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Vocera Announces Second Quarter 2020 Financial Results

Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in clinical communication and workflow solutions, today reported total revenue of $47.3 million for the second quarter of 2020, compared to revenue of $44.8 million in the second quarter of 2019.

"I am proud of the job Vocera employees achieved during this global pandemic to remain focused and deliver outstanding results across the board," said Brent Lang, Chairman and CEO of Vocera. "We fought through rapidly changing market dynamics and enhanced our market relevance. Our employees were inspired by our mission to improve the lives of patients and caregivers."

Second quarter of 2020 financial highlights include:

  • Total revenue of $47.3 million, compared to $44.8 million last year
  • GAAP net loss per share of $(0.11); non-GAAP diluted income per share of $0.10
  • GAAP net loss of $(3.5) million; Adjusted EBITDA of $5.7 million
  • Deferred revenue and backlog combined of $127.5 million as of June 30, 2020, an increase of 10% over last year

Second Quarter 2020 Results

Total revenue for the second quarter of 2020 was $47.3 million, an increase of 6% compared to last year.

(in thousands)

Three months ended June 30,

 

2020

 

2019

 

% change

Product revenue

 

 

 

 

 

Device

$

17,100

 

 

$

14,504

 

 

17.9

%

Software

6,851

 

 

8,628

 

 

(20.6

)

Total product

$

23,951

 

 

$

23,132

 

 

3.5

%

 

 

 

 

 

 

Service revenue

 

 

 

 

 

Maintenance and support

$

18,994

 

 

$

16,928

 

 

12.2

%

Professional services and training

4,402

 

 

4,699

 

 

(6.3

)

Total service

23,396

 

 

21,627

 

 

8.2

%

Total revenue

$

47,347

 

 

$

44,759

 

 

5.8

%

GAAP gross margin for the second quarter of 2020 was 63.2%, compared to 60.4% in the second quarter of 2019.

 

Three months ended June 30,

 

2020

 

2019

Gross margin

 

 

 

Product

67.8

%

 

70.1

%

Service

58.6

 

 

49.9

 

Total gross margin

63.2

%

 

60.4

%

 

 

 

 

Non-GAAP gross margin

 

 

 

Product

68.6

%

 

73.3

%

Service

62.5

 

 

54.6

 

Total non-GAAP gross margin

65.6

%

 

64.3

%

GAAP net loss for the second quarter of 2020 was $(3.5) million, or $(0.11) per share, compared to GAAP net loss of $(4.9) million, or $(0.16) per share in the second quarter of 2019.

 

Three months ended June 30,

(in thousands except per share amounts)

2020

 

2019

Net loss

$

(3,468

)

 

$

(4,857

)

Net loss per share

$

(0.11

)

 

$

(0.16

)

Non-GAAP net income

$

3,205

 

 

$

2,232

 

Non-GAAP diluted net income per share

$

0.10

 

 

$

0.07

 

Adjusted EBITDA

$

5,726

 

 

$

3,929

 

Deferred revenue at June 30, 2020 was $54.0 million compared to $61.5 million at December 31, 2019. Cash, cash equivalents and short-term investments were $233.9 million at June 30, 2020 compared to $229.9 million at December 31, 2019.

Conference Call Information

Vocera Communications will host a conference call at 5 p.m. ET (2 p.m. PT) today, July 27, 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 833-968-2210, or 647-689-4192 for international callers, and using the access code 5064238.

A replay of the call will be archived on the Vocera website.

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. 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, potential impacts of the COVID-19 pandemic on our operations, 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 second quarter of 2020, 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 income/(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 income/(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 2,100 facilities worldwide, including nearly 1,700 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 June 30,

 

Six months ended June 30,

 

2020

 

2019

 

2020

 

2019

Revenue

 

 

 

 

 

 

 

Product

$

23,951

 

 

$

23,132

 

 

$

41,801

 

 

$

37,135

 

Service

23,396

 

 

21,627

 

 

46,219

 

 

42,933

 

Total revenue

47,347

 

 

44,759

 

 

88,020

 

 

80,068

 

Cost of revenue

 

 

 

 

 

 

 

Product

7,710

 

 

6,912

 

 

14,074

 

