compared to the first quarter of 2025 Significant increase in loan pipelines since January ___________________________________________________________________________________________

Strong average deposit growth during the quarter Total average deposit balances increased $1.7 billion; includes $1.2 billion impact from the BankFinancial acquisition and full quarter impact from Westfield Seasonal decline in public funds Total Allowance for Credit Losses of $206.7 million; Total quarterly provision expense of $8.5 million Loans and leases - ACL of $183.7 million; $2.8 million initial ACL related to BankFinancial ACL to total loans of 1.36% Unfunded Commitments - ACL of $23.0 million; $0.3 million related to BankFinancial Annualized net charge-offs were 35 bps of total loans Nonperforming assets decreased slightly to 0.44% of total assets; Classified assets decreased to 1.02% of total assets Capital ratios remain strong Total capital ratio increased 25 bps to 15.71% Tier 1 common equity increased 91 bps to 12.23% Tangible common equity of 7.88%(1); 8.89%(1) excluding impact from AOCI Tangible book value per share of $16.15(1); 2.6% increase from linked quarter (1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Additionally, the Board of Directors has authorized a new share repurchase program that replaces the previously authorized program.  Under the new plan, which expires in December 2027, management is authorized to purchase up to 5 million shares.

Archie Brown, President and CEO, commented on the First Quarter results, "I am very pleased with our overall performance in the first quarter.  The first quarter was a busy one as we closed the BankFinancial acquisition, completed the conversion of Westfield Bank, and wrapped up the sale of the BankFinancial multi-family loan portfolio.  Adjusted(1) earnings per share were $0.77, with an adjusted(1) return on assets of 1.45% and an adjusted(1) return on tangible common equity of 19.2%.  Adjusted(1) earnings per share increased 22% compared to the first quarter of last year, driven by a robust net interest margin and strong fee income.  Our net interest margin was resilient, despite the fed funds rate cut in December, as the expected decline in loan yields was offset by a similar decline in deposits costs.  Assuming no short-term rate reductions by the Federal Reserve, we expect the margin to remain stable in the near term."

Mr. Brown continued, "Loan balances increased slightly for the quarter due to the BankFinancial acquisition.  Excluding the BankFinancial portfolio, loans declined for the quarter as seasonally strong loan production was offset by extended payoff pressure in the ICRE portfolio.  Compared to the first quarter of 2025, originations increased by approximately 45%, and excluding Westfield and BankFinancial, originations were up by over 25%.  Our expectation for loan growth for 2026 has not materially changed.  Loan pipelines are very healthy, and we expect strong production in the second quarter.  We also expect payoff activity in ICRE to approach more normal levels, leading to solid loan growth in the second quarter."

Mr. Brown commented on fee income and expenses, "Adjusted(1) fee income was very strong for the quarter.  Historically, fee income significantly dips early in the year, however we successfully combated this trend in the first quarter.  Adjusted(1) noninterest income was $75.6 million, which was 24% higher than in the first quarter of 2025 and only a slight decline from the linked quarter.  These results were driven by record Wealth Management income, strong client derivative income and record leasing business income.  Additionally, expenses were well controlled during the quarter with total noninterest expenses coming in well below our expectations and acquisition-related cost savings exceeding our initial estimates." 

Mr. Brown commented on asset quality and capital, "Net charge-offs were 35 basis points of total loans and were impacted by one large commercial relationship.  Other asset quality indicators were stable with nonperforming assets slightly declining from the linked quarter to 44 basis points.  While there is more uncertainty in the economy due to the impact of the war in Iran, our current expectations are for asset quality to gradually improve throughout the year, similar to our performance in 2025.  Capital ratios are strong and continued to climb in the first quarter.  All regulatory ratios were well in excess of regulatory minimums and tangible common equity increased to 7.9%.  Tangible book value per share was $16.15, which was a 2.6% increase over the linked quarter, and a 9% increase compared to the first quarter of 2025.  Tangible book value was at approximately the same level as the third quarter of 2025, prior to the Westfield Bank acquisition.  This month, the Board of Directors authorized a 5 million share repurchase plan, replacing the plan we had in place through 2025, and we are evaluating opportunities to employ buybacks as part of our overall capital planning."

On the recent acquisitions, Mr. Brown commented, "During the first quarter we successfully completed the conversion of Westfield Bank.  For the first quarter, deposit and loan balances were stable, we maintained high associate retention, and we have achieved the financial results that we expected from the transaction to date.  We are happy with the quality of the bank we acquired and with the talented team that has joined us.  We also completed the purchase of BankFinancial on January 1st and plan to convert systems in early June.  We remain excited about the opportunities in the Chicago market and continue to see high growth potential from this transaction." 

Mr. Brown concluded, "In closing, I want to thank our associates for the incredible work they have done this year integrating Westfield into First Financial and the work they are now doing as they prepare for the BankFinancial conversion.  I also want to mention how proud I am that First Financial was selected for the Gallup Exceptional Workplace Award for associate engagement.  This marks the second consecutive year that we have received this honor, which is awarded to 4% of the thousands of companies that Gallup works with worldwide.  We have partnered with Gallup for more than six years and we have made associate engagement a core tenant of our corporate strategy.  I want to commend our associates and leaders who work throughout the year to drive engagement, knowing that by doing so, we are also improving the client experience and shareholder value." 

Full detail of the Company's first quarter 2026 performance is provided in the accompanying financial statements and slide presentation.

