Exhibit 99.01
Vocera Reports Full-Year Results Including
Record New Customer Growth, Bookings and Backlog
| | • | | Revenue of $28.7M for Q4 and $102.5M for 2013 |
| | • | | Non-GAAP EPS of $0.03 for Q4 and ($0.04) for 2013 |
| | • | | GAAP EPS of ($0.07) for Q4 and ($0.43) for 2013 |
| | • | | Adjusted EBITDA of $1.5M for Q4 and $0.7M for 2013 |
| | • | | Bookings of $114.4M and 105 new customers in 2013 |
| | • | | Year-end backlog of $24.4M and deferred revenue of $32.5M |
SAN JOSE, Calif. — February 20, 2014 —Vocera Communications, Inc. (NYSE: VCRA), today reported revenue of $102.5 million and a net loss of ($0.43) per share for the full-year 2013. Record bookings of $114.4 million represented 13% growth over 2012 and contributed to record backlog of $24.4 million at year end, a 52% increase over the prior year.
“Fourth quarter growth demonstrated the company’s continued progress through 2013, despite a very challenging environment for the hospital industry,” said Brent Lang, Vocera’s president & CEO. “Record new customer additions for the year illustrated the high priority hospitals place on Vocera’s solutions to address the challenges of productivity, patient safety and patient satisfaction.”
“Vocera begins 2014 in a significantly stronger position with record backlog and deferred revenue; a larger, more experienced sales team; new high-ROI products; a larger customer installed base; and an expanded addressable market.”
Fourth Quarter 2013 Results
Revenue for the fourth quarter of 2013 was $28.7 million, a 6% increase over the year-ago quarter. Total revenue was comprised of $18.4 million of product revenue and $10.3 million of services revenue.
“New customer growth continued at a strong pace in the fourth quarter,” added Lang. “Our international business finished the year with seven new customers in Q4, including a 364-bed hospital slated to complete construction this year in Abu Dhabi; and our first customer in Singapore, a 790-bed facility.”
Product revenue increased 6% year-over-year, comprised of $5.7 million of software revenue and $12.7 million of device revenue.
Services revenue of $10.3 million increased 7% from the year-ago fourth quarter. Services revenue in the quarter was comprised of $8.4 million of software maintenance and support, and $1.9 million of professional services.
Significant new customer gains drove the growth in software and maintenance. The slowed pace of existing customer expansions due to constrained hospital operating budgets impacted device and professional service revenue.
GAAP gross margin in the fourth quarter was 64.1%, compared to 65.4% in the year-ago fourth quarter. Non-GAAP gross margin was 65.3%, versus 66.3% in the year-ago quarter.
Full-Year 2013 Results
Revenue for 2013 was $102.5 million, compared to $101.0 million in 2012. Total revenue was comprised of $62.4 million of product revenue and $40.1 million of services revenue.
Product revenue, which decreased 4% for 2013, was comprised of $46.6 million of device revenue and $15.8 million of software revenue.
Services revenue of $40.1 million increased 12% from 2012. Services revenue for 2013 was comprised of $31.6 million of software maintenance and support, and $8.5 million of professional services.
Late in the first quarter of the year, lower reimbursement rates went into effect as a result of the federal budget sequester. This contributed to a slowing of existing customer expansions and supplies orders. However, over the full-year 2013, higher new customer growth offset the slower existing customer expansions.
GAAP gross margin for 2013 was 62.6%, compared to 63.7% for 2012. Non-GAAP gross margin was 63.9%, versus 64.5% in 2012.
Non-GAAP product gross margin in 2013 was 66.2%, versus 67.7% in 2012. Non-GAAP services gross margin was 60.4% in 2013, versus 58.8% in 2012.
GAAP net loss for the full-year 2013 was ($10.5) million, or ($0.43) per share, compared to net income attributable to common shareholders of $1.5 million, or $0.08 per share, in 2012.