 

12,246

 

Service

9,694

 

 

10,831

 

 

20,217

 

 

21,121

 

Total cost of revenue

17,404

 

 

17,743

 

 

34,291

 

 

33,367

 

Gross profit

29,943

 

 

27,016

 

 

53,729

 

 

46,701

 

Operating expenses

 

 

 

 

 

 

 

Research and development

9,349

 

 

8,943

 

 

18,381

 

 

17,089

 

Sales and marketing

15,998

 

 

15,478

 

 

32,961

 

 

31,497

 

General and administrative

6,923

 

 

6,535

 

 

13,314

 

 

13,115

 

Total operating expenses

32,270

 

 

30,956

 

 

64,656

 

 

61,701

 

Loss from operations

(2,327

)

 

(3,940

)

 

(10,927

)

 

(15,000

)

Interest income

913

 

 

1,332

 

 

2,033

 

 

2,611

 

Interest expense

(2,308

)

 

(2,170

)

 

(4,582

)

 

(4,291

)

Other income (expense), net

210

 

 

(159

)

 

(381

)

 

(28

)

Loss before income taxes

(3,512

)

 

(4,937

)

 

(13,857

)

 

(16,708

)

Benefit from (provision for) income taxes

44

 

 

80

 

 

(81

)

 

116

 

Net loss

$

(3,468

)

 

$

(4,857

)

 

$

(13,938

)

 

$

(16,592

)

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

Basic

$

(0.11

)

 

$

(0.16

)

 

$

(0.44

)

 

$

(0.53

)

Diluted

$

(0.11

)

 

$

(0.16

)

 

$

(0.44

)

 

$

(0.53

)

Weighted average shares used to compute net loss per share

 

 

 

 

 

 

 

Basic

32,152

 

 

31,242

 

 

31,945

 

 

31,022

 

Diluted

32,152

 

 

31,242

 

 

31,945

 

 

31,022

 

Vocera Communications, Inc.

Condensed Consolidated Balance Sheets

(In Thousands)

(Unaudited)

 

 

June 30,
2020

 

December 31,
2019

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

29,386

 

 

$

25,704

 

Short-term investments

204,476

 

 

204,164

 

Accounts receivable, net of allowance

28,255

 

 

42,547

 

Other receivables

6,645

 

 

6,312

 

Inventories

8,556

 

 

4,576

 

Prepaid expenses and other current assets

5,607

 

 

5,149

 

Total current assets

282,925

 

 

288,452

 

Property and equipment, net

7,669

 

 

8,661

 

Intangible assets, net

4,834

 

 

5,461

 

Goodwill

49,246

 

 

49,246

 

Deferred commissions

11,118

 

 

10,477

 

Other long-term assets

7,246

 

 

8,158

 

Total assets

$

363,038

 

 

$

370,455

 

Liabilities and stockholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

4,765

 

 

$

6,036

 

Accrued payroll and other current liabilities

17,079

 

 

14,757

 

Deferred revenue, current

43,841

 

 

50,033

 

Total current liabilities

65,685

 

 

70,826

 

Deferred revenue, long-term

10,173

 

 

11,442

 

Convertible senior notes, net

120,682

 

 

117,178

 

Other long-term liabilities

5,843

 

 

7,184

 

Total liabilities

202,383

 

 

206,630

 

Stockholders' equity

160,655

 

 

163,825

 

Total liabilities and stockholders’ equity

$

363,038

 

 

$

370,455

 

Vocera Communications, Inc.

Three months ended June 30, 2020

 

 

 

 

Stock

 

 

 

 

 

 

(In thousands)

GAAP

 

compensation

 

Intangible

 

Total

 

Non-GAAP

 

2020

 

expense (a)

 

amortization (b)

 

adjustments

 

2020

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

Revenue

 

 

 

 

 

 

 

 

 

Product

$

23,951

 

 

$

 

 

$

 

 

$

 

 

$

23,951

 

Service

23,396

 

 

 

 

 

 

 

 

23,396

 

Total revenue

47,347

 

 

 

 

 

 

 

 

47,347

 

Cost of revenue

 

 

 

 

 

 

 

 

 

Product

7,710

 

 

201

 

