Cognex Corporation Reports $914.5 Million Revenue for Fiscal Year 2024, Driven by Moritex Acquisition

Cognex Corporation reported a revenue of $914.5 million for the fiscal year ended December 31, 2024, marking a 9% increase from $837.5 million in 2023. This growth was primarily driven by the acquisition of Moritex Corporation, which contributed approximately 8% to total revenue, alongside increased sales in the logistics and semiconductor sectors. However, the automotive industry saw a decline, with revenue from this segment decreasing by 12% due to reduced investments in electric vehicles. The company's gross margin also decreased to 68% from 72% in the previous year, attributed to a less favorable revenue mix and pricing pressures.

Operating expenses rose by 9% year-over-year, influenced by investments in expanding sales coverage and costs associated with the Moritex acquisition. Despite these increases, the company managed to maintain disciplined cost management, resulting in a decrease in operating income to 13% of revenue, down from 16% in 2023. Net income also fell to $106.2 million, or $0.62 per share, compared to $113.2 million, or $0.66 per share, in the prior year.

Cognex's strategic developments included the acquisition of Moritex Corporation for approximately $270 million, which is expected to enhance its product offerings in optical components and strengthen its market presence in Japan. The company is also focusing on expanding its sales force to reach new customers and enhance its market position in logistics, automotive, and consumer electronics sectors. The logistics market, in particular, is anticipated to be a significant growth area, driven by increased automation and e-commerce demand.

Operationally, Cognex employed 2,914 individuals as of December 31, 2024, with a notable increase in sales and marketing personnel to support its growth initiatives. The company reported that approximately 67% of its revenue came from international customers, with significant contributions from Europe and Asia. The logistics sector represented about 23% of total revenue, reflecting a 20% increase from the previous year, while the semiconductor sector grew by 80%, underscoring the demand for advanced manufacturing technologies.

Looking ahead, Cognex remains optimistic about its growth prospects, particularly in the logistics and semiconductor markets. The company plans to continue investing in research and development to maintain its technological leadership and expand its product offerings. However, it also acknowledges potential challenges, including economic uncertainties and competitive pressures, which could impact its performance in the coming fiscal periods.