(1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, April 24, 2026 at 8:30 a.m. Eastern Time.  Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068.  The number should be dialed five to ten minutes prior to the start of the conference call.  A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068.  The recording will be available until May 8, 2026.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at  www.bankatfirst.com.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website
This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company's results of operations or financial position.  Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Forward-Looking Statements

Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as ''believes,'' ''anticipates,'' "likely," "expected," "estimated," ''intends'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.  Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements.

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements.  Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control.  It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements.  Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation:

economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;
Management's ability to effectively execute its business plans; 
mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;
the possibility that any of the anticipated benefits of the Company's acquisitions will not be realized or will not be realized within the expected time period;
the effect of changes in accounting policies and practices; 
changes in consumer spending, borrowing and saving and changes in unemployment; 
changes in customers' performance and creditworthiness;
the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; 
current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade and tariff policies, and any slowdown in global economic growth;
our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;
a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;
the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and
our ability to develop and execute effective business plans and strategies. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2025, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.  

All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing.  Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of March 31, 2026, the Company had $22.8 billion in assets, $13.5 billion in loans, $17.9 billion in deposits and $2.9 billion in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management.  These business units provide traditional banking services to business and retail clients.  Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.1 billion in assets under management as of March 31, 2026.  The Company operated 153 full service banking centers as of March 31, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.  In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation.  Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com. 

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

2025

2025

2025

RESULTS OF OPERATIONS

Net income

$    74,445

$    62,393

$    71,923

$    69,996

$    51,293

Net earnings per share - basic

$      0.72

$      0.65

$      0.76

$      0.74

$      0.54

Net earnings per share - diluted

$      0.71

$      0.64

$      0.75

$      0.73

$      0.54

Dividends declared per share

$      0.25

$      0.25

$      0.25

$      0.24

$      0.24

KEY FINANCIAL RATIOS

Return on average assets

1.34 %

1.22 %

1.54 %

1.52 %

1.13 %

Return on average shareholders' equity

10.24 %

9.18 %

11.08 %

11.16 %

8.46 %

Return on average tangible shareholders' equity (1)

17.78 %

16.27 %

19.11 %

19.61 %

15.16 %

Net interest margin

3.97 %

3.96 %

3.99 %

4.01 %

3.84 %

Net interest margin (fully tax equivalent) (1)(2)

3.99 %

3.98 %

4.02 %

4.05 %

3.88 %

Ending shareholders' equity as a percent of ending assets

12.92 %

13.11 %

14.18 %

13.73 %

13.55 %

Ending tangible shareholders' equity as a percent of:

Ending tangible assets (1)

7.88 %

7.79 %

8.87 %

8.40 %

8.16 %

Risk-weighted assets (1)

10.52 %

9.76 %

10.94 %

10.44 %

10.10 %

Average shareholders' equity as a percent of average assets

13.12 %

13.31 %

13.87 %

13.66 %

13.38 %

Average tangible shareholders' equity as a percent of average tangible assets (1)

8.01 %

7.97 %

8.54 %

8.26 %

7.94 %

Book value per share

$     28.02

$     28.11

$     27.48

$     26.71

$     26.13

Tangible book value per share (1)

$     16.15

$     15.74

$     16.19

$     15.40

$     14.80

Common equity tier 1 ratio (3)

12.23 %

11.32 %

12.91 %

12.57 %

12.29 %

Tier 1 ratio (3)

12.51 %

11.60 %

13.23 %

12.89 %

12.61 %

Total capital ratio (3)

15.71 %

15.46 %

15.32 %

14.98 %

14.90 %

Leverage ratio (3)

9.39 %

9.53 %

10.50 %

10.28 %

10.01 %

AVERAGE BALANCE SHEET ITEMS

Loans (4)

$ 14,028,324

$ 12,812,267

$ 11,806,065

$ 11,792,840

$ 11,724,727

Investment securities

4,769,261

3,988,846

3,552,014

3,478,921

3,411,593

Interest-bearing deposits with other banks

596,094

647,347

610,074

542,815

615,812

  Total earning assets

$ 19,393,679

$ 17,448,460

$ 15,968,153

$ 15,814,576

$ 15,752,132

Total assets

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

Noninterest-bearing deposits

$ 3,745,002

$ 3,436,709

$ 3,124,277

$ 3,143,081

$ 3,091,037

Interest-bearing deposits

13,900,550

12,521,948

11,387,648

11,211,694

11,149,633

  Total deposits

$ 17,645,552

$ 15,958,657

$ 14,511,925

$ 14,354,775

$ 14,240,670

Borrowings

$ 1,012,161

$   848,650

$   823,346

$   910,573

$ 1,001,337

Shareholders' equity

$ 2,947,585

$ 2,695,581

$ 2,575,203

$ 2,515,747

$ 2,457,785

CREDIT QUALITY RATIOS

Allowance to ending loans

1.36 %

1.39 %

1.38 %

1.34 %

1.33 %

Allowance to nonaccrual loans

182.73 %

183.18 %

213.18 %

206.08 %

261.07 %

Nonaccrual loans to total loans

0.75 %

0.76 %

0.65 %

0.65 %

0.51 %

Nonperforming assets to ending loans, plus OREO

0.75 %

0.76 %

0.65 %

0.65 %

0.51 %

Nonperforming assets to total assets

0.44 %

0.48 %

0.41 %

0.41 %

0.32 %

Classified assets to total assets

1.02 %

1.11 %

1.18 %

1.15 %

1.16 %

Net charge-offs to average loans (annualized)