 

 

 

201

 

 

7,509

 

Service

9,694

 

 

913

 

 

 

 

913

 

 

8,781

 

Total cost of revenue

17,404

 

 

1,114

 

 

 

 

1,114

 

 

16,290

 

Gross profit

$

29,943

 

 

$

1,114

 

 

$

 

 

$

1,114

 

 

$

31,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock

 

 

 

 

 

 

(In thousands)

GAAP

 

compensation

 

Intangible

 

Total

 

Non-GAAP

 

2020

 

expense (a)

 

amortization (b)

 

adjustments

 

2020

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

 

 

 

 

 

 

 

 

 

 

Research and development

$

9,349

 

 

$

1,023

 

 

$

 

 

$

1,023

 

 

$

8,326

 

Sales and marketing

15,998

 

 

1,961

 

 

268

 

 

2,229

 

 

13,769

 

General and administrative

6,923

 

 

2,268

 

 

39

 

 

2,307

 

 

4,616

 

Total operating expenses

$

32,270

 

 

$

5,252

 

 

$

307

 

 

$

5,559

 

 

$

26,711

 

(a)

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

(b)

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

Three months ended June 30, 2019

 

 

 

Stock

 

Intangible

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

Total

 

Non-GAAP

 

2019

 

expense (a)

 

(b)

 

adjustments

 

2019

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

Revenue

 

 

 

 

 

 

 

 

 

Product

$

23,132

 

 

$

 

 

$

 

 

$

 

 

$

23,132

 

Service

21,627

 

 

 

 

 

 

 

 

21,627

 

Total revenue

44,759

 

 

 

 

 

 

 

 

44,759

 

Cost of revenue

 

 

 

 

 

 

 

 

 

Product

6,912

 

 

172

 

 

573

 

 

745

 

 

6,167

 

Service

10,831

 

 

1,006

 

 

 

 

1,006

 

 

9,825

 

Total cost of revenue

17,743

 

 

1,178

 

 

573

 

 

1,751

 

 

15,992

 

Gross profit

$

27,016

 

 

$

1,178

 

 

$

573

 

 

$

1,751

 

 

$

28,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock

 

Intangible

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

Total

 

Non-GAAP

 

2019

 

expense (a)

 

(b)

 

adjustments

 

2019

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

 

 

 

 

 

 

 

 

 

 

Research and development

$

8,943

 

 

$

1,034

 

 

$

 

 

$

1,034

 

 

$

7,909

 

Sales and marketing

15,478

 

 

1,758

 

 

368

 

 

2,126

 

 

13,352

 

General and administrative

6,535

 

 

2,139

 

 

39

 

 

2,178

 

 

4,357

 

Total operating expenses

$

30,956

 

 

$

4,931

 

 

$

407

 

 

$

5,338

 

 

$

25,618

 

(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.

Vocera Communications, Inc.

Six months ended June 30, 2020

 

 

 

Stock

 

Intangible

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

Total

 

Non-GAAP

 

2020

 

expense (a)

 

(b)

adjustments

 

2020

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

Revenue

 

 

 

 

 

 

 

 

Product

$

41,801

 

 

$

 

 

$

 

$

 

 

$

41,801

 

Service

46,219

 

 

 

 

 

 

 

46,219

 

Total revenue

88,020

 

 

 

 

 

 

 

88,020

 

Cost of revenue

 

 

 

 

 

 

 

 

Product

14,074

 

 

363

 

 

11

 

374

 

 

13,700

 

Service

20,217

 

 

1,724

 

 

 

1,724

 

 

18,493

 

Total cost of revenue

34,291

 

 

2,087

 

 

11

 

2,098

 

 

32,193

 

Gross profit

$

53,729

 

 

$

2,087

 

 

$

11

 

$

2,098

 

 

$

55,827

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock

 

Intangible

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

Total

 

Non-GAAP

 

2020

 

expense (a)

 

(b)

adjustments

 

2020

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

 

 

 

 

 

 

 

 

 

Research and development

$

18,381

 

 

$

1,989

 

 

$

 

$

1,989

 

 

$

16,392

 

Sales and marketing

32,961

 

 

3,821

 

 

537

 

4,358

 

 

28,603

 

General and administrative

13,314

 

 

4,310

 

 

78

 

4,388

 

 

8,926

 

Total operating expenses

$

64,656

 

 

$

10,120

 

 

$

615

 

$

10,735

 

 

$

53,921

 

(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.

