Cognex Reports Third Quarter 2024 Results
NATICK, Mass., Oct. 30, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today reported financial results for the third quarter of 2024. Table 1 below shows selected financial data for Q3-24 compared with Q3-23 and Q2-24.
"Cognex generated third quarter revenue and adjusted EBITDA margin in line with our guidance," said Robert J. Willett, CEO. "Revenue grew year-on-year on both a reported basis and excluding Moritex, led by continued strength in our Logistics and Semiconductor end markets. However, conditions across our broader factory automation business remain soft, with a further step-down in Automotive."
Mr. Willett continued, "We made good strides in innovation, rolling out additional out-of-the-box AI features that are enhancing our products. We also continue to see our Emerging Customer initiative ramp well and attract many new customers."
Dennis Fehr, CFO, added, "In this prolonged soft macro environment, we tightly managed costs and working capital. Despite a ramp in strategic investments, we delivered a sequential decrease in operating expenses. Combined with working capital efficiencies, this led to our highest quarterly operating cash flow and free cash flow since Q4-2022."
Table 1
(Dollars in millions, except per share amounts)
---
Current Prior
Year Prior
Quarter Quarter
Q3-23 Y/Y Quarter Q/Q
Q3-24 Change
Q2-24 Change
Revenue $235 $197 +19 % $239 -2 %
Operating Income $32 $31 +3 % $38 -18 %
% of Revenue 13.4 % 15.5 % (209 bps) 16.1 % (262 bps)
Adjusted EBITDA* $41 $34 +20 % $48 -13 %
% of Revenue 17.6 % 17.4 % +19 bps 19.9 % (232 bps)
Net Income per Diluted Share $0.17 $0.11 +57 % $0.21 -18 %
Adjusted EPS (Diluted)* $0.20 $0.17 +19 % $0.23 -13 %
Note: Numbers shown may not foot due to rounding.
*Adjusted EBITDA and Adjusted EPS (Diluted) exclude Non-GAAP adjustments. A reconciliation from GAAP to Non-GAAP metrics is provided in this news release.
Details of the Quarter
Statement of Operations Highlights - Third Quarter of 2024
-- As previously noted, results include four months of financials for
Moritex, which was acquired by Cognex in October 2023, as we aligned
Moritex's accounting close schedule with the Cognex close schedule in
the quarter.
-- Revenue grew by 19% from Q3-23. Excluding the 12 percentage point
contribution to revenue growth by Moritex, revenue increased by 7%. The
year-on-year increase in revenue excluding Moritex was driven by strong
growth in our Logistics and Semiconductor businesses as well as the
timing of Consumer Electronics revenue. Sequentially, revenue decreased
by 2% from Q2-24, or 5% excluding Moritex, primarily due to the
seasonality of Consumer Electronics revenue.
-- Gross margin was 67.9% for Q3-24 compared to 72.4% for Q3-23 and 69.6%
for Q2-24. We recorded $2 million in amortization of intangible assets
and other acquisition charges in cost of revenue in Q3-24, primarily
related to the Moritex acquisition. Adjusted gross margin was 68.7% for
Q3-24 compared to 72.7% for Q3-23 and 70.3% for Q2-24. The year-on-year
decline was primarily driven by an approximately 3 percentage point
dilution effect from Moritex while negative mix and pricing contributed
to the sequential decline.
-- Operating expenses of $128 million increased by 14% from Q3-23 and were
slightly down from Q2-24. We recorded $3 million in amortization of
intangible assets, integration costs, and other acquisition charges in
operating expenses in Q3-24, primarily related to the Moritex
acquisition. Adjusted operating expenses of $125 million in Q3-24
increased by 10% from Q3-23 and were slightly down from Q2-24. The
year-on-year increase was driven by expenses related to Moritex, our
investment in the Emerging Customer initiative, and incentive
compensation, partly offset by lower headcount excluding Moritex and the
Emerging Customer initiative, as well as disciplined cost management.
