Vocera investordeck february 2018 web

February, 2018
Investor Presentation

©2017 Vocera Communications. All rights reserved.©2017 Vocera Communications. All rights reserved.
This presentation contains forward-looking statements reflecting our current expectations that involve risks and uncertainties which are
subject to safe harbors under the Securities Act of 1933, as amended, or the Securities Act, and the Securities Exchange Act of 1934, as
amended, or the Exchange Act.
These forward-looking statements may include, but are not limited to, statements concerning our plans, objectives, expectations and
intentions, future financial position, future revenues, projected costs, expectations regarding demand and acceptance for our
technologies, growth opportunities and trends in the market in which we operate, prospects and plans and objectives of management.
The words “anticipates,” “believes,” “estimates," “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions
are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We
may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place
undue reliance on our forward-looking statements.
These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in
the forward-looking statements, including, without limitation, the risks set forth in Part II, Item 1A, “Risk Factors” in our Quarterly
Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. We do not assume any obligation to
update any forward-looking statements.
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
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.
*Represents the high end of the company’s guidance range provided February 8, 2018.
$104
$128
$163
$183*
-3%
3%
8%
11%
FY15 FY16 FY17 FY18 Guide -
High*
Revenue A-EBITDA %

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

6,986
Hospitals
in the U.S.(1)
U.S. Hospitals
1100+
(1)
6
Large Global Market Opportunity
(1 ) Based on Definitive US Healthcare Database. As of January 1, 2017
(2) Definitive Healthcare database
International
Healthcare Facilities
230+
Global Non-
Healthcare Facilities
270+
Fed Hospitals
(1)
Vocera Total
(2)
VA 62 168
DoD 38 48
Total 100 216
~$6 Billion Global Market Opportunity
1108
5236
Vocera Hospitals US Hospitals
18% U.S. Penetration Rate
(2)
(6344 Total US Hospitals)

©2017 Vocera Communications. All rights reserved.
7
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

8
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

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
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.
Revenue Q4 2017 Highlights
Adjusted EBITDA
$36.0 $45.5
$127.7
$162.5
Q416 Q417 2016 2017
($inMillions)
$1.0
$9.3
$4.3
$13.1
Q416 Q417 2016 2017
($inMillions)
Q4/2017 Results exceeded expectations
• Q4: 26% Revenue Growth, 2017: +27%
• Q4: 44% Software Growth, 2017: +36%
• $128.1 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 $13.1 million in 2017
• GAAP Net Income of $2.7M in Q4
• $81.2 million in cash on balance sheet
11
+26% +27%
Q4’17 Financial Highlights

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 $2.7M $3.5M $3.1M
$ values are in bookings
$1.9M
31%
18%
23%
30%
13%
34%
12%
14%
17%
19%
24%
15%
39%
29%
23%
19%
56%
51%
18%
39% 37%
32%
7%

14
Actual
2014 2015 2016 2017
R&D % of Revenue 17% 15% 13% 16%
S&M % of Revenue 47% 41% 37% 32%
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
Drivers
Operating Leverage Drives Significant Value

17
GAAP to Non-GAAP Reconciliation 2017
Vocera Communications, Inc.
Year ended December 31, 2017
Stock Intangible Acquisition
(In thousands) GAAP compensation amortization related Total Non-GAAP
2017 expense (a) (b) expense (c) adjustments 2017
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
Product $ 88,865 $ — $ — $ — $ — $ 88,865
Service 73,683 — — — — 73,683
Total revenue 162,548 — — — — 162,548
Cost of revenue
Product 27,244 413 2,873 — 3,286 23,958
Service 37,683 2,458 — 289 2,747 34,936
Total cost of revenue 64,927 2,871 2,873 289 6,033 58,894
Gross profit $ 97,621 $ 2,871 $ 2,873 $ 289 $ 6,033 $ 103,654
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
Research and development $ 27,685 $ 2,122 $ — $ 47 $ 2,169 $ 25,516
Sales and marketing 59,986 6,563 1,539 15 8,117 51,869
General and administrative 23,970 6,640 221 918 7,779 16,191
Total operating expenses $ 111,641 $ 15,325 $ 1,760 $ 980 $ 18,065 $ 93,576
(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, 2014 and 2016 in non-cash expense.
(c) This adjustment reflects the costs associated with the acquisition in 2016.

18
ReconciliationofGAAP Gross Profit to Non-GAAP GrossProfit (Unaudited)
Revenue
Product $ 70,667 $ — $ 70,667
Service 57,029 — 57,029
Total revenue 127,696 — — — — 127,696
Cost of revenue
Product 22,788 235 672 907 21,881
Service 26,287 1,153 — 274 1,427 24,860
Total cost of
revenue 49,075 1,388 672 274 2,334 46,741
Gross profit $ 78,621 $ (1,388 ) $ (672) $ (274) $ (2,334) $ 80,955
ReconciliationofGAAP Operating Expenses to Non-GAAP OperatingExpenses (Unaudited)
Researchand
development $ 18,266 $ 1,158 $ — $ 23 $ 1,181 $ 17,085
Sales and marketing 52,811 4,625 415 399 5,439 47,372
General and
administrative 24,499 4,864 288 5,126 10,278 14,221
Total operating
expenses $ 95,576 $ 10,647 $ 703 $ 5,548 $ 16,898 $ 78,678
(a) This adjustment reflects the accountingimpact of non-cashstock-basedcompensationexpense.
(b) This adjustment reflectsthe accountingimpact of acquisitions in2010, 2014 and2016 innon-cashexpense.
(c) This adjustment reflects the costs associatedwiththe acquisitionin2016.

19
Stock Intangible
(In thousands) GAAP compensation amortization Litigation Total Non-GAAP
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
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.

20
(In thousands) GAAP compensation amortization related Litigation Restructuring Total Non-GAAP
2014 expense (a) (b) expense (c) expense (d) expense (e) adjustments 2014
Revenue
Product $ 51,095 - - - - - $ - $ 51,095
Service 44,326 - - - - - - 44,326
Total revenue 95,421 - - - - - - 95,421
Cost of revenue
Product 18,766 254 429 - - 72 755 18,011
Service 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
(In thousands) GAAP compensation amortization related Litigation Restructuring Total Non-GAAP
2014 expense (a) (b) expense (c) expense (d) expense (e) adjustments 2014
Research and development $ 18,035 $ 1,056 - $ 11 - - $ 1,067 $ 16,968
Sales and marketing 49,611 4,111 291 - - - 4,402 45,209
General and administrative 18,062 4,739 93 888 630 - 6,350 11,712
Restructuring 556 - - - - 556 556 -
Total operating expenses $ 86,264 $ 9,906 $ 384 $ 899 $ 630 $ 556 $ 12,375 $ 73,889
(a) This adjustment reflects the accounting impacts 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) The operating expense adjustment reflects class action litigation expenses from the August 2013 lawsuit.
(e) This operating expense adjustment reflects the impact of restructuring expense.

Vocera investordeck february 2018 web

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