Cognex continues its growth trajectory with a 17 per cent increase in revenue year-on-year for the second quarter of 2017. The company made $172.9 million in revenue during the period; the largest contributions came from the consumer electronics and logistics sectors.
Cognex grew 16 per cent in 2016, acquiring four companies in that year, and a fifth, the deep learning specialist ViDi Systems, in April 2017.
The company expects revenue for Q3 2017 to be between $250 million and $260 million, a substantial increase both year-on-year and sequentially because of higher anticipated revenue from the consumer electronics industry. Cognex believes that the majority of larger consumer electronics orders in 2017 will be recognised as revenue in Q3 as compared to 2016, when they were more evenly split between Q2 and Q3.
Research, Development and Engineering expenses increased 19 per cent from Q2 2016 and 3 per cent from Q1 2017, because of higher employee-related costs, including the addition of new engineering personnel from the company's recent acquisitions.
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