StockSelector.com
  Research, Select, & Monitor Wednesday, September 19, 2018 8:36:17 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Vocera Communications Inc$33.49($.01)(.03%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Vocera Announces First Quarter Revenue of $40.2 million
   Thursday, April 26, 2018 4:15:00 PM ET

SAN JOSE, Calif.--(BUSINESS WIRE)-- Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in clinical communication and workflow solutions, today reported total revenue of $40.2 million for the first quarter of 2018, an increase of 10% compared to revenue of $36.6 million in the first quarter of 2017.

“Our first quarter provided a strong start to the year, including a large strategic win and progress in our international markets,” said Brent Lang, President and Chief Executive Officer of Vocera. “We had good success cross selling our solutions and expanded our industry leadership with significant product introductions.”



First quarter of 2018 financial highlights include:

  • Total revenue of $40.2 million, up 10% year-over-year
  • GAAP net loss per share of $(0.16); non-GAAP net income per share of $0.04
  • GAAP net loss of $(4.8) million; Adjusted EBITDA of $1.8 million
  • Deferred revenue of $54.4 million as of March 31, 2018
  • Cash, cash equivalents and short-term investments of $81.8 million as of March 31, 2018; no debt

First Quarter 2018 Results

Total revenue for the first quarter of 2018 was $40.2 million, compared to $36.6 million in the first quarter of 2017.

(in thousands)   Three months ended March 31,
2018   2017   % change
Product revenue
Device $ 12,648 $ 14,058 (10.0 )%
Software   8,439   5,994 40.8
Total product $ 21,087 $ 20,052 5.2 %
 
Service revenue
Maintenance and support $ 13,965 $ 12,000 16.4 %
Professional services and training   5,190   4,574 13.5
Total service   19,155   16,574 15.6
Total revenue $ 40,242 $ 36,626 9.9 %
 

GAAP gross margin for the first quarter of 2018 was 59.4%, compared to 57.5% in the first quarter of 2017.

  Three months ended March 31,
2018   2017
Gross margin
Product 69.9 % 68.0 %
Service 47.8 44.8
Total gross margin 59.4 % 57.5 %
 
Non-GAAP gross margin
Product 74.3 % 71.8 %
Service 51.5 48.1
Total non-GAAP gross margin 63.5 % 61.1 %
 

GAAP net loss for the first quarter of 2018 was $(4.8) million, or $(0.16) per share, compared to $(6.7) million, or $(0.24) per share in the first quarter of 2017.

  Three months ended March 31,
(in thousands except per share amounts) 2018   2017
Net income (loss) $ (4,770 ) $ (6,650 )
Net income (loss) per share $ (0.16 ) $ (0.24 )
Non-GAAP net income $ 1,324 $ (1,525 )
Non-GAAP net income per share $ 0.04 $ (0.05 )
Adjusted EBITDA $ 1,763 $ (565 )
 

Deferred revenue at March 31, 2018, was $54.4 million compared to $55.2 million at December 31, 2017 and $50.4 million at March 31, 2017. Cash equivalents and short-term investments were $81.8 million at March 31, 2018 and $81.2 million at December 31, 2017. The Company continues to have a strong balance sheet with no debt.

Full Year and Second Quarter 2018 Guidance

Beginning in the first quarter of 2018, the Company adopted ASC 606, the new revenue recognition accounting standard, on a fully retrospective basis. The Company’s re-cast financial statements for 2016 and 2017 are included in the accompanying financial schedules.

For the full-year 2018, the Company expects revenue between $175.0 million and $183.0 million and a GAAP loss per share between $(0.63) and $(0.40). The Company expects non-GAAP net income per share to be between $0.28 and $0.48 and non-GAAP Adjusted EBITDA to be between $14.0 million and $20.0 million.

For the second quarter of 2018, the Company expects revenue between $39.5 million and $43.5 million and a GAAP loss per share between $(0.25) and $(0.17). The Company expects non-GAAP net loss per share to be between $(0.02) and $0.06 and non-GAAP Adjusted EBITDA to be between $0.5 million and $3.0 million.

(in millions except per share amounts)   Q2’18   FY’18
Low   High Low   High
Revenue $ 39.5 $ 43.5 $ 175.0 $ 183.0
Loss per share $ (0.25 ) $ (0.17 ) $ (0.63 ) $ (0.40 )
Diluted non-GAAP net income (loss) per share $ (0.02 ) $ 0.06 $ 0.28 $ 0.48
Adjusted EBITDA $ 0.5 $ 3.0 $ 14.0 $ 20.0
 

Certain amounts in our release may not re-compute due to rounding. A reconciliation of non-GAAP to GAAP financial measures, and second 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, April 26, 2018, 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 8788738.