0.35 %

0.27 %

0.18 %

0.21 %

0.36 %

(1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

(2) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

(3) March 31, 2026 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2026

2025

First

Fourth

Third

Second

First

Full

Quarter

Quarter

Quarter

Quarter

Quarter

Year

Interest income

  Loans and leases, including fees

$ 224,951

$ 215,663

$ 204,865

$ 201,460

$ 197,163

$ 819,151

  Investment securities

     Taxable

49,491

40,971

36,421

36,243

34,401

148,036

     Tax-exempt

2,526

2,363

2,195

2,233

2,204

8,995

        Total investment securities interest

52,017

43,334

38,616

38,476

36,605

157,031

  Other earning assets

5,450

6,334

6,773

5,964

6,651

25,722

       Total interest income

282,418

265,331

250,254

245,900

240,419

1,001,904

Interest expense

  Deposits

79,735

78,861

77,766

75,484

78,641

310,752

  Short-term borrowings

5,168

4,925

5,979

6,393

7,545

24,842

  Long-term borrowings

7,905

7,550

6,023

5,754

4,937

24,264

      Total interest expense

92,808

91,336

89,768

87,631

91,123

359,858

      Net interest income

189,610

173,995

160,486

158,269

149,296

642,046

  Provision for credit losses-loans and leases

6,030

9,688

8,612

9,084

9,141

36,525

  Provision for credit losses-unfunded commitments

2,510

412

453

718

(441)

1,142

      Net interest income after provision for credit losses

181,070

163,895

151,421

148,467

140,596

604,379

Noninterest income

  Service charges on deposit accounts

9,013

8,308

7,829

7,766

7,463

31,366

  Wealth management fees

10,482

9,288

7,351

7,787

8,137

32,563

  Bankcard income

3,580

3,590

3,589

3,737

3,310

14,226

  Client derivative fees

4,010

2,681

1,876

1,674

1,571

7,802

  Foreign exchange income

16,313

22,696

16,666

13,760

12,544

65,666

  Leasing business income

21,608

19,523

20,997

20,797

18,703

80,020

  Net gains from sales of loans

6,047

7,041

6,835

6,687

4,322

24,885

  Net gain (loss) on investment securities

(1,260)

(12,576)

(42)

243

(9,949)

(22,324)

  Gain on bargain purchase

8,892

0

0

0

0

0

  Other

3,221

4,216

8,424

5,612

4,982

23,234

      Total noninterest income

81,906

64,767

73,525

68,063

51,083

257,438

Noninterest expenses

  Salaries and employee benefits

99,856

85,123

80,607

74,917

75,238

315,885

  Net occupancy

7,553

6,315

6,003

5,845

6,019

24,182

  Furniture and equipment

4,693

3,940

3,582

3,441

3,813

14,776

  Data processing

12,654

10,465

9,591

9,020

8,759

37,835

  Marketing

2,652

3,056

2,359

2,737

2,018

10,170

  Professional services

3,986

6,231

2,314

3,549

2,739

14,833

  Amortization of tax credit investments

669

800

112

111

112

1,135

  FDIC assessments

3,645

2,923

2,611

2,611

3,059

11,204

  Intangible amortization

6,261

3,927

2,359

2,358

2,359

11,003

  Leasing business expense

14,129

13,837

13,911

13,155

12,802

53,705

  Other

13,310

12,914

10,820

10,927

11,158

45,819

      Total noninterest expenses

169,408

149,531

134,269

128,671

128,076

540,547

Income before income taxes

93,568

79,131

90,677

87,859

63,603

321,270

Income tax expense

19,123

16,738

18,754

17,863

12,310

65,665

      Net income

$  74,445

$  62,393

$  71,923

$  69,996

$  51,293

$ 255,605

ADDITIONAL DATA

Net earnings per share - basic

$    0.72

$    0.65

$    0.76

$    0.74

$    0.54

$    2.68

Net earnings per share - diluted

$    0.71

$    0.64

$    0.75

$    0.73

$    0.54

$    2.66

Dividends declared per share

$    0.25

$    0.25

$    0.25

$    0.24

$    0.24

$    0.98

Return on average assets

1.34 %

1.22 %

1.54 %

1.52 %

1.13 %

1.35 %

Return on average shareholders' equity

10.24 %

9.18 %

11.08 %

11.16 %

8.46 %

9.98 %

Interest income

$ 282,418

$ 265,331

$ 250,254

$ 245,900

$ 240,419

$ 1,001,904

Tax equivalent adjustment

1,186

1,227

1,248

1,246

1,213

4,934

   Interest income - tax equivalent

283,604

266,558

251,502

247,146

241,632

1,006,838

Interest expense

92,808

91,336

89,768

87,631

91,123

359,858

   Net interest income - tax equivalent

$ 190,796

$ 175,222

$ 161,734

$ 159,515

$ 150,509

$ 646,980

Net interest margin

3.97 %

3.96 %

3.99 %

4.01 %

3.84 %

3.95 %

Net interest margin (fully tax equivalent) (1)

3.99 %

3.98 %

4.02 %

4.05 %

3.88 %

3.98 %

Full-time equivalent employees

2,319

2,164

1,986

2,033

2,021

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

% Change

% Change

2026

2025

2025

2025

2025

Linked Qtr.

Comp Qtr.

