March 2017

Investor Review

This presentation contains forward-looking statements reflecting our current expectations that involve risks and uncertainties which are subject to safe harbors under the Securities Act of 1933, as amended, or the Securities Act, and the Securities Exchange Act of 1934, as amended, or the Exchange Act.

These forward-looking statements may include, but are not limited to, statements concerning our plans, objectives, expectations and intentions, future financial position, future revenues, projected costs, expectations regarding demand and acceptance for ourtechnologies, growth opportunities and trends in the market in which we operate, prospects and plans and objectives of management. The words “anticipates,” “believes,” “estimates," “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in Part II, Item 1A, “Risk Factors” in our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. We do not assume any obligation to update any forward-looking statements.

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Forward-Looking Statements

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• Large market shifting towards Vocera

• Market leader with compelling ROI

• Large wins validate sales strategy

• Software acquisition extends platform

• Accelerating toward target financial model

*Earnings before interest, taxes, depreciation and amortization, and further excludes stock -based compensation and change in fair value of warrant and option liabilities.

**Represents the high end of the company’s guidance range

Significant Value Creating Opportunity

(1) Joint Commission, an independent healthcare accreditation organization(2) Agarwal et. al. Univ. of Maryland, 2010

92% of physicians use unsecured SMS text for patient care, leading to data breeches and HIPAA violations resulting in over $1.5M in fines per year

Efficient communication is a primary component in driving patient engagement and satisfaction

Nurses often only spend 20% of their time delivering direct care at the patient bedside

69% of accidental deaths and serious injuries in hospitals are caused by communications breakdowns1

Cybercriminals are increasingly going after targets in the medical and healthcare verticals

$12 billion wasted annually

In U.S. hospitals as a result of communication inefficiencies2

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Healthcare Communication Challenges

Market Forces Vocera Forces

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Political Forces

Sales & Marketing

Product

Technology Forces

Device of Choice

CC&C

Unified Platform

ROI Selling

Cross Selling

System-level Deals

Meaningful Use Hangover

ACA Repeal

Medicare/Medicaid

Hospital Budgets

Scalability

Integration

Unified Platform

Strong Backlog/DefRevenue

Approaching Target model

2017 Context

Vocera Before Vocera Now

Communications

Badge-Centric

Point Product

Department Sale

Clinical Workflow

Software-Centric

Complete Solution

Enterprise Sale

Strategic Evolution

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10 minutes per nurse per shift

Bed turnover rates up 50%

OR revenues up $780,000

350 more annual OR capacity hours

4,000 annual ED hours recaptured

Operational Efficiency

Response times down from 2 minutes to9 seconds

35% overall Sat Rating improvement

25% improvement in HCAHPS scores

Fall related injuries down 60%; estimated $1.27 mm savings

Patient Safety and Satisfaction

Compelling Return on Investment

Key Differentiators:• Enterprise-class platform

(vs cobbling together vendors)

• Clinical Integration

• Device of Choice (Apple and Zebra)

• Vocera Badge resonates with nursing

• Superb References

• World-Class Support and Professional Services

(1) Joint Commission, an independent healthcare accreditation organization(2) Agarwal et. al. Univ. of Maryland, 2010 8

MEDCOM

Recent Platform Wins Validate Strategy

Quality ExperiencePatient-CenteredCostEnhance how care is

provided to help patients to achieve

better outcomes

Increase Operational Efficiencies

Improve patient experience by allowing

caregivers to be Patient Centered

Improve the caregiver experience by improving

workflow and empowering care teams

The Quadruple Aim

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Our Mission

By enabling the care team to get the data, context, presence, and insights needed to…

Achieve the Quadruple Aim

Focus on the Patient Enhance workflows Make information and help easier to find

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How Do We Do That?

