After meeting with CFO Justin Spencer, Jefferies analyst Sean Dodge is "incrementally more comfortable" with both the steepness of revenue ramp reflected in Vocera Communications' 2019 guidance and the likelihood growth returns to a mid-teens trajectory in 2020. Client interest in the new Smartbadge is growing, "very little" associated revenue is assumed in the outlooks for Q1 and Q2, most of the Department of Defense orders that slipped out of Q4 have now been signed and most of the revenue needed to achieve the 2019 targets is already in backlog, Dodge tells investors in a research note. He also believes the new Smartbadge is a "vehicle to sell more software." The analyst keeps a Buy rating on Vocera with a $40 price target.