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Vocera Announces Third Quarter Revenue of $42.3 Million

SAN JOSE, Calif.--(BUSINESS WIRE)-- Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in clinical communication and workflow solutions, today reported total revenue of $42.3 million for the third quarter of 2017, an increase of 25% compared to revenue of $33.8 million in the third quarter of 2016.

“We had a great third quarter. Overall revenue growth was robust with strength across all areas of our business. Year-over-year bookings growth was also impressive, highlighted by exceptional Federal bookings performance and a large number of new customers. Our software platform continues to have significant impact in the market, and our results clearly reflect this,” said Vocera CEO Brent Lang.

Third quarter of 2017 financial highlights include:

  • Total revenue of $42.3 million, up 25% year-over-year
  • GAAP loss per share of $(0.10); non-GAAP net income per share of $0.11
  • GAAP net loss of $(2.9) million; Adjusted EBITDA of $4.2 million
  • Deferred revenue of $59.1 million as of September 30, 2017
  • Cash, cash equivalents and short-term investments of $67.5 million as of September 30, 2017; no debt

Third Quarter 2017 Results

Total revenue for the third quarter of 2017 was $42.3 million, compared to $33.8 million in the third quarter of 2016.

(in thousands) Three months ended September 30,
2017 2016 % change
Product revenue
Device $ 16,084 $ 14,106 14.0 %
Software 7,165 5,197 37.9
Total product $ 23,249 $ 19,303 20.4 %
Service revenue
Maintenance and support $ 13,746 $ 11,037 24.5 %
Professional services and training 5,305 3,415 55.3
Total service 19,051 14,452 31.8
Total revenue $ 42,300 $ 33,755 25.3 %

GAAP gross margin for the third quarter of 2017 was 61.1%, compared to 63.6% in the third quarter of 2016. Gross margin in 2017 reflects the added cost of revenues related to the Extension Healthcare acquisition.

Three months ended September 30,
2017 2016
Gross margin
Product 69.0 % 68.7 %
Service 51.5 56.7
Total gross margin 61.1 % 63.6 %
Non-GAAP gross margin
Product 72.6 % 69.3 %
Service 55.1 58.4
Total non-GAAP gross margin 64.7 % 64.6 %

GAAP net loss for the third quarter of 2017 was $(2.9) million, or $(0.10) per share, compared to $(1.2) million, or $(0.04) per share in the third quarter of 2016.

Three months ended September 30,
(in thousands except per share amounts) 2017 2016
Net loss $ (2,885 ) $ (1,197 )
Net loss per share $ (0.10 ) $ (0.04 )
Non-GAAP net income $ 3,289 $ 2,143
Non-GAAP net income per share $ 0.11 $ 0.08
Adjusted EBITDA $ 4,231 $ 2,649

Deferred revenue at September 30, 2017, was $59.1 million compared to $55.0 million at December 31, 2016. Cash equivalents and short-term investments were $67.5 million at September 30, 2017 and $74.1 million at December 31, 2016. The Company continues to have a strong balance sheet with no debt.

Full Year and Fourth Quarter 2017 Guidance

For the full-year 2017, the Company expects revenue between $158 million and $162 million and a GAAP loss per share between $(0.72) and $(0.59). The Company expects non-GAAP net income per share to be between $0.10 and $0.22 and non-GAAP Adjusted EBITDA to be between $7.0 million and $10.5 million.

(in millions except per share amounts) Q4’17 FY’17
Low High Low High
Revenue $ 41.0 $ 45.0 $ 158.0 $ 162.0
Loss per share $ (0.13 ) $ (0.01 ) $ (0.72 ) $ (0.59 )
Diluted non-GAAP net income per share $ 0.07 $ 0.18 $ 0.10 $ 0.22
Adjusted EBITDA $ 3.2 $ 6.7 $ 7.0 $ 10.5

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 26, 2017, 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 94534596.