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 statements regarding future events, such as our ability to continue to execute on our business plans and strategies and our expected operating results for the second quarter and full year 2018. 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, our ability to achieve anticipated strategic or financial benefits from our acquisitions; 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 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 manufacturer; 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 Annual Report on Form 10-K, 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 first quarter of 2018, 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 2010, 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 continues to offer the leading platform for clinical communication and workflow. More than 1,700 facilities worldwide, including nearly 1,500 hospitals and healthcare facilities, have selected our solutions for team members to text securely using smartphones or make calls with our hands-free, wearable Vocera Badge. Interoperability between Vocera 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 facilities, libraries, retail stores and more. Vocera makes 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 , and follow @VoceraComm on Twitter.

The Vocera logo is a trademark of Vocera Communications, Inc. Voceraฎ 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 March 31,
      2018       2017  
Revenue  
Product $ 21,087 $ 20,052
Service   19,155     16,574  
Total revenue   40,242     36,626  
Cost of revenue
Product 6,345 6,409
Service   9,996     9,155  

Total cost of revenue

  16,341     15,564  
Gross profit   23,901     21,062  
Operating expenses
Research and development 7,314 6,929
Sales and marketing 15,022 14,922
General and administrative   6,359     5,695  
Total operating expenses   28,695     27,546  
Income (loss) from operations (4,794 ) (6,484 )
Interest income 215 105
Other income (expense), net   (279 )   109  
Income (loss) before income taxes (4,858 ) (6,270 )
Benefit from (provision for) income taxes   88     (380 )
Net income (loss) $ (4,770 ) $ (6,650 )
 
Net income (loss) per share
Basic $ (0.16 ) $ (0.24 )
Diluted $ (0.16 ) $ (0.24 )
Weighted average shares used to compute net income (loss) per share
Basic   29,476     27,751  
Diluted   29,476     27,751  
   
Vocera Communications, Inc.
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
 
    March 31,
2018
  December 31,
2017
Assets
Current assets
Cash and cash equivalents $ 28,855 $ 28,726
Short-term investments 52,911 52,507
Accounts receivable, net of allowance 30,191 35,105
Other receivables 1,245 1,331
Inventories 3,577 2,815
Prepaid expenses and other current assets   5,281   3,957
Total current assets 122,060 124,441
Property and equipment, net 5,747 5,751
Intangible assets, net 12,316 13,567
Goodwill 49,246 49,246
Deferred Commissions   9,734   10,301
Other long-term assets   1,539   1,667
Total assets $ 200,642 $ 204,973
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 4,675 $ 2,678
Accrued payroll and other current liabilities 9,904 14,689
Deferred revenue, current   40,661   40,734
Total current liabilities 55,240 58,101
Deferred revenue, long-term 13,699 14,417
Other long-term liabilities   3,998   4,455
Total liabilities 72,937 76,973
Stockholders' equity   127,705   128,000
Total liabilities and stockholders’ equity $ 200,642 $ 204,973
 
Vocera Communications, Inc.
Three months ended March 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 $ 21,087 $ — $ — $ — $ — $ 21,087
Service   19,155   —   —   —   —   19,155
Total revenue   40,242   —   —   —   —   40,242
Cost of revenue
Product 6,345 101 828 — 929 5,416
Service   9,996   646   —   60   706   9,290
Total cost of revenue   16,341   747   828   60   1,635   14,706
Gross profit $ 23,901 $ 747 $ 828 $ 60 $ 1,635 $ 25,536
                     
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 $ 7,314 $ 607 $ — $ — $ 607 $ 6,707
Sales and marketing 15,022 1,496 378 — 1,874 13,148
General and administrative   6,359   1,737   45   196   1,978   4,381
Total operating expenses $ 28,695 $ 3,840 $ 423 $ 196 $ 4,459 $ 24,236
 
(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b) This adjustment reflects the accounting impact of acquisitions in 2010, 2014 and 2016 in non-cash expense.
(c) This adjustment reflects the costs associated with the acquisition in 2016.
 