Non-GAAP net loss for the full-year 2013 was ($1.1) million, or ($0.04) per share, which excludes $8.7 million of stock-based compensation expense and $0.7 million of amortization of acquired intangibles expense. A reconciliation of non-GAAP to GAAP financial measures is included in the attached financial schedules.
Adjusted EBITDA in 2013 was $0.7 million, versus $11.9 million in 2012. Adjusted EBITDA margin was 0.7% for 2013, versus 11.8% in 2012.
As of December 31, 2013, the company had cash, cash equivalents and short-term investments of $127.7 million and no debt, compared to $127.5 million at December 31, 2012. Backlog was $24.4 million at year-end 2013 compared to $16.0 million at year-end 2012. Deferred revenue was $32.5 million at year-end 2013, versus $28.3 million a year ago.
At December 31, 2013, 12-month backlog was $20.6 million and 12-month deferred revenue was $26.1 million.
2014 Guidance
For the full year 2014, we expect revenue between $105 and $115 million and a GAAP loss per share between ($0.89) and ($0.73).
We expect non-GAAP net loss between ($7.1) and ($2.6) million, non-GAAP loss per share to be between ($0.28) and ($0.10), and non-GAAP Adjusted EBITDA to be between ($4.5) and breakeven. Our full year 2014 non-GAAP guidance excludes estimated stock-based compensation expense ranging from $13 to $14 million, estimated amortization of intangibles of approximately $1.1 million, and certain expected legal costs related to the pending securities lawsuit. Non-GAAP earnings per share guidance is based on a fully diluted share count for the full year 2014 of 25.5 million shares. Income tax for the year is expected to be $0.2 to $0.3 million.
For the first quarter 2014, we expect revenue between $23.5 and $24.5 million and a GAAP loss per share between ($0.32) and ($0.30).
We expect non-GAAP net loss between ($4.5) and ($4.0) million, non-GAAP loss per share to be between ($0.18) and ($0.16), and non-GAAP Adjusted EBITDA to be between ($4.0) and ($3.5) million. Our first quarter 2014 non-GAAP guidance excludes estimated stock-based compensation expense of $3.1 million and estimated amortization of intangibles of approximately $0.3 million. Non-GAAP earnings per share guidance is based on a fully diluted share count for the first quarter 2014 of 25.1 million shares. We do not expect any income tax for the first quarter.
Conference Call Information
The Company will host a conference call at 5:00 p.m. Eastern Time, 2:00 p.m. Pacific, today, February 20, 2014, 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 877-280-4958, or 857-244-7315 for international callers, and using the access code 6285 8866.
A webcast replay of the call will be archived on the company’s 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, including statements regarding future events, such as our expected operating results for the full year and first quarter of 2014, the future financial performance of our company and the effect macroeconomic conditions affecting the health care industry will have on our business and results of operations. 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, the effects of the Patient Protection and Affordable Care Act of 2010; changes in regulations in the U.S. and other countries; the effects on government and commercial hospital customers of the federal budget, the federal budget sequester, and budgetary uncertainty;
changes in healthcare insurance coverage and consumers’ utilization of healthcare and hospital services; our ability to 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; to acquire the sole and limited source hardware and software components of our solutions; to obtain the required capacity and product quality from our contract manufacturer; to develop and introduce new solutions and features to existing solutions and to manage our growth; and the other factors described in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as our other filings with the SEC. Our filings with the Securities and Exchange Commission (“SEC”) are available on the Investors section of our 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 the fourth quarter and full year of 2013 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 our 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 for products and for services, non-GAAP net income/ (loss), and non-GAAP earnings per diluted share. We also present Adjusted EBITDA, a non-GAAP measure that we reconcile to net income. 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 margin, non-GAAP net income/(loss), and non-GAAP earnings per diluted share as well as 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 as non-GAAP adjustments in each period.
b) Amortization of acquired intangibles. We acquired certain companies in 2010 and booked intangible assets related to these acquisitions. The amortization of these acquisition related costs 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) Stock warrant revaluation expenses. This is a non-cash expense as a result of preferred warrants outstanding that were revalued each quarter prior to our initial public offering. We believe the comparisons of ongoing operations should exclude effects of such revaluations.