ASSETS

     Cash and due from banks

$    170,641

$    178,553

$    174,659

$    210,187

$    190,610

(4.4) %

(10.5) %

     Interest-bearing deposits with other banks

1,032,259

597,338

565,080

570,173

633,349

72.8 %

63.0 %

     Investment securities available-for-sale

4,953,023

3,971,932

3,422,595

3,386,562

3,260,981

24.7 %

51.9 %

     Investment securities held-to-maturity

49,631

58,545

71,595

72,994

76,469

(15.2) %

(35.1) %

     Other investments

137,018

129,564

117,120

122,322

120,826

5.8 %

13.4 %

     Loans held for sale

18,280

16,953

21,466

26,504

17,927

7.8 %

2.0 %

     Loans and leases

       Commercial and industrial

4,693,786

4,632,241

3,838,630

3,927,771

3,832,350

1.3 %

22.5 %

       Lease financing

649,645

638,527

596,734

587,176

573,608

1.7 %

13.3 %

       Construction real estate

591,080

677,339

627,960

732,777

824,775

(12.7) %

(28.3) %

       Commercial real estate

4,473,468

4,384,556

4,048,370

3,961,513

3,956,880

2.0 %

13.1 %

       Residential real estate

1,831,338

1,832,184

1,494,464

1,492,688

1,479,704

0.0 %

23.8 %

       Home equity

1,026,839

1,005,204

935,975

903,299

872,502

2.2 %

17.7 %

       Installment

162,314

188,694

109,764

116,598

119,672

(14.0) %

35.6 %

       Credit card

66,371

65,325

62,654

64,374

64,639

1.6 %

2.7 %

          Total loans

13,494,841

13,424,070

11,714,551

11,786,196

11,724,130

0.5 %

15.1 %

       Less:

          Allowance for credit losses

(183,716)

(186,487)

(161,916)

(158,522)

(155,482)

(1.5) %

18.2 %

                Net loans

13,311,125

13,237,583

11,552,635

11,627,674

11,568,648

0.6 %

15.1 %

     Premises and equipment

228,384

204,760

198,251

197,741

197,968

11.5 %

15.4 %

     Operating leases

220,061

214,003

214,667

217,100

213,648

2.8 %

3.0 %

     Goodwill

1,099,543

1,099,524

1,007,656

1,007,656

1,007,656

0.0 %

9.1 %

     Other intangibles

145,927

118,832

73,797

75,458

77,002

22.8 %

89.5 %

     Accrued interest and other assets

1,396,114

1,301,792

1,134,985

1,119,884

1,089,983

7.2 %

28.1 %

       Total Assets

$ 22,762,006

$ 21,129,379

$ 18,554,506

$ 18,634,255

$ 18,455,067

7.7 %

23.3 %

LIABILITIES

     Deposits

       Interest-bearing demand

$  3,658,155

$  3,360,613

$  2,983,132

$  3,057,232

$  3,004,601

8.9 %

21.8 %

       Savings

6,460,546

5,973,532

5,029,097

4,979,124

4,886,613

8.2 %

32.2 %

       Time

3,817,268

3,622,227

3,293,707

3,201,711

3,144,440

5.4 %

21.4 %

          Total interest-bearing deposits

13,935,969

12,956,372

11,305,936

11,238,067

11,035,654

7.6 %

26.3 %

       Noninterest-bearing

3,982,753

3,465,470

3,127,512

3,131,926

3,161,302

14.9 %

26.0 %

          Total deposits

17,918,722

16,421,842

14,433,448

14,369,993

14,196,956

9.1 %

26.2 %

     FHLB short-term borrowings

550,000

675,000

550,000

680,000

735,000

(18.5) %

(25.2) %

     Other

70,457

332

45,167

4,699

64,792

21,122.0 %

8.7 %

          Total short-term borrowings

620,457

675,332

595,167

684,699

799,792

(8.1) %

(22.4) %

     Long-term debt

380,176

514,052

221,823

344,955

345,878

(26.0) %

9.9 %

          Total borrowed funds

1,000,633

1,189,384

816,990

1,029,654

1,145,670

(15.9) %

(12.7) %

     Accrued interest and other liabilities

902,026

748,937

672,213

676,453

611,206

20.4 %

47.6 %

       Total Liabilities

19,821,381

18,360,163

15,922,651

16,076,100

15,953,832

8.0 %

24.2 %

SHAREHOLDERS' EQUITY

     Common stock

1,789,676

1,647,618

1,641,315

1,638,796

1,637,041

8.6 %

9.3 %

     Retained earnings

1,485,573

1,437,286

1,399,577

1,351,674

1,304,636

3.4 %

13.9 %

     Accumulated other comprehensive income (loss)

(217,430)

(189,942)

(223,000)

(246,384)

(253,888)

14.5 %

(14.4) %

     Treasury stock, at cost

(117,194)

(125,746)

(186,037)

(185,931)

(186,554)

