Vocera ir master_ february 2019 web

1. Brent Lang
President and CEO
Justin Spencer
Chief Financial Officer
Investor
Presentation
February 2019

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Forward-Looking Statements
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, our strategic evolution, enablement of real-time healthcare system and potential
future products, capabilities 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-K for the period ended
December 31, 2017 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.

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Quality
Enhance how care
is provided to help
patients to achieve
better outcomes
Cost
Increase operational
efficiencies
Patient-Centered
Improve patient
experience by allowing
caregivers to be Patient
Centered
Resiliency
Improve caregiver
experience by
improving workflow
and empowering
teams
Vocera Mission
We simplify and improve the lives
of healthcare professionals,
patients, and families

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YoY Revenue Growth
$104
$132
$166
$180
Our Opportunity
-13%
A-EBITDA
FY14
-3%
A-EBITDA
FY15
8%
A-EBITDA
FY16
10%
A-EBITDA
FY17
Large global market
opportunity
Market leader with
compelling ROI
Product innovation
driving growth
Significant operating
leverage
Large health system
success
12%
FY18
$95
Notes
• A-EBITDA is non-GAAP, see appendix for reconciliation.

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PAST PRESENT
Strategic Evolution
FUTURE
Communications
Badge-Centric
Point Product
Department Sale
Clinical Workflow
Software-Centric
Complete Solution
Hospital Sale
Real Time Health System
Hybrid Cloud Architecture
Platform Ecosystem
Health System Sale

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Redefining a Category
Navigation
BEFORE
AFTER
Entertainment Healthcare

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The Hospital Communications Evolution
One-to-
everyone
Device-to-
device
Person-to-role,
Person-to-group
Clinical system-
to-role/group
Context for real-time
situational awareness
Overhead
paging
Yelling
Phone-to-phone
Phone-to-pager
Enable people
to find who they
need
System event
triggers alerts sent
using Intelligent
rules
Situational awareness
delivers the right
information to the
right people
7

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Alerts
Alarms
Messaging
Voice
• Noisy care environment
• Information overload
• Alarm fatigue
• Delays in response time
Today’s Clinical Communication Environment
Lack of Central Control

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Evolution of Hospital Communications
BEFORE
Clinician Tool Belt
Pager, phone, smartphone,
badge, RTLS badge etc…
Smartphone Applications
25 notifications for each system
– working independently
AFTER
1 3
5
21
7
5
3
5
VOCERA
Holistic Consolidation
Delivers only actionable events
to the appropriate caregiver(s)
on the device of choice

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Enabling a Real-Time Healthcare System
Nurse Call
EHR
Patient
Monitoring
Medical
Device
SYSTEMS AND DEVICES
Physician
Nurse
Nurse Supervisor
Hospitalist
House Keeping
CARE TEAM
Alarms Text Alerts VoiceData

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Post AcuteAmbulatoryHospitals
Clinical
Communication
Secure Text
Messaging
Alarms &
Notifications
Real Time Health System Across the Care Continuum
Experience
Monitoring
Patient’s Home
Today Analytics
Vocera Software Platform
• Voice Assistant
• Next-Generation Nurse Call
• Patient Throughput
• Healthcare IoT
• Interactive Patient Care
• On Call Scheduling
Potential
Future
• Real-Time Location Systems
• AI / Predictive Analytics

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Compelling Return on Investment
10 minute savings
per nurse per shift
Bed turnover rates up 50%
OR revenues up $780,000
350 more annual
OR capacity hours
4,000 annual ED
hours recaptured
Response times down from
2 minutes to 9 seconds
35% overall satisfaction
rating improvement
25% improvement in
HCAHPS scores
Fall related injuries down 60%;
estimated $1.27 million savings
Operational EfficiencyPatient Safety and Satisfaction

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U.S. Army
Medical
Command
(MEDCOM)
Health System Success

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

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33%
21%
35%
11%
% 2018 Revenue1
* %’s are of the specific category, not company revenue.
Greater than 50% of
revenues are recurring
High visibility
Low customer
concentration
95% + Maintenance
Renewal Rate
Devices
44% recurring*
Software
~10% subscription*
Software Maintenance
All recurring*
Professional Services
15%+ recurring*
Diversified Revenue, High Visibility

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Actual
2014 2015 2016 2017 2018
Gross Margin 63% 64% 65% 65% 66%
R&D % of Revenue 17% 15% 13% 15% 16%
S&M % of Revenue 47% 41% 35% 31% 30%
G&A % of Revenue 13% 12% 11% 10% 9%
Opex % of Revenue 77% 68% 58% 56% 55%
Adjusted EBITDA (13%) (3%) 8% 10% 12%
Operating Leverage Drives Significant Value
Target Model
68%
12%
29%
8%
49%
20%
Sales
Notes
• All numbers are non-GAAP, see appendix for reconciliation.
Drivers

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Thank you

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Appendix

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GAAP to Non-GAAP Reconciliations of Net Income
to Adjusted EBITDA Q4’18 and Q4’17
Three months ended December 31, Year ended December 31,
2018 2017 2018 2017
GAAP net income (loss) $ (1,101) $ 374 $ (9,674) $ (10,897)
Add back:
Stock compensation expense 5,487 4,992 20,964 18,196
Acquisition related expenses 40 260 310 1,269
Interest income (1,174) (178) (2,971) (549)
Interest expense 2,138 — — 1
,
0
0
8
,
0
5,241 — —
Depreciation and amortization expense 1,994 1,888 7,662 7,643
Provision for (benefit from) income taxes 144 (291) (351) 759
Non-GAAP adjusted EBITDA $ 7,528 $ 7,045 $ 21,181 $ 16,421

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GAAP to Non-GAAP Reconciliations of Net Income
to Adjusted EBITDA Q3’18 and Q3’17

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GAAP to Non-GAAP Reconciliations of Net Income
to Adjusted EBITDA Q2’18 and Q2’17

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

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GAAP to Non-GAAP Reconciliations of Net Income
to Adjusted EBITDA 2014-2017

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GAAP to Non-GAAP Reconciliations of Net Income
to Adjusted EBITDA 2014-2017

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

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GAAP to Non-GAAP GM & Opex Reconciliation
2017 & 2016 under ASC 605

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GAAP to Non-GAAP Reconciliation 2015

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GAAP to Non-GAAP GM & Opex Reconciliation
2014
(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.