|
(Exact name of registrant as specified in charter) |
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(Former name or former address, if changed since last report.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
||
Emerging growth company |
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 5.02
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
|
Item 8.01
|
Other Events
|
Item 9.01
|
Financial Statements and Exhibits
|
Exhibit No.
|
Description
|
|
|
|
|
|
|
|
|
104
|
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL
document)
|
COGNEX CORPORATION | |||
Dated: February 13, 2020
|
By:
|
/s/ Laura A. MacDonald | |
Laura A. MacDonald |
|||
Vice President and Corporate Controller |
|||
NATICK, Mass.--(BUSINESS WIRE)--February 13, 2020--Cognex Corporation (NASDAQ: CGNX) today reported financial results for 2019. Table 1 below shows selected financial data for Q4-19 compared with Q4-18 and Q3-19, and the year ended December 31, 2019 compared with the year ended December 31, 2018. Notably, Cognex recorded discrete tax items in Q4-19 that together resulted in a tax benefit of $61 million, or $0.35 per share.
Table 1 (Dollars in thousands, except per share amounts) |
||||
Revenue |
Net Income |
Net Income |
Non-GAAP Net Income per Diluted |
|
Quarterly Comparisons |
|
|
|
|
Current quarter: Q4-19 |
$169,769 |
$80,327 |
$0.46 |
$0.11 |
Prior year’s quarter: Q4-18 |
$193,286 |
$45,418 |
$0.26 |
$0.26 |
Change: Q4-18 to Q4-19 |
(12%) |
77% |
77% |
(58%) |
Prior quarter: Q3-19 |
$183,325 |
$41,685 |
$0.24 |
$0.23 |
Change: Q3-19 to Q4-19 |
(7%) |
93% |
92% |
(52%) |
Yearly Comparisons |
|
|
|
|
Year ended December 31, 2019 |
$725,625 |
$203,865 |
$1.16 |
$0.78 |
Year ended December 31, 2018 |
$806,338 |
$219,267 |
$1.24 |
$1.13 |
Change: 2018 to 2019 |
(10%) |
(7%) |
(6%) |
(31%) |
*Non-GAAP net income per diluted share excludes tax adjustments. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release. |
“Our fourth-quarter and full-year results reflect the serious challenges we faced in 2019 due to the deterioration of business conditions in the industrial markets that Cognex serves,” said Dr. Robert J. Shillman, Founder and Chairman of Cognex. “Given the strong long-term potential we see for Cognex, it is frustrating to report a decline in both revenue and profitability.”
“Difficult comparisons notwithstanding, we made major progress in 2019,” said Robert J. Willett, Chief Executive Officer of Cognex. “Revenue from specific areas that we have been prioritizing is growing nicely, and the scope of applications our technology can address continues to broaden. There is a lot to be positive about for Cognex and machine vision.”
Summary of the Year
Cognex revenue and profitability declined in 2019 due to delayed and reduced spending by customers in the company’s two largest markets (consumer electronics and automotive) amid weaker general manufacturing confidence and heightened uncertainty around global trade. Partially offsetting the shortfall was growth in logistics, a market that is in the early stages of adopting machine vision. Also, revenue nearly doubled from deep learning, an emerging technology that is expanding the boundaries of what machine vision can do. Following market acceptance of its deep learning techniques, Cognex further advanced its leadership in this area with the acquisition in Q4-19 of Korea-based deep learning developer Sualab Co., Ltd. (Sualab). Together with logistics, Cognex expects deep learning will be a major contributor to the company’s growth in the coming decade.
Details of the Quarter
Statement of Operations Highlights – Fourth Quarter of 2019
Balance Sheet Highlights – December 31, 2019
Financial Outlook – Q1 2020
Non-GAAP Financial Measures
Analyst Conference Call and Simultaneous Webcast
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a wide range of image-based products, all of which use artificial intelligence (AI) techniques that give them the human-like ability to make decisions on what they see. Cognex products include machine vision systems, machine vision sensors and barcode readers that are used in factories and distribution centers around the world where they eliminate production and shipping errors.
Cognex is the world's leader in the machine vision industry, having shipped more than 2 million image-based products, representing over $7 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe and Asia. For details visit Cognex online at www.cognex.com.
