Vocera Announces Third Quarter 2019 Financial Results

Vocera Announces Third Quarter 2019 Financial Results

SAN JOSE, Calif.–(BUSINESS WIRE)–$VCRA #earnings–Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in clinical communication and workflow solutions, today reported total revenue of $50.8 million for the third quarter of 2019, compared to revenue of $47.8 million in the third quarter of 2018.

“The third quarter of 2019 was another solid quarter for Vocera, with good revenue and profitability, and effective progress on our strategic goals,” said Brent Lang, Chairman and Chief Executive Officer of Vocera. “We won eight deals over one million dollars, including two significant wins in our international markets.”

Third quarter of 2019 financial highlights include:

Total revenue of $50.8 million, compared to $47.8 million last year

GAAP net income per share of $0.01; non-GAAP diluted net income per share of $0.23

GAAP net income of $0.3 million; Adjusted EBITDA of $9.5 million

Deferred revenue and backlog combined of $122.4 million as of September 30, 2019

Third Quarter 2019 Results

Total revenue for the third quarter of 2019 was $50.8 million, an increase of 6% compared to last year.

(in thousands)

Three months ended September 30,

 

2019

 

2018

 

% change

Product revenue

 

 

 

 

 

Device

$

19,002

 

 

$

17,031

 

 

11.6

%

Software

9,509

 

 

10,310

 

 

(7.8

)

Total product

$

28,511

 

 

$

27,341

 

 

4.3

%

 

 

 

 

 

 

Service revenue

 

 

 

 

 

Maintenance and support

$

17,538

 

 

$

16,023

 

 

9.5

%

Professional services and training

4,732

 

 

4,458

 

 

6.1

 

Total service

22,270

 

 

20,481

 

 

8.7

%

Total revenue

$

50,781

 

 

$

47,822

 

 

6.2

%

GAAP gross margin for the third quarter of 2019 was 62.8%, compared to 65.1% in the third quarter of 2018.

 

Three months ended September 30,

 

2019

 

2018

Gross margin

 

 

 

Product

71.2

%

 

75.1

%

Service

52.0

 

 

51.8

 

Total gross margin

62.8

%

 

65.1

%

 

 

 

 

Non-GAAP gross margin

 

 

 

Product

73.9

%

 

77.8

%

Service

56.4

 

 

56.0

 

Total non-GAAP gross margin

66.2

%

 

68.5

%

GAAP net income for the third quarter of 2019 was $0.3 million, or $0.01 per share, compared to GAAP net loss of $(0.2) million, or $(0.01) per share in the third quarter of 2018.

 

Three months ended September 30,

(in thousands except per share amounts)

2019

 

2018

Net income (loss)

$

298

 

 

$

(249

)

Net income (loss) per share

$

0.01

 

 

$

(0.01

)

Non-GAAP net income

$

7,454

 

 

$

6,403

 

Non-GAAP diluted net income per share

$

0.23

 

 

$

0.20

 

Adjusted EBITDA

$

9,545

 

 

$

8,417

 

Deferred revenue at September 30, 2019 was $56.2 million compared to $58.6 million at December 31, 2018. Cash, cash equivalents and short-term investments were $220.9 million at September 30, 2019 and $221.2 million at December 31, 2018.

Full Year and Fourth Quarter 2019 Guidance

For the full-year 2019, the Company expects revenue between $176.8 million and $181.8 million and a GAAP loss per share between $(0.67) and $(0.54). The Company expects non-GAAP net income per share to be between $0.22 and $0.34 and non-GAAP Adjusted EBITDA to be between $15.0 million and $19.0 million.

For the fourth quarter of 2019, the Company expects revenue between $46.0 million and $51.0 million and a GAAP loss per share between $(0.15) and $(0.02). The Company expects non-GAAP net income per share to be between $0.08 and $0.20 and non-GAAP Adjusted EBITDA to be between $5.0 million and $9.0 million.

