BusinessWire

Vocera Announces Fourth 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 $49.7 million for the fourth quarter of 2019, compared to revenue of $48.9 million in the fourth quarter of 2018.


“For the year, we drove bookings growth of 10% compared to 2018. We continued the trend toward large, new customer wins and sizeable expansions, demonstrating both our continued high win rate and the value our existing customers see in our solution,” said Brent Lang, Chairman and Chief Executive Officer of Vocera. “2019 was an important transitional year for the company as we revamped our sales organization and introduced several strategically important new products.”

Fourth quarter of 2019 financial highlights include:

  • Total revenue of $49.7 million, compared to $48.9 million last year
  • GAAP net loss per share of $(0.05); non-GAAP diluted earnings per share of $0.15
  • GAAP net loss of $(1.7) million; Adjusted EBITDA of $6.9 million
  • Full-year bookings of $199.2 million, up 10% year-over-year
  • Deferred revenue and backlog combined of $136.3 million as of December 31, 2019, an increase of 13% over last year

Fourth Quarter 2019 Results

Total revenue for the fourth quarter of 2019 was $49.7 million, an increase of 2% compared to last year.

(in thousands)

Three months ended December 31,

 

2019

 

2018

 

% change

Product revenue

 

 

 

 

 

Device

$

17,658

 

 

$

15,402

 

 

14.6

%

Software

9,257

 

 

11,793

 

 

(21.5

)

Total product

$

26,915

 

 

$

27,195

 

 

(1.0

)%

 

 

 

 

 

 

Service revenue

 

 

 

 

 

Maintenance and support

$

17,987

 

 

$

16,774

 

 

7.2

%

Professional services and training

4,750

 

 

4,911

 

 

(3.3

)

Total service

22,737

 

 

21,685

 

 

4.9

%

Total revenue

$

49,652

 

 

$

48,880

 

 

1.6

%

GAAP gross margin for the fourth quarter of 2019 was 61.4%, compared to 63.8% in the fourth quarter of 2018.

 

Three months ended December 31,

 

2019

 

2018

Gross margin

 

 

 

Product

68.1

%

 

72.1

%

Service

53.6

 

 

53.4

 

Total gross margin

61.4

%

 

63.8

%

 

 

 

 

Non-GAAP gross margin

 

 

 

Product

69.7

%

 

75.3

%

Service

57.6

 

 

57.4

 

Total non-GAAP gross margin

64.2

%

 

67.4

%

GAAP net loss for the fourth quarter of 2019 was $(1.7) million, or $(0.05) per share, compared to GAAP net loss of $(1.1) million, or $(0.04) per share in the fourth quarter of 2018.

 

Three months ended December 31,

(in thousands except per share amounts)

2019

 

2018

Net loss

$

(1,686

)

 

$

(1,101

)

Net loss per share

$

(0.05

)

 

$

(0.04

)

Non-GAAP net income

$

4,947

 

 

$

5,591

 

Non-GAAP diluted net income per share

$

0.15

 

 

$

0.18

 

Adjusted EBITDA

$

6,926

 

 

$

7,528

 

Deferred revenue at December 31, 2019 was $61.5 million compared to $58.6 million at December 31, 2018. Cash, cash equivalents and short-term investments were $229.9 million at December 31, 2019 and $221.2 million at December 31, 2018.

Full Year and First Quarter 2020 Guidance

For the full-year 2020, the Company expects revenue between $186.0 million and $196.0 million and a GAAP loss per share between $(0.66) and $(0.48). The Company expects non-GAAP diluted earnings per share to be between $0.18 and $0.33 and non-GAAP Adjusted EBITDA to be between $15.5 million and $20.5 million.

For the first quarter of 2020, the Company expects revenue between $36.0 million and $39.0 million and a GAAP loss per share between $(0.43) and $(0.35). The Company expects non-GAAP diluted loss per share to be between $(0.23) and $(0.15) and non-GAAP Adjusted EBITDA to be between $(5.0) million and $(2.5) million.

