Revenue during the quarter surged 32.27 percent to $129.32 million from $97.77 million in the previous year period. Gross margin for the quarter expanded 332 basis points over the previous year period to 79.38 percent. Total expenses were 68.89 percent of quarterly revenues, down from 80.41 percent for the same period last year. This has led to an improvement of 1153 basis points in operating margin to 31.11 percent.

Operating income for the quarter was $40.24 million, compared with $19.15 million in the previous year period.

However, the adjusted operating income for the quarter stood at $44.91 million compared to $23.35 million in the prior year period. At the same time, adjusted operating margin improved 1084 basis points in the quarter to 34.73 percent from 23.89 percent in the last year period.

"We are pleased with our performance in 2016," said Robert J. Willett, chief executive officer of Cognex. "Revenue grew 16% over 2015 with excellent fall through to the bottom line as evidenced by our record annual net margin of 29%. We completed four acquisitions that bring important technologies in the two fastest-growing areas of our business. And, we introduced new products that substantially expand our addressable market."

For the first-quarter, Cognex Corp projects revenue to be in the range of $122 million to $125 million.