-- Net Income of $30 million increased by 56% from Q3-23 and declined by
18% from Q2-24. Adjusted Net Income of $34 million in Q3-24 increased by
19% from Q3-23 and declined by 13% from Q2-24. The year-on-year increase
in Adjusted Net Income was primarily driven by the contribution from
Moritex.
-- The effective tax rate was 19% in Q3-24 and 30% in Q3-23. Excluding
discrete tax items and the tax impact of non-GAAP adjustments, the
adjusted effective tax rate was 18% in both periods.
Balance Sheet and Cash Flow Highlights - September 29, 2024
-- Cognex's financial position as of September 29, 2024 continued to be
strong, with $607 million in cash and investments and no debt as of
September 29, 2024.
-- In Q3-24, Cognex generated $56 million of cash from operating activities
and $52 million in free cash flow, a $15 million and $17 million
improvement year-on-year, respectively.
-- The company spent $4 million to repurchase its common stock and paid $13
million in dividends to shareholders. Cognex intends to continue to
repurchase shares of its common stock pursuant to its existing stock
repurchase program, subject to market conditions and other relevant
factors.
Financial Outlook - Fourth Quarter of 2024
-- Cognex expects revenue to be between $210 million and $230 million. This
range represents a sequential decrease in revenue from Q3-24 to Q4-24
driven by Consumer Electronics seasonality and one fewer month of
Moritex financials. Year-on-year, at the midpoint, this represents a
low-double-digit increase on a reported basis, or a high-single-digit
increase, excluding Moritex, driven by continued growth in Logistics and
Semi. We expect the Moritex business to contribute 6 to 8 percent of
revenue in Q4-24.
-- Adjusted gross margin(1) is expected to be in the high 60 percent range.
Mix as well as competitive pricing are expected to be sequential
headwinds, partially offset by the favorable impact of one fewer month
of Moritex financials.
-- Adjusted EBITDA margin(1) is expected to be between 14% and 17%. This
represents a 3 percentage point increase year-on-year at the midpoint
driven by expected continued tight management of operating expenses and
positive operating leverage slightly offset by lower gross margin and
investment in the Emerging Customer initiative.
-- The adjusted effective tax rate(1) is expected to be 16%.
(1)Cognex has provided the forward-looking non-GAAP measures of adjusted gross margin, adjusted EBITDA margin, and adjusted effective tax rate, but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as restructuring charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex's control. Additionally, these items are outside of Cognex's normal business operations and not used by management to assess Cognex's operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled "Reconciliation of Selected Items From GAAP to Non-GAAP".
Analyst Conference Call and Simultaneous Webcast
-- Cognex will host a conference call on October 31, 2024 at 8:30 a.m.
Eastern Daylight Time (EDT). The telephone number is (877) 704-4573 (or
(201) 389-0911 if outside the United States).
-- A real-time audio broadcast of the conference call or an archived
recording, together with a slide presentation, will be accessible on the
Events & Presentations page of the Cognex Investor website:
www.cognex.com/investor.
COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 29, December 31,
2024 2023
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $197,075 $202,655
Current investments, amortized cost of $91,658 and $132,799 in 2024 and 2023, 90,803 129,392
respectively, allowance for credit losses of $0 in 2024 and 2023
Accounts receivable, allowance for credit losses of $604 and $583 in 2024 and 2023, 157,968 114,164
respectively
Unbilled revenue 2,117 2,402
Inventories 155,278 162,285
Prepaid expenses and other current assets 68,841 68,099
Total current assets 672,082 678,997
Non-current investments, amortized cost of $318,268 and $250,790 in 2024 and 2023, 319,287 244,230
respectively, allowance for credit losses of $0 in 2024 and 2023
Property, plant, and equipment, net 103,177 105,849
Operating lease assets 72,433 75,115
Goodwill 391,673 393,181
Intangible assets, net 102,550 112,952
Deferred income taxes 395,205 400,400
Other assets 6,840 7,088
Total assets $2,063,247 $2,017,812
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $29,984 $21,454
Accrued expenses 76,675 72,374
Accrued income taxes 24,226 16,907
Deferred revenue and customer deposits 30,045 31,525
Operating lease liabilities 9,806 9,624
Total current liabilities 170,736 151,884
Non-current operating lease liabilities 67,375 68,977
Deferred income taxes 230,368 246,877
Reserve for income taxes 26,491 26,685
Non-current accrued income taxes - 18,338
Other liabilities 1,251 299
Total liabilities 496,221 513,060
Commitments and contingencies (Note 10)
Shareholders' equity:
Preferred stock, $.01 par value - Authorized: 400 shares in 2024 and 2023, -
respectively; no shares issued and outstanding
Common stock, $.002 par value - Authorized: 300,000 shares in 2024 and 2023, 343 343
respectively; issued and outstanding: 171,515 and 171,599 shares in 2024 and 2023,
respectively
Additional paid-in capital 1,076,363 1,037,202
Retained earnings 527,909 512,543
Accumulated other comprehensive loss, net of tax (37,589) (45,336)
Total shareholders' equity 1,567,026 1,504,752
Total liabilities and shareholders' equity $2,063,247 $2,017,812
COGNEX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three-months Ended Nine-months Ended
September 29, October 1, September 29, October 1,
2024 2023 2024 2023
Revenue $234,742 $197,241 $684,831 $640,877
Cost of revenue 75,343 54,467 216,896 174,680
Gross margin 159,399 142,774 467,935 466,197
Percentage of revenue 67.9 % 72.4 % 68.3 % 72.7 %
Research, development, and engineering expenses 35,210 32,580 107,277 104,707
Percentage of revenue 15.0 % 16.5 % 15.7 % 16.3 %
Selling, general, and administrative expenses 92,625 82,307 276,433 248,767
Percentage of revenue 39.5 % 41.7 % 40.4 % 38.8 %
Loss (recovery) from fire - (2,750) (5,250)
Operating income 31,564 30,637 84,225 117,973
Percentage of revenue 13.4 % 15.5 % 12.3 % 18.4 %
Foreign currency gain (loss) 1,221 (8,699) 1,086 (9,910)
Investment income 3,561 4,891 9,797 12,573
Other income (expense) 209 173 581 358
Income before income tax expense 36,555 27,002 95,689 120,994
Income tax expense 6,964 8,086 17,864 18,989
Net income $29,591 $18,916 $77,825 $102,005
Percentage of revenue 12.6 % 9.6 % 11.4 % 15.9 %
Net income per weighted-average common and common-equivalent share:
Basic $0.17 $0.11 $0.45 $0.59
Diluted $0.17 $0.11 $0.45 $0.59
Weighted-average common and common-equivalent shares outstanding:
Basic 171,519 172,169 171,588 172,408
Diluted 172,753 173,354 172,733 173,659
Cash dividends per common share $0.075 $0.070 $0.225 $0.210
(1) Amounts include stock-based compensation expense, as follows:
Cost of revenue $442 $435 $1,460 $1,497
Research, development, and engineering 3,707 3,459 11,636 12,657
Selling, general, and administrative 8,952 8,471 26,271 27,364
Total stock-based compensation expense $13,101 $12,365 $39,367 $41,518
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, including adjusted gross margin, adjusted operating expense, adjusted operating income, adjusted EBITDA, adjusted net income, adjusted earnings per share of common stock, diluted, adjusted effective tax rate, and free cash flow. Cognex defines its non-GAAP metrics as follows:
-- Adjusted gross margin: Gross margin adjusted for amortization of
acquisition-related intangible assets, as well as, if applicable,
restructuring charges, acquisition and integration costs and other
one-time discrete events, such as loss or recovery related to a fire.
