Slide 1: Cognex Q1 2024 Financial Results
Cognex Q1 2024 Financial Results May 2, 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 Exchange Act. Readers c
Slide 3: Q1 2024 Overview
Q1 2024 Overview Continue to operate in a challenging, yet stable environment, while making progress on strategic initiatives. ▪ Reported revenue +5% Y/Y. Moritex (full quarter) added +8% Y/Y and +5% sequentially ▪ Ex. Moritex Y/Y: Logistics & Semi grew; Auto, Consumer Electronics, Packaging, & Medi
Slide 4: Q1 2024 Financial Highlights
Q1 2024 Financial Highlights Revenue (in $ million) Adjusted Gross Margin Adjusted EBITDA Adjusted Diluted EPS (% of revenue) Margin (% of revenue) $211 13.5% $0.13 $201 71.8% $0.11 68.8% 11.9% Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 ▪ Reported revenue +5% ▪ Unfavorable ▪ Str
Slide 5: Q1 2024 End Market Results (Excluding Moritex)
Q1 2024 End Market Results (Excluding Moritex) End Market % of Revenue Drivers (as of FY2023) Automotive 25% • Headwinds in both base Automotive and EV Battery Logistics 20% • Stable plus strong strategic project revenue Consumer • Weakness in China 20% Electronics • Slow end-user demand • Semi Othe
Slide 6: In-Sight L38 3D Vision Product Introduction
In-Sight L38 3D Vision Product Introduction • World's First AI-Embedded 3D Industrial • Examples of Target Applications • Vision System Locate parts in variable positions and close proximity • Read imprinted text, even with minimal contrast • Combines AI, 2D, and 3D vision technologies • Find subtle
Slide 7: Emerging Customer Initiative Update
Emerging Customer Initiative Update Program Highlights • Expanding salesforce to reach underpenetrated customers • Simplicity of new products driven by edge learning AI enables served market expansion • Initiative is expected to be gross margin accretive immediately and in line with 30%+ adjusted op
Slide 8: Outlook
Outlook Metric Q2 2024 Full Year 2024 Expectations ▪ Continue to operate in a challenging, yet stable environment, but Revenue $230 to $245 million see early indications of recovery ▪ Logistics growth, but likely below long-term market growth Adjusted Gross Margin Slightly >70% ▪ Consumer Electro
Slide 9: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation 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,
Slide 10: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share USD $ in 000s unless noted as per share Reconciliation of Gross Margin to Adjusted Gross Margin Reconciliation of Net Income to Adjusted Net Income Three-months Ended Three-months Ended Mar. 31, 2024 Dec. 31, 2023 Apr. 2, 2023 Mar. 31,
Slide 11: Description of Certain Adjustments
Description of Certain Adjustments Loss (recovery) from fire: • On June 7, 2022, the Company’s primary contract manufacturer experienced a fire at its plant in Indonesia. In the fourth quarter of 2023 the Company recorded a recovery of $2,750,000 for proceeds received as part of a financial settleme