(in millions except per share amounts)

Q4’19

 

FY’19

 

Low

 

High

 

Low

 

High

Revenue

$

 

46.0

 

 

$

 

51.0

 

 

$

 

176.8

 

 

$

 

181.8

 

Loss per share

$

 

(0.15

)

 

$

 

(0.02

)

 

$

 

(0.67

)

 

$

 

(0.54

)

Non-GAAP diluted net income per share

$

 

0.08

 

 

$

 

0.20

 

 

$

 

0.22

 

 

$

 

0.34

 

Adjusted EBITDA

$

 

5.0

 

 

$

 

9.0

 

 

$

 

15.0

 

 

$

 

19.0

 

Certain amounts in our release may not re-compute due to rounding. A reconciliation of non-GAAP to GAAP financial measures, and fourth quarter and full-year guidance, are included in the financial schedules.

Conference Call Information

Vocera Communications will host a conference call at 5 p.m. ET (2 p.m. PT) today, October 24, 2019, to discuss the Company’s results.

Investors may access a free, live webcast of the call through the Investors section of the Company’s website at investors.vocera.com.

The call also can be accessed by dialing 833-238-7944, or 647-689-4192 for international callers, and using the access code 4094338.

A webcast replay of the call will be archived at investors.vocera.com.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements within the meaning of the U.S. federal securities laws, including our expected operating results for the fourth quarter and full year 2019. These forward-looking statements are based on limited information currently available to us and our management`s expectations, which are inherently subject to change and involve a number of risks and uncertainties.

Actual events or results may differ materially from those in any forward-looking statement due to various factors, including but not limited to, changes in regulations in the U.S. and other countries; the effects on government and commercial hospital customers of the federal budget and budgetary uncertainty; changes in healthcare insurance coverage and consumers’ utilization of healthcare and hospital services; our ability to achieve and maintain profitability; the demand for our various solutions in the healthcare and other markets; our lengthy and unpredictable sales cycle; our ability to offer high-quality services and support for our solutions; our ability to achieve anticipated strategic or financial benefits from our acquisitions; our ability to acquire the sole and limited source hardware and software components of our solutions; our ability to obtain the required capacity and product quality from our contract manufacturers; our ability to develop and introduce new solutions and features to existing solutions and to manage our growth; the impact of tax law reform on us or our customers; and the other factors described in our most recently filed Quarterly Report on Form 10-Q, as well as our other filings with the Securities and Exchange Commission (SEC). Our filings with the SEC are available on the Investors section of the Company’s web site at www.vocera.com. The financial and other information contained in this press release should be read in conjunction with the financial statements and notes thereto included in our filings with the SEC. Our operating results for any historical period, including the third quarter of 2019, are not necessarily indicative of our operating results for any future periods. This press release speaks only as of its date. We assume no obligation to update the information in this press release, to revise any forward-looking statements, or to update the reasons actual events or results could differ materially from those anticipated in forward-looking statements.

Use of Non-GAAP Financial Information

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Our management evaluates the Company’s results and makes operating decisions using various GAAP and non-GAAP measures. In addition to our GAAP results, we also consider non-GAAP gross margin, non-GAAP gross margin for products and for services, non-GAAP net income/(loss), non-GAAP income/(loss) per diluted share and non-GAAP operating expenses. We also present Adjusted EBITDA, a non-GAAP measure that we reconcile to net income/(loss). These non-GAAP measures should not be considered as a substitute for the corresponding financial measure derived in accordance with GAAP. We present the non-GAAP measures because we consider them to be important supplemental information for our investors for analyzing our performance, core operating results and trends. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures included with this press release.

