Cognex Corp Files 2024 10-K Annual Report

TL;DR

Cognex 2024 10-K is in. Full financials for FY24 are out.

AI Summary

Cognex Corporation filed its 2024 10-K on February 13, 2025, reporting financial results for the fiscal year ending December 31, 2024. The company, headquartered in Natick, MA, operates in the industrial instruments sector. Key financial figures and operational details for 2024 and prior years are presented in this comprehensive annual report.

Why It Matters

This filing provides investors and analysts with a detailed overview of Cognex Corporation's financial performance, strategic initiatives, and risk factors for the fiscal year 2024, crucial for understanding the company's current standing and future outlook.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the inherent risks of the industrial technology sector and specific company operations can be significant.

Key Numbers

• 169,865,714 — Shares Outstanding (Reported for the fiscal year 2024)
• 8,001,170,186 — Total Assets (Reported for the fiscal year 2024)

Key Players & Entities

• Cognex Corp (company) — Filer of the 10-K report
• 0000851205-25-000012.txt (document) — Accession number for the filing
• 20241231 (date) — Fiscal year end date
• 20250213 (date) — Filing date of the 10-K
• Natick, MA (location) — Company headquarters
• 3823 (sic_code) — Standard Industrial Classification for the company

FAQ

Key Financial Figures

• $270 m — th an enterprise value of approximately $270 million, this was Cognex's largest acquis
• $140 million — We incurred RD&E costs of approximately $140 million (15% of revenue), $139 million (17% of
• $139 million — ximately $140 million (15% of revenue), $139 million (17% of revenue), and $141 million (14%
• $141 million — ue), $139 million (17% of revenue), and $141 million (14% of revenue), for the years ended D

Filing Documents

• cgnx-20241231.htm (10-K) — 1978KB
• a2024insidertradingpolic.htm (EX-19) — 22KB
• cgnx-20241231xexhibit21.htm (EX-21) — 37KB
• cgnx-20241231xexhibit231.htm (EX-23.1) — 3KB
• cgnx-20241231xexhibit311.htm (EX-31.1) — 14KB
• cgnx-20241231xexhibit312.htm (EX-31.2) — 14KB
• cgnx-20241231xexhibit321.htm (EX-32.1) — 8KB
• cgnx-20241231xexhibit322.htm (EX-32.2) — 8KB
• a2024insidertradingpolic001.jpg (GRAPHIC) — 232KB
• a2024insidertradingpolic002.jpg (GRAPHIC) — 280KB
• a2024insidertradingpolic003.jpg (GRAPHIC) — 312KB
• a2024insidertradingpolic004.jpg (GRAPHIC) — 281KB
• a2024insidertradingpolic005.jpg (GRAPHIC) — 245KB
• a2024insidertradingpolic006.jpg (GRAPHIC) — 94KB
• cgnx-20241231_g1.jpg (GRAPHIC) — 175KB
• 0000851205-25-000012.txt ( ) — 14687KB
• cgnx-20241231.xsd (EX-101.SCH) — 80KB
• cgnx-20241231_cal.xml (EX-101.CAL) — 135KB
• cgnx-20241231_def.xml (EX-101.DEF) — 382KB
• cgnx-20241231_lab.xml (EX-101.LAB) — 1046KB
• cgnx-20241231_pre.xml (EX-101.PRE) — 752KB
• cgnx-20241231_htm.xml (XML) — 1922KB

RISK FACTORS

ITEM 1A. RISK FACTORS 6

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 14

CYBERSECURITY

ITEM 1C. CYBERSECURITY 14

PROPERTIES

ITEM 2. PROPERTIES 15

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 16

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 16 PART II 17

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 17

[RESERVED]

ITEM 6. [RESERVED] 19

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 19

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 27

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 65

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 65

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 67

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 67 PART III 67

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 67

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 67

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 67

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 68

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 68 PART IV 68

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 68

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 69 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 Founded in 1981, 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, automotive components, 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 sells to customers in nearly all industries in which discrete items are manufactured on an assembly line or moved through a distribution center or warehouse. Our largest industries by revenue are the logistics, automotive, and consumer electronics industries, which combined represented approximately 60% of our total revenue in 2024. Our Industry and Market Opportunity 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 customers across a variety of industries, including logistics, automotive, consumer electronics, semiconductor, consumer products, medical-related, and food and beverage. Our End Markets Logistics The

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