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February 22, 2022

Natick manufacturer surpasses $1B in annual revenue for 1st time

A grey building with yellow trim around the top and "COGNEX" lettered on the side Photo | Grant Welker Cognex's Natick headquarters

In 2021, Cognex Corp, a Natick machine vision systems and barcode reader manufacturer, earned $1 billion in annual revenue for the first time in the company’s history.  

The company reported $244 million for fourth quarter revenue and $1.04 billion in total annual revenue, according to the earnings report released Thursday. This new figure reveals a 28% increase over the prior year’s annual total of $811 million.

For the year, profits were $280 million, up 59% from the $176 million in profits from 2020.

Cognex reported a fourth quarter profit of $54 million, or 30 cents per diluted share, which is a decrease of 23% compared to 2020 fourth quarter profits of $69 million, or 39 cents per diluted share. According to Cognex, elevated costs resulting from global supply chain constraints, a less favorable revenue mix, higher incentive compensation, and the impact of foreign currency exchange rates led to the drop in fourth quarter profits this year.

After the earnings report was released Cognex's stock price rose on the NASDAQ from $61.65 per share on Thursday afternoon to $69.40 on Friday morning. On Tuesday morning, the stock was trading at $65.76 per share.

“We celebrate our success while staying focused on the long term. We believe the trends driving the adoption of machine vision technology are stronger than ever as manufacturers look to automate a broadening range of industrial tasks,” said Robert Willett, president and CEO of Cognex in the report’s written statement.

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