(in millions except per share amounts)

Q1’20

 

FY’20

 

Low

 

High

 

Low

 

High

Revenue

$

 

36.0

 

 

$

 

39.0

 

 

$

 

186.0

 

 

$

 

196.0

 

Loss per share

$

 

(0.43

)

 

$

 

(0.35

)

 

$

 

(0.66

)

 

$

 

(0.48

)

Non-GAAP diluted earnings (loss) per share

$

 

(0.23

)

 

$

 

(0.15

)

 

$

 

0.18

 

 

$

 

0.33

 

Adjusted EBITDA

$

 

(5.0

)

 

$

 

(2.5

)

 

$

 

15.5

 

 

$

 

20.5

 

Certain amounts in our release may not re-compute due to rounding. A reconciliation of non-GAAP to GAAP financial measures, and first 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, February 6, 2020, 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 9877834.

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 first quarter and full year 2020. 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 fourth 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 diluted earnings/(loss) per 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 diluted earnings/(loss) per 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 150 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, retail stores, schools, power facilities, libraries, and more. Vocera solutions make mobile workers safer and more effective by enabling them to connect instantly with other people and access resources or information quickly. Vocera has made the list of Forbes 100 Most Trustworthy Companies in America. Learn more at www.vocera.com and follow @VoceraComm on Twitter.

Vocera® and the Vocera logo are trademarks 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 December 31,

 

Year ended December 31,

 

2019

 

2018

 

2019

 

2018

Revenue

 

 

 

 

 

 

 

Product

$

26,915

 

 

$

27,195

 

 

$

92,561

 

 

$

97,447

 

Service

22,737

 

 

21,685

 

 

87,940

 

 

82,183

 

Total revenue

49,652

 

 

48,880

 

 

180,501

 

 

179,630

 

Cost of revenue

 

 

 

 

 

 

 

Product

8,589

 

 

7,578

 

 

29,039

 

 

27,425

 

Service

10,553

 

 

10,105

 

 

42,363

 

 

40,318

 

Total cost of revenue

19,142

 

 

17,683

 

 

71,402

 

 

67,743

 

Gross profit

30,510

 

 

31,197

 

 

109,099

 

 

111,887

 

Operating expenses

 

 

 

 

 

 

 

Research and development

8,828

 

 

8,249

 

 

34,280

 

 

30,879

 

Sales and marketing

16,165

 

 

16,272

 

 

63,168

 

 

62,214

 

General and administrative

6,239

 

 

6,126

 

 

25,774

 

 

25,099

 

Total operating expenses

31,232

 

 

30,647

 

 

123,222

 

 

118,192

 

Income (loss) from operations

(722

)

 

550

 

 

(14,123

)

 

(6,305

)

Interest income

1,200

 

 

1,189

 

 

5,110

 

 

3,044

 

Interest expense

(2,265

)

 

(2,138

)

 

(8,789

)

 

(5,241

)

Other expense, net

15

 

 

(558

)

 

(158

)

 

(1,523

)

Loss before income taxes

(1,772

)

 

(957

)

 

(17,960

)

 

(10,025

)

Benefit from (provision for) income taxes

86

 

 

(144

)

 

(20

)

 

351

 

Net loss

$

(1,686

)

 

$

(1,101

)

 

$

(17,980

)

 

$

(9,674

)

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

Basic

$

(0.05

)

 

$

(0.04

)

 

$

(0.57

)

 

$

(0.32

)

Diluted

$

(0.05

)

 

$

(0.04

)

 

$

(0.57

)

 

$

(0.32

)

Weighted average shares used to compute net loss per share

 

 

 

 

 

 

 

Basic

31,579

 

 

30,592

 

 

31,273

 

 

30,041

 

Diluted

31,579

 

 

30,592

 

 

31,273

 

 

30,041

 

Vocera Communications, Inc.

Condensed Consolidated Balance Sheets

(In Thousands)

(Unaudited)

 

 

December 31,
2019

 

December 31,
2018

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

25,704

 

 

$

34,276

 

Short-term investments

204,164

 

 

186,894

 

Accounts receivable, net of allowance

42,547

 

 

40,127

 

Other receivables

6,312

 

 

4,148

 

Inventories

4,576

 

 

4,350

 

Prepaid expenses and other current assets

5,149

 

 

4,691

 

Total current assets

288,452

 

 

274,486

 

Property and equipment, net

8,661

 

 

7,468

 

Intangible assets, net

5,461

 

 

9,070

 

Goodwill

49,246

 

 

49,246

 

Deferred commissions

10,477

 

 

10,303

 

Other long-term assets

8,158

 

 

1,525

 

Total assets

$

370,455

 

 

$

352,098

 

Liabilities and stockholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

6,036

 

 

$

4,217

 

Accrued payroll and other current liabilities

14,757

 

 

12,885

 

Deferred revenue, current

50,033

 

 

44,053

 

Total current liabilities

70,826

 

 

61,155

 

Deferred revenue, long-term

11,442

 

 

14,579

 

Convertible senior notes, net

117,178

 

 

110,540

 

Other long-term liabilities

7,184

 

 

2,957

 

Total liabilities

206,630

 

 

189,231

 

Stockholders' equity

163,825

 

 

162,867

 

Total liabilities and stockholders’ equity

$

370,455

 

 

$

352,098

 

Vocera Communications, Inc.

