© 2016 Cognex Confidential1

COGNEX CORPORATION

Investor Overview | Q4 2019

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FORWARD-LOOKING STATEMENTSCertain statements made in this presentation and oral statements made by Cognex® that 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 exportcontrols 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.

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MILLION2019 REVENUE

74% OVER 39YEARS IN THE BUSINESS

2,000,000+SYSTEMS SHIPPED

20%GROSS MARGIN

OPERATING MARGIN

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16% >1KOF REVENUE INTO

R&DUS & INTERNATIONALPATENTSIssued & Pending

TECHNOLOGY LEADERSHIP

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Cognex Culture

WORK HARD

PLAY HARD

MOVE FAST

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Our culture is part of a virtuous circle, attracting excellent engineers, (CLICK) who develop leading technology, which drives sales growth, (CLICK) and which in turn helps preserve and enhances our culture. Even in down

Engineering Excellence

Sales Growth

Culture

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WHAT IS MACHINE VISION?

Vision software& algorithms

Brain OpticsEyes

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What does machine

vision do?

GUIDE

IDENTIFY

GAUGE

INSPECT

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What does machine

vision do?

GUIDEIDENTIFY

GAUGE

INSPECT

10

What does machine

vision do?

GUIDE

IDENTIFYGAUGE

INSPECT

11

What does machine

vision do?

GUIDE

IDENTIFY

GAUGEINSPECT

12

What does machine

vision do?

GUIDE

IDENTIFY

GAUGE

INSPECT

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MACHINE VISION IS A GREAT MARKET

360 MILLIONFACTORY WORKERS WORLDWIDE

35 MILLIONVISUAL INSPECTORS

Source: Estimates based on internal data and data from International Labor Organization & World Bank

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P R O D U C T S AC R O S S

ALLINDUSTRIES

A R E M A D E B E T T E R A N D AT L O W E R C O S T W I T H

COGNEX VISION

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COGNEX PRODUCTS

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CognexShare

30% 20% >10% >5% <5% <5% ~20%

Estimated Long-term

CAGR10% 10% 15% 15% 10% 10% 12%

Source: Cognex estimates based on full year 2018 market data

COGNEX’S $4.2 BILLION SERVED MARKET

20%

0%

60%

40%

80%

100%

ID Factory Automation LifeSciences

3DLogistics MobileTerminals

$1,400M $1,000M $1,000M $400M $200M $200M

2D Vision

Projected

Market Growth

Low DoubleDigits

Total

Others

Cognex

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2D VISION

Cognex’s core market

Recognized market leader

Preeminent brand

Powerful vision toolset

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Broadest portfolio of industrial image-basedbarcode readers

Read rates matter

Strong prospects for continued share gain

ID FACTORY AUTOMATION

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Market undergoing rapid change

Revenue >15% of company total in 2019

Many new applications in both vision and ID

LOGISTICS

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New snap-shot sensing platforms

Powerful vision tools, including PatMax 3D

Target growth in excess of long-term market rate

3D VISION

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Highly regulated, non-cyclical market

Long product life cycle

20 design wins in 2019

Consistent, stable, fast growing ongoing revenue

LIFE SCIENCES

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Target market ripe for disruption

Unique integration of smartphones and high-performance vision tools

MOBILE TERMINALS

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DEEP LEARNING

Neural network trained by example

Specific to industrialmachine vision

Human-like judgement for ambiguous problems

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FINANCIAL REVIEW

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$0

$100

$200

$300

$400

$500

$600

$700

$800

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

COGNEX 10-YEAR REVENUE*

CAGR

3 Year 11%

5 Year 9%

10 Year 18%

* From continuing operations.

Dollars in millions

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2019 INCOME STATEMENT(AS REPORTED UNDER GAAP)

Dollars in thousands, except per share amounts

2019% of

Revenue 2018% of

Revenue%

Change

Revenue $725,625 100 % $806,338 100 % (10) %

Gross Margin 535,871 74 600,286 74 (11)

R, D & E 119,427 16 116,445 14 3

S, G & A 273,842 38 262,699 33 4

Operating Income 142,602 20 221,142 27 (36)

Net Income 203,865 28 219,267 27 (7)

Earnings Per Share 1.16 1.24 (6)

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2019 INCOME STATEMENT(NON-GAAP)

Dollars in thousands, except per share amounts

2019% of

Revenue 2018% of

Revenue%

Change

Revenue $725,625 100 % $806,338 100 % (10) %

Gross Margin 535,871 74 600,286 74 (11)

R, D & E 119,427 16 116,445 14 3

S, G & A 273,842 38 262,699 33 4

Operating Income 142,602 20 221,142 27 (36)

Net Income* 136,489 19 201,144 25 (32)

Earnings Per Share* 0.78 1.13 (31)

*Excludes tax adjustments. See reconciliation of GAAP to non-GAAP in Cognex earnings release issued on 2/13/20 at investor.cognex.com

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Q4 2019 INCOME STATEMENT(NON-GAAP)

Dollars in thousands, except per share amounts

Q42019

% of Revenue

Q42018

% of Revenue

% Change

Revenue $169,769 100 % $193,286 100 % (12) %

Gross Margin 124,898 74 140,461 73 (11)

R, D & E 32,991 19 28,781 15 15

S, G & A 74,300 44 66,433 34 12

Operating Income 17,607 10 45,247 23 (61)

Net Income* 18,828 11 45,051 23 (58)

Earnings Per Share* 0.11 0.26 (58)

*Excludes tax adjustments. See reconciliation of GAAP to non-GAAP in Cognex earnings release issued on 2/13/20 at investor.cognex.com

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Q4 2019 BALANCE SHEET

Assets 12/31/2019 12/31/2018

Cash and Investments $845,353 $797,599

Accounts Receivable 103,447 119,172

Inventories 60,261 83,282

Deferred Tax Assets 449,519 28,660

Other Assets 427,355 260,954

Total Assets $1,885,935 $1,289,667

Liabilities and Shareholders’ Equity

Accounts Payable and Accrued Liabilities $70,065 $76,450

Income Taxes and Deferred Tax Liabilities 425,353 64,243

Other Liabilities 34,807 13,711

Total Shareholders’ Equity 1,355,710 1,135,263

Total Liabilities and Equity $1,885,935 $1,289,667

Dollars in thousands

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LEADER EARNINGSLEVERAGE

TRACK RECORD OF

SUCCESS

CONSISTENTCASH GENERATOR

EXPERIENCEDMANAGEMENT

INDUSTRY

STRONG BALANCE SHEET

VERSATILE CORE TECHNOLOGY