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 option 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 option 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 at the end of this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results that are contained in this press release and in our SEC filings.
Vocera Communications, Inc.
Condensed consolidated statements of operations
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Three months ended
December 31 | | | Fiscal year ended
December 31 | |
(in thousands, except per share amounts) | | 2013 | | | 2012 | | | 2013 | | | 2012 | |
Revenue | | | | | | | | | | | | | | | | |
Product | | $ | 18,427 | | | $ | 17,385 | | | $ | 62,393 | | | $ | 65,028 | |
Service | | | 10,295 | | | | 9,607 | | | | 40,105 | | | | 35,929 | |
| | | | | | | | | | | | | | | | |
Total revenue | | | 28,722 | | | | 26,992 | | | | 102,498 | | | | 100,957 | |
| | | | | | | | | | | | | | | | |
Cost of revenue | | | | | | | | | | | | | | | | |
Product | | | 6,133 | | | | 5,413 | | | | 21,714 | | | | 21,551 | |
Service | | | 4,186 | | | | 3,936 | | | | 16,595 | | | | 15,070 | |
| | | | | | | | | | | | | | | | |
Total cost of revenue | | | 10,319 | | | | 9,349 | | | | 38,309 | | | | 36,621 | |
| | | | | | | | | | | | | | | | |
Gross profit | | | 18,403 | | | | 17,643 | | | | 64,189 | | | | 64,336 | |
| | | | | | | | | | | | | | | | |
Operating expenses | | | | | | | | | | | | | | | | |
Research and development | | | 4,085 | | | | 3,370 | | | | 14,915 | | | | 11,618 | |
Sales and marketing | | | 12,226 | | | | 9,368 | | | | 44,928 | | | | 33,432 | |
General and administrative | | | 3,906 | | | | 3,941 | | | | 14,906 | | | | 14,390 | |
| | | | | | | | | | | | | | | | |
Total operating expenses | | | 20,217 | | | | 16,679 | | | | 74,749 | | | | 59,440 | |
| | | | | | | | | | | | | | | | |
(Loss) income from operations | | | (1,814 | ) | | | 964 | | | | (10,560 | ) | | | 4,896 | |
Interest income | | | 87 | | | | 85 | | | | 257 | | | | 171 | |
Interest expense and other finance charges | | | — | | | | (10 | ) | | | — | | | | (84 | ) |
Other expense, net | | | 2 | | | | (21 | ) | | | (53 | ) | | | (1,463 | ) |
| | | | | | | | | | | | | | | | |
(Loss) income before income taxes | | | (1,725 | ) | | | 1,018 | | | | (10,356 | ) | | | 3,520 | |
Provision for income taxes | | | (117 | ) | | | (207 | ) | | | (109 | ) | | | (627 | ) |
| | | | | | | | | | | | | | | | |
Net (loss) income | | | (1,842 | ) | | | 811 | | | | (10,465 | ) | | | 2,893 | |
Less: undistributed earnings attributable to participating securities | | | — | | | | (3 | ) | | | — | | | | (1,366 | ) |
| | | | | | | | | | | | | | | | |
Net (loss) income attributable to common stockholders | | $ | (1,842 | ) | | $ | 808 | | | $ | (10,465 | ) | | $ | 1,527 | |
| | | | | | | | | | | | | | | | |
Net (loss) income per share attributable to common stockholders: | | | | | | | | | | | | | | | | |
Basic | | ($ | 0.07 | ) | | $ | 0.03 | | | ($ | 0.43 | ) | | $ | 0.08 | |
| | | | | | | | | | | | | | | | |
Diluted | | ($ | 0.07 | ) | | $ | 0.03 | | | ($ | 0.43 | ) | | $ | 0.08 | |
| | | | | | | | | | | | | | | | |
Weighted average shares used to compute net (loss) income per share attributable to common stockholders: | | | | | | | | | | | | | | | | |
Basic | | | 24,893 | | | | 23,951 | | | | 24,621 | | | | 17,979 | |
| | | | | | | | | | | | | | | | |
Diluted | | | 24,893 | | | | 26,136 | | | | 24,621 | | | | 20,608 | |
| | | | | | | | | | | | | | | | |
Vocera Communications, Inc.