Certain statements made in this news release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by 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. These forward-looking statements, which include statements regarding business and market conditions and trends, future financial performance, customer order rates and the timing of related revenue, expected areas of growth, emerging markets, future product mix, research and development activities, investments, strategic plans, expected benefits from acquisitions, dividends, stock repurchases, and tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) current and future conditions in the global economy, including the imposition of tariffs or export controls and the impact of the coronavirus outbreak; (2) the loss of, or curtailment of purchases by, a large customer; (3) the reliance on revenue from the consumer electronics or automotive industries; (4) the inability to penetrate the logistics industry and other new markets; (5) the inability to achieve significant international revenue; (6) fluctuations in foreign currency exchange rates and the use of derivative instruments; (7) information security breaches or business system disruptions; (8) the inability to attract and retain skilled employees; (9) the failure to effectively manage our growth; (10) the reliance upon key suppliers to manufacture and deliver critical components for our products; (11) the failure to effectively manage product transitions or accurately forecast customer demand; (12) the inability to design and manufacture high-quality products; (13) the technological obsolescence of current products and the inability to develop new products; (14) the failure to properly manage the distribution of products and services; (15) the inability to protect our proprietary technology and intellectual property; (16) our involvement in time-consuming and costly litigation; (17) the impact of competitive pressures; (18) the challenges in integrating and achieving expected results from acquired businesses, including the recent acquisition of Sualab; (19) potential impairment charges with respect to our investments or for acquired intangible assets or goodwill; (20) exposure to additional tax liabilities; and the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2019. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.
COGNEX CORPORATION Statements of Operations (Unaudited) Dollars in thousands, except per share amounts |
|||||||||||||||||||
|
Three-months Ended |
|
Twelve-months Ended |
||||||||||||||||
|
December 31, |
|
September 29, |
|
December 31, |
|
December 31, |
|
December 31, |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
$ |
169,769 |
|
|
$ |
183,325 |
|
|
$ |
193,286 |
|
|
$ |
725,625 |
|
|
$ |
806,338 |
|
Cost of revenue (1) |
44,871 |
|
|
47,632 |
|
|
52,825 |
|
|
189,754 |
|
|
206,052 |
|
|||||
Gross margin |
124,898 |
|
|
135,693 |
|
|
140,461 |
|
|
535,871 |
|
|
600,286 |
|
|||||
Percentage of revenue |
74 |
% |
|
74 |
% |
|
73 |
% |
|
74 |
% |
|
74 |
% |
|||||
Research, development, and engineering expenses (1) |
32,991 |
|
|
28,115 |
|
|
28,781 |
|
|
119,427 |
|
|
116,445 |
|
|||||
Percentage of revenue |
19 |
% |
|
15 |
% |
|
15 |
% |
|
16 |
% |
|
14 |
% |
|||||
Selling, general, and administrative expenses (1) |
74,300 |
|
|
64,486 |
|
|
66,433 |
|
|
273,842 |
|
|
262,699 |
|
|||||
Percentage of revenue |
44 |
% |
|
35 |
% |
|
34 |
% |
|
38 |
% |
|
33 |
% |
|||||
Operating income |
17,607 |
|
|
43,092 |
|
|
45,247 |
|
|
142,602 |
|
|
221,142 |
|
|||||
Percentage of revenue |
10% |
|
24 |
% |
|
23 |
% |
|
20 |
% |
|
27 |
% |
||||||
Foreign currency gain (loss) |
894 |
|
|
(1,295 |
) |
|
(356 |
) |
|
(509 |
) |
|
(1,064 |
) |
|||||
Investment and other income |
4,420 |
|
|
5,570 |
|
|
3,858 |
|
|
20,901 |
|
|
14,496 |
|
|||||
Income before income tax expense |
22,921 |
|
|
47,367 |
|
|
48,749 |
|
|
162,994 |
|
|
234,574 |
|
|||||
Income tax expense (benefit) |
(57,406 |
) |
|
