Cognex Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cognex Corporation has filed its 2023 annual report (10-K) detailing its financial performance and condition as of December 31, 2023.</b>

AI Summary

COGNEX CORP (CGNX) filed a Annual Report (10-K) with the SEC on February 15, 2024. Cognex Corporation filed its annual report for the fiscal year ended December 31, 2023. The filing is a Form 10-K, indicating a comprehensive overview of the company's financial performance and condition. The report covers the fiscal year 2023, with data as of December 31, 2023. The company's principal business address is One Vision Drive, Natick, MA 01760. Cognex Corporation is incorporated in Massachusetts.

Why It Matters

For investors and stakeholders tracking COGNEX CORP, this filing contains several important signals. This 10-K filing provides investors and stakeholders with a detailed look at Cognex's financial health, operational performance, and strategic outlook for the past fiscal year. Understanding the contents of this report is crucial for assessing the company's current market position, identifying potential risks, and making informed investment decisions.

Risk Assessment

Risk Level: medium — COGNEX CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. While it contains detailed financial information, it does not appear to highlight any immediate or severe new risks beyond those typically associated with operating in the industrial automation sector.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Cognex's performance and identify any emerging trends or challenges.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 20240215 — Filing Date (Date filed)
• 001-34218 — SEC File Number (SEC file number for Cognex Corp.)

Key Players & Entities

• COGNEX CORP (company) — Filer name
• NATICK (company) — Business address city
• MA (company) — Business address state
• 01760 (company) — Business address zip
• 5086503000 (company) — Business phone

FAQ

Industry Context

Cognex Corporation operates in the industrial machine vision market, providing systems that automate tasks like inspection, identification, and guidance for manufacturing and logistics operations.

Regulatory Implications

As a publicly traded company, Cognex is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of a Form 10-K.

What Investors Should Do

1. Analyze the financial statements (income statement, balance sheet, cash flow) for the fiscal year 2023.
2. Review the 'Risk Factors' section for any new or evolving risks that could impact Cognex's business.
3. Examine management's discussion and analysis (MD&A) for insights into the company's performance drivers and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Previous filings would need to be compared for year-over-year changes.

Key Financial Figures

• $270 m — th an enterprise value of approximately $270 million, this was Cognex's largest acquis
• $139 million — We incurred RD&E costs of approximately $139 million (17% of revenue), $141 million (14% of
• $141 million — ximately $139 million (17% of revenue), $141 million (14% of revenue), and $135 million (13%
• $135 million — ue), $141 million (14% of revenue), and $135 million (13% of revenue) for the years ended De

Filing Documents

• cgnx-20231231.htm (10-K) — 2031KB
• cgnx-20231231xexhibit21.htm (EX-21) — 39KB
• cgnx-20231231xexhibit231.htm (EX-23.1) — 3KB
• cgnx-20231231xexhibit311.htm (EX-31.1) — 14KB
• cgnx-20231231xexhibit312.htm (EX-31.2) — 14KB
• cgnx-20231231xexhibit321.htm (EX-32.1) — 8KB
• cgnx-20231231xexhibit322.htm (EX-32.2) — 8KB
• cgnx-20231231xexhibit97.htm (EX-97) — 13KB
• cgnx-20231231_g1.jpg (GRAPHIC) — 181KB
• cgnx-20231231xexhibit97001.jpg (GRAPHIC) — 203KB
• cgnx-20231231xexhibit97002.jpg (GRAPHIC) — 244KB
• cgnx-20231231xexhibit97003.jpg (GRAPHIC) — 209KB
• cgnx-20231231xexhibit97004.jpg (GRAPHIC) — 154KB
• 0000851205-24-000027.txt (&nbsp;) — 13566KB
• cgnx-20231231.xsd (EX-101.SCH) — 81KB
• cgnx-20231231_cal.xml (EX-101.CAL) — 130KB
• cgnx-20231231_def.xml (EX-101.DEF) — 378KB
• cgnx-20231231_lab.xml (EX-101.LAB) — 1113KB
• cgnx-20231231_pre.xml (EX-101.PRE) — 740KB
• cgnx-20231231_htm.xml (XML) — 1830KB

RISK FACTORS

ITEM 1A. RISK FACTORS 6

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 16

CYBERSECURITY

ITEM 1C. CYBERSECURITY 16

PROPERTIES

ITEM 2. PROPERTIES 16

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 17

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 17 PART II 18

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 18

[RESERVED]

ITEM 6. [RESERVED] 20

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 33

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 72

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 72

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 74

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 74 PART III 74

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 74

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 74

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 74

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 75

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 75 PART IV 75

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 75

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 75 Table of Content PART I This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. Readers can identify these forward-looking statements by our use of the words "expects," "anticipates," "estimates," "believes," "projects," "intends," "plans," "will," "may," "shall," "could," "should," and similar words and other statements of a similar sense. Our future results may differ materially from current results and from those projected in the forward-looking statements as a result of known and unknown risks and uncertainties. Readers should pay particular attention to considerations described in the section captioned "Risk Factors," appearing in Part I - Item 1A of this Annual Report on Form 10-K. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We disclaim 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. Unless the context otherwise requires, the words "Cognex ," the "Company," "we," "our," "us," and "our company" refer to Cognex Corporation and its consolidated subsidiaries.

: BUSINESS

ITEM 1: BUSINESS Our Company 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 a wide range of 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 particularly valuable for applications in which human vision is inadequate to meet requirements for size, accuracy, or speed, or in instances where substantial cost savings are obtained through the reduction of labor or improved product quality. Cognex operates in one segment. We offer a variety of machine vision products that have similar economic characteristics and are distributed by the same sales channels to the same types of customers. Cognex sells to customers in nearly all industries in which discrete items are manufactured on an assembly line or moved through a distribution center. Our largest industries by revenue are the automotive, logistics, and consumer electronics industries, which combined represented approximately 65% of our total revenue in 2023. Cognex was incorporated in Massachusetts in 1981. Our Industry Machine vision is used in a variety of industries where technology is widely recognized as an important component of automated production, distribution, and quality assurance. Virtually every manufacturer or logistics provider can achieve better quality and efficiency by using machine vision. This results in a broad base of c

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View this 10-K filing on SEC EDGAR