<SEC-DOCUMENT>0001193125-16-611109.txt : 20160826
<SEC-HEADER>0001193125-16-611109.hdr.sgml : 20160826
<ACCEPTANCE-DATETIME>20160602153931
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-611109
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COGNEX CORP
		CENTRAL INDEX KEY:			0000851205
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				042713778
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE VISION DR
		CITY:			NATICK
		STATE:			MA
		ZIP:			01760
		BUSINESS PHONE:		5086503000

	MAIL ADDRESS:	
		STREET 1:		ONE VISION DRIVE
		CITY:			NATICK
		STATE:			MA
		ZIP:			01760
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HTML><HEAD>
<TITLE>CORRESP</TITLE>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;2, 2016 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA
EDGAR </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian Cascio </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Cognex Corporation </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form 10-K for Fiscal Year Ended December&nbsp;31, 2015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;10, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form 10-Q for the Quarterly Period Ended April&nbsp;3, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed May&nbsp;2, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File No.&nbsp;001-34218 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Mr.&nbsp;Cascio: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is submitted in response to the comments of the staff of the Division of Corporation Finance (the
&#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) with respect to the annual report on Form 10-K for the year ended December&nbsp;31, 2015 (the &#147;Form 10-K&#148;) and the quarterly report on Form 10-Q for
the quarterly period ended April&nbsp;3, 2016 (the &#147;Form 10-Q&#148;) of Cognex Corporation (the &#147;Company&#148;), as set forth in your letter to the undersigned dated May&nbsp;20, 2016 (the &#147;Comment Letter&#148;). For reference
purposes, the text of the Comment Letter has been reproduced herein with responses below each numbered comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for Fiscal Year Ended
December&nbsp;31, 2015 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Executive Overview, page 17 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>1. We note
your reference to multiple industries in the third paragraph of your &#147;Executive Overview.&#148; Please tell us whether all of these industries contribute equally to your operations and whether any are experiencing developments that you expect
will have a material impact on your business. We note for example your reference during your February&nbsp;10, 2016 conference call to slower automotive spending. Please tell us how your Form 10-K and Form 10-Q for the period ended April&nbsp;3,
2016 include the disclosures regarding trends and seasonality </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Cognex
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Vision Drive&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natick, MA 01760-2059&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) 650-3000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fax (508)
650-3333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.cognex.com </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian Cascio </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 2, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>
required by Regulation S-K Item&nbsp;303(a)(2)(ii), 303(a)(3)(ii), and Instruction 5 to Item&nbsp;303(b). In your response, please address any material trend in revenue or margins from a country
or region, and any material trend in order activity affecting inventory or otherwise affecting your financial condition or results of operations. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response to Comment 1</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2015 and 2014,
the consumer electronics industry and the automotive industry each contributed between 25% and 30% of the Company&#146;s total revenue. No other industry accounted for greater than 10% of the Company&#146;s total revenue in these fiscal years.