 

Three months ended March 31, 2017

    Stock   Intangible   Acquisition    
(In thousands) GAAP compensation amortization related Total Non-GAAP
  2017 expense (a) (b) expense (c) adjustments   2017
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
Product $ 20,052 $ — $ — $ — $ — $ 20,052
Service   16,574   —   —   —   —   16,574
Total revenue   36,626   —   —   —   —   36,626
Cost of revenue
Product 6,409 66 692 — 758 5,651
Service   9,155   454   —   96   550   8,605
Total cost of revenue   15,564   520   692   96   1,308   14,256
Gross profit $ 21,062 $ 520 $ 692 $ 96 $ 1,308 $ 22,370
                     
Stock Intangible Acquisition
(In thousands) GAAP compensation amortization related Total Non-GAAP
  2017 expense (a) (b) expense (c) adjustments   2017
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
Research and development $ 6,929 $ 412 $ — $ 35 $ 447 $ 6,482
Sales and marketing 14,922 1,265 385 8 1,658 13,264
General and administrative   5,695   1,386   55   271   1,712   3,983
Total operating expenses $ 27,546 $ 3,063 $ 440 $ 314 $ 3,817 $ 23,729
 
(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b) This adjustment reflects the accounting impact of acquisitions in 2010 and 2014 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 March 31,
  2018     2017  
GAAP net income (loss) $ (4,770 ) $ (6,650 )
Add back:
Stock compensation expense 4,587 3,583
Acquisition related expenses 256 410
Interest income (189 ) (92 )
Depreciation and amortization expense 1,967 1,804
Benefit from (provision for) income taxes   (88 )   380  
Non-GAAP adjusted EBITDA $ 1,763   $ (565 )
 
GAAP net income (loss) $ (4,770 ) $ (6,650 )
Add back:
Stock compensation expense 4,587 3,583
Intangible amortization 1,251 1,132
Acquisition related expenses   256     410  
Non-GAAP net income $ 1,324   $ (1,525 )
Net income per share
Basic $ 0.04 $ (0.05 )
Diluted $ 0.04 $ (0.05 )
Weighted average shares used to compute net income per share
Basic 29,476 27,751
Diluted 30,773 27,751
 
Vocera Communications, Inc.
Future guidance for operating results
(In millions, except per share amounts)
 

 

Three months ended
June 30, 2018

 

Year ended
December 31, 2018

Low   High Low   High
Revenue $ 39.5 $ 43.5 $ 175.0 $ 183.0
GAAP net loss (7.6 ) (5.1 ) (18.9 ) (11.9 )
Stock compensation expense 5.4 5.4 22.0 21.0
Intangible amortization expense 1.2 1.2 4.7 4.7
Acquisition and restructuring expense   0.3     0.3     1.0     1.0  
Total adjustments   6.8     6.8     27.7     26.7  
Non-GAAP net income (loss) $ (0.7 ) $ 1.8   $ 8.8   $ 14.8  
Weighted average shares (in thousands)
Basic 29,890 29,890 29,850 29,850
Diluted - GAAP 29,890 29,890 29,850 29,850
Diluted - Non-GAAP 29,890 31,190 31,150 31,150
 
GAAP net loss per share, basic and diluted $ (0.25 ) $ (0.17 ) $ (0.63 ) $ (0.40 )
 
Non-GAAP net income (loss) per share :
Basic $ (0.02 ) $ 0.06 $ 0.30 $ 0.50
Diluted $ (0.02 ) $ 0.06 $ 0.28 $ 0.48
   

 

Three months ended
June 30, 2018

Year ended
December 31, 2018

Low   High Low High
Non-GAAP net income (loss) $ (0.7 ) $ 1.8   $ 8.8   $ 14.8  
Interest income, net (0.1 ) (0.1 ) (0.3 ) (0.3 )
Depreciation expense 0.9 0.9 3.5 3.5
Provision for income taxes   0.4     0.4     2.0     2.0  
Total adjustments   1.2     1.2     5.2     5.2  
Adjusted EBITDA $ 0.5   $ 3.0   $ 14.0   $ 20.0  
* Amounts may not recompute due to rounding.
 

Vocera Communications, Inc.

Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets Adjusted for the Adoption of The New Revenue Standard (ASC 606) on a Fully Retrospective Basis

     
Vocera Communications, Inc.
Condensed Consolidated Statements of Operations Adjusted for the Adoption of the New Revenue Standard
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
As Adjusted As Reported Change
Year Ended December 31,   2017       2016     2017       2016     2017       2016  
Revenue
Product revenue
Devices $ 61,746 $ 50,614 $ 60,869 $ 50,061 $ 877 $ 553
Software   29,839       23,621     27,996       20,606     1,843       3,015  
Total product   91,585       74,235     88,865       70,667     2,720       3,568  
Service revenue
Maintenance and support 52,342 43,408 52,542 43,438 (200 ) (30 )
Professional services and training   22,062       14,383     21,141       13,591     921       792  
Total service   74,404       57,791     73,683       57,029     721       762  
Total revenue   165,989       132,026     162,548       127,696     3,441       4,330  
Cost of revenue
Product 27,244 22,788 27,244 22,788 — —
Service   37,683       26,287     37,683       26,287     —       —  
Total cost of revenue   64,927       49,075     64,927       49,075     —       —  
Gross profit   101,062       82,951     97,621       78,621     3,441       4,330  
Operating expenses
Research and development 27,685 18,266 27,685 18,266 — —
Sales and marketing 60,107 51,274 59,986 52,811 121 (1,537 )
General and administrative   23,970       24,499     23,970       24,499     —       —  
Total operating expenses   111,762       94,039     111,641       95,576     121       (1,537 )
Income (loss) from operations (10,700 ) (11,088 ) (14,020 ) (16,955 ) 3,320 5,867
Interest income 604 684 604 684 — —
Other income (expense), net   (42 )     (467 )   (42 )     (467 )   —       —  
Income (loss) before income taxes (10,138 ) (10,871 ) (13,458 ) (16,738 ) 3,320 5,867
Provision for income taxes   (759 )     (529 )   (759 )     (529 )   —       —  
Net income (loss) $ (10,897 )   $ (11,400 ) $ (14,217 )   $ (17,267 ) $ 3,320     $ 5,867  
 
Net income (loss) per share

Basic and diluted

$ (0.38 ) $ (0.42 ) $ (0.50 ) $ (0.64 ) $ 0.12 $ 0.21
Weighted average shares used to compute net income (loss) per share
Basic and diluted   28,655       26,859     28,655       26,859     28,655       26,859  
             
Vocera Communications, Inc.
Condensed Consolidated Statements of Operations Adjusted for the Adoption of the New Revenue Standard
 
Q1 2017 Q2 2017 Q3 2017 Q4 2017
(In Thousands, Except Per Share Amounts, Unaudited) As Adjusted   As Reported   Change As Adjusted   As Reported   Change As Adjusted   As Reported   Change As Adjusted   As Reported   Change
Revenue                
Product revenue
Devices $ 14,058 $ 14,121 $ (63 ) $ 14,990 $ 14,837 $ 153 $ 16,524 $ 16,084 $ 440 $ 16,174 $ 15,827 $ 347
Software   5,994       5,912       82     6,002       5,821       181     9,494       7,165       2,329     8,349       9,098       (749 )

Total product

  20,052       20,033       19     20,992       20,658       334     26,018       23,249       2,769     24,523       24,925       (402 )
Service revenue
Maintenance and support 12,000 11,852 148 12,670 12,583 87 13,837 13,746 91 13,835 14,361 (526 )
Professional services and training   4,574       4,410       164     5,996       5,209       787     5,730       5,305       425     5,762       6,217       (455 )
Total service   16,574       16,262       312     18,666       17,792       874     19,567       19,051       516     19,597       20,578       (981 )
Total revenue   36,626       36,295       331     39,658       38,450       1,208     45,585       42,300       3,285     44,120       45,503       (1,383 )
Cost of revenue
Product 6,409 6,409 — 6,807 6,807 — 7,208 7,208 — 6,820 6,820 —
Service   9,155       9,155       —     9,962       9,962       —     9,241       9,241       —     9,325       9,325       —  
Total cost of revenue   15,564       15,564       —     16,769       16,769       —     16,449       16,449       —     16,145       16,145       —  
Gross profit   21,062       20,731       331     22,889       21,681       1,208     29,136       25,851       3,285     27,975       29,358       (1,383 )
Operating expenses
Research and development 6,929 6,929 — 7,371 7,371 — 6,644 6,644 — 6,741 6,741 —
Sales and marketing 14,922 14,581 341 15,246 15,377 (131 ) 14,840 15,831 (991 ) 15,099 14,197 902
General and administrative   5,695       5,695       —     5,984       5,984       —     6,088       6,088       —     6,203       6,203       —  
Total operating expenses   27,546       27,205       341     28,601       28,732       (131 )   27,572       28,563       (991 )   28,043       27,141       902  
Income (loss) from operations (6,484 ) (6,474 ) (10 ) (5,712 ) (7,051 ) 1,339 1,564 (2,712 ) 4,276 (68 ) 2,217 (2,285 )
Interest income 105 105 — 128 128 — 177 177 — 194 194 —
Other income (expense), net   109       109       —     (67 )     (67 )     —     (41 )     (41 )     —     (43 )     (43 )     —  
Income (loss) before income taxes (6,270 ) (6,260 ) (10 ) (5,651 ) (6,990 ) 1,339 1,700 (2,576 ) 4,276 83 2,368 (2,285 )
Provision for income taxes   (380 )     (380 )     —     (361 )     (361 )     —     (309 )     (309 )     —     291       291       —  
Net income (loss) $ (6,650 )   $ (6,640 )   $ (10 ) $ (6,012 )   $ (7,351 )   $ 1,339   $ 1,391     $ (2,885 )   $ 4,276   $ 374     $ 2,659     $ (2,285 )
 