Condensed consolidated balance sheets
(Unaudited)
| | | | | | | | |
| | | As of | |
| | | December 31, | | | December 31, | |
(in thousands) | | 2013 | | | 2012 | |
Assets | | | | | | | | |
Current assets | | | | | | | | |
Cash and cash equivalents | | $ | 39,652 | | | $ | 92,521 | |
Short term investments | | | 88,024 | | | | 34,989 | |
Accounts receivable, net | | | 23,543 | | | | 21,697 | |
Other receivables | | | 882 | | | | 550 | |
Inventories | | | 5,665 | | | | 2,772 | |
Prepaid expenses and other current assets | | | 1,892 | | | | 2,808 | |
| | | | | | | | |
Total current assets | | | 159,658 | | | | 155,337 | |
Property and equipment, net | | | 5,365 | | | | 3,631 | |
Intangible assets, net | | | 1,544 | | | | 2,267 | |
Goodwill | | | 5,575 | | | | 5,575 | |
Other long-term assets | | | 965 | | | | 495 | |
| | | | | | | | |
Total assets | | $ | 173,107 | | | $ | 167,305 | |
| | | | | | | | |
Liabilities and stockholders’ equity | | | | | | | | |
Current liabilities | | | | | | | | |
Accounts payable | | | 3,531 | | | | 2,854 | |
Accrued payroll and other current liabilities | | | 9,841 | | | | 11,754 | |
Deferred revenue, current | | | 26,133 | | | | 22,451 | |
| | | | | | | | |
Total current liabilities | | | 39,505 | | | | 37,059 | |
Deferred revenue, long-term | | | 6,398 | | | | 5,882 | |
Other long-term liabilities | | | 1,641 | | | | 1,239 | |
| | | | | | | | |
Total liabilities | | | 47,544 | | | | 44,180 | |
Stockholders’ equity | | | 125,563 | | | | 123,125 | |
| | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 173,107 | | | $ | 167,305 | |
| | | | | | | | |
Vocera Communications, Inc.
Reconciliation of GAAP to Non-GAAP
(In thousands, except per share data, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three months ended December 31, | |
| | | 2013 | | | 2012 | |
| | | Net
income
(loss) | | | Diluted
shares | | | Earnings
(loss) per
share-
diluted | | | Net
income
(loss) | | | Diluted
shares | | | Earnings
(loss) per
share-
diluted | |
GAAP | | $ | (1,842 | ) | | | 24,893 | | | ($ | 0.07 | ) | | $ | 811 | | | | 26,136 | | | $ | 0.03 | |
Non-GAAP Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |
Add dilutive shares for EPS (a) | | | | | | | 1,664 | | | | | | | | | | | | | | | | | |
Stock compensation adjustment (b) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Margin | | | 260 | | | | | | | | | | | | 166 | | | | | | | | | |
Operating Expenses | | | 2,293 | | | | | | | | | | | | 1,394 | | | | | | | | | |
Intangible amortization (c) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Margin | | | 92 | | | | | | | | | | | | 96 | | | | | | | | | |
Operating Expenses | | | 89 | | | | | | | | | | | | 122 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total adjustments (d) | | | 2,734 | | | | 1,664 | | | | 0.10 | | | | 1,778 | | | | — | | | | 0.07 | |
Non-GAAP | | $ | 892 | | | | 26,557 | | | $ | 0.03 | | | $ | 2,589 | | | | 26,136 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Dilutive shares added to reflect change to share count calculation from loss to profit, i.e. from “basic” to “fully diluted” weighted average shares |
| (b) | This adjustment reflects the accounting impact of non-cash stock-based compensation expense |
| (c) | This adjustment reflects the accounting impact of acquisitions in 2010 in non-cash expense |
| (d) | Non-GAAP earnings are not reserved for payment to participating securities, allowing EPS to be calculated as net income (loss) divided by diluted shares |
Vocera Communications, Inc.