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Communicate Engage

ExperienceImprove response

times, patient care, safety and satisfaction

Over 120 clinical integrations

Secure Text, Voice, Image

Clinical Communication and Collaboration

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Hospital Staff Physicians Post Acute Home

Badge MC40-HC iPhone Android Tablets Desktop

Voice Secure Texting Clinical Integration and Workflow

Patient Engagement

Vocera Software PlatformCommunication and Clinical Workflows

Master Directory with Care Team Sync

Staff Assignment and On-Call Scheduling

Analytics and Reporting

Certified Security

Clinical System Integrations

Enterprise-Grade Communication Platform

The Vocera ApproachToday’s Situation

A Coordinated Approach

Alerts

Alarms

Messaging

Voice

Intelligent Clinical Workflow

Quadruple Aim

Quality

Cost

Patient-Centered

Experience

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The Device of Choice Differentiator

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Scalable, Secure and Integrated = we consistently win >70% of competitive sales

Stat

us

Qu

o

• Pagers

• Overhead Paging

• Shouting or Walking

Wir

ele

ss

De

vice

s • Spectralink

• Cisco

• Ascom

Smar

tph

on

e

Ap

ps

• Voalte

• Tiger Text

• Texting Solutions

• Mobile Apps

Complete end-to-end solution

Role-based intelligence

Device of Choice

Ease-of-use

Hands-free

Clinical integration

Enterprise class

Trusted provider

Purpose-built device

World class service and support

Competitive Landscape

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

U.S. Hospitals1100+

(1)

Large Global Market Opportunity

(1 ) Based on Definitive US Healthcare Database(2) Definitive Healthcare database

International Healthcare Facilities

230+

Global Non-Healthcare Facilities

270+

Fed Hospitals Vocera Total

VA 68 153

DoD 32 64

Total 100 217

~$6 Billion Global Market Opportunity

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11085200

Vocera Hospitals US Hospitals

18% U.S. Penetration Rate(2)

(6308 Total US Hospitals)

• Large System Deals

• Further penetrate existing health system customers

• Continue pace of new customer acquisition

Building momentum across new products

• EHR Integration

• Collaboration Suite

• Clinical Integration

• Even Driven Alerts

• Care Experience

Extend Reach to New Users

• Physicians

• Long Term Care

• Surgery Centers

Attractive International Markets

• Canada

• United Kingdom

• Saudi Arabia

• UAE

• Qatar

• Australia

• Singapore

• New Zealand

Core Customer Growth

Software

New Users

International Expansion

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Our Opportunity: Multiple Avenues for Growth

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• 60% revenues are recurring

• High visibility

• Low customer concentration

% of 2016 Revenue Revenue Streams

• Perpetual licenses • Subscriptions

Software*15%+ recurring

16%

• Software maintenance• Technical support

Maintenance*All recurring

34%

• Professional services• Deployment & training

Services*15%+ recurring11%

39% Devices *50% recurring

• Badges• Batteries, chargers, accessories

Diversified Revenue Streams

(1) Earnings before interest, taxes, depreciation and amortization, and further

excludes stock -based compensation and change in fair value of warrant and option liabilities.

Revenue Q4 2016 Highlights

Adjusted EBITDA

$28.4 $36.0

$104.1 $127.7

Q415 Q416 2015 2016

($ in

Mill

ion

s)

$0.2 $1.3

-$2.8

$4.3

Q415 Q416 2015 2016

($ in

Mill

ion

s)

Q4/2016 Results exceeded expectations • Q4: 27% Revenue Growth, 2016: +23%

• Q4: 46% Software Growth, 2016: +36%

• 27% Backlog and Deferred Revenue Growth

Solid Customer Base and Value Proposition• 95%+ s/w maintenance renewal rate

• Strong competitive win rate

Expanding Profitability and Cash Flow• A-EBITDA $4.3 million in 2016

• $11.4 million operating cash flow in 2016

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+27% +23%

Q4’16 Financial Highlights

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2017 Revenue Visibility

$4.2

Total Revenue

Book ship/Bookings

FY16 Plan

Actual %

*VCRA $73.9M, EXT $5.8M

VCRA

EXT

Total

Rev from Def.Rev/BL

Supplies Visible Revenue Book-ship 2017 Revenue

$161M

65-70%

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Actual

2014 2015 2016

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

S&M % of Revenue 47% 41% 37%

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

~$200M

Target Model

12%

29%

8%

Sales

Notes

• All numbers are non-GAAP• Mean peer group enterprise value comps are 3-4x Revenue and 12-15x A-EBITDA

Drivers

Operating Leverage Drives Significant Value

Thank you!

