Investor PresentationDecember 2019

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Forward-Looking Statements

Safe Harbor and Other Information

This presentation contains “forward‐looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. We intend for such forward‐looking statements to be covered by the safe harbor provisions for forward‐looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Forward‐looking statements include information concerning the market shifting to Vocera, the components of our mission, our accelerating operating leverage and target operating leverage model, our strategic evolution, enablement of real-time healthcare system and potential future products, capabilities and services.

Forward‐looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,”“believes,” “could,” “seeks,” “estimates”, “targets,” “guidance,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,”“prospects,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms, although not all forward‐looking statements contain these identifying words. Forward‐looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking statements. We cannot guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward‐looking statements, and you should not place undue reliance on our forward‐looking statements.

Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. We undertake no obligation, and do not intend, to update these forward‐looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter. For a more complete discussion of factors that could materially affect our financial results and operations, please refer to our Quarterly Report on Form 10-K for the period ended December 31, 2017 that we have filed with the SEC, including Part II, Item 1A, “Risk Factors,” and other reports that we file with the SEC. Copies of reports we file with the SEC are posted on our website and are available from us without charge.

This presentation shall not constitute an offer to sell or a solicitation of an offer to purchase securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which or to any person to whom such an offer, solicitation or sale would be unlawful. This presentation is strictly confidential and is being made solely in reliance on applicable exemptions from the registration requirements of the Securities Act of 1933. The securities of the Company have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws. Any purchaser of such securities will be deemed to have made certain representations and acknowledgments, including, without limitation, that the purchaser is a "qualified institutional buyer" as defined in Rule 144A under the Securities Act of 1933.

Statement Regarding Use of Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures. For a presentation of the most directly comparable financial measures calculated in accordance with GAAP, and a reconciliation of these non-GAAP measures to the GAAP measures, please see the appendix.

The non-GAAP financial measures we present are in addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. We encourage investors to carefully review our results of operations under GAAP in addition to the non-GAAP information we present to more fully understand our business.

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Quality

Enhance how care

is provided to help

patients to achieve

better outcomes

Cost

Increase operational

efficiencies and

enhance throughput

Patient Experience

Improve patient

experience by allowing

caregivers to be Patient-

Centered

Resiliency

Improve caregiver

experience by

improving safety

reducing cognitive

overload

Vocera MissionWe simplify and improve the lives

of healthcare professionals,

patients, and families

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YoY Revenue Growth

$104

$132

$166

$180

Our Opportunity

-13%A-EBITDA

FY14

-3%A-EBITDA

FY15

8%A-EBITDA

FY16

10%A-EBITDA

FY17

Large global market

opportunity

Market leader with

compelling ROI

Product innovation

driving growth

Significant operating

leverage

Large health system

success

12%FY18

$95

Notes

• A complete set of financial statements is available at investors.vocera.com, including both GAAP and Non-GAAP measures.

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PAST PRESENT

Strategic Evolution

FUTURE

Communications

Badge-Centric

Point Product

Department Sale

Clinical Workflow

Software-Centric

Complete Solution

Hospital Sale

Real Time Health System

Hybrid Cloud Architecture

Platform Ecosystem

Health System Sale

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Redefining a Category

Navigation

BEFORE

AFTER

Entertainment Healthcare

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The Hospital Communications Evolution

One-to-

everyone

Device-to-

device

Person-to-role, Person-to-group

Clinical system-to-role/group

Context for real-time situational awareness

Overhead

paging

Yelling

Phone-to-phone

Phone-to-pager

Enable people

to find who they

need

System event

triggers alerts sent

using Intelligent

rules

Situational awareness

delivers the right

information to the

right people

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Alerts

Alarms

Messaging

Voice

• Noisy care environment

• Information overload

• Alarm fatigue

• Delays in response time

Today’s Clinical Communication Environment

Lack of Central Control

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Evolution of Hospital Communications

BEFORE

Clinician Tool Belt

Pager, phone, smartphone,

badge, RTLS badge etc…

Smartphone Applications

25 notifications for each system

– working independently

AFTER

1 3

5

21

7

5

3

5

VOCERA

Holistic Consolidation

Delivers only actionable events

to the appropriate caregiver(s)

on the device of choice

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Enabling a Real-Time Healthcare System

Nurse Call

EHR

Patient

Monitoring

Medical

Device

SYSTEMS AND DEVICES

Physician

Nurse

Nurse Supervisor

Hospitalist

House Keeping

CARE TEAM

Alarms Text Alerts VoiceData

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Post AcuteAmbulatoryHospitals

Clinical Communication

Secure Text Messaging

Alarms & Notifications

Real Time Health System Across the Care Continuum

Experience Monitoring

Patient’s Home

Today Analytics

Vocera Software Platform

• Voice Assistant

• Next-Generation Nurse Call

• Patient Throughput

• Healthcare IoT

• Interactive Patient Care

• On Call Scheduling

Potential Future

• Real-Time Location Systems

• AI / Predictive Analytics

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U.S. Army

Medical

Command

(MEDCOM)

Health System Success

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6,986 Hospitals in the U.S.(1)

Large Global Market Opportunity

(1) Based on Definitive US Healthcare Database. As of December 31, 2018*Federal numbers are for acute care hospitals, do not include clinics or ambulatory care centers

~$6 Billion Global Market Opportunity

1190

5056

Vocera Hospitals US Hospitals

19% U.S. Penetration Rate(1)

(6246 Total US Hospitals)

130+ new healthcare facilities in 2018

U.S. Hospitals 1190 (1) U.S. Healthcare 117

(non hospital)

International Healthcare

Facilities 280+

Global Non-Healthcare

Facilities 280+

Federal Hospitals1

Vocera* Total1

VA 80 161

DoD 19 37

Total 99 198

Non-Vocera Hospitals

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Multiple Avenues of Growth

New hospitals

Software Expansion and

Cross Sell

Smartbadge

International

Non-healthcare

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33%

21%

35%

11%

% 2018 Revenue1

* %’s are of the specific category, not company revenue.

Greater than 50% of

revenues are recurring

High visibility

Low customer

concentration

95% + Maintenance

Renewal Rate

Devices 44% recurring*

Software~10% subscription*

Software MaintenanceAll recurring*

Professional Services15%+ recurring*

Diversified Revenue, High Visibility

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Actual

2014 2015 2016 2017 2018

Gross Margin 63% 64% 65% 65% 66%

R&D % of Revenue 17% 15% 13% 15% 16%

S&M % of Revenue 47% 41% 35% 31% 30%

G&A % of Revenue 13% 12% 11% 10% 9%

Opex % of Revenue 77% 68% 58% 56% 55%

Adjusted EBITDA (13%) (3%) 8% 10% 12%

Operating Leverage Drives Significant Value

16

Target Model

68%

14%

27%

8%

49%

20%

Sales

Notes

• All numbers are non-GAAP, see appendix for reconciliation.

Drivers

Thank You!