Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in
clinical communication and workflow solutions, today reported total
revenue of $50.8 million for the third quarter of 2019, compared to
revenue of $47.8 million in the third quarter of 2018.
“The third quarter of 2019 was another solid quarter for Vocera,
with good revenue and profitability, and effective progress on our
strategic goals,” said Brent Lang, Chairman and Chief Executive
Officer of Vocera. “We won eight deals over one million dollars,
including two significant wins in our international markets.”
Third quarter of 2019 financial highlights include:
- Total revenue of $50.8 million, compared to $47.8 million last
year
- GAAP net income per share of $0.01; non-GAAP diluted net income
per share of $0.23
- GAAP net income of $0.3 million; Adjusted EBITDA of $9.5
million
- Deferred revenue and backlog combined of $122.4 million as of
September 30, 2019
Third Quarter 2019 Results
Total revenue for the third quarter of 2019 was $50.8 million,
an increase of 6% compared to last year.
(in thousands)
Three months ended September
30,
2019
2018
% change
Product revenue
Device
$
19,002
$
17,031
11.6
%
Software
9,509
10,310
(7.8
)
Total product
$
28,511
$
27,341
4.3
%
Service revenue
Maintenance and support
$
17,538
$
16,023
9.5
%
Professional services and training
4,732
4,458
6.1
Total service
22,270
20,481
8.7
%
Total revenue
$
50,781
$
47,822
6.2
%
GAAP gross margin for the third quarter of 2019 was 62.8%,
compared to 65.1% in the third quarter of 2018.
Three months ended September
30,
2019
2018
Gross margin
Product
71.2
%
75.1
%
Service
52.0
51.8
Total gross margin
62.8
%
65.1
%
Non-GAAP gross margin
Product
73.9
%
77.8
%
Service
56.4
56.0
Total non-GAAP gross margin
66.2
%
68.5
%
GAAP net income for the third quarter of 2019 was $0.3 million,
or $0.01 per share, compared to GAAP net loss of $(0.2) million, or
$(0.01) per share in the third quarter of 2018.
Three months ended September
30,
(in thousands except per share
amounts)
2019
2018
Net income (loss)
$
298
$
(249
)
Net income (loss) per share
$
0.01
$
(0.01
)
Non-GAAP net income
$
7,454
$
6,403
Non-GAAP diluted net income per share
$
0.23
$
0.20
Adjusted EBITDA
$
9,545
$
8,417
Deferred revenue at September 30, 2019 was $56.2 million
compared to $58.6 million at December 31, 2018. Cash, cash
equivalents and short-term investments were $220.9 million at
September 30, 2019 and $221.2 million at December 31, 2018.
Full Year and Fourth Quarter 2019 Guidance
For the full-year 2019, the Company expects revenue between
$176.8 million and $181.8 million and a GAAP loss per share between
$(0.67) and $(0.54). The Company expects non-GAAP net income per
share to be between $0.22 and $0.34 and non-GAAP Adjusted EBITDA to
be between $15.0 million and $19.0 million.
For the fourth quarter of 2019, the Company expects revenue
between $46.0 million and $51.0 million and a GAAP loss per share
between $(0.15) and $(0.02). The Company expects non-GAAP net
income per share to be between $0.08 and $0.20 and non-GAAP
Adjusted EBITDA to be between $5.0 million and $9.0 million.
(in millions except per share
amounts)
Q4’19
FY’19
Low
High
Low
High
Revenue
$
46.0
$
51.0
$
176.8
$
181.8
Loss per share
$
(0.15
)
$
(0.02
)
$
(0.67
)
$
(0.54
)
Non-GAAP diluted net income per share
$
0.08
$
0.20
$
0.22
$
0.34
Adjusted EBITDA
$
5.0
$
9.0
$
15.0
$
19.0
Certain amounts in our release may not re-compute due to
rounding. A reconciliation of non-GAAP to GAAP financial measures,
and fourth 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, October 24, 2019, 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
4094338.
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 fourth quarter and full year 2019. 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 third 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 income/(loss) per
diluted 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
earnings/(loss) per diluted 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 140 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, nuclear
power facilities, schools, libraries, retail stores, and more.
Vocera solutions make a difference in any industry where workers
are on the move and need to connect instantly with team members and
access resources or information quickly. In 2017, Vocera made the
list of Forbes 100 Most Trustworthy Companies in America. Learn
more at www.vocera.com, and follow @VoceraComm on Twitter.
The Vocera logo is a trademark of Vocera Communications, Inc.
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.
Vocera Communications,
Inc.
