• Cognex average gross margin for 2023 was 72.04%, a 0.38% decline from 2022.
• Cognex average gross margin for 2022 was 71.77%, a 3.73% increase from 2021.
• Cognex average gross margin for 2021 was 74.55%, a 0.59% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.