5,682 |
|
|
3,331 |
|
|
(40,871 |
) |
|
15,307 |
|
|||||
Net income |
$ |
80,327 |
|
|
$ |
41,685 |
|
|
$ |
45,418 |
|
|
$ |
203,865 |
|
|
$ |
219,267 |
|
Percentage of revenue |
47 |
% |
|
23 |
% |
|
23 |
% |
|
28 |
% |
|
27 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per weighted-average common and common-equivalent share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.47 |
|
|
$ |
0.24 |
|
|
$ |
0.26 |
|
|
$ |
1.19 |
|
|
$ |
1.27 |
|
Diluted |
$ |
0.46 |
|
|
$ |
0.24 |
|
|
$ |
0.26 |
|
|
$ |
1.16 |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average common and common-equivalent shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
171,607 |
|
|
170,744 |
|
|
171,501 |
|
|
171,194 |
|
|
172,333 |
|
|||||
Diluted |
175,500 |
|
|
174,449 |
|
|
175,527 |
|
|
175,269 |
|
|
177,406 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends per common share |
$ |
0.055 |
|
|
$ |
0.050 |
|
|
$ |
0.050 |
|
|
$ |
0.205 |
|
|
$ |
0.185 |
|
Cash and investments per common share |
$ |
4.90 |
|
|
$ |
5.37 |
|
|
$ |
4.67 |
|
|
$ |
4.90 |
|
|
$ |
4.67 |
|
Book value per common share |
$ |
7.86 |
|
|
$ |
7.25 |
|
|
$ |
6.65 |
|
|
$ |
7.86 |
|
|
$ |
6.65 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Amounts include stock option expense, as follows: |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
390 |
|
|
$ |
334 |
|
|
$ |
549 |
|
|
$ |
1,504 |
|
|
$ |
2,447 |
|
Research, development, and engineering |
4,115 |
|
|
3,616 |
|
|
3,412 |
|
|
15,748 |
|
|
14,578 |
|
|||||
Selling, general, and administrative |
7,642 |
|
|
6,244 |
|
|
5,790 |
|
|
28,337 |
|
|
24,065 |
|
|||||
Total stock option expense |
$ |
12,147 |
|
|
$ |
10,194 |
|
|
$ |
9,751 |
|
|
$ |
45,589 |
|
|
$ |
41,090 |
|
|
|
|
|
|
|
|
|
|
|
COGNEX CORPORATION Reconciliation of Selected Items from GAAP to Non-GAAP (Unaudited) Dollars in thousands, except per share amounts |
||||||||||||||||||||
|
Three-months Ended |
|
|
Twelve-months Ended |
||||||||||||||||
|
December 31, |
|
September 29, |
|
December 31, |
|
|
December 31, |
|
December 31, |
||||||||||
Adjustment for stock option expense and tax benefit for stock option exercises |
|
|
|
|
|
|
|
|||||||||||||
Operating income (GAAP) |
$ |
17,607 |
|
|
$ |
43,092 |
|
|
$ |
45,247 |
|
|
|
$ |
142,602 |
|
|
$ |
221,142 |
|
Stock option expense |
12,147 |
|
|
10,194 |
|
|
9,751 |
|
|
|
45,589 |
|
|
41,090 |
|
|||||
Operating income (Non-GAAP) |
$ |
29,754 |
|
|
$ |
53,286 |
|
|
$ |
54,998 |
|
|
|
$ |
188,191 |
|
|
$ |
262,232 |
|
Percentage of revenue (Non-GAAP) |
18% |
|
29 |
% |
|
28 |
% |
|
|
26 |
% |
|
33 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (GAAP) |
$ |
80,327 |
|
|
$ |
41,685 |
|
|
$ |
45,418 |
|
|
|
$ |
203,865 |
|
|
$ |
219,267 |
|
Stock option expense |
12,147 |
|
10,194 |
|
9,751 |
|
|
45,589 |
|
41,090 |
||||||||||
Tax effect on stock option expense |
(1,917 |
) |
|
(1,804 |
) |
|
(1,709 |
) |
|
|
(7,756 |
) |
|
(7,317 |
) |
|||||
Discrete tax benefit related to employee stock options |
(1,925 |
) |
|
(569 |
) |
|
(88 |
) |
|
|
(6,472 |
) |
|
(8,488 |
) |
|||||
Net income (Non-GAAP) |
$ |
88,632 |
|
|
$ |
49,506 |
|
|
$ |
53,372 |
|
|
|
$ |
235,226 |
|
|
$ |
244,552 |
|
Percentage of revenue (Non-GAAP) |
52 |
% |
|
27 |
% |
|
28 |
% |
|
|
32 |
% |
|
30 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per diluted weighted-average common and common-equivalent share (GAAP) |
$ |
0.46 |
|
|
$ |
0.24 |
|
|
$ |
0.26 |
|
|
|
$ |
1.16 |
|
|
$ |
1.24 |
|
Per share impact of non-GAAP adjustments identified above |
0.05 |
|
|
0.04 |
|
|
0.04 |
|
|
|
0.18 |
|
|
0.14 |
|
|||||
Net income per diluted weighted-average common and common-equivalent share (Non-GAAP) |
$ |
0.51 |
|
|
$ |
0.28 |
|
|
$ |
0.30 |
|
|
|
$ |
1.34 |
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted-average common and common-equivalent shares outstanding (GAAP) |
175,500 |
|
|
174,449 |
|
|
175,527 |
|
|
|
175,269 |
|
|