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 fourth quarter and full year 2017. 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; 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 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 2017, 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 1,400 hospitals and health systems around the world have selected our solutions for care teams to text securely using smartphones or make calls with our hands-free, wearable Vocera Badge. Interoperability between Vocera and more than 120 clinical 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, 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. 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,
2017 2016 2017 2016
Revenue
Product $ 23,249 $ 19,303 $ 63,940 $ 50,807
Service 19,051 14,452 53,105 40,877
Total revenue 42,300 33,755 117,045 91,684
Cost of revenue
Product 7,208 6,042 20,424 16,435
Service 9,241 6,253 28,358 18,037
Total cost of revenue 16,449 12,295 48,782 34,472
Gross profit 25,851 21,460 68,263 57,212
Operating expenses
Research and development 6,644 4,286 20,944 12,686
Sales and marketing 15,831 13,305 45,789 38,078
General and administrative 6,088 5,138 17,767 14,099
Total operating expenses 28,563 22,729 84,500 64,863
Loss from operations (2,712 ) (1,269 ) (16,237 ) (7,651 )
Interest income 177 196 410 573
Other income (expense), net (41 ) (75 ) 1 (226 )
Loss before income taxes (2,576 ) (1,148 ) (15,826 ) (7,304 )
Provision for income taxes (309 ) (49 ) (1,050 ) (183 )
Net loss $ (2,885 ) $ (1,197 ) $ (16,876 ) $ (7,487 )
Net loss per share
Basic and diluted $ (0.10 ) $ (0.04 ) $ (0.59 ) $ (0.28 )
Weighted average shares used to compute net loss per share
Basic and diluted 29,130 27,024 28,439 26,675
Vocera Communications, Inc.
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
September 30,
2017
December 31,
2016
Assets
Current assets
Cash and cash equivalents $ 14,840 $ 35,033
Short-term investments 52,652 39,033
Accounts receivable, net of allowance 35,453 24,142
Other receivables 1,115 1,211
Inventories 3,115 4,556
Prepaid expenses and other current assets 4,758 3,364
Total current assets 111,933 107,339
Property and equipment, net 6,073 5,894
Intangible assets, net 14,658 18,200
Goodwill 49,246 49,246
Other long-term assets 1,537 1,394
Total assets $ 183,447 $ 182,073
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 2,790 $ 3,231
Accrued payroll and other current liabilities 16,050 15,896
Deferred revenue, current 41,559 43,845
Total current liabilities 60,399 62,972
Deferred revenue, long-term 17,577 11,155
Other long-term liabilities 5,084 4,505
Total liabilities 83,060 78,632
Stockholders' equity 100,387 103,441
Total liabilities and stockholders’ equity $ 183,447 $ 182,073
Vocera Communications, Inc.
Three months ended September 30, 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 $ 23,249 $ $ 23,249
Service 19,051 19,051
Total revenue 42,300 42,300
Cost of revenue
Product 7,208 118 729 847 6,361
Service 9,241 631 60 691 8,550

Total cost of revenue

16,449 749 729 60 1,538 14,911
Gross profit $ 25,851 $ 749 $ 729 $ 60 $ 1,538 $ 27,389
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 $ 6,644 $ 507 $ 507 $ 6,137
Sales and marketing 15,831 1,653 385 2,038 13,793
General and administrative 6,088 1,809 55 227 2,091 3,997
Total operating expenses $ 28,563 $ 3,969 $ 440 $ 227 $ 4,636 $ 23,927
(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 September 30, 2016
Stock Intangible Acquisition
(In thousands) GAAP compensation amortization related Total Non-GAAP
2016 expense (a) (b) expense (c) adjustments 2016
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
Product $ 19,303 $ $ 19,303
Service 14,452 14,452
Total revenue 33,755 33,755
Cost of revenue
Product 6,042 61 60 121 5,921
Service 6,253 237 237 6,016
Total cost of revenue 12,295 298 60 358 11,937
Gross profit $ 21,460 $ 298 $ 60 $ $ 358 $ 21,818
Stock Intangible Acquisition
(In thousands) GAAP compensation amortization related Total Non-GAAP
2016 expense (a) (b) expense (c) adjustments 2016
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
Research and development $ 4,286 $ 287 $ 287 $ 3,999
Sales and marketing 13,305 1,102 46 1,148 12,157
General and administrative 5,138 1,213 72 262 1,547 3,591
Total operating expenses $ 22,729 $ 2,602 $ 118 $ 262 $ 2,982 $ 19,747
(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.
Nine months ended September 30, 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 $ 63,940 $ $ 63,940
Service 53,105 53,105
Total revenue 117,045 117,045
Cost of revenue
Product 20,424 309 2,222 2,531 17,893
Service 28,358 1,808 229 2,037 26,321