-- Adjusted operating expense: Operating expense adjusted for amortization
of acquisition-related intangible assets, as well as, if applicable,
restructuring charges, acquisition and integration costs and other
one-time discrete events, such as loss or recovery related to a fire.
-- Adjusted operating income: Operating income adjusted for amortization of
acquisition-related intangible assets, as well as, if applicable,
restructuring charges, acquisition and integration costs and other
one-time discrete events, such as loss or recovery related to a fire.
-- Adjusted EBITDA: Operating income adjusted for amortization of
acquisition-related intangible assets and depreciation, as well as, if
applicable, restructuring charges, acquisition and integration costs and
other one-time discrete events, such as loss or recovery related to a
fire.
-- Adjusted net income: Net income adjusted for amortization of
acquisition-related intangible assets, as well as, if applicable,
restructuring charges, acquisition and integration costs and other
one-time discrete events, such as loss or recovery related to a fire or
a foreign currency (gain) loss on a forward contract to hedge the
Moritex purchase price.
-- Adjusted earnings per share of common stock, diluted: Adjusted net
income divided by diluted weighted average common and common-equivalent
shares.
-- Adjusted effective tax rate: Effective tax rate adjusted for discrete
tax items and the net impact of the other non-GAAP adjustments.
-- Free cash flow: Cash provided by operating activities less cash for
capital expenditures.
Beginning in the fourth quarter of 2023, we updated the calculation of our non-GAAP measures to exclude acquisition and integration costs and amortization of acquisition-related intangible assets. These changes have been applied retrospectively to the third quarter of 2023 and the nine month period ending October 1, 2023. Cognex also uses results on a constant-currency basis as one measure to evaluate its performance and compares results between periods as if the exchange rates had remained constant period-over-period.
Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare results over multiple periods using the same methodology that management employs in its budgeting process, in its review of operating results, and for forecasting and planning for future periods. Cognex's definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain non-recurring expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
Please see the section "Reconciliation of Selected Items from GAAP to Non-GAAP" below for more detailed information regarding non-GAAP financial measures herein, including the items reflected in our adjusted financial metrics and a description of these adjustments.
COGNEX CORPORATION
RECONCILIATION OF SELECTED ITEMS FROM GAAP TO NON-GAAP
Dollars in thousands, except per share amounts (Unaudited)
Three-months Ended Nine-months Ended
September 29, June 30, October 1, September 29, October 1,
2024 2024 2023 2024 2023
Gross margin (GAAP) $159,399 $166,599 $142,774 $467,935 $466,197
Acquisition and integration costs 281 233 2,082
Amortization of acquisition-related intangible assets 1,640 1,388 550 4,457 1,849
Adjusted gross margin $161,320 $168,220 $143,324 $474,474 $468,046
GAAP gross margin percent of revenue 67.9 % 69.6 % 72.4 % 68.3 % 72.7 %
Adjusted gross margin percent of revenue 68.7 % 70.3 % 72.7 % 69.3 % 73.0 %
Operating expense (GAAP) $127,835 $128,142 $112,137 $383,710 $348,224
(Loss) recovery from fire - 2,750 5,250
Acquisition and integration costs (962) (1,203) (1,241) (3,468) (1,979)
Amortization of acquisition-related intangible assets (1,746) (1,339) (193) (4,469) (579)
Adjusted operating expense $125,127 $125,600 $113,453 $375,773 $350,916
Operating income (GAAP) $31,564 $38,457 $30,637 $84,225 $117,973
Loss (recovery) from fire - (2,750) (5,250)