Net income (loss) per share
Basic $ (0.24 ) $ (0.24 ) $ — $ (0.21 ) $ (0.26 ) $ 0.05 $ 0.05 $ (0.10 ) $ 0.15 $ 0.01 $ 0.09 $ (0.08 )
Diluted $ (0.24 ) $ (0.24 ) $ — $ (0.21 ) $ (0.26 ) $ 0.05 $ 0.05 $ (0.10 ) $ 0.14 $ 0.01 $ 0.09 $ (0.07 )
Weighted average shares used to compute net income (loss) per share
Basic   27,751       27,751       27,751     28,422       28,422       28,422     29,130       29,130       29,130     29,317       29,317       29,317  
Diluted   27,751       27,751       27,751     28,422       28,422       28,422     30,473       29,130       30,473     30,704       30,704       30,704  
     
Vocera Communications, Inc.
Condensed Consolidated Balance Sheets Adjusted for the Adoption of the New Revenue Standard
(In Thousands, Unaudited)
 
As Adjusted As Reported Change
As of December 31,     2017     2016   2017     2016   2017       2016  
Assets      
Current assets
Cash and cash equivalents $ 28,726 $ 35,033 $ 28,726 $ 35,033 $ — $ —
Short-term investments 52,507 39,033 52,507 39,033 — —
Accounts receivable, net 35,105 24,142 35,105 24,142 — —
Other receivables 1,331 1,211 1,170 1,211 161 —
Inventories 2,815 4,556 2,815 4,556 — —
Prepaid expenses and other current assets   3,957     3,364   3,957     3,364   —       —  

Total current assets

124,441 107,339 124,280 107,339 161 —
Property and equipment, net 5,751 5,894 5,751 5,894 — —
Intangible assets, net 13,567 18,200 13,567 18,200 — —
Goodwill 49,246 49,246 49,246 49,246 — —
Deferred Commissions 10,301 10,422 — — 10,301 10,422
Other long-term assets   1,667     1,394   1,667     1,394   —       —  
Total assets $ 204,973   $ 192,495 $ 194,511   $ 182,073 $ 10,462     $ 10,422  
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 2,678 $ 3,231 $ 2,678 $ 3,231 $ — $ —
Accrued payroll and other current liabilities 14,689 15,896 14,689 15,896 — —
Deferred revenue, current   40,734     38,194   47,276     43,845   (6,542 )     (5,651 )

Total current liabilities

58,101 57,321 64,643 62,972 (6,542 ) (5,651 )
Deferred revenue, long-term 14,417 11,523 16,438 11,155 (2,021 ) 368
Other long-term liabilities   4,455     4,505   4,455     4,505   —       —  
Total liabilities 76,973 73,349 85,536 78,632 (8,563 ) (5,283 )
Total stockholders’ equity   128,000     119,146   108,975     103,441   19,025       15,705  
Total liabilities and stockholders’ equity $ 204,973   $ 192,495 $ 194,511   $ 182,073 $ 10,462     $ 10,422  
   
Vocera Communications, Inc.
Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share and Adjusted EBITDA Adjusted for the
Adoption of the New Revenue Standard
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
Year Ended December 31, 2017 Year Ended December 31, 2016
    As Adjusted   As Reported   Change As Adjusted   As Reported   Change
GAAP net income (loss) $ (10,897 )   $ (14,217 )   $ 3,320 $ (11,400 )   $ (17,267 )   $ 5,867
Add back:
Stock compensation expense 18,196 18,196 — 12,035 12,035 —
Acquisition related expenses 1,269 1,269 — 5,822 5,822 —
Interest income (549 ) (549 ) — (627 ) (627 ) —
Depreciation and amortization expense 7,643 7,643 — 3,770 3,770 —
Provision for income taxes   759       759       —   529       529       —
Non-GAAP adjusted EBITDA $ 16,421     $ 13,101     $ 3,320 $ 10,129     $ 4,262     $ 5,867
 