177,406 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Exclusion of tax adjustments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income tax expense (GAAP) |
$ |
22,921 |
|
|
$ |
47,367 |
|
|
$ |
48,749 |
|
|
|
$ |
162,994 |
|
|
$ |
234,574 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense (benefit) (GAAP) |
$ |
(57,406 |
) |
|
$ |
5,682 |
|
|
$ |
3,331 |
|
|
|
$ |
(40,871 |
) |
|
$ |
15,307 |
|
Effective tax rate (GAAP) |
(250 |
)% |
|
12 |
% |
|
7 |
% |
|
|
(25 |
)% |
|
7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax adjustments: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Discrete tax benefit related to employee stock options |
1,925 |
|
|
569 |
|
|
88 |
|
|
|
6,472 |
|
|
8,488 |
|
|||||
Discrete tax benefit related to Tax Act |
— |
|
|
— |
|
|
89 |
|
|
|
— |
|
|
7,788 |
|
|||||
Discrete tax expense related to migration of acquired IP |
(28,528 |
) |
|
— |
|
|
— |
|
|
|
(28,528 |
) |
|
— |
|
|||||
Discrete tax benefit related to change in tax structure |
87,500 |
|
|
— |
|
|
— |
|
|
|
87,500 |
|
|
— |
|
|||||
Other discrete tax events |
602 |
|
|
1,327 |
|
|
190 |
|
|
|
1,932 |
|
|
1,847 |
|
|||||
Income tax expense excluding tax adjustments (Non-GAAP) |
$ |
4,093 |
|
|
$ |
7,578 |
|
|
$ |
3,698 |
|
|
|
$ |
26,505 |
|
|
$ |
33,430 |
|
Effective tax rate (Non-GAAP) |
18 |
% |
|
16 |
% |
|
8 |
% |
|
|
16 |
% |
|
14 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income excluding tax adjustments (Non-GAAP) |
$ |
18,828 |
|
|
$ |
39,789 |
|
|
$ |
45,051 |
|
|
|
$ |
136,489 |
|
|
$ |
201,144 |
|
Percentage of revenue (Non-GAAP) |
11% |
|
22 |
% |
|
23 |
% |
|
|
19 |
% |
|
25 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per diluted weighted-average common and common-equivalent share (GAAP) |
$ |
0.46 |
|
|
$ |
0.24 |
|
|
$ |
0.26 |
|
|
|
$ |
1.16 |
|
|
$ |
1.24 |
|
Per share impact of non-GAAP adjustments identified above |
(0.35 |
) |
|
(0.01 |
) |
|
— |
|
|
|
(0.38 |
) |
|
(0.11 |
) |
|||||
Net income per diluted weighted-average common and common-equivalent share (Non-GAAP) |
$ |
0.11 |
|
|
$ |
0.23 |
|
|
$ |
0.26 |
|
|
|
$ |
0.78 |
|
|
$ |
1.13 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted-average common and common-equivalent shares outstanding (GAAP) |
175,500 |
|
174,449 |
|
175,527 |
|
|
175,269 |
|
|
177,406 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
COGNEX CORPORATION Balance Sheets (Unaudited) Dollars in thousands |
|||||||
|
December 31, |
|
December 31, |
||||
Assets |
|
|
|
||||
Cash and investments |
$ |
845,353 |
|
|
$ |
797,599 |
|
Accounts receivable |
103,447 |
|
|
119,172 |
|
||
Inventories |
60,261 |
|
|
83,282 |
|
||
Property, plant, and equipment |
89,443 |
|
|
91,396 |
|
||
Operating lease assets |
17,522 |
|
|
— |
|
||
Goodwill and intangible assets |
282,935 |
|
|
123,321 |
|
||
Deferred tax assets |
449,519 |
|
|
28,660 |
|
||
Other assets |
37,455 |
|
|
46,237 |
|
||
|
|
|
|
||||
Total assets |
$ |
1,885,935 |
|
|
$ |
1,289,667 |
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
70,065 |
|
|
$ |
76,450 |
|
Deferred revenue and customer deposits |
14,432 |
|
|
9,845 |
|
||
Operating lease liabilities |
17,973 |
|
|
— |
|
||
Income taxes |
93,009 |
|
|
63,281 |
|
||
Deferred tax liabilities |
332,344 |
|
|
962 |
|
||
Other liabilities |
2,402 |
|
|
3,866 |
|
||
Shareholders' equity |
1,355,710 |
|
|
1,135,263 |
|
||
|
|
|
|
||||
Total liabilities and shareholders' equity |
$ |
1,885,935 |
|
|
$ |
1,289,667 |
|
Susan Conway
Senior Director of Investor Relations
Cognex Corporation
Phone: (508) 650-3353
Email: susan.conway@cognex.com
NATICK, Mass.--(BUSINESS WIRE)--February 13, 2020--Cognex Corporation (NASDAQ: CGNX), a leader in industrial machine vision, today announced the appointment of Paul Todgham as Senior Vice President of Finance and Chief Financial Officer, effective March 9, 2020. In this role, Mr. Todgham will lead Cognex’s global finance and administration organization. He will be based in the company’s Natick headquarters and will report to Cognex’s President and CEO, Robert J. Willett.