(6.8) %

(37.2) %

       Total Shareholders' Equity

2,940,625

2,769,216

2,631,855

2,558,155

2,501,235

6.2 %

17.6 %

       Total Liabilities and Shareholders' Equity

$ 22,762,006

$ 21,129,379

$ 18,554,506

$ 18,634,255

$ 18,455,067

7.7 %

23.3 %

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

2025

2025

2025

ASSETS

     Cash and due from banks

$    227,115

$    178,403

$    165,210

$    174,375

$    164,734

     Interest-bearing deposits with other banks

596,094

647,347

610,074

542,815

615,812

     Investment securities

4,769,261

3,988,846

3,552,014

3,478,921

3,411,593

     Loans held for sale

451,139

32,425

26,366

25,026

10,212

     Loans and leases

       Commercial and industrial

4,771,066

4,310,399

3,890,886

3,881,001

3,787,207

       Lease financing

630,204

617,518

592,510

581,091

585,119

       Construction real estate

643,270

679,884

711,011

784,028

797,100

       Commercial real estate

4,446,231

4,240,042

3,993,549

3,958,730

4,018,211

       Residential real estate

1,834,467

1,717,439

1,489,942

1,485,479

1,475,703

       Home equity

1,016,080

981,406

919,368

891,761

858,153

       Installment

166,979

164,013

114,058

117,724

127,192

       Credit card

68,888

69,141

68,375

68,000

65,830

          Total loans

13,577,185

12,779,842

11,779,699

11,767,814

11,714,515

       Less:

          Allowance for credit losses

(200,745)

(179,275)

(162,417)

(158,170)

(158,206)

                Net loans

13,376,440

12,600,567

11,617,282

11,609,644

11,556,309

     Premises and equipment

230,154

202,956

199,167

198,407

198,998

     Operating leases

215,318

211,091

217,404

212,684

205,181

     Goodwill

1,099,543

1,069,781

1,007,656

1,007,656

1,007,656

     Other intangibles

149,631

104,184

74,448

76,076

78,220

     Accrued interest and other assets

1,344,828

1,220,939

1,096,567

1,093,833

1,119,889

       Total Assets

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

LIABILITIES

     Deposits

       Interest-bearing demand

$  3,626,103

$  3,276,425

$  3,036,296

$  3,066,986

$  3,090,526

       Savings

6,406,223

5,740,651

5,054,563

5,005,526

4,918,004

       Time

3,868,224

3,504,872

3,296,789

3,139,182

3,141,103

          Total interest-bearing deposits

13,900,550

12,521,948

11,387,648

11,211,694

11,149,633

       Noninterest-bearing

3,745,002

3,436,709

3,124,277

3,143,081

3,091,037

          Total deposits

17,645,552

15,958,657

14,511,925

14,354,775

14,240,670

     Federal funds purchased and securities sold

          under agreements to repurchase

16,278

2,283

12,434

4,780

2,055

     FHLB short-term borrowings

538,084

444,511

497,092

532,198

553,667

     Other

0

13,891

21,519

26,226

99,378

          Total short-term borrowings

554,362

460,685

531,045

563,204

655,100

     Long-term debt

457,799

387,965

292,301

347,369

346,237

       Total borrowed funds

1,012,161

848,650

823,346

910,573

1,001,337

     Accrued interest and other liabilities

854,225

753,651

655,714

638,342

668,812

       Total Liabilities

19,511,938

17,560,958

15,990,985

15,903,690

15,910,819

SHAREHOLDERS' EQUITY

     Common stock

1,795,255

1,644,923

1,639,986

1,637,782

1,641,016

     Retained earnings

1,448,012

1,406,388

1,369,069

1,322,168

1,282,300

     Accumulated other comprehensive loss

(173,065)

(209,767)

(247,746)

(257,873)

(275,068)

     Treasury stock, at cost

(122,617)

(145,963)

(186,106)

(186,330)

(190,463)

       Total Shareholders' Equity

2,947,585

2,695,581

2,575,203

2,515,747

2,457,785

       Total Liabilities and Shareholders' Equity

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

 Quarterly Averages

March 31, 2026

December 31, 2025

March 31, 2025

Balance

Interest

Yield

Balance

Interest

Yield

Balance

Interest

Yield

Earning assets

    Investments:

      Investment securities

$ 4,769,261

$ 52,017

4.42 %

$ 3,988,846

$ 43,334

4.31 %

$ 3,411,593

$ 36,605

4.35 %

      Interest-bearing deposits with other banks

596,094

5,450

3.71 %

647,347

6,334

3.88 %

615,812

6,651

4.38 %

    Gross loans (1)

14,028,324

224,951

6.50 %

12,812,267

215,663

6.68 %

11,724,727

197,163

6.82 %

       Total earning assets

19,393,679

282,418

5.91 %

17,448,460

265,331

6.03 %

15,752,132

240,419

6.19 %

Nonearning assets

    Allowance for credit losses

(200,745)

(179,275)

(158,206)

    Cash and due from banks

227,115

178,403

164,734

    Accrued interest and other assets

3,039,474

2,808,951

2,609,944

       Total assets

$ 22,459,523

$ 20,256,539

$ 18,368,604

Interest-bearing liabilities

    Deposits:

