Investor Presentation

May, 2018
Investor Presentation

©2017 Vocera Communications. All rights reserved.©2017 Vocera Communications. All rights reserved.
Safe Harbor and Other Information
This presentation contains “forward‐looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. We intend for
such forward‐looking statements to be covered by the safe harbor provisions for forward‐looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995.
Forward‐looking statements include information concerning the market shifting to Vocera, the components of our mission, our accelerating operating leverage and target operating leverage
model, and potential future products and services.
Forward‐looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates”, “targets,”
“guidance,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “prospects,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms, although
not all forward‐looking statements contain these identifying words. Forward‐looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking statements. We cannot
guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward‐looking statements, and you should not place undue reliance on our forward‐looking statements.
Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. We undertake no obligation, and do not intend, to update these
forward‐looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter. For a more complete
discussion of factors that could materially affect our financial results and operations, please refer to our Quarterly Report on Form 10-Q for the period ended March 31, 2018 that we have
filed with the SEC, including Part II, Item 1A, “Risk Factors,” and other reports that we file with the SEC. Copies of reports we file with the SEC are posted on our website and are available from
us without charge.
This presentation shall not constitute an offer to sell or a solicitation of an offer to purchase securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which
or to any person to whom such an offer, solicitation or sale would be unlawful. This presentation is strictly confidential and is being made solely in reliance on applicable exemptions from the
registration requirements of the Securities Act of 1933. The securities of the Company have not been registered under the Securities Act of 1933 or any state securities laws and may not be
offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws. Any purchaser of
such securities will be deemed to have made certain representations and acknowledgments, including, without limitation, that the purchaser is a "qualified institutional buyer" as defined in
Rule 144A under the Securities Act of 1933.
Statement Regarding Use of Non-GAAP Financial Measures
This presentation contains certain non-GAAP financial measures. For a presentation of the most directly comparable financial measures calculated in accordance with GAAP, and a
reconciliation of these non-GAAP measures to the GAAP measures, please see the appendix.
The non-GAAP financial measures we present are in addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. We encourage investors to
carefully review our results of operations under GAAP in addition to the non-GAAP information we present to more fully understand our business.
2
Forward-Looking Statements

3
• Large market shifting toward Vocera
• Market leader with compelling ROI
• Large wins validate sales strategy
• Software acquisition extends platform
• Accelerating operating leverage
Our Opportunity
* The Company adopted ASC 606 effective January 1, 2018. 2016 and 2017 are adjusted in accordance with the Company’s adoption of ASC 606 under the full retrospective method. Prior to the
adoption of ASC 606 revenue in 2016 and 2017 was $127.7MM and $162.5MM, respectively; and A-EBITDA was 3% and 8% of revenue in 2016 and 2017, respectively. The adoption of ASC 606
did not impact 2014 or 2015. Earnings before interest, taxes, depreciation and amortization, and further excludes stock -based compensation and change in fair value of warrant and
option liabilities. See Appendix for a reconciliation. Guidance was provided April 26, 2018.
YoY Rev.
Growth
$95
$104
$132 $166
$183*
-13%
-3%
8%
10% 11%
FY14 FY15 FY16 FY 17 FY18* Guide
High-End
Revenue A-EBITDA %
(7%) 9% 27% 26% 10%

Vocera Before Vocera Now
Communications
Badge-Centric
Point Product
Department Sale
Clinical Workflow
Software-Centric
Complete Solution
Enterprise Sale
Strategic Transformation
4

Quality ResiliencyPatient-CenteredCost
Enhance how care is
provided to help
patients to achieve
better outcomes
Increase
operational
efficiencies
Improve patient
experience by allowing
caregivers to be
Patient Centered
Improve the caregiver
experience by improving
workflow and empowering
care teams
The Quadruple Aim
5
Our Mission

©2017 Vocera Communications. All rights reserved.
6
Broadcast to OR Turnover
Call on-call Orthopedic Surgeon
Secure text to on-call Cardiologist
Urgent call to ED Charge Nurse
The Call Sheet Transformed

7
Communicate, Collaborate, Make Informed
Decisions Quickly
PHYSICIAN
✓ Collaborate whether inside
or outside the hospital
NURSE
✓Reach the right person
without names or numbers
NURSE SUPERVISOR
✓Keep nurses and
patients safer
HOSPITALIST
✓Receive timely, relevant
patient information
HOUSEKEEPING
✓Increase bed turnover
Alert & Alarm
Intelligence
Electronic
Health Record
Nurse Call
Physiologic
Monitor
Bed
Management
Real-Time
Location System
Laboratory
Info System
INPUTS
Dynamic Data
Aggregation of Patient
Events and Context
OUTPUTS
Context-Aware Events
Response and Critical
Collaboration
Dynamic Master
Directory