Six months ended June 30, 2019

 

 

 

Stock

 

Intangible

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

Total

 

Non-GAAP

 

2019

 

expense (a)

 

(b)

 

adjustments

 

2019

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

Revenue

 

 

 

 

 

 

 

 

 

Product

$

37,135

 

 

$

 

 

$

 

 

$

 

 

$

37,135

 

Service

42,933

 

 

 

 

 

 

 

 

42,933

 

Total revenue

80,068

 

 

 

 

 

 

 

 

80,068

 

Cost of revenue

 

 

 

 

 

 

 

 

 

Product

12,246

 

 

309

 

 

1,183

 

 

1,492

 

 

10,754

 

Service

21,121

 

 

1,847

 

 

 

 

1,847

 

 

19,274

 

Total cost of revenue

33,367

 

 

2,156

 

 

1,183

 

 

3,339

 

 

30,028

 

Gross profit

$

46,701

 

 

$

2,156

 

 

$

1,183

 

 

$

3,339

 

 

$

50,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock

 

Intangible

 

 

 

 

(In thousands)

GAAP

 

compensation

 

amortization

 

Total

 

Non-GAAP

 

2019

 

expense (a)

 

(b)

 

adjustments

 

2019

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

 

 

 

 

 

 

 

 

 

 

Research and development

$

17,089

 

 

$

1,856

 

 

$

 

 

$

1,856

 

 

$

15,233

 

Sales and marketing

31,497

 

 

3,478

 

 

737

 

 

4,215

 

 

27,282

 

General and administrative

13,115

 

 

4,163

 

 

78

 

 

4,241

 

 

8,874

 

Total operating expenses

$

61,701

 

 

$

9,497

 

 

$

815

 

 

$

10,312

 

 

$

51,389

(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.

Vocera Communications, Inc.

Non-GAAP Net income and net income per share and Adjusted EBITDA

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

2020

 

2019

 

2020

 

2019

GAAP net loss

$

(3,468

)

 

$

(4,857

)

 

$

(13,938

)

 

$

(16,592

)

Add back:

 

 

 

 

 

 

 

Stock compensation expense

6,366

 

 

6,109

 

 

12,207

 

 

11,653

 

Interest income

(904

)

 

(1,320

)

 

(2,017

)

 

(2,586

)

Interest expense

2,308

 

 

2,170

 

 

4,582

 

 

4,291

 

Depreciation and amortization expense

1,468

 

 

1,907

 

 

2,801

 

 

3,797

 

Provision for (benefit from) income taxes

(44

)

 

(80

)

 

81

 

 

(116

)

Non-GAAP adjusted EBITDA

$

5,726

 

 

$

3,929

 

 

$

3,716

 

 

$

447

 

 

 

 

 

 

 

 

 

GAAP net loss

$

(3,468

)

 

$

(4,857

)

 

$

(13,938

)

 

$

(16,592

)

Add back:

 

 

 

 

 

 

 

Stock compensation expense

6,366

 

 

6,109

 

 

12,207

 

 

11,653

 

Intangible amortization

307

 

 

980

 

 

626

 

 

1,998

 

Non-GAAP net income (loss)

$

3,205

 

 

$

2,232

 

 

$

(1,105

)

 

$

(2,941

)

Non-GAAP net income (loss) per share

 

 

 

 

 

 

 

Basic

$

0.10

 

 

$

0.07

 

 

$

(0.03

)

 

$

(0.09

)

Diluted

$

0.10

 

 

$

0.07

 

 

$

(0.03

)

 

$

(0.09

)

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

 

 

 

 

 

 

 

Basic

32,152

 

 

31,242

 

 

31,945

 

 

31,022

 

Diluted

32,430

 

 

32,105

 

 

31,945

 

 

31,962

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200727005612/en/

Contacts

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

Media:
Shanna Hearon
Vocera Communications, Inc.
669.999.3368
shearon@vocera.com