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Cognex Reports Strong Q1 Financial Performance

Cognex Corporation has reported financial results for the first quarter of 2021. The company announced new records for first quarter revenue and net income.

“Cognex started 2021 on a strong note,” said Robert J. Willett, Chief Executive Officer of Cognex. “We reported the highest first quarter revenue, net income, and earnings per share in our company’s 40-year history. We were highly profitable—reporting an operating margin of 33% in Q1-21 compared to 13% a year ago—demonstrating the leverage we have in our high-growth, high gross margin business model.”

Mr. Willett continued, “We are pleased with our achievements in the first quarter. Our strong momentum continued in the e-commerce sector of logistics. Business activity has been recovering in other end markets that have struggled over the past year. Most importantly, we introduced several innovative products in the areas of 3D vision, edge intelligence, and handheld barcode reading that we believe will contribute to revenue growth in years to come.”

Cognex reported record first quarter revenue of $239 million, which represents an increase of 43% from Q1-20 and 7% from Q4-20. Revenue from each geographic region (the Americas, Asia, and Europe) increased over Q1-20 due to improved business activity in a variety of industries.

Gross margin was 77% for Q1-21, 75% for Q1-20, and 75% for Q4-20, and within the company’s target range for all periods. The increase in gross margin, both year-on-year and sequentially, is due to higher volume and a favorable revenue mix.

Cognex’s financial position as of April 4, 2021 continued to be strong, with $876 million in cash and investments and no debt.

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