      Interest-bearing demand

$ 3,626,103

$ 13,281

1.49 %

$ 3,276,425

$ 13,818

1.67 %

$ 3,090,526

$ 15,188

1.99 %

      Savings

6,406,223

32,480

2.06 %

5,740,651

32,343

2.24 %

4,918,004

30,355

2.50 %

      Time

3,868,224

33,974

3.56 %

3,504,872

32,700

3.70 %

3,141,103

33,098

4.27 %

    Total interest-bearing deposits

13,900,550

79,735

2.33 %

12,521,948

78,861

2.50 %

11,149,633

78,641

2.86 %

    Borrowed funds

      Short-term borrowings

554,362

5,168

3.78 %

460,685

4,925

4.24 %

655,100

7,545

4.67 %

      Long-term debt

457,799

7,905

7.00 %

387,965

7,550

7.72 %

346,237

4,937

5.78 %

        Total borrowed funds

1,012,161

13,073

5.24 %

848,650

12,475

5.83 %

1,001,337

12,482

5.06 %

       Total interest-bearing liabilities

14,912,711

92,808

2.52 %

13,370,598

91,336

2.71 %

12,150,970

91,123

3.04 %

Noninterest-bearing liabilities

    Noninterest-bearing demand deposits

3,745,002

3,436,709

3,091,037

    Other liabilities

854,225

753,651

668,812

    Shareholders' equity

2,947,585

2,695,581

2,457,785

       Total liabilities & shareholders' equity

$ 22,459,523

$ 20,256,539

$ 18,368,604

Net interest income

$   189,610

$   173,995

$   149,296

Net interest spread

3.39 %

3.32 %

3.15 %

Net interest margin

3.97 %

3.96 %

3.84 %

Tax equivalent adjustment

0.02 %

0.02 %

0.04 %

Net interest margin (fully tax equivalent)

3.99 %

3.98 %

3.88 %

(1) Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS  (1)

(Dollars in thousands)

(Unaudited)

 Linked Qtr. Income Variance

 Comparable Qtr. Income Variance

Rate

Volume

Total

Rate

Volume

Total

Earning assets

    Investment securities

$   1,138

$   7,545

$   8,683

$     604

$  14,808

$  15,412

    Interest-bearing deposits with other banks

(284)

(600)

(884)

(1,021)

(180)

(1,201)

    Gross loans (2)

(5,646)

14,934

9,288

(9,151)

36,939

27,788

       Total earning assets

(4,792)

21,879

17,087

(9,568)

51,567

41,999

Interest-bearing liabilities

    Total interest-bearing deposits

$  (5,438)

$   6,312

$     874

$ (14,686)

$  15,780

$   1,094

    Borrowed funds

    Short-term borrowings

(535)

778

243

(1,438)

(939)

(2,377)

    Long-term debt

(702)

1,057

355

1,042

1,926

2,968

       Total borrowed funds

(1,237)

1,835

598

(396)

987

591

       Total interest-bearing liabilities

(6,675)

8,147

1,472

(15,082)

16,767

1,685

          Net interest income (1)

$   1,883

$  13,732

$  15,615

$   5,514

$  34,800

$  40,314

(1) Not tax equivalent.

(2) Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

2025

2025

2025

ALLOWANCE FOR CREDIT LOSS ACTIVITY

Balance at beginning of period

$ 186,487

$ 161,916

$ 158,522

$ 155,482

$ 156,791

Initial allowance on purchased loans

2,829

23,652

0

0

0

  Provision for credit losses

6,030

9,688

8,612

9,084

9,141

  Gross charge-offs

    Commercial and industrial

10,788

6,636

2,165

4,996

8,178

    Lease financing

43

918

298

606

1,454

    Construction real estate

0

0

245

0

0

    Commercial real estate

29

433

3,105

0

0

    Residential real estate

127

151

0

16

0

    Home equity

119

95

92

100

86

    Installment

1,058

1,197

1,194

1,120

1,321

    Credit card

496

729

577

489

474

      Total gross charge-offs

12,660

10,159

7,676

7,327

11,513

  Recoveries

    Commercial and industrial

100

264

202

290

195

    Lease financing

23

201

291

11

29

    Construction real estate

0

0

0

0

0

    Commercial real estate

28

5

1,138

70

24

    Residential real estate

30

13

58

42

24

    Home equity

116

117

94

74

144

    Installment

598

682

609

716

563

    Credit card

135

108

66

80

84

      Total recoveries

1,030

1,390

2,458

1,283

1,063

  Total net charge-offs

11,630

8,769

5,218

6,044

10,450

Ending allowance for credit losses

$ 183,716

$ 186,487

$ 161,916

$ 158,522

$ 155,482

NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)

  Commercial and industrial

0.91 %

0.59 %

0.20 %

0.49 %

0.85 %

  Lease financing

0.01 %

0.46 %

0.00 %

0.41 %

0.99 %

  Construction real estate

0.00 %

0.00 %

0.14 %

0.00 %

0.00 %

  Commercial real estate

0.00 %

0.04 %

0.20 %

(0.01) %

0.00 %

  Residential real estate

0.02 %

0.03 %

(0.02) %

(0.01) %

(0.01) %

  Home equity

0.00 %

(0.01) %

0.00 %

0.01 %

(0.03) %

  Installment

1.12 %

1.25 %

2.03 %

1.38 %

2.42 %

  Credit card

2.13 %

3.56 %

2.97 %

2.41 %

2.40 %

     Total net charge-offs

0.35 %

0.27 %

0.18 %

0.21 %

0.36 %

COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

  Nonaccrual loans

    Commercial and industrial

$  22,576

$  27,461

$  23,832

$  24,489

$   7,649

    Lease financing

5,857

5,660

5,885

6,243

6,487

    Construction real estate

715

1,120

1,120

1,365

0

    Commercial real estate

49,481

45,590

24,443

23,905

25,736

    Residential real estate

17,439

18,302

16,452

16,995

16,044

    Home equity

3,687

2,927

3,567

3,226

2,920

    Installment

786

748

652

701

719

      Total nonaccrual loans

100,541

101,808

75,951

76,924

59,555

  Other real estate owned (OREO)