©2017 Vocera Communications. All rights reserved.
6,986
Hospitals
in the U.S.(1)
U.S. Hospitals
1118
(1)
8
Large Global Market Opportunity
(1 ) Based on Definitive US Healthcare Database. As of December 31, 2017
International
Healthcare Facilities
~250
Global Non-
Healthcare Facilities
~270
~$6 Billion Global Market Opportunity
1118
5220
Vocera Hospitals US Hospitals
18% U.S. Penetration Rate
(1)
(6338 Total US Hospitals)
*Federal numbers are for acute care hospitals, do not include clinics or ambulatory care centers
~130 new healthcare facilities in 2017
Fed Hospitals
(1)
Vocera* Total
(1)
VA 73 164
DoD 21 46
Total 94 210
U.S. Healthcare
(non hospital)
100

9
Recent Platform Wins Validate Strategy
MEDCOM

10
The Patient Journey in a Real Time Health System
Admission,
discharge,
transfer
Test
results
Nurse-
physician
consult
Obtain,
clarify, change
orders
Update
Patient
status
Streamline
Patient
flow
“The RTHS uses information
and communication technology
to reduce the time in which
patient information and
medical knowledge is collected,
analyzed, shared and applied.”
Source: Gartner Real-Time Health System Technologies, July 2017
Requirements:
• Aware
• Integrated
• Collaborative
• Patient-Centric

(1) Earnings before interest, taxes, depreciation and amortization, and further excludes stock -based compensation and change in fair value of warrant and option liabilities. See
appendix for a reconciliation. 2016 and 2017 are adjusted in accordance with the Company’s adoption of ASC 606 under the full retrospective method. Prior to the company’s
adoption of ASC 606 revenue was $127.7 MM and $162.5MM in 2016 and 2017, respectively; and adjusted EBITDA was $4.3MM and $13.1MM in 2016 and 2017, respectively.
Revenue (1) Financial Highlights
Adjusted EBITDA
$36.6 $40.2
$132.0
$166.0
Q117 Q118 2016 2017
($inMillions)
-$0.6
$1.8
$10.1
$16.4
Q117 Q118 2016 2017
($inMillions)
Q1 2018 Results exceeded expectations
• Q1: 10% Revenue Growth, 2017: +26%
• Q1: 41% Software Growth, 2017: +26%
• $109.2 million Backlog + Deferred Revenue
Solid Customer Base and Value Proposition
• 95%+ s/w maintenance renewal rate
• Strong competitive win rate
Expanding Profitability and Cash Flow
• A-EBITDA $16.4 million in 2017 (1)
• A-EBITDA $1.8 million in Q118
• $82 million in cash on balance sheet
11
+10% +26%
Financial Highlights
N/MMargin (%) 4.5% 7.7% 9.9%

12
% 2017
Revenue
17%
Software
Maintenance
*All recurring
32%
Professional
Services
*15%+ recurring
13%
38%
Devices
*44% recurring
Diversified Revenue, High Visibility
• Greater than 50%
of revenues are
recurring
• High visibility
• Low customer
concentration
Software
*10%+ subscription
*%’s are of the specific category, not company revenue.

Software
Maintenance
Professional
Services
Software
Hardware
13
Larger Deals, Higher Software Mix
$9.4M $14.9M $14.4M $3.5M $3.1M
$ values are in bookings
VA = New facilities added in 2017
$1.9M
31%
18%
32% 30%
13%
34%
12%
14%
13% 19%
24%
15%
39%
29%
35%
19%
56%
51%
18%
39%
20%
32%
7%

14
Actual
2014 2015 2016 2017
R&D % of Revenue 17% 15% 13% 15%
S&M % of Revenue 47% 41% 35% 31%
G&A % of Revenue 13% 12% 11% 10%
Target Model
12%
29%
8%
Sales
Notes
• All numbers are non-GAAP, see appendix for reconciliation.
• Mean peer group enterprise value comps are 3-4x Revenue and 12-15x A-EBITDA.
• 2016 and 2017 reflect the company’s adoption of ASC 606. Prior to the Company’s adoption of ASC 606 the corresponding percentages would have been as follows. For 2016:
63%, 13%, 37%, 11%, 61% and 3% for Gross Margin, R&D % of Revenue, S&M % of Revenue, G&A % of Revenue, Opex % of Revenue and Adjusted EBITDA, respectively. For
2017: 64%, 16%, 32%, 10%, 58%, and 8% for Gross Margin, R&D % of Revenue, S&M % of Revenue, G&A % of Revenue, Opex % of Revenue and Adjusted EBITDA, respectively.
Drivers
Operating Leverage Drives Significant Value