Acquisition and integration costs 1,243 1,436 1,241 5,550 1,979
Amortization of acquisition-related intangible assets 3,386 2,727 743 8,926 2,428
Adjusted operating income $36,193 $42,620 $29,871 $98,701 $117,130
GAAP operating income percent of revenue 13.4 % 16.1 % 15.5 % 12.3 % 18.4 %
Adjusted operating income percent of revenue 15.4 % 17.8 % 15.1 % 14.4 % 18.3 %
Depreciation (adjusted for amounts included in 5,027 4,948 4,380 15,254 12,557
Acquisition and integration costs)
Adjusted EBITDA $41,220 $47,568 $34,251 $113,955 $129,687
Adjusted EBITDA margin percent of revenue 17.6 % 19.9 % 17.4 % 16.6 % 20.2 %
Net income (GAAP) $29,591 $36,212 $18,916 $77,825 $102,005
Loss (recovery) from fire - (2,750) (5,250)
Acquisition and integration costs 1,243 1,436 1,241 5,550 1,979
Amortization of acquisition-related intangible assets 3,386 2,727 743 8,926 2,428
Foreign currency (gain) loss on forward contract - 8,456 8,456
Discrete tax (benefit) expense 889 (463) 4,035 3,511 840
Tax impact of reconciling items (1,176) (1,033) (2,037) (3,563) (2,072)
Adjusted net income $33,933 $38,879 $28,604 $92,249 $108,386
Earnings per share of common stock, diluted (GAAP) $0.17 $0.21 $0.11 $0.45 $0.59
Loss (recovery) from fire - (0.02) (0.03)
Acquisition and integration costs 0.01 0.01 0.01 0.03 0.01
Amortization of acquisition-related intangible assets 0.02 0.02 0.05 0.01
Foreign currency (gain) loss on forward contract - 0.05 0.05
Discrete tax (benefit) expense 0.01 0.02 0.02
Tax impact of reconciling items (0.01) (0.01) (0.01) (0.02) (0.01)
Adjusted earnings per share of common stock, diluted $0.20 $0.23 $0.17 $0.53 $0.62
Effective tax rate (GAAP) 19.1 % 12.9 % 29.9 % 18.7 % 15.7 %
Discrete tax benefit (expense) (2.4) % 1.1 % (14.9) % (3.7) % (0.7) %
Net impact of other reconciling items 1.0 % 1.0 % 2.5 % 1.3 % 0.7 %
Adjusted effective tax rate 17.6 % 15.0 % 17.5 % 16.3 % 15.7 %
Cash provided by operating activities (GAAP) $56,271 $27,763 $41,023 $97,677 $98,425
Capital expenditures (4,399) (4,510) (5,855) (12,970) (16,062)
Free cash flow $51,872 $23,253 $35,168 $84,707 $82,363
Description of adjustments:
In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures that incorporate adjustments for the impacts of special items. Adjustments incorporated in the preparation of these non-GAAP measures for the periods presented include the items described below:
Depreciation:
-- The company incurs expense related to its normal use of property, plant
and equipment.
Loss (recovery) from fire:
-- On June 7, 2022, the Company's primary contract manufacturer experienced
a fire at its plant in Indonesia. During the nine-month period ended
October 1, 2023, the Company recorded recoveries related to the fire of
$5,250,000, consisting of $2,500,000 in the second quarter of 2023 for
proceeds received from the Company's insurance carrier in relation to a
business interruption claim and $2,750,000 in the third quarter of 2023
for proceeds received as part of a financial settlement for lost
inventory and other losses incurred as a result of the fire. Management
does not anticipate additional recoveries.
Acquisition and integration costs:
-- The Company has incurred charges related to the purchase and integration
of acquired businesses. During the nine-month period ended September 29,
2024, these costs were primarily related to the ongoing integration of
Moritex Corporation.
Amortization of acquisition-related intangible assets:
-- The Company excludes the amortization of acquired intangible assets from
non-GAAP expense and income measures. These items are inconsistent in
amount and frequency and are significantly impacted by the timing and
size of acquisitions, and include the amortization of customer
relationships, completed technologies, and trademarks that originated
from prior acquisitions. The largest driver of intangible asset
amortization was the acquisition of Moritex Corporation.