GAAP net income (loss) $ (10,897 ) $ (14,217 ) $ 3,320 $ (11,400 ) $ (17,267 ) $ 5,867
Add back:
Stock compensation expense 18,196 18,196 — 12,035 12,035 —
Intangible amortization 4,633 4,633 — 1,375 1,375 —
Acquisition related expenses   1,269       1,269       —   5,822       5,822       —
Non-GAAP net income $ 13,201     $ 9,881     $ 3,320 $ 7,832     $ 1,965     $ 5,867
Net income per share
Basic $ 0.46 $ 0.34 $ 0.12 $ 0.29 $ 0.07 $ 0.22
Diluted $ 0.44 $ 0.33 $ 0.11 $ 0.28 $ 0.07 $ 0.21
Weighted average shares used to compute net income per share
Basic 28,655 29,476 28,655 26,859 27,751 26,859
Diluted 30,268 30,268 30,268 28,126 28,126 28,126
             
Vocera Communications, Inc.
Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share and Adjusted EBITDA Adjusted for the Adoption of the New
Revenue Standard
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
Q1 2017 Q2 2017 Q3 2017 Q4 2017
    As Adjusted   As Reported   Change As Adjusted   As Reported   Change As Adjusted   As Reported   Change As Adjusted   As Reported   Change
GAAP net income (loss) $ (6,650 )   $ (6,640 )   $ (10 ) $ (6,012 )   $ (7,351 )   $ 1,339 $ 1,391   $ (2,885 )   $ 4,276 $ 374   $ (4,770 )   $ (2,285 )
Add back:
Stock compensation expense 3,583 3,583 — 4,903 4,903 — 4,718 4,718 — 4,992 4,992 —
Acquisition related expenses 410 410 — 312 312 — 287 287 — 260 260 —
Interest income (92 ) (92 ) — (117 ) (117 ) — (162 ) (162 ) — (178 ) (178 ) —
Depreciation and amortization expense 1,804 1,804 — 1,987 1,987 — 1,964 1,964 — 1,888 1,888 —
Provision for income taxes   380       380       —     361       361       —   309       309       —   (291 )     (291 )     —  
Non-GAAP adjusted EBITDA $ (565 )   $ (555 )   $ (10 ) $ 1,434     $ 95     $ 1,339 $ 8,507     $ 4,231     $ 4,276 $ 7,045     $ 9,330     $ (2,285 )
 
GAAP net income (loss) $ (6,650 ) $ (6,640 ) $ (10 ) $ (6,012 ) $ (7,351 ) $ 1,339 $ 1,391 $ (2,885 ) $ 4,276 $ 374 $ 2,659 $ (2,285 )
Add back:
Stock compensation expense 3,583 3,583 — 4,903 4,903 — 4,718 4,718 — 4,992 4,992 —
Intangible amortization 1,132 1,132 — 1,241 1,241 — 1,169 1,169 — 1,091 1,091 —
Acquisition related expenses   410       410       —     312       312       —   287       287       —   260       260       —  
Non-GAAP net income $ (1,525 )   $ (1,515 )   $ (10 ) $ 444     $ (895 )   $ 1,339 $ 7,565     $ 3,289     $ 4,276 $ 6,717     $ 9,002     $ (2,285 )
Net income per share
Basic $ (0.05 ) $ (0.05 ) $ — $ 0.02 $ (0.03 ) $ 0.05 $ 0.26 $ 0.11 $ 0.15 $ 0.23 $ 0.31 $ (0.08 )
Diluted $ (0.05 ) $ (0.05 ) $ — $ 0.01 $ (0.03 ) $ 0.04 $ 0.25 $ 0.11 $ 0.14 $ 0.22 $ 0.29 $ (0.07 )
Weighted average shares used to compute net income per share
Basic 27,751 27,751 27,751 28,422 28,422 28,422 29,130 29,130 29,130 29,317 29,476 29,317
Diluted 27,751 27,751 27,751 29,806 28,422 29,806 30,473 30,473 30,473 30,704 30,704 30,704

Vocera Communications, Inc.
Investors:
Sue Dooley, 408-882-5971
investorrelations@vocera.com
or
Media:
Shanna Hearon, 669-999-3368
shearon@vocera.com

Source: Vocera Communications, Inc.



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.