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Broadcast to OR Turnover

Call on-call Orthopedic Surgeon

Secure text to on-call Cardiologist

Urgent call to ED Charge Nurse

The Call Sheet Transformed

EHR

Evans Army Community Hospital (EACH)92 Bed Military Treatment Facility (MTF)–A Part of Colorado Springs Military Health System, Colorado Springs, Colorado

Challenge: Improve staff-to-staff and staff-to-patient communication in physically challenging locations

Patient and Staff Satisfaction

• Due to distance of facilities, locations, and physical layout of each department, there is a communication barrier between staff members as well as between staff and patients

• For the last three years, The Joint Commission has identified communication as one of the top 3 root causes of sentinel events

• 20% improvement in inpatient satisfaction over 10 months: expected returns of over $150,000/quarter

• 88% reduction in patient falls within 10 months. Hospital-wide implementation yearly potential cost avoidance of over $94,000

• Key security certifications enabled MEDCOM to establish Vocera as enterprise standard

Situation Approach Impact• In June 2012, the Vocera Badge, a

wearable, voice-controlled device enabling hands-free communication, was implemented in the ED. By the end of 2015, it was rolled out to multiple departments.

• The solution was integrated with alarm and alert systems and nurse call systems:• Patient-to-staff, and staff-to patient• Pain button

Improve Quality of Patient Care and Safety, and Patient and Staff Satisfaction

Percentage of customers who have users in the following categories%

• Pharmacy

• Clinical Engineers/Informatics

• Dietary/Nutrition

• Command Center

• Warehouse/Materials

• Phlebotomists

• Admitting

• ED

• Interpreters

• Path Lab

• Case Management

• Management/Admin

• Biomed

• Pastors

• Activity Department

• Quality/Risk Management

Others

Spring 2015 survey of Vocera customers conducted by

18%

38%

59%

61%

68%

72%

78%

81%

81%

99%

Other

Security

IT or Telecomn

Physicians

Rehabilitation

Transport Techs

Housekeeping

Respiratory Therapists

Imaging Personnel

Nursing Staff

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Expanding User Base

U.S. Hospitals and Health Systems

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1,100 U.S. Hospitals 200 International Hospitals 250+ non-healthcare

Washington, Cleveland, Tampa, Phoenix, Ann Arbor

U.S. VA and DoD

Evans Army HospitalFort Carson

Irwin Army HospitalFort Riley

Landstuhl Army Medical CenterGermany

International Non-Healthcare

Large, Passionate Customer Base

Vocera Care Team Sync

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Care Team Sync informs and updates the Master Directory, facilitating accurate care team assignments

Dr. Smith , Primary Care Physician

Dr. Evans, Cardiologist

Dr. Jenkins, Hospitalist

Stacy Jones, Nurse

Adam North, Assistant

Dr. Smith , Primary Care Physician

Dr. Evans, Cardiologist

Dr. Jenkins, Hospitalist

Stacy Jones, Nurse

Adam North, Assistant

Bi-Directional Sync with the EHR

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Nurse Call

Fall Prevention & Bed Alarms

Patient Flow, RTLS, Bed Management

Interactive Patient Engagement

Smartphones and Tablets

Electronic Health Records (EHR)

Physiologic Monitoring and Medical Devices

Partner Ecosystem

• Intelligent software platform

• Hands-free, lightweight

• Purpose built device

• Speech recognition interface

• Multi-platform support

• DoD Unified Capabilities (UC) Approved Products List (APL)

• FIPS 140-2, JITC, DoD ATO

• FDA 510k platform for alarm management and secure texting

• Over 95% renewal rates

• 1,200 hospitals; 200 other healthcare facilities

• Over 500,000 users

• 275+ sales & services people

• Roughly 75 quota carrying reps

• 150+ Engineers

• 34+ clinicians on staff

• Patient experience collaborative

• 15 years of development

• 29 U.S. patents issued – 8 pending

• Multi-variable clinical rules engine

• Wi-Fi & VoIP expertise

• Proprietary noise cancellation

• Integrated with 120+ clinical systems

• Enterprise class solution

First Mover Unique Solution Proprietary IP Strong Brand

Vocera Differentiation

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Tangible benefits identified within the first six months after deploying Vocera

12%

8%

20%

30%

38%

41%

45%

71%

73%

Other

Increased Cost Savings

Increased Patient Satisfatction

Increased Patient Throughput

Increased Patient Safety

Reduced Noise Level

Increased Care Team Satisfaction

Improved Response Times

Increased Workflow Efficiencies

Spring 2015 survey of Vocera customers conducted by

What Customers Say about Vocera

EHR

Clinical Systems

Location

Scheduling

Messaging

Voice

Vocera Core Platform

Engage(Workflow)

Acquisition Enhancements

Our Enhanced Platform

Engage Deployment Scenarios

Critical Lab Notification Sends instant

notifications of a critical lab value to the

responsible clinician.