Condensed Consolidated
Statements of Operations
(In Thousands, Except Per
Share Amounts)
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2019
2018
2019
2018
Revenue
Product
$
28,511
$
27,341
$
65,646
$
70,252
Service
22,270
20,481
65,203
60,498
Total revenue
50,781
47,822
130,849
130,750
Cost of revenue
Product
8,204
6,819
20,450
19,847
Service
10,689
9,865
31,810
30,213
Total cost of revenue
18,893
16,684
52,260
50,060
Gross profit
31,888
31,138
78,589
80,690
Operating expenses
Research and development
8,363
7,993
25,452
22,630
Sales and marketing
15,506
15,654
47,003
45,942
General and administrative
6,420
6,438
19,535
18,973
Total operating expenses
30,289
30,085
91,990
87,545
Income (loss) from operations
1,599
1,053
(13,401
)
(6,855
)
Interest income
1,299
1,110
3,910
1,855
Interest expense
(2,233
)
(2,106
)
(6,524
)
(3,103
)
Other expense, net
(145
)
(158
)
(173
)
(965
)
Income (loss) before income taxes
520
(101
)
(16,188
)
(9,068
)
Benefit from (provision for) income
taxes
(222
)
(148
)
(106
)
495
Net income (loss)
$
298
$
(249
)
$
(16,294
)
$
(8,573
)
Income (loss) per share
Basic
$
0.01
$
(0.01
)
$
(0.52
)
$
(0.29
)
Diluted
$
0.01
$
(0.01
)
$
(0.52
)
$
(0.29
)
Weighted average shares used to compute
net income (loss) per share
Basic
31,459
30,230
31,170
29,861
Diluted
31,944
30,230
31,170
29,861
Vocera Communications,
Inc.
Condensed Consolidated Balance
Sheets
(In Thousands)
(Unaudited)
September 30, 2019
December 31, 2018
Assets
Current assets
Cash and cash equivalents
$
90,226
$
34,276
Short-term investments
130,702
186,894
Accounts receivable, net of allowance
36,766
40,127
Other receivables
6,234
4,148
Inventories
4,336
4,350
Prepaid expenses and other current
assets
5,561
4,691
Total current assets
273,825
274,486
Property and equipment, net
8,340
7,468
Intangible assets, net
6,051
9,070
Goodwill
49,246
49,246
Deferred commissions
9,968
10,303
Other long-term assets
6,853
1,525
Total assets
$
354,283
$
352,098
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$
3,827
$
4,217
Accrued payroll and other current
liabilities
14,099
12,885
Deferred revenue, current
44,658
44,053
Total current liabilities
62,584
61,155
Deferred revenue, long-term
11,521
14,579
Convertible senior notes, net
115,452
110,540
Other long-term liabilities
6,281
2,957
Total liabilities
195,838
189,231
Stockholders' equity
158,445
162,867
Total liabilities and stockholders’
equity
$
354,283
$
352,098
Vocera Communications,
Inc.
Three months ended September
30, 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
$
28,511
$
—
$
—
$
—
$
—
$
28,511
Service
22,270
—
—
—
—
22,270
Total revenue
50,781
—
—
—
—
50,781
Cost of revenue
Product
8,204
193
579
—
772
7,432
Service
10,689
982
—
—
982
9,707
Total cost of revenue
18,893
1,175
579
—
1,754
17,139
Gross profit
$
31,888
$
1,175
$
579
$
—
$
1,754
$
33,642
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
$
8,363
$
1,022
$
—
$
—
$
1,022
$
7,341
Sales and marketing
15,506
1,808
368
—
2,176
13,330
General and administrative
6,420
2,164
40
—
2,204
4,216
Total operating expenses
$
30,289
$
4,994
$
408
$
—
$
5,402
$
24,887
(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 September
30, 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
$
27,341
$
—
$
—
$
—
$
—
$
27,341
Service
20,481
—
—
—
—
20,481
Total revenue
47,822
—
—
—
—
47,822
Cost of revenue
Product
6,819
128
622
—
750
6,069
Service
9,865
795
—
60
855
9,010
Total cost of revenue
16,684
923
622
60
1,605
15,079
Gross profit
$
31,138
$
923
$
622
$
60
$
1,605
$
32,743
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
$
7,993
$
802
$
—
$
—
$
802
$
7,191
Sales and marketing
15,654
1,755
377
—
2,132
13,522
General and administrative
6,438
2,014
39
60
2,113
4,325
Total operating expenses
$
30,085
$
4,571
$
416
$
60
$
5,047
$
25,038
(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.