“Paul has extensive experience leading financial, strategic and operational planning for a range of large-scale businesses,” said Robert J. Willett, President and CEO of Cognex. “He will be a great partner as we prepare Cognex for its next phase of growth and long-term value creation.”
Most recently, Mr. Todgham spent six years at Levi Strauss & Company (NYSE: LEVI), where he served in a range of senior leadership positions, including leading finance for the company’s Global Supply Chain, Distribution, Merchandising, Planning, Design and Marketing teams. Prior to his time at LS&Co., Mr. Todgham was Vice President of Finance for Ross Stores, Inc. (NASDAQ: ROST) where he led FP&A, Treasury and merchandise finance. Earlier in his career, he worked at Boston Consulting Group, advising clients in the technology and consumer sectors on issues of strategy, operations and organization. Mr. Todgham holds an MBA from Stanford University, an MPhil in Economics from the University of Cambridge, and a BA from Harvard University.
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a wide range of image-based products, all of which use artificial intelligence (AI) techniques that give them the human-like ability to make decisions on what they see. Cognex products include machine vision systems, machine vision sensors and barcode readers that are used in factories and distribution centers around the world where they eliminate production and shipping errors.
Cognex is the world's leader in the machine vision industry, having shipped more than 2 million image-based products, representing over $7 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe and Asia. For details visit Cognex online at www.cognex.com.
Certain statements made in this news release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by 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. These forward-looking statements, which include statements regarding business and market conditions and trends, future financial performance, customer order rates and the timing of related revenue, expected areas of growth, emerging markets, future product mix, research and development activities, investments, strategic plans, expected benefits from acquisitions, dividends, stock repurchases, and tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) current and future conditions in the global economy, including the imposition of tariffs or export controls and the impact of the coronavirus outbreak; (2) the loss of, or curtailment of purchases by, a large customer; (3) the reliance on revenue from the consumer electronics or automotive industries; (4) the inability to penetrate the logistics industry and other new markets; (5) the inability to achieve significant international revenue; (6) fluctuations in foreign currency exchange rates and the use of derivative instruments; (7) information security breaches or business system disruptions; (8) the inability to attract and retain skilled employees; (9) the failure to effectively manage our growth; (10) the reliance upon key suppliers to manufacture and deliver critical components for our products; (11) the failure to effectively manage product transitions or accurately forecast customer demand; (12) the inability to design and manufacture high-quality products; (13) the technological obsolescence of current products and the inability to develop new products; (14) the failure to properly manage the distribution of products and services; (15) the inability to protect our proprietary technology and intellectual property; (16) our involvement in time-consuming and costly litigation; (17) the impact of competitive pressures; (18) the challenges in integrating and achieving expected results from acquired businesses, including the recent acquisition of Sualab; (19) potential impairment charges with respect to our investments or for acquired intangible assets or goodwill; (20) exposure to additional tax liabilities; and the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2019. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.
Liz Bradley
Corporate Communications
+1 857-891-5531
Liz.bradley@cognex.com
Susan Conway
Investor Relations
+1 508-650-3353
susan.conway@cognex.com
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Document and Entity Information |
Feb. 13, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 13, 2020 |
Entity Registrant Name | Cognex Corporation |
Entity Incorporation, State or Country Code | MA |
Entity File Number | 001-34218 |
Entity Tax Identification Number | 04-2713778 |
Entity Address, Address Line One | One Vision Drive |
Entity Address, City or Town | Natick |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 01760-2059 |
City Area Code | 508 |
Local Phone Number | 650-3000 |
Entity Information, Former Legal or Registered Name | N/A |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000851205 |
Title of 12(b) Security | Common Stock, par value $.002 per share |
Trading Symbol | CGNX |
Security Exchange Name | NASDAQ |