Full Report Notifications

Sends full Radiology, Cardiology, Pathology,

and other reports.

Clinical Order Notification

Instantly alerts a nurse when a clinical order has

been placed that may require action.

Nurse Call Alert

Combines alerts from nurse call systems with

HIS/EHR or other clinical data and sends

notifications to the appropriate clinician.

One App: Alarms, Alerts, Messaging

Single view for all patient events and conversations

Engage Mobile – Design Elements

Swipe Left for Event Response Team

Alarm Prompts Event Responses

Swipe Right for Alert/Alarm Details

Swipe Right for Alert/Alarm Details

SOLUTION IMPACT

vCustomer Examples

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PROBLEM• Studies show that RNs are

interrupted about 12 times per hour, or once every 5 minutes

• Critical alarms are often missed, resulting in patient harm.

Engage cuts through the clutter and sends only actionable notifications requiring timely response, on the caregivers mobile device of choice

• Improvements in patient safety• Reduced needless interruptions • Nurses can spend more time at

the bedside and stay focused on patient needs

Veterans Administration: 55% reduction of artifact alarms (false positive alarms).Wake Forest: “Prioritization of alarms has been attributed to 19 patient “saves”, where we prevented a failure to rescue situation.”

*Kowalcyk, Liz. Patient alarms often unheard, unheeded. February13,2011. http://www.boston.com/lifestyle/health/articles/2011/02/13/patient_alarms_often_unheard_ unheeded/

Engage Use Case: Interruption Fatigue

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PROBLEM• NICU staff receive alerts that lack

context.• Nurse must take additional steps

to locate the relevant contextual information, causing delays in patient response

• Engage sends contextual event notifications to caregiver

• Relevant data can include:• Location • Caller ID• Level of urgency• Gestation age• Status of amniotic fluid

• Early interventions and informed, timely decisions

• Quicker response to patient needs and improved outcomes

• Improved neonatal resuscitation compliance

Customer Example

University of Maryland: The neonatologist and NICU staff receive contextual alarm notifications to their Zebra MC40-HCs mobile smartphones. The caregiver uses the relevant data to make faster decisions that improve outcomes and compliance.

SOLUTION IMPACT

Engage Use Case: Neonatal Resuscitation

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PROBLEM• There are between 700,000 and

1,000,000 patient falls in hospitals each year

• Implication: Falls pose a serious hazard to patient safety as well significant legal and regulatory problems for the hospital

• Engage technology sends bed exit alarms directly to nurse’s mobile device instantly

• Nurse call requests can be sent at varying levels of priority based on a patient’s fall risk score

Reductions in patient falls and the related injuries and costs.40% reduction in fall rate

Customer Examples

Nursing leaders using Engage presented a case study at NICHE (Nurses Improving Care for Healthsystem Elders) showing an ROI of $1.06M. Research found a decrease in patient falls from 3.27 per 1,000 to 1.97 per 1,000.

SOLUTION IMPACT

Engage Use Case: Patient Falls

Maintenance Maintenance

Supplies

Expansions

Supplies

Maintenance

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Supplies

Expansions

New Customers

Sold into existing deployments

Additional deployments within existing customers

Maintenance

Quarterly Bookings Patterns Lead to High Visibility

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Note: Company estimates based upon illustrative purchase of 200 enterprise user licenses, 200 badges, 400 batteries and associated accessories, based on 2015 data. All devices and software licenses assume 100% shared usage, 3 users/device or license. Smartphone only assumes that consumers procure their own smartphones outside Vocera. Mixed model assumes 20% MC40 smartphone and 80% badge mix. Smartphone and Mixed models include sale of Engage software to half of available beds as labeled.

Revenue- Initial Deployment $359 $295 $414 $546

Gross Margin- Initial Deployment $21259%

$19365%

$24259%

$34163%

Software

Maintenance

Services

Devices

Revenue Streams ($ in thousands)

Initial Customer Deployment Scenarios