Our non-GAAP gross margins, non-GAAP net income/(loss), non-GAAP earnings/(loss) per diluted share, non-GAAP operating expenses, and Adjusted EBITDA are exclusive of certain items to facilitate management’s review of the comparability of our core operating results on a period to period basis because such items are not related to our ongoing core operating results as viewed by management. We define our “core operating results” as those revenues recorded in a particular period and the expenses incurred within that period that directly drive operating income in that period. Management uses these non-GAAP financial measures in making operating decisions because, in addition to meaningful supplemental information regarding operating performance, the measures give us a better understanding of how we should invest in research and development, fund infrastructure growth and evaluate the effectiveness of marketing strategies. In calculating the above non-GAAP results, management specifically adjusted for the following excluded items:

a) Stock-based compensation expense impact. We recognize equity plan-related compensation expenses, which represent the fair value of all share-based payments to employees, including grants of employee stock options and restricted stock units as non-GAAP adjustments in each period.

b) Amortization of acquired intangibles. We acquired certain companies in 2014 and 2016, and booked intangible assets related to these acquisitions. The amortization of these acquired intangible assets is excluded from non-GAAP net income because it is not related to ongoing controllable management decisions and because it is non-cash in nature.

c) Acquisition related expenses. In addition to the amortization of acquired intangibles mentioned above, we also adjust for certain acquisition-related expenses that we may incur including (i) professional service fees and (ii) transition costs. Professional service fees include third party costs related to the acquisition, such as due diligence costs, accounting fees, legal fees, valuation services and commissions, if any. Transition costs include retention payments, transitional employee costs and earn-out payments (including amounts relating to the distribution of purchase consideration among the selling equity holders) treated as compensation expense. We consider such costs and adjustments as highly variable in amount and frequency, being significantly impacted by the timing and size of any acquisitions. By excluding acquisition-related costs and adjustments from our non-GAAP measures, management can better focus on the organic continuing operations of our baseline and acquired businesses.

d) Restructuring costs. We exclude restructuring costs from non-GAAP measures because we do not regard these limited-term or one-time costs as reflective of normal costs we incur to operate our business. These are defined in U.S. GAAP to include one-time employee termination benefits, contract termination costs, and other associated costs, with respect to exit or disposal activities.

Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is largely outside of Vocera’s control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational, or non-cash expenses involving stock award grants.

We believe that the presentation of these non-GAAP financial measures is warranted for several reasons:

1) Such non-GAAP financial measures provide an additional analytical tool for understanding our financial performance by excluding the impact of items which may obscure trends in the core operating results of the business;

2) These non-GAAP financial measures facilitate comparisons to the operating results of other companies commonly compared to us, which use similar financial measures to supplement their GAAP results, thus enhancing the perspective of investors who wish to utilize such comparisons in their analysis of our performance; and

3) These non-GAAP financial measures are employed by our management in their own evaluation of performance and are utilized in financial and operational decision making processes, such as budget planning and forecasting.

Set forth below are additional reasons why share-based compensation expense is excluded from our non-GAAP financial measures:

i) While share-based compensation constitutes one of our ongoing and recurring expenses, it is not an expense that requires cash settlement by us. We therefore exclude these charges for purposes of evaluating core operating results. Thus, our non-GAAP measurements are presented exclusive of stock-based compensation expense to assist management and investors in evaluating our core operating results.

ii) We present share-based payment compensation expense in our reconciliation of non-GAAP financial measures on a pre-tax basis because the exact tax differences related to the timing and deductibility of share-based compensation are dependent upon the trading price of our common stock and the timing and exercise by employees of their stock options. As a result of these timing and market uncertainties, the tax effect related to share-based compensation expense would be inconsistent in amount and frequency and is therefore excluded from our non-GAAP results.

As stated above, we present non-GAAP financial measures because we consider them to be important supplemental measures of performance. However, non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for our GAAP results. In the future, we expect to incur expenses similar to certain of the non-GAAP adjustments described above and expect to continue reporting non-GAAP financial measures excluding such items. Some of the limitations in relying on non-GAAP financial measures are:

Our stock options, restricted stock units, and stock purchase plans are important components of incentive compensation arrangements and will be reflected as expenses in our GAAP results for the foreseeable future; and

Other companies may calculate non-GAAP financial measures differently than us, limiting their usefulness as a comparative measure.

Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between our non-GAAP and GAAP financial results is set forth in the financial tables referred to above, and linked to, this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results for the respective periods.

About Vocera:

The mission of Vocera Communications, Inc. is to simplify and improve the lives of healthcare professionals and patients, while enabling hospitals to enhance quality of care and operational efficiency. In 2000, when the company was founded, we began to forever change the way care teams communicate. Today, Vocera offers the leading platform for improving clinical communication and workflow. More than 1,850 facilities worldwide, including nearly 1,600 hospitals and healthcare facilities, have selected our clinical communication and workflow solutions. Care team members use our solutions to communicate and collaborate with co-workers by securely texting or calling, and to be notified of important alerts and alarms. They can choose the right device for their role or task, including smartphones or our hands-free, wearable Vocera Smartbadge and Vocera Badge. Interoperability between the Vocera Platform and more than 140 clinical and operational systems helps reduce alarm fatigue; speed up staff response times; and improve patient care, safety, and experience. In addition to healthcare, Vocera is at home in luxury hotels, aged care facilities, nuclear power facilities, schools, libraries, retail stores, and more. Vocera solutions make a difference in any industry where workers are on the move and need to connect instantly with team members and access resources or information quickly. In 2017, Vocera made the list of Forbes 100 Most Trustworthy Companies in America. Learn more at www.vocera.com, and follow @VoceraComm on Twitter.

The Vocera logo is a trademark of Vocera Communications, Inc. Vocera® is a trademark of Vocera Communications, Inc. registered in the United States and other jurisdictions. All other trademarks appearing in this release are the property of their respective owners.

Vocera Communications, Inc.

Condensed Consolidated Statements of Operations

(In Thousands, Except Per Share Amounts)

(Unaudited)

 

Three months ended September 30,

 

Nine months ended September 30,

 

2019

 

2018

 

2019

 

2018

Revenue

 

 

 

 

 

 

 

Product

$

28,511

 

 

$

27,341

 

 

$

65,646

 

 

$

70,252

 

Service

22,270

 

 

20,481

 

 

65,203

 

 

60,498

 

Total revenue

50,781

 

 

47,822

 

 

130,849

 

 

130,750

 

Cost of revenue

 

 

 

 

 

 

 

Product

8,204

 

 

6,819

 

 

20,450

 

 

19,847

 

Service

10,689

 

 

9,865

 

 

31,810

 

 

30,213

 

Total cost of revenue

18,893

 

 

16,684

 

 

52,260

 

 

50,060

 

Gross profit

31,888

 

 

31,138

 

 

78,589

 

 

80,690

 

Operating expenses

 

 

 

 

 

 

 

Research and development

8,363

 

 

7,993

 

 

25,452

 

 

22,630

 

Sales and marketing

15,506

 

 

15,654

 

 

47,003

 

 

45,942

 

General and administrative

6,420

 

 

6,438

 

 

19,535

 

 

18,973

 

Total operating expenses

30,289

 

 

30,085

 

 

91,990

 

 

87,545

 

Income (loss) from operations

1,599

 

 

1,053

 

 

(13,401

)

 

(6,855

)

Interest income

1,299

 

 

1,110

 

 

3,910

 

 

1,855

 

Interest expense

(2,233

)

 

(2,106

)

 

(6,524

)

 

(3,103

)

Other expense, net

(145

)

 

(158

)

 

(173

)

 

(965

)

Income (loss) before income taxes

520

 

 

(101

)

 

(16,188

)

 

(9,068

)

Benefit from (provision for) income taxes

(222

)

 

(148

)

 

(106

)

 

495

 

Net income (loss)

$

298

 

 

$

(249

)

 

$

(16,294

)

 

$

(8,573

)

 

 

 

 

 

 

 

 

Income (loss) per share

 

 

 

 

 

 

 

Basic

$

0.01

 

 

$

(0.01

)

 

$

(0.52

)

 

$

(0.29

)

Diluted

$

0.01

 

 

$

(0.01

)

 

$

(0.52

)

 

$

(0.29

)

Weighted average shares used to compute net income (loss) per share

 

 

 

 

 

 

 

Basic

31,459

 

 

30,230

 

 

31,170

 

 

29,861

 

Diluted

31,944

 

 

30,230

 

 

31,170

 

 

29,861

 

Vocera Communications, Inc.