Management commented during the Company&#146;s February&nbsp;10, 2016 conference call that growth in revenue from the automotive industry had slowed in the second half of 2015 and into the first quarter of 2016. However, the Company currently
expects both the automotive and consumer electronics industries to be major contributors to its business in 2016, and the Company does not currently anticipate any known developments in either of these industries to have a material impact on its
business in 2016. Also, as of the dates of filing of the Form 10-K and Form 10-Q, management had identified no known material trends in revenue or margins by country or region affecting the Company&#146;s financial condition or results of
operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to the Staff&#146;s other inquiries: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Regarding Regulation S-K Item&nbsp;303(a)(2)(ii) related to full fiscal year disclosures, there were no known material trends in the Company&#146;s capital resources as of the date of the Form 10-K filing. The
Company&#146;s capital expenditures in 2016 are currently expected to be in line with the levels reported in 2015 and 2014. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Regarding Regulation S-K Item&nbsp;303(a)(3)(ii) related to full fiscal year disclosures, there were no known trends or uncertainties that have had or that management reasonably expected will have a material impact on
the Company&#146;s revenues or income from continuing operations, including increases in costs of labor or materials, price increases, or inventory adjustments, as of the date of the Form 10-K filing. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Regarding Regulation S-K Instruction 5 to Item&nbsp;303(b) related to interim period disclosures, there were no seasonal aspects of the Company&#146;s business which had a material effect upon its financial condition as
of April&nbsp;3, 2016 or its results of operations for the interim period ended April&nbsp;3, 2016. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although the timing of
quarterly revenue from the consumer electronics industry is impacted by the product design cycles of the Company&#146;s major customer in this industry, revenue from this customer was at a relatively low level for the first quarter of 2016. Although
the Company incurred large expenditures for inventories during this interim period related to orders received or anticipated to be received from this customer, these expenditures were not material to its overall financial condition. The Company will
disclose the trends related to large orders in the consumer electronics industry in future filings when this business is material to its </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Cognex
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Vision Drive&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natick, MA 01760-2059&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) 650-3000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fax (508)
650-3333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.cognex.com </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian Cascio </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 2, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
financial condition or results of operations. For example, please refer to the Company&#146;s Form 10-Q filing for the quarterly period ended July&nbsp;5, 2015, which disclosed, &#147;The level
of large orders is not expected to continue in the third quarter of 2015, and therefore, we expect revenue to decline in the third quarter compared to the second quarter of 2015, although we expect third quarter revenue to be higher than the first
quarter of 2015.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Gross Margin, page 18 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>2. Please tell us the extent of the effect of the &#147;shift in revenue mix to relatively-lower margin products&#148; on your gross margin,
the reason for the shift, and whether this shift reflects a material trend. Also tell us whether existing arrangements with any material customer require future sales at a margin that differs materially from the disclosed margin</I>.<I> </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response to Comment 2</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The shift in
revenue mix to relatively-lower margin products had an unfavorable impact of approximately 30 basis points on the Company&#146;s total gross margin when comparing fiscal years 2015 and 2014. This shift primarily relates to increased sales of ID
products, which have a lower gross margin than the Company&#146;s average gross margin. In further response to the Staff&#146;s comment, the Company has an existing arrangement with a material customer that provides them with preferred (lower)
pricing as compared to other customers. The Company&#146;s total gross margin was 78% for the first quarter of 2016, 77% for 2015, and 78% for 2014. The Company expects its total gross margin percentage to be in the mid-to-high 70% range in the
second quarter of 2016, inclusive of its estimates for revenue from ID products and this material customer, and therefore, the Company does not currently consider either of these items to be material trends impacting its gross margin. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Income Tax Expense, page 22 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>3. In
Note 16 on page 59 we see the significant impact of the foreign tax rate differential and the overall low foreign effective tax rate. In future filings please expand MD&amp;A to discuss your foreign effective tax rate, including discussion of the
primary taxing jurisdictions where your foreign earnings are derived and the relevant statutory rates</I>.<I> </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response to Comment 3</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will expand MD&amp;A to discuss its foreign effective tax rate in future filings. The Company&#146;s intended disclosure is
included below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;The majority of income earned outside of the United States is permanently reinvested to provide funds for
international expansion. The Company is tax resident in numerous jurisdictions around the world and has identified its major tax jurisdictions as the United States, Ireland, and China. The statutory tax rate is 12.5% in Ireland and 25% in China,
compared to the U.S. federal statutory corporate tax rate of 35%.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Cognex
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Vision Drive&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natick, MA 01760-2059&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) 650-3000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fax (508)
650-3333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.cognex.com </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian Cascio </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 2, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;8. Financial Statements </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 1. Summary of Significant Accounting Policies, page 39 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Revenue Recognition, page 41 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>4. We
