Slide 1: Cognex Q3-2024 Financial Results
Cognex Q3-2024 Financial Results October 30, 2024 1 © 2024 Cognex Corporation
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation, 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
Slide 3: Q3-2024 Highlights
Q3-2024 Highlights Q3-2024 Revenue Q3-2024 Adj. Gross Margin ▪ Continue to operate in a challenging, yet $235 Million 68.7% stable environment, while making progress on strategic initiatives. ▪ Revenue increased 19% Y/Y as reported or 7% Y/Y excluding Moritex and FX. Logistics, Consumer Electronics
Slide 4: AI Driving Product Innovation
AI Driving Product Innovation AI-Assisted Labeling in Vision Pro Deep Learning AI-Driven Optical Character Recognition (OCR) • Cuts the labeling process time in deep learning models by as much as 90% • New out-of-the-box AI-driven OCR functionality with no set-up required • Model can cut out any obj
Slide 5: Emerging Customer Initiative
Emerging Customer Initiative 2024 EXPECTATIONS Expanding Sales Force to Reach Underpenetrated Customers ~80K ~3K ~$25m >75% CUSTOMER VISITS NEW CUSTOMERS Y/Y OPEX INCREASE GROSS MARGIN ▪ Simplicity of new products driven by AI- enabled Edge Learning leading to ability to target a broader base of cus
Slide 6: Q3-2024 End Market Results (excluding Moritex)
Q3-2024 End Market Results (excluding Moritex) END MARKET % OF REVENUE Q3 DRIVERS FULL YEAR 2024 EXPECTATIONS as of FY2023 Headwinds in both base auto ▪ Double-digit decline driven by EV battery Automotive 25% and EV Battery projects and base auto weakness Logistics 20% Broad-based momentum ▪ Strong
Slide 7: Logistics Case Study
Logistics Case Study Customer Leading e-commerce player in Korea Applications ID reading for 1) Inbound freight 2) Robotic automated bagging Why We Won Higher read rates at faster throughput speed Products Modular Vision Tunnel, DataMan 380 & 470 Nature of Win Both competitive displacement + new inv
Slide 8: Q3-2024 Financial Highlights
Q3-2024 Financial Highlights* Reported revenue increased 19% Y/Y. Q3 1. included four months of Moritex financials which added 12% Y/Y. Revenue grew in all regions. Excluding Moritex, All figures in $ million, except per share amounts Q3-2024 Q2-2024 Q3-2023 revenue was up materially in Europe and s
Slide 9: Q4-2024 Outlook
Q4-2024 Outlook 4TH QUARTER EXPECTATIONS Moderate revenue step down sequentially Q4-2024 driven by typical Consumer Electronics All figures in $ million, unless specified Guidance Q3-2024 Q4-2023 1. seasonality as well as one fewer month of Moritex financials. Revenue 210 – 230 235 197 Moritex expec
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including adjusted gross Beginning in the fourth quarter of 2023, we updated the margin, adjusted operating expense, adjusted operating income, adjusted EBITDA, adjusted net calculation of our non-GAAP measur
Slide 11: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables Three-months Ended Nine-months Ended USD $ in 000s unless noted as per share September 29, September 29, June 30, 2024 October 1, 2023 October 1, 2023 2024 2024 Gross margin (GAAP) $ 159,399 $ 166,599 $ 142,774 $ 467,935 $ 466,197 Restructuring charges - - - - - Loss (recover
Slide 12: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables Three-months Ended Nine-months Ended USD $ in 000s unless noted as per share September 29, September 29, June 30, 2024 October 1, 2023 October 1, 2023 2024 2024 Net income (GAAP) $ 29,591 $ 36,212 $ 18,916 $ 77,825 $ 102,005 Loss (recovery) from fire - - (2,750) - (5,250) Acq
Slide 13: Description of Certain Adjustments
Description of Certain Adjustments 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 en