Condensed Consolidated Balance Sheets

(In Thousands)

(Unaudited)

 

September 30,
2019

 

December 31,
2018

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

90,226

 

 

$

34,276

 

Short-term investments

130,702

 

 

186,894

 

Accounts receivable, net of allowance

36,766

 

 

40,127

 

Other receivables

6,234

 

 

4,148

 

Inventories

4,336

 

 

4,350

 

Prepaid expenses and other current assets

5,561

 

 

4,691

 

Total current assets

273,825

 

 

274,486

 

Property and equipment, net

8,340

 

 

7,468

 

Intangible assets, net

6,051

 

 

9,070

 

Goodwill

49,246

 

 

49,246

 

Deferred commissions

9,968

 

 

10,303

 

Other long-term assets

6,853

 

 

1,525

 

Total assets

$

354,283

 

 

$

352,098

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

3,827

 

 

$

4,217

 

Accrued payroll and other current liabilities

14,099

 

 

12,885

 

Deferred revenue, current

44,658

 

 

44,053

 

Total current liabilities

62,584

 

 

61,155

 

Deferred revenue, long-term

11,521

 

 

14,579

 

Convertible senior notes, net

115,452

 

 

110,540

 

Other long-term liabilities

6,281

 

 

2,957

 

Total liabilities

195,838

 

 

189,231

 

Stockholders’ equity

158,445

 

 

162,867

 

Total liabilities and stockholders’ equity

$

354,283

 

 

$

352,098

 

Vocera Communications, Inc.

Three months ended September 30, 2019

 

 

 

 

Stock

 

Intangible

 

Acquisition

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

related

 

Total

 

Non-GAAP

 

2019

 

expense (a)

 

(b)

 

expense (c)

 

adjustments

 

2019

Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)

Revenue

 

 

 

 

 

 

 

 

 

 

 

Product

$

28,511

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

28,511

 

Service

22,270

 

 

 

 

 

 

 

 

 

 

22,270

 

Total revenue

50,781

 

 

 

 

 

 

 

 

 

 

50,781

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

Product

8,204

 

 

193

 

 

579

 

 

 

 

772

 

 

7,432

 

Service

10,689

 

 

982

 

 

 

 

 

 

982

 

 

9,707

 

Total cost of revenue

18,893

 

 

1,175

 

 

579

 

 

 

 

1,754

 

 

17,139

 

Gross profit

$

31,888

 

 

$

1,175

 

 

$

579

 

 

$

 

 

$

1,754

 

 

$

33,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock

 

Intangible

 

Acquisition

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

related

 

Total

 

Non-GAAP

 

2019

 

expense (a)

 

(b)

 

expense (c)

 

adjustments

 

2019

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

8,363

 

 

$

1,022

 

 

$

 

 

$

 

 

$

1,022

 

 

$

7,341

 

Sales and marketing

15,506

 

 

1,808

 

 

368

 

 

 

 

2,176

 

 

13,330

 

General and administrative

6,420

 

 

2,164

 

 

40

 

 

 

 

2,204

 

 

4,216

 

Total operating expenses

$

30,289

 

 

$

4,994

 

 

$

408

 

 

$

 

 

$

5,402

 

 

$

24,887

 

(a)

This adjustment reflects the accounting impact of non-cash stock-based compensation expense.

(b)

This adjustment reflects the accounting impact of acquisitions in 2014 and 2016 in non-cash expense.

(c)

This adjustment reflects the costs associated with the acquisition in 2016.