Reconciliation of GAAP to Non-GAAP
(In thousands, except per share data, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fiscal year ended December 31, | |
| | | 2013 | | | 2012 | |
| | | Net
income
(loss) | | | Diluted
shares | | | Earnings
(loss) per
share-
diluted | | | Net
income
(loss) | | | Diluted
shares | | | Earnings
(loss) per
share-
diluted | |
GAAP | | $ | (10,465 | ) | | | 24,621 | | | ($ | 0.43 | ) | | $ | 2,893 | | | | 20,608 | | | $ | 0.08 | |
Non-GAAP Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |
Add preferred shares conversion (a) | | | — | | | | — | | | | | | | | — | | | | 3,252 | | | | | |
Add IPO shares (b) | | | — | | | | — | | | | | | | | | | | | 1,257 | | | | | |
Stock compensation adjustment (c) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Margin | | | 967 | | | | | | | | | | | | 421 | | | | | | | | | |
Operating Expenses | | | 7,700 | | | | | | | | | | | | 3,811 | | | | | | | | | |
Intangible amortization (d) | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Margin | | | 368 | | | | | | | | | | | | 386 | | | | | | | | | |
Operating Expenses | | | 357 | | | | | | | | | | | | 487 | | | | | | | | | |
Change in fair value of warrant and option liabilities (e) | | | — | | | | | | | | | | | | 1,631 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total adjustments | | | 9,392 | | | | 0 | | | | 0.39 | | | | 6,736 | | | | 4,509 | | | | 0.30 | |
Non-GAAP (f) | | $ | (1,073 | ) | | | 24,621 | | | $ | (0.04 | ) | | $ | 9,629 | | | | 25,117 | | | $ | 0.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Preferred shares as if converted and outstanding for the full year |
| (b) | Initial public offering shares issued April 2012, as if they had been outstanding for the full year |
| (c) | This adjustment reflects the accounting impact of non-cash stock-based compensation expense |
| (d) | This adjustment reflects the accounting impact of acquisitions in 2010 in non-cash expense |
| (e) | This adjustment reflects the accounting impact of revaluing preferred stock warrants and the option liability in non-cash expense |
| (f) | Non-GAAP earnings are not reserved for payment to participating securities, allowing EPS to be calculated as net income (loss) divided by diluted shares |
Vocera Communications, Inc.
Non-GAAP income adjusting items
(In thousands, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three months ended December 31, | |
| | | 2013 | | | 2012 | |
| | | Stock based
compensation | | | Intangible
Amortization | | | Change in
fair value of
warrant and
option
liabilities | | | Total
Adjustments | | | Stock based
compensation | | | Intangible
amortization | | | Change in
fair value
of
warrant
and
option
liabilities | | | Total
adjustments | |
Gross margin: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product | | $ | 70 | | | $ | 92 | | | | | | | $ | 162 | | | $ | 73 | | | $ | 96 | | | | | | | $ | 169 | |
Services | | | 190 | | | | | | | | | | | | 190 | | | | 93 | | | | | | | | | | | | 93 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | | 229 | | | | (2 | ) | | | | | | | 227 | | | | 164 | | | | — | | | | | | | | 164 | |
Sales and marketing | | | 820 | | | | 87 | | | | | | | | 907 | | | | 540 | | | | 110 | | | | | | | | 650 | |
General and administrative | | | 1,244 | | | | 4 | | | | | | | | 1,248 | | | | 690 | | | | 12 | | | | — | | | | 702 | |
Other (income) expense | | | | | | | | | | $ | — | | | | — | | | | | | | | | | | $ | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-GAAP income adjustments | | $ | 2,553 | | | $ | 181 | | | $ | — | | | $ | 2,734 | | | $ | 1,560 | | | $ | 218 | | | $ | — | | | $ | 1,778 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vocera Communications, Inc.