Nine months ended September
30, 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
$
65,646
$
—
$
—
$
—
$
—
$
65,646
Service
65,203
—
—
—
—
65,203
Total revenue
130,849
—
—
—
—
130,849
Cost of revenue
Product
20,450
502
1,762
—
2,264
18,186
Service
31,810
2,829
—
—
2,829
28,981
Total cost of revenue
52,260
3,331
1,762
—
5,093
47,167
Gross profit
$
78,589
$
3,331
$
1,762
$
—
$
5,093
$
83,682
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
$
25,452
$
2,878
$
—
$
—
$
2,878
$
22,574
Sales and marketing
47,003
5,286
1,105
—
6,391
40,612
General and administrative
19,535
6,327
118
—
6,445
13,090
Total operating expenses
$
91,990
$
14,491
$
1,223
$
—
$
15,714
$
76,276
(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.
Nine months ended September
30, 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
$
70,252
$
—
$
—
$
—
$
—
$
70,252
Service
60,498
—
—
—
—
60,498
Total revenue
130,750
—
—
—
—
130,750
Cost of revenue
Product
19,847
368
2,076
—
2,444
17,403
Service
30,213
2,268
—
180
2,448
27,765
Total cost of revenue
50,060
2,636
2,076
180
4,892
45,168
Gross profit
$
80,690
$
2,636
$
2,076
$
180
$
4,892
$
85,582
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
$
22,630
$
2,164
$
—
$
—
$
2,164
$
20,466
Sales and marketing
45,942
4,906
1,133
—
6,039
39,903
General and administrative
18,973
5,771
123
90
5,984
12,989
Total operating expenses
$
87,545
$
12,841
$
1,256
$
90
$
14,187
$
73,358
(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.
Non-GAAP Net income and net
income per share and Adjusted EBITDA
(In thousands, except per
share amounts)
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2019
2018
2019
2018
GAAP net income (loss)
$
298
$
(249
)
$
(16,294
)
$
(8,573
)
Add back:
Stock compensation expense
6,169
5,494
17,822
15,477
Acquisition related expenses
—
120
—
270
Interest income
(1,288
)
(1,094
)
(3,874
)
(1,797
)
Interest expense
2,233
2,106
6,524
3,103
Depreciation and amortization expense
1,911
1,892
5,708
5,668
Provision for (benefit from) income
taxes
222
148
106
(495
)
Non-GAAP adjusted EBITDA
$
9,545
$
8,417
$
9,992
$
13,653
GAAP net income (loss)
$
298
$
(249
)
$
(16,294
)
$
(8,573
)
Add back:
Stock compensation expense
6,169
5,494
17,822
15,477
Intangible amortization
987
1,038
2,985
3,332
Acquisition related expenses
—
120
—
270
Non-GAAP net income
$
7,454
$
6,403
$
4,513
$
10,506
Non-GAAP net income per share
Basic
$
0.24
$
0.21
$
0.14
$
0.35
Diluted
$
0.23
$
0.20
$
0.14
$
0.33
Weighted average shares used to compute
non-GAAP net income per share
Basic
31,459
30,230
31,170
29,861
Diluted
31,944
32,109
32,031
31,371
Vocera Communications,
Inc.
Future guidance for operating
results
(In millions, except per share
amounts)
Reconciliation for GAAP to Non-GAAP for
net income (loss) and net income (loss) per share
Three months ended December
31, 2019
Year ended December 31,
2019
Low
High
Low
High
Revenue
$
46.0
$
51.0
$
176.8
$
181.8
GAAP net loss
(4.7
)
(0.7
)
(21.0
)
(17.0
)
Stock compensation expense
6.1
6.1
23.9
23.9
Intangible amortization expense
1.1
1.1
4.1
4.1
Total adjustments
7.2
7.2
28.0
28.0
Non-GAAP net income
$
2.5
$
6.5
$
7.0
$
11.0
Weighted average shares (in thousands)
Basic
31,560
31,560
31,230
31,230
Diluted - GAAP
31,560
31,560
31,230
31,230
Diluted
32,300
32,300
32,000
32,000
GAAP loss per share:
Basic
$
(0.15
)
$
(0.02
)
$
(0.67
)
$
(0.54
)
Diluted
$
(0.15
)
$
(0.02
)
$
(0.67
)
$
(0.54
)
Non-GAAP net income per share :
Basic
$
0.08
$
0.20
$
0.22
$
0.34
Diluted
$
0.08
$
0.20
$
0.22
$
0.34
Reconciliation of Non-GAAP net income
to adjusted EBITDA
Three months ended December
31, 2019
Year ended December 31,
2019
Low
High
Low
High
Non-GAAP net income
$
2.5
$
6.5
$
7.0
$
11.0
Interest expense, net
1.1
1.1
3.8
3.8
Depreciation expense
1.1
1.1
3.8
3.8
Provision for income taxes
0.3
0.3
0.4
0.4
Total adjustments
2.5
2.5
8.0
8.0
Adjusted EBITDA
$
5.0
$
9.0
$
15.0
$
19.0
* Amounts may not recompute due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191024005531/en/
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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