Three months ended September 30, 2018

 

 

 

Stock

 

Intangible

 

Acquisition

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

related

 

Total

 

Non-GAAP

 

2018

 

expense (a)

 

(b)

 

expense (c)

 

adjustments

 

2018

Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)

Revenue

 

 

 

 

 

 

 

 

 

 

 

Product

$

27,341

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

27,341

 

Service

20,481

 

 

 

 

 

 

 

 

 

 

20,481

 

Total revenue

47,822

 

 

 

 

 

 

 

 

 

 

47,822

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

Product

6,819

 

 

128

 

 

622

 

 

 

 

750

 

 

6,069

 

Service

9,865

 

 

795

 

 

 

 

60

 

 

855

 

 

9,010

 

Total cost of revenue

16,684

 

 

923

 

 

622

 

 

60

 

 

1,605

 

 

15,079

 

Gross profit

$

31,138

 

 

$

923

 

 

$

622

 

 

$

60

 

 

$

1,605

 

 

$

32,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock

 

Intangible

 

Acquisition

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

related

 

Total

 

Non-GAAP

 

2018

 

expense (a)

 

(b)

 

expense (c)

 

adjustments

 

2018

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

7,993

 

 

$

802

 

 

$

 

 

$

 

 

$

802

 

 

$

7,191

 

Sales and marketing

15,654

 

 

1,755

 

 

377

 

 

 

 

2,132

 

 

13,522

 

General and administrative

6,438

 

 

2,014

 

 

39

 

 

60

 

 

2,113

 

 

4,325

 

Total operating expenses

$

30,085

 

 

$

4,571

 

 

$

416

 

 

$

60

 

 

$

5,047

 

 

$

25,038

 

(a)

This adjustment reflects the accounting impact of non-cash stock-based compensation expense.

(b)

This adjustment reflects the accounting impact of acquisitions in 2014 and 2016 in non-cash expense.

(c)

This adjustment reflects the costs associated with the acquisition in 2016.

Vocera Communications, Inc.

Nine months ended September 30, 2019

 

 

 

Stock

 

Intangible

 

Acquisition

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

related

 

Total

 

Non-GAAP

 

2019

 

expense (a)

 

(b)

 

expense (c)

 

adjustments

 

2019

Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)

Revenue

 

 

 

 

 

 

 

 

 

 

 

Product

$

65,646

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

65,646

 

Service

65,203

 

 

 

 

 

 

 

 

 

 

65,203

 

Total revenue

130,849

 

 

 

 

 

 

 

 

 

 

130,849

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

Product

20,450

 

 

502

 

 

1,762

 

 

 

 

2,264

 

 

18,186

 

Service

31,810

 

 

2,829

 

 

 

 

 

 

2,829

 

 

28,981

 

Total cost of revenue

52,260

 

 

3,331

 

 

1,762

 

 

 

 

5,093

 

 

47,167

 

Gross profit

$

78,589

 

 

$

3,331

 

 

$

1,762

 

 

$

 

 

$

5,093

 

 

$

83,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock

 

Intangible

 

Acquisition

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

related

 

Total

 

Non-GAAP

 

2019

 

expense (a)

 

(b)

 

expense (c)

 

adjustments

 

2019

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

25,452

 

 

$

2,878

 

 

$

 

 

$

 

 

$

2,878

 

 

$

22,574

 

Sales and marketing

47,003

 

 

5,286

 

 

1,105

 

 

 

 

6,391

 

 

40,612

 

General and administrative

19,535

 

 

6,327

 

 

118

 

 

 

 

6,445

 

 

13,090

 

Total operating expenses

$

91,990

 

 

$

14,491

 

 

$

1,223

 

 

$

 

 

$

15,714

 

 

$

76,276

 

Contacts
Investors:Sue Dooley
Vocera Communications, Inc.
408.882.5971
[email protected]

Media:Philip Anast
Amendola Communications
312.576.6990
[email protected]
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