Brett Larson
speaker
455 appearances
2 recordings
1 series
first heard Dec 2024
last heard Feb 2025
Brett Larson’s voice in public audio — every appearance, attributed to the second.
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They're selling primarily to the semiconductor capital equipment manufacturers and
The growth outlook there is positive at this point in time.
And then the other twenty to twenty-five percent is general factory automation and keeping an eye on PMI there primarily.
It's been historically long down cycle for industrial manufacturing, and that's been felt by Cognex and that part of their customer base.
Ideally when a customer puts the camera in the factory, they're hoping it's gonna last for ten to twenty years.
So there's not really a regular replacement cadence.
It's more about
You get the customer in your installed base and then they'll be doing brownfield capex on existing lines and that'll create revenue opportunities for Cognex.
Every now and then there'll be these greenfield opportunities with those customers or just new in markets and new customers.
And that's what drives the growth of the industry over time.
The joke I say is that Cognex doesn't adjust out their stock based comp, which is great for a company that's essentially a software company, but you get stuck with the cyclicality of an industrial company as a trade off.
So it's all an upfront sale.
The software's tied to the hardware, CapEx.
I think that's right.
You can think of the core
business as supporting customers as they're doing their big capex spends.
They're tied to that.
So at the moment in consumer electronics, for example, we're keeping an eye out what it could be, but there's not something that's driving a big capex spend to Apple, for example, that in markets kind of at a more steady state maintenance type of level.
You characterize it correctly.
They actually did a bolt-on acquisition of a company called Moritex in late twenty twenty three.
Showing 241–260 of 455 · page 13 of 23
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