Non-GAAP income adjusting items
(In thousands, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fiscal year ended December 31, | |
| | | 2013 | | | 2012 | |
| | | Stock based
compensation | | | Intangible
amortization | | | Change in
fair value of
warrant and
option
liabilities | | | Total
adjustments | | | Stock based
compensation | | | Intangible
amortization | | | Change in
fair value
of
warrant
and
option
liabilities | | | Total
adjustments | |
Gross margin: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product | | $ | 256 | | | $ | 368 | | | | | | | $ | 624 | | | $ | 141 | | | $ | 386 | | | | | | | $ | 527 | |
Services | | | 711 | | | | — | | | | | | | | 711 | | | | 280 | | | | — | | | | | | | | 280 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | | 861 | | | | — | | | | | | | | 861 | | | | 449 | | | | — | | | | | | | | 449 | |
Sales and marketing | | | 2,942 | | | | 346 | | | | | | | | 3,288 | | | | 1,262 | | | | 441 | | | | | | | | 1,703 | |
General and administrative | | | 3,897 | | | | 11 | | | | | | | | 3,908 | | | | 2,100 | | | | 46 | | | | — | | | | 2,146 | |
Other (income) expense | | | | | | | | | | $ | — | | | | — | | | | | | | | | | | $ | 1,631 | | | | 1,631 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-GAAP income adjustments | | $ | 8,667 | | | $ | 725 | | | $ | — | | | $ | 9,392 | | | $ | 4,232 | | | $ | 873 | | | $ | 1,631 | | | $ | 6,736 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vocera Communications, Inc.
Adjusted EBITDA
(In thousands, unaudited)
| | | | | | | | | | | | | | | | |
| | | Three months ended
December 31 | | | Fiscal year ended
December 31 | |
| | | 2013 | | | 2012 | | | 2013 | | | 2012 | |
GAAP net income (loss) | | $ | (1,842 | ) | | $ | 811 | | | $ | (10,465 | ) | | $ | 2,893 | |
Add back: | | | | | | | | | | | | | | | | |
Stock compensation expense | | | 2,553 | | | | 1,560 | | | | 8,667 | | | | 4,232 | |
Change in fair value of warrant and option liabilities | | | — | | | | — | | | | — | | | | 1,631 | |
Interest (income) expense, net | | | (61 | ) | | | (75 | ) | | | (171 | ) | | | (87 | ) |
Depreciation and amortization | | | 748 | | | | 684 | | | | 2,549 | | | | 2,615 | |
Income tax (benefit) expense | | | 117 | | | | 207 | | | | 109 | | | | 627 | |
| | | | | | | | | | | | | | | | |
Non-GAAP adjusted EBITDA | | $ | 1,515 | | | $ | 3,187 | | | $ | 689 | | | $ | 11,911 | |
| | | | | | | | | | | | | | | | |
About Vocera Communications
Vocera empowers integrated, intelligent communication for mission-critical mobile environments in healthcare, hospitality, energy, retail, education and more. One of the fastest growing mobile technology companies, Vocera is widely recognized for developing smarter ways to communicate that improve patient and customer satisfaction. Exclusively endorsed by the American Hospital Association, Vocera® Voice Communication, Secure Messaging, and Care Experience solutions are installed in more than 1,000 organizations worldwide. Vocera is headquartered in San Jose, Calif., with offices in Tennessee, Canada, and the United Kingdom. For more information, visitwww.vocera.com and @VoceraCom on Twitter.
Vocera® is a trademark 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.
Contacts:
| | | | |
| Investors: | | Media: | | |
Brad Samson | | Pam Goncalves | | Claire Baki |
Vocera | | Vocera | | MSL Group |
408.882.5737 | | 408.882.5763 | | 415.512.0770 |
bsamson@vocera.com | | pgoncalves@vocera.com | | Vocera@schwartzmsl.com |