Discrete tax (benefit) expense:
-- Items unrelated to current period ordinary income or (loss) that
generally relate to changes in tax laws, adjustments to prior period's
actual liability determined upon filing tax returns, adjustments to
previously recorded reserves for uncertain tax positions, and initially
recording or fully reversing valuation allowances.
-- We estimate the tax effect of items identified in the reconciliation by
applying the statutory tax rate to the pre-tax amount.
Certain statements made in this release, as well as oral statements made by the Company from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers can identify these forward-looking statements by our use of the words "expects," "anticipates," "estimates," "potential," "believes," "projects," "intends," "plans," "will," "may," "shall," "could," "should," "opportunity," "goal" and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance and financial targets, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities (including our "Emerging Customer" sales initiative), new product offerings, innovation and product development activities, customer acceptance of our products, capital expenditures, cost and working capital management activities, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, acquisitions, and estimated tax benefits and expenses and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products and the inability to develop new products, particularly in connection with emerging artificial intelligence technologies; (2) the impact of competitive pressures, including the potential decrease in demand or prices for our products; (3) the inability to attract and retain skilled employees and maintain our unique corporate culture; (4) the failure to properly manage the distribution of products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the economic climate in China, and the wars involving Ukraine and Israel; (6) the challenges in integrating and achieving expected results from acquired businesses, including our acquisition of Moritex Corporation; (7) information security breaches and other cybersecurity risks; (8) the failure to comply with laws or regulations relating to data privacy or data protection; (9) the inability to protect our proprietary technology and intellectual property; (10) the failure to manufacture and deliver products in a timely manner; (11) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices; (12) the failure to effectively manage product transitions or accurately forecast customer demand; (13) the inability to manage disruptions to our distribution centers or to our key suppliers; (14) the inability to design and manufacture high-quality products; (15) the loss of, or curtailment of or delays in purchases by, large customers in the logistics, consumer electronics, or automotive industries; (16) potential impairment charges with respect to our investments or acquired intangible assets; (17) exposure to additional tax liabilities, increases and fluctuations in our effective tax rate, and other tax matters; (18) fluctuations in foreign currency exchange rates and the use of derivative instruments; (19) unfavorable global economic conditions, including high interest rates and fluctuating inflation rates; (20) business disruptions from natural or man-made disasters, such as fire, floods, or public health issues; (21) exposure to potential liabilities, increased costs (including regulatory compliance costs), reputational harm, and other potential impacts associated with expectations relating to environmental, social, and governance considerations; (22) stock price volatility; and (23) our involvement in time-consuming and costly litigation or activist shareholder activities. The foregoing list should not be construed as exhaustive and we encourage readers to refer to the detailed discussion of risk factors included in Part I - Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by Part II - Item 1A of the Company's most recent Quarterly Report on Form 10-Q, as well as the other risks detailed in reports filed by the Company with the SEC. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such statements are made.
About Cognex Corporation
Cognex Corporation ("the Company" or "Cognex") invents and commercializes technologies that address some of the most critical manufacturing and distribution challenges. We are a leading global provider of machine vision products and solutions that improve efficiency and quality in high-growth-potential businesses across attractive industrial end markets. Our solutions blend physical products and software to capture and analyze visual information, allowing for the automation of manufacturing and distribution tasks for customers worldwide. Machine vision products are used to automate the manufacturing or distribution and tracking of discrete items, such as mobile phones, electric vehicle batteries and e-commerce packages, by locating, identifying, inspecting, and measuring them. Machine vision is important for applications in which human vision is inadequate to meet requirements for size, accuracy, or speed, or in instances where substantial cost savings or quality improvements are maintained.
Cognex is the world's leader in the machine vision industry, having shipped more than 4.5 million image-based products, representing over $11 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe, and Asia. For details, visit Cognex online at www.cognex.com.
Investor Contacts:
Nathan McCurren - Head of Investor Relations
Jordan Bertier - Sr. Manager, Investor Relations
Cognex Corporation
ir@cognex.com
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