note the significant amount of unbilled revenue on your balance sheet in the Form 10-Q for the quarter ended July&nbsp;5, 2015. In future filings please expand your revenue policy to describe the circumstances where you record revenue in advance of
billing. Also, describe the factors you consider in determining the appropriate timing of revenue recognition for recorded revenue not billed at the balance sheet date</I>.<I> </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response to Comment 4</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will
expand its revenue policy to describe the circumstances where the Company records revenue in advance of billing, as well as the factors management considers in determining the appropriate timing of such revenue recognition, in the Company&#146;s
future filings. The Company&#146;s intended disclosure is included below (changes to existing disclosure marked, with new disclosure in underlined text). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;In order to recognize revenue, the Company requires that a signed customer contract or purchase order is received, the fee from the
arrangement is fixed or determinable, and the collection of the resulting receivable is probable. Assuming that these criteria have been met, product revenue is generally recognized upon delivery, revenue from maintenance and support programs is
recognized ratably over the program period, and revenue from consulting and training services is recognized when the services have been provided. When customer-specified acceptance criteria exists that are substantive, product revenue is deferred,
along with associated incremental direct costs, until these criteria have been met <U>and any remaining performance obligations are inconsequential or perfunctory. In certain circumstances, the agreement with the customer provides for payment terms
which differ from revenue recognition criteria, resulting in either unbilled revenue or deferred revenue.</U>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>5. We see from a
risk factor on page six that you offer discounts to certain customers. In future filings please expand your accounting policy disclosure to describe the types of discounts offered and the related accounting. Refer to ASC 605-50-50</I>.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Cognex
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Vision Drive&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natick, MA 01760-2059&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) 650-3000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fax (508)
650-3333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.cognex.com </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian Cascio </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 2, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response to Comment 5</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will expand its revenue policy to describe the types of discounts offered and the related accounting in the Company&#146;s future
filings. The Company&#146;s intended disclosure is included below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Certain customers are offered pricing discounts on current sales
based upon purchasing volumes, for which revenue is reported net of these discounts.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 16. Taxes, page 59 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>6. In future filings please disclose the cumulative amount of undistributed earnings of your foreign subsidiaries for which no U.S. income
taxes have been provided. Refer to ASC 740-30-50-2</I>.<I> </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response to Comment 6</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will disclose the cumulative amount of undistributed earnings of its foreign subsidiaries for which no U.S. income taxes have been
provided in the Company&#146;s future filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>7. It appears that your domestic U.S. federal effective income tax rate on earnings
from continuing operations for 2015 exceeds 100%. Please explain to us the factors leading to the unusually high federal effective tax rate on earnings from continuing operations in 2015</I>.<I> </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response to Comment 7</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While the
majority of income earned outside of the United States is permanently reinvested to provide funds for international expansion, the Company has repatriated a certain amount of current-year earnings of its foreign subsidiaries in all years presented.
As a result, the Company has paid U.S. Federal taxes, net of foreign tax credits, on such repatriated earnings. In 2015, profits from the Company&#146;s U.S. operations were the lowest of the years presented, resulting in an exaggerated impact of
the U.S. tax on repatriated earnings. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-Q for the Quarterly Period Ended April&nbsp;3, 2016 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>8. Please file a complete copy of your articles of incorporation as amended to date</I>.<I> </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response to Comment 8</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will
file a complete copy of its articles of incorporation, as amended to date, as an exhibit to its quarterly report on Form 10-Q for the quarterly period ended July&nbsp;3, 2016, pursuant to Regulation S-K Item&nbsp;601(b)(3)(i). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Cognex
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Vision Drive&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natick, MA 01760-2059&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) 650-3000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fax (508)
650-3333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.cognex.com </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian Cascio </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 2, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As requested in the Comment Letter, the Company hereby acknowledges the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you should have any questions concerning these responses, please contact the undersigned at (508)&nbsp;650-6363. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Richard A. Morin</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Richard A. Morin</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Executive Vice President of</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Finance and Administration</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>and Chief
Financial Officer</I></P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Cognex
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Vision Drive&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natick, MA 01760-2059&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) 650-3000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fax (508)
650-3333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.cognex.com </P>

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