238

184

111

204

213

     Total nonperforming assets

100,779

101,992

76,062

77,128

59,768

  Accruing loans past due 90 days or more

1,366

411

592

714

228

     Total underperforming assets

$ 102,145

$ 102,403

$  76,654

$  77,842

$  59,996

Total classified assets

$ 232,368

$ 235,451

$ 218,794

$ 214,346

$ 213,351

CREDIT QUALITY RATIOS

Allowance for credit losses to

     Nonaccrual loans

182.73 %

183.18 %

213.18 %

206.08 %

261.07 %

     Total ending loans

1.36 %

1.39 %

1.38 %

1.34 %

1.33 %

Nonaccrual loans to total loans

0.75 %

0.76 %

0.65 %

0.65 %

0.51 %

Nonperforming assets to

     Ending loans, plus OREO

0.75 %

0.76 %

0.65 %

0.65 %

0.51 %

     Total assets

0.44 %

0.48 %

0.41 %

0.41 %

0.32 %

Classified assets to total assets

1.02 %

1.11 %

1.18 %

1.15 %

1.16 %

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

2025

2025

2025

PER COMMON SHARE

Market Price

  High

$     31.16

$     26.98

$     26.79

$     25.19

$     29.04

  Low

$     25.09

$     23.26

$     23.55

$     22.05

$     24.25

  Close

$     27.88

$     25.02

$     25.25

$     24.26

$     24.98

Average shares outstanding - basic

103,705,269

96,724,148

94,889,341

94,860,428

94,645,787

Average shares outstanding - diluted

104,615,405

97,593,800

95,753,798

95,741,696

95,524,262

Ending shares outstanding

104,932,829

98,521,726

95,757,250

95,760,617

95,730,353

Total shareholders' equity

$ 2,940,625

$ 2,769,216

$ 2,631,855

$ 2,558,155

$ 2,501,235

REGULATORY CAPITAL

Preliminary

Common equity tier 1 capital

$ 1,970,561

$ 1,798,266

$ 1,828,843

$ 1,776,038

$ 1,724,134

Common equity tier 1 capital ratio

12.23 %

11.32 %

12.91 %

12.57 %

12.29 %

Tier 1 capital

$ 2,016,070

$ 1,843,672

$ 1,874,191

$ 1,821,316

$ 1,769,357

Tier 1 ratio

12.51 %

11.60 %

13.23 %

12.89 %

12.61 %

Total capital

$ 2,531,124

$ 2,457,377

$ 2,170,546

$ 2,116,180

$ 2,090,211

Total capital ratio

15.71 %

15.46 %

15.32 %

14.98 %

14.90 %

Total capital in excess of minimum requirement

$   839,542

$   788,889

$   683,018

$   632,563

$   617,347

Total risk-weighted assets

$ 16,110,302

$ 15,890,363

$ 14,166,935

$ 14,129,683

$ 14,027,274

Leverage ratio

9.39 %

9.53 %

10.50 %

10.28 %

10.01 %

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

12.92 %

13.11 %

14.18 %

13.73 %

13.55 %

Ending tangible shareholders' equity to ending tangible assets (1)

7.88 %

7.79 %

8.87 %

8.40 %

8.16 %

Average shareholders' equity to average assets

13.12 %

13.31 %

13.87 %

13.66 %

13.38 %

Average tangible shareholders' equity to average tangible assets (1)

8.01 %

7.97 %

8.54 %

8.26 %

7.94 %

REPURCHASE PROGRAM (2)

Shares repurchased

0

0

0

0

0

Average share repurchase price

N/A

N/A

N/A

N/A

N/A

Total cost of shares repurchased

N/A

N/A

N/A

N/A

N/A

(1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

(2) Represents share repurchases as part of publicly announced plans.

N/A = Not applicable

SOURCE First Financial Bancorp.

First Financial Bancorp (FFBC - Free Report) reported $272.7 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 35.3%. EPS of $0.77 for the same period compares to $0.63 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $259.5 million, representing a surprise of +5.09%. The company delivered an EPS surprise of +10.52%, with the consensus EPS estimate being $0.70.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how First Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 62.4% compared to the 60.8% average estimate based on three analysts.Net Interest Margin: 4% versus the three-analyst average estimate of 4%.Average Balance - Total earning assets: $19.39 billion versus $18.99 billion estimated by two analysts on average.Net charge-offs to average loans (annualized): 0.4% compared to the 0.3% average estimate based on two analysts.Total Noninterest Income: $81.91 million compared to the $72.16 million average estimate based on three analysts.Net interest income - tax equivalent: $190.8 million compared to the $184.63 million average estimate based on two analysts.Service charges on deposit accounts: $9.01 million compared to the $8.45 million average estimate based on two analysts.Bankcard income: $3.58 million compared to the $3.68 million average estimate based on two analysts.View all Key Company Metrics for First Financial here>>>

Shares of First Financial have returned +5.1% over the past month versus the Zacks S&P 500 composite's +9.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

, /PRNewswire/ -- On Tuesday, April 28, 2026, the board of directors of First Financial Bancorp. (NASDAQ: FFBC) declared a quarterly cash dividend of $0.25 per common share. The dividend is payable on June 15, 2026 to shareholders of record as of June 1, 2026.

About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of March 31, 2026, the Company had $22.8 billion in assets, $13.5 billion in loans, $17.9 billion in deposits and $2.9 billion in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.1 billion in assets under management as of March 31, 2026. The Company operated 153 full service banking centers as of March 31, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act. First Financial was recognized in 2025 and 2026 as a Gallup Exceptional Workplace Award winner, one of only a select few organizations to receive this designation. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

SOURCE First Financial Bancorp.