Total cost of revenue

48,782 2,117 2,222 229 4,568 44,214
Gross profit $ 68,263 $ 2,117 $ 2,222 $ 229 $ 4,568 $ 72,831
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 $ 20,944 $ 1,542 $ $ 47 $ 1,589 $ 19,355
Sales and marketing 45,789 4,697 1,154 15 5,866 39,923
General and administrative 17,767 4,848 166 718 5,732 12,035
Total operating expenses $ 84,500 $ 11,087 $ 1,320 $ 780 $ 13,187 $ 71,313
(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.
Nine months ended September 30, 2016
Stock Intangible Acquisition
(In thousands) GAAP compensation amortization related Total Non-GAAP
2016 expense (a) (b) expense (c) adjustments 2016
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
Product $ 50,807 $ $ 50,807
Service 40,877 40,877
Total revenue 91,684 91,684
Cost of revenue
Product 16,435 167 179 346 16,089
Service 18,037 724 724 17,313
Total cost of revenue 34,472 891 179 1,070 33,402
Gross profit $ 57,212 $ 891 $ 179 $ $ 1,070 $ 58,282
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
Research and development $ 12,686 $ 817 $ 817 $ 11,869
Sales and marketing 38,078 3,390 138 3,528 34,550
General and administrative 14,099 3,493 233 262 3,726 10,373
Total operating expenses $ 64,863 $ 7,700 $ 371 $ 262 $ 8,071 $ 56,792
(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
September 30,

Nine months ended
September 30,

2017 2016 2017 2016
GAAP net loss $ (2,885 ) $ (1,197 ) $ (16,876 ) $ (7,487 )
Add back:
Stock compensation expense 4,718 2,900 13,204 8,591
Acquisition related expenses 287 262 1,009 262
Interest income (162 ) (180 ) (371 ) (530 )
Depreciation and amortization expense 1,964 815 5,755 2,271
Provision for income taxes 309 49 1,050 183
Non-GAAP adjusted EBITDA $ 4,231 $ 2,649 $ 3,771 $ 3,290
GAAP net loss $ (2,885 ) $ (1,197 ) $ (16,876 ) $ (7,487 )
Add back:
Stock compensation expense 4,718 2,900 13,204 8,591
Intangible amortization 1,169 178 3,542 550
Acquisition related expenses 287 262 1,009 262
Non-GAAP net income $ 3,289 $ 2,143 $ 879 $ 1,916
Net income per share
Basic $ 0.11 $ 0.08 $ 0.03 $ 0.07
Diluted $ 0.11 $ 0.08 $ 0.03 $ 0.07
Weighted average shares used to compute net income per share
Basic 29,130 27,024 28,439 26,675
Diluted 30,473 28,250 30,102 27,911
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

Q4-17 FY-17
Low High Low High
Revenue $ 41.0 $ 45.0 $ 158.0 $ 162.0
GAAP net loss (3.8 ) (0.3 ) (20.7 ) (17.2 )
Stock compensation expense 4.3 4.3 17.5 17.5
Intangible amortization expense 1.2 1.2 4.8 4.8
Acquisition and restructuring expense 0.4 0.4 1.4 1.4
Total adjustments 5.9 5.9 23.7 23.7
Non-GAAP net income $ 2.1 $ 5.6 $ 3.0 $ 6.5
Weighted average shares (in thousands)
Basic 29,530 29,530 28,920 28,920
Diluted - GAAP 29,530 29,530 28,920 28,920
Diluted - Non-GAAP 30,830 30,830 30,000 30,000
GAAP net loss per share, basic and diluted $ (0.13 ) $ (0.01 ) $ (0.72 ) $ (0.59 )
Non-GAAP net income per share :
Basic $ 0.07 $ 0.19 $ 0.10 $ 0.22
Diluted $ 0.07 $ 0.18 $ 0.10 $ 0.22

Reconciliation of Non-GAAP net income (loss) to adjusted EBITDA

Q4-17 FY-17
Low High Low High
Non-GAAP net income $ 2.1 $ 5.6 $ 3.0 $ 6.5
Interest income, net (0.1 ) (0.1 ) (0.4 ) (0.4 )
Depreciation expense 0.7 0.7 2.8 2.8
Provision for income taxes 0.5 0.5 1.6 1.6
Total adjustments 1.1 1.1 4.0 4.0
Adjusted EBITDA $ 3.2 $ 6.7 $ 7.0 $ 10.5

* Amounts may not recompute due to rounding.

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Investors:
Vocera Communications, Inc.
Sue Dooley, 408-882-5971
investorrelations@vocera.com
or
Media:
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Source: Vocera Communications, Inc.