Three months ended December 31, 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

$

26,915

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

26,915

 

Service

22,737

 

 

 

 

 

 

 

 

 

 

22,737

 

Total revenue

49,652

 

 

 

 

 

 

 

 

 

 

49,652

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

Product

8,589

 

 

187

 

 

239

 

 

 

 

426

 

 

8,163

 

Service

10,553

 

 

923

 

 

 

 

 

 

923

 

 

9,630

 

Total cost of revenue

19,142

 

 

1,110

 

 

239

 

 

 

 

1,349

 

 

17,793

 

Gross profit

$

30,510

 

 

$

1,110

 

 

$

239

 

 

$

 

 

$

1,349

 

 

$

31,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

8,828

 

 

$

1,077

 

 

$

 

 

$

 

 

$

1,077

 

 

$

7,751

 

Sales and marketing

16,165

 

 

1,728

 

 

313

 

 

 

 

2,041

 

 

14,124

 

General and administrative

6,239

 

 

2,128

 

 

38

 

 

 

 

2,166

 

 

4,073

 

Total operating expenses

$

31,232

 

 

$

4,933

 

 

$

351

 

 

$

 

 

$

5,284

 

 

$

25,948

 

(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 December 31, 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

$

27,195

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

27,195

 

Service

21,685

 

 

 

 

 

 

 

 

 

 

21,685

 

Total revenue

48,880

 

 

 

 

 

 

 

 

 

 

48,880

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

Product

7,578

 

 

123

 

 

748

 

 

 

 

871

 

 

6,707

 

Service

10,105

 

 

855

 

 

 

 

20

 

 

875

 

 

9,230

 

Total cost of revenue

17,683

 

 

978

 

 

748

 

 

20

 

 

1,746

 

 

15,937

 

Gross profit

$

31,197

 

 

$

978

 

 

$

748

 

 

$

20

 

 

$

1,746

 

 

$

32,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

8,249

 

 

$

812

 

 

$

 

 

$

 

 

$

812

 

 

$

7,437

 

Sales and marketing

16,272

 

 

1,654

 

 

378

 

 

 

 

2,032

 

 

14,240

 

General and administrative

6,126

 

 

2,043

 

 

39

 

 

20

 

 

2,102

 

 

4,024

 

Total operating expenses

$

30,647

 

 

$

4,509

 

 

$

417

 

 

$

20

 

 

$

4,946

 

 

$

25,701

 

(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.

Year ended December 31, 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

$

92,561

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

92,561

 

Service

87,940

 

 

 

 

 

 

 

 

 

 

87,940

 

Total revenue

180,501

 

 

 

 

 

 

 

 

 

 

180,501

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

Product

29,039

 

 

689

 

 

2,001

 

 

 

 

2,690

 

 

26,349

 

Service

42,363

 

 

3,752

 

 

 

 

 

 

3,752

 

 

38,611

 

Total cost of revenue

71,402

 

 

4,441

 

 

2,001

 

 

 

 

6,442

 

 

64,960

 

Gross profit

$

109,099

 

 

$

4,441

 

 

$

2,001

 

 

$

 

 

$

6,442

 

 

$

115,541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

34,280

 

 

$

3,955

 

 

$

 

 

$

 

 

$

3,955

 

 

$

30,325

 

Sales and marketing

63,168

 

 

7,014

 

 

1,418

 

 

 

 

8,432

 

 

54,736

 

General and administrative

25,774

 

 

8,455

 

 

156

 

 

 

 

8,611

 

 

17,163

 

Total operating expenses

$

123,222

 

 

$

19,424

 

 

$

1,574

 

 

$

 

 

$

20,998

 

 

$

102,224

 


Contacts

Investors:
Sue Dooley
Vocera Communications, Inc.
408.882.5971
investorrelations@vocera.com

Media:
Philip Anast
Amendola Communications
312.576.6990
panast@acmarketingpr.com


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