Voice recognition specialist Nuance Communications (NASDAQ:NUAN) has pulled back from its all-time highs near $30 set in early 2012. Much of that optimism was related to its relationship with Apple (NASDAQ:AAPL), providing the speech recognition engine powering Apple's Siri. Now that the Apple storyline has simmered down, Nuance investors should focus on the core health care business and the opportunities there.

Nuance continues to grow its deferred revenue balance, which is a good sign for its subscription business. CEO Paul Ricci's compensation is a little high, but the executive has arguably earned his keep by leading the company for nearly 15 years.

In the following video, Fool contributor Evan Niu, CFA, and Eric Bleeker, CFA, discuss Nuance's current valuation.