First Financial Bancorp maintains a return on tangible common equity in the high teens, and we were able to buy the stock at an attractive valuation. We purchased shares of Guardant Health, as recent due diligence highlighted a stable competitive environment and underscored a number of positive catalysts for the company over the next several years. We exited our position in Dynatrace, Inc. to redeploy capital to other higher conviction names following the broad software de-rating.

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a great growth stock is not easy at all.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Our proprietary system currently recommends First Financial Bancorp (FFBC - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this holding company for First Financial Bank a great growth pick right now.

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for First Financial is 6.8%, investors should actually focus on the projected growth. The company's EPS is expected to grow 9.2% this year, crushing the industry average, which calls for EPS growth of 7.4%.

Impressive Asset Utilization RatioGrowth investors often overlook asset utilization ratio, also known as sales-to-total-assets (S/TA) ratio, but it is an important feature of a real growth stock. This metric shows how efficiently a firm is utilizing its assets to generate sales.

Right now, First Financial has an S/TA ratio of 0.07, which means that the company gets $0.07 in sales for each dollar in assets. Comparing this to the industry average of 0.06, it can be said that the company is more efficient.

While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And First Financial is well positioned from a sales growth perspective too. The company's sales are expected to grow 19.7% this year versus the industry average of 9.4%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for First Financial have been revising upward. The Zacks Consensus Estimate for the current year has surged 7.2% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made First Financial a Zacks Rank #2 stock, it has earned itself a Growth Score of B based on a number of factors, including the ones discussed above.

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

This combination positions First Financial well for outperformance, so growth investors may want to bet on it.

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Based in Cincinnati, First Financial Bancorp (FFBC - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 23.26%. Currently paying a dividend of $0.25 per share, the company has a dividend yield of 3.24%. In comparison, the Banks - Midwest industry's yield is 2.61%, while the S&P 500's yield is 1.44%.

Looking at dividend growth, the company's current annualized dividend of $1.00 is up 2% from last year. Over the last 5 years, First Financial Bancorp has increased its dividend 1 times on a year-over-year basis for an average annual increase of 0.82%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. First Financial's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, FFBC expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $3.20 per share, which represents a year-over-year growth rate of 9.22%.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. It's important to keep in mind that not all companies provide a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, FFBC presents a compelling investment opportunity; it's not only an attractive dividend play, but the stock also boasts a strong Zacks Rank of #2 (Buy).

, /PRNewswire/ -- First Financial Bank (Nasdaq: FFBC) has completed the conversion of BankFinancial's operating systems and is now offering consumer banking, commercial banking, specialty banking and wealth management services under the First Financial brand in the Chicagoland area. All retail branches and ATMs have been rebranded as First Financial Bank as of today, and clients can begin to directly access First Financial's wide variety of banking and financial services. First Financial has also committed $1 million to the First Financial Foundation for the benefit of organizations in the Chicagoland area now being served by the bank.

First Financial completes conversion of BankFinancial at locations including this one in Libertyville, Illinois. "BankFinancial clients who have transitioned to First Financial are learning more about our focus on creating opportunities for our clients and communities to thrive," said Archie Brown, president and CEO of First Financial Bank. "We are serving Chicagoland with a community-first approach while offering our deep banking expertise and a comprehensive suite of financial services."

First Financial retail locations are now open in Calumet City at 1901 Sibley Blvd., Calumet Park at 1333 W. 127th St., Chicago Ridge at 6415 W. 95th St., Deerfield at 630 N. Waukegan Rd., Downers Grove at 5140 Main St., Flossmoor at 2743 Flossmoor Rd., Hyde Park at 1354 E. 55th St., Joliet at 1401 N. Larkin Ave., Libertyville-North at 1409 W. Peterson Rd., Lincoln Park at 2424 N. Clark St., Lincolnshire at One Marriott Dr., Lincolnwood at 3443 W. Touhy, Olympia Fields at 21110 S. Western Ave., Orland Park at 48 Orland Square Dr. and Westmont at 6301 Fairview Ave. First Financial also maintains a commercial real estate lending office at 60 N. Frontage Rd. in Burr Ridge.

The conversion consolidated products, processes and operating systems from the two banks, and BankFinancial clients can continue banking through their local branches as they always have. Clients also can take advantage of a wider range of solutions to meet their financial needs, including expanded mortgage lending, commercial banking, wealth management and specialty banking services. First Financial has been communicating with BankFinancial clients in recent weeks to help them through the conversion.

First Financial's new retail locations in Chicagoland expand its presence in the area, where it already has locations in Northwest Indiana and in Kankakee, Watseka and Hoopeston in Northeast Illinois. First Financial also operates a commercial lending office in Fulton Market; an office for Bannockburn Capital Markets division in Chicago's downtown Loop; and its recently acquired Agile Premium Finance division in Lincolnshire, Illinois. Additional specialty banking services include Oak Street Funding, providing customized business financing, and Summit Funding Group, specializing in equipment leasing and financing.

About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of March 31, 2026, the Company had $22.8 billion in assets, $13.5 billion in loans, $17.9 billion in deposits and $2.9 billion in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.1 billion in assets under management as of March 31, 2026. The Company operated 153 full service banking centers as of March 31, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

SOURCE First Financial Bancorp.

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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