• Exponent average gross margin for 2023 was 91.7%, a 0.2% increase from 2022.
• Exponent average gross margin for 2022 was 91.52%, a 2.56% increase from 2021.
• Exponent average gross margin for 2021 was 93.92%, a 0.19% 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.