Digi International Inc - DGII STOCK NEWS

SmartSense by Digi, part of Digi International (NASDAQ: DGII), announced key developments ahead of the NRF 2023 Retail's Big Show in New York. Highlights include an executive leadership change with Guy Yehiav appointed President, strengthened customer relationships with companies like Giant Eagle and DIG Restaurants, and recognition as a Top Software & Technology Provider. Additionally, the company formed customer advisory boards to enhance service delivery in healthcare and food sectors. SmartSense aims to leverage its IoT solutions to drive significant business outcomes in 2023.

Digi International (Nasdaq: DGII) reported strong financial results for Q4 2022, with revenue of $106 million, up 34% year-over-year. The gross profit margin improved to 55.8%, and net income per diluted share surged 138% to $0.31. For the full year, revenue reached $388 million, a 26% increase, with adjusted EPS rising 54% to $1.66. ARR at quarter end was over $94 million, reflecting a 149% growth. Despite strong performance, guidance for Q1 2023 anticipates revenue growth of 20-25%, constrained by global supply chain challenges.

Digi International (NASDAQ: DGII) has launched the Digi XBee RR, a pre-certified wireless networking module designed for IoT solutions. This innovative module enhances product development flexibility and reduces time-to-market for developers and OEMs by offering off-the-shelf connectivity options. With immediate availability through Digi's global distributor network, it features multiple frequencies and protocols for diverse applications, including smart energy and intelligent lighting. Additionally, Digi provides XBee Rapid Redesign Services to assist customers with transitioning to this module.

Digi International (NASDAQ: DGII) will showcase its innovative IoT solutions at electronica 2022 in Munich, Germany from Nov. 15-18. Highlighted products include the Digi ConnectCore MP1 systems-on-modules, known for their compact design and integration of Wi-Fi and Bluetooth, and the Digi ConnectCore Voice Control software, which supports 30 languages for voice-based control without cloud dependence. These developments aim to enhance productivity and safety across industries such as transportation and medical.

Digi International has entered a strategic partnership with UR Group to enhance Intelligent Transport Systems (ITS) focusing on the U.K. market. The collaboration aims to deliver advanced transportation solutions with an emphasis on rail and Smart Cities. Digi's smart railway technologies will provide real-time data on various operational aspects, aiding transit operators in improving amenities like Wi-Fi and security. This partnership is expected to facilitate the deployment of innovative technologies that support green energy transitions in transportation.

Digi International (NASDAQ: DGII) announced an ongoing partnership with DIG, a restaurant group focusing on fresh, high-quality meals. Through SmartSense by Digi's IoT solutions, DIG will enhance product freshness and operational efficiency by monitoring refrigeration and automating compliance with digital checklists. This collaboration will support DIG's growth, allowing it to manage food quality and safety across multiple locations. DIG serves over 100,000 meals a week and utilizes fresh produce from its own farm, DIG Acres.

Digi International has launched Digi SAFE™, a comprehensive connectivity solution designed for public safety and transportation agencies. With FIPS 140-2 certification, this secure system allows for remote monitoring and management of field devices through Digi Remote Manager. The solution boasts the new Digi TX40 5G router, engineered for rugged environments, and supports dual connectivity for uninterrupted service. Digi SAFE aims to enhance operational efficiency and safety for emergency responders while facilitating digital transformation initiatives within agencies.

Digi International (NASDAQ: DGII) will announce its financial results for Q4 and the full fiscal year 2022 on November 10, 2022, at around 8:00 a.m. ET. Following the release, CEO Ron Konezny and CFO Jamie Loch will hold a conference call at 10:00 a.m. ET to discuss the results and engage with investors. Participants can pre-register for the call and access a live webcast via Digi's investor relations page. A replay of the call will be available shortly after its conclusion.

Research by Opengear reveals that 50% of CIOs have experienced financial losses due to increased downtime. The mean time to recovery (MTTR) from network outages has risen to 11.2 hours, an increase of nearly two hours since 2020. Major impacts of downtime include customer satisfaction (47%), data loss (45%), and reputational damage (41%). The study suggests that as businesses increasingly adopt hybrid working and IoT, downtime concerns are escalating, necessitating a higher priority on network resilience in organizational strategies.