17
GAAP to Non-GAAP Reconciliations of Net Income
to Adjusted EBITDA 2014-2017
As
Adjusted
As
Reported
Change As
Adjusted
As
Reported
Change
GAAP net income (loss) (10,897) (14,217) 3,320 (11,400) (17,267) 5,867
Add back:
Stock compensation expense 18,196 18,196 - 12,035 12,035 -
Acquisition related expenses 1,269 1,269 - 5,822 5,822 -
Interest income (549) (549) - (627) (627) -
Depreciation and amortization expense 7,643 7,643 - 3,770 3,770 -
Provision for income taxes 759 759 - 529 529 -
Non-GAAP adjusted EBITDA 16,421 13,101 3,320 10,129 4,262 5,867
As Adjusted: financials recast in accordance with the Company's adoption of ASC 606.
As Reported: financials as initially reported and does not include adjustments related to the adoption of ASC 606.
Year EndedDecember 31, 2017 Year EndedDecember 31, 2016
2015 2014
GAAP net loss (17,106)$ (28,297)$
Add back:
Stock compensation expense 11,005 11,084
Acquisition expense - 899
Litigation expense 9 630
Restructuring expense - 654
Interest income (446) (267)
Depreciation and amortization expense 3,271 3,000
Provision for income taxes 473 324
Non-GAAP adjusted EBITDA (2,794)$ (11,973)$
Twelve months endedDecember 31,

18
GAAP to Non-GAAP Reconciliations of Net Income
to Adjusted EBITDA Q1’18 and Q1’17

19
GAAP to Non-GAAP GM & Opex Reconciliation
2017 & 2016 under ASC 606

20
2017 & 2016 under ASC 605

21
GAAP to Non-GAAP Reconciliation 2015
Year ended December 31, 2015
Stock Intangible
(In thousands) GAAP compensation amortization Litigation Total Non-GAAP
2015 expense (a) (b) expense (c) adjustments 2015
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
Product $ 55,716 $ — $ 55,716
Service 48,370 — 48,370
Total revenue 104,086 — — — — 104,086
Cost of revenue
Product 19,666 232 323 555 19,111
Service 19,844 1,036 — 1,036 18,808
Total cost of
revenue 39,510 1,268 323 — 1,591 37,919
Gross profit 64,576 (1,268) (323) — (1,591) 66,167
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
Research and
development 16,990 1,072 — 1,072 15,918
Sales and marketing 47,647 4,486 229 4,715 42,932
General and
administrative 16,734 4,179 243 9 4,431 12,303
Total operating
expenses 81,371 9,737 472 9 10,218 71,153
(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b) This adjustment reflects the accounting impact of acquisitions in 2010 and 2014 in non-cash expense.
(c) This operating expense adjustment reflects class action litigation expenses from the August 2013 lawsuit.

22
2014
Year ended December 31, 2014
(In thousands)
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
Product 51,095$ $ - 51,095$
Services 44,326 - 44,326
Total Revenue 95,421 - - - - - - 95,421
Cost of Revenue
Product 18,766 254 429 72 755 18,011
Services 18,470 924 26 950 17,520
Total cost of revenue 37,236 1,178 429 - - 98 1,705 35,531
Gross profit 58,185 (1,178) (429) - - (98) (1,705) 59,890
Research and development 18,089 1,056 11 54 1,121 16,968
Sales and marketing 49,694 4,111 291 83 4,485 45,209
General and administrative 18,481 4,739 93 888 630 419 6,769 11,712
Total operating expenses 86,264 9,906 384 899 630 556 12,375 73,889
(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b) This adjustment reflects the accounting impact of acquisitions in 2010 and 2014 in non-cash expense.
(c) This operating expense adjustment reflects the accounting impact of acquisitions, including for Q4 2014 $800K of consideration deemed to be compensation.
(d) This operating expense adjustment reflects class action litigation expenses from the August 2013 lawsuit.
(e) This operating expense adjustment reflects impact of restructuring expense.
Non-GAAP
2014
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
GAAP
2014
Stock
compensation
expense (a)
Intangible
amortization
(b)
Acquisiton
expense (c)
Litigation
expense (d)
Restructuring
expense (e)
Total
Adjustments

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