Nevro : First Quarter 2024 Earnings Presentation

First-Quarter 2024 Earnings Conference Call

May 7, 2024

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Forward-Looking Statements

In addition to historical information, this presentation contains forward-looking statements reflecting the current beliefs and expectations of the company's management, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including: our second-quarter and updated full-year 2024 financial guidance; our belief in the market size for SCS and SI joint products; our belief that the actions we have taken further position us for success; and our belief that our focus on our three key strategic pillars will improve our commercial execution and deliver significant long-term shareholder return. These forward-looking statements are based upon information that is currently available to us or our current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including our ability to successfully commercialize our products; our ability to manufacture our products to meet demand; the level and availability of third-party payor reimbursement for our products; our ability to effectively manage our anticipated growth and the costs and expenses of operating our business; our ability to protect our intellectual property rights and proprietary technologies; our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties; competition in our industry; additional capital and credit availability; our ability to successfully integrate any additive acquisitions we may make, including our acquisition of Vyrsa Technologies; our ability to attract and retain qualified personnel; our ability to accurately forecast financial and operating results; and product liability claims. These factors, together with those that are described in greater detail in our Annual Report on Form 10-K, as well as any reports that we may file with the Securities and Exchange Commission in the future, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. We expressly disclaim any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements. Nevro's operating results for the first-quarter ended March 31, 2024, are not necessarily indicative of our operating results for any future periods.

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Non-GAAP Financial Measures

Management uses certain non-GAAP financial measures, most specifically Adjusted EBITDA, as a supplement to GAAP financial measures to further evaluate the company's operating performance period over period, analyze the underlying business trends, assess performance relative to competitors and establish operational objectives. ​

Management believes it is important to provide investors with the same non-GAAP metrics it uses to evaluate the performance and underlying trends of the company's business operations to facilitate comparisons to its historical operating results and evaluate the effectiveness of its operating strategies. Disclosure of these non-GAAP financial measures also facilitates comparisons of the company's underlying operating performance with other companies in the industry that also supplement their GAAP results with non-GAAP financial measures.​

EBITDA is a non-GAAP financial measure, which is calculated by adding interest income and expense, net; provision for income taxes; and depreciation and amortization to net income. In calculating non-GAAP Adjusted EBITDA, the company further adjusts for the following items:

• Stock-basedcompensation expense - The company excludes non-cash costs related to the company's stock-based plans, which include stock options, restricted stock units and performance-based restricted stock units as these expenses do not require cash settlement from the company.
• Amortization of intangibles - The company excludes amortization of intangibles from the acquisition of businesses.
• Change in fair value of contingent consideration - The company excludes the changes in the fair value of its contingent consideration liability.
• Change in the fair market value of warrants - The company excludes the changes in the fair market value of its warrant liability, which management considers not related to the underlying operating performance of the business.
• Litigation-relatedexpenses - The company excludes legal and professional fees as well as charges and credits associated with certain legal matters, which management considers not related to the underlying operating performance of the business.
• Restructuring charges - The company excludes charges incurred as a direct result of restructuring programs, such as salaries and other compensation-related expenses. Full-year guidance excludes the impact of foreign currency fluctuations.​

The non-GAAP financial measure should not be considered in isolation from, or as a replacement for, the most directly comparable GAAP financial measures, as it is not prepared in accordance with U.S. GAAP.​

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Business Overview	Financial Overview
Kevin Thornal	Rod MacLeod
Chief Executive Officer &	Chief Financial Officer &
President	Senior Vice President

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First-Quarter 2024 and Other Business Highlights

Executing three-pillar strategy of commercial execution, market penetration and profit progress to achieve long-term, profitable growth

Taking additional restructuring steps to further advance strategy and accelerate profitability

Raising adjusted EBITDA guidance to a range of $(5) million to $2 million and reaffirming revenue guidance range of $435 million to $445 million for full-year 2024

Promoted Chris Christoforou to newly created Chief Operating Officer role

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First-Quarter 2024 Financial Highlights

($ in Millions, except %)1Q241Q23Change

+5.8% (as reported)

Worldwide Revenue

U.S. Revenue

International

Revenue

Net Loss from

Operations1

Adjusted EBITDA2

$101.9	$96.3	+5.6% (constant currency)
$87.0	$82.3	+5.7%
$14.9	$14.0	+6.1% (as reported)
+4.7% (constant currency)
$(35.8)	$(36.3)	+1.3%
$(9.6)	$(17.1)	+44.0%

1Excluding the 1Q24 $5.5 million restructuring charge, the $3.5 million change in value of contingent consideration, and $0.7 million amortization of intangibles, Net Loss from Operations is $26.1 million, or a 28.1% improvement over the first quarter of 2023.

2Refer to the financial table in the Appendix for GAAP to non-GAAP ("adjusted") reconciliations, definitions and further information regarding the use of non-GAAP metrics. Amounts may not add due to rounding.

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Advancing Three-Pillar Strategy

COMMERCIAL EXECUTION

A+ talent at every position	Enhance customer experience
Remove sales barriers	Improve sales productivity

PROGRESS TO DATE

• Continued to ramp up salespeople hired in second half of 2023
• Driving increased adoption of HFX iQ™ which represented 58% of total permanent implants in 1Q24, up from 53% in 4Q23
• Launched solution for nearly half of patients who do not have a compatible iPhone, including those with an alternative smartphone device
• Continued focus on educating customers on benefits of our superior spinal cord stimulation (SCS) therapy

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Advancing Three-Pillar Strategy

MARKET PENETRATION

Expand indications	Supported by robust R&D pipeline
and strong clinical evidence
HFX line extensions
Targeted, additive acquisitions

PROGRESS TO DATE

• Focused on integrating newly acquired SI joint fusion business
• Launched limited market release and prepared for broader market release of SI joint fusion products
• • YTD 2024, more than 220 physicians participated in SI joint fusion training sessions
• Received FDA 510(k) clearance to use Nevro1™, a standalone device with integrated transfixing technology featuring integrated lateral transfixation, without need for a fixation screw

• Enrollment in PDN Clinical Sensory Study now stands at 143, ahead of company's expectations; Nevro pausing enrollment to allow for interim primary endpoint analysis of all randomized subjects from this cohort
• 24-monthdata from SENZA-PDN randomized controlled trial (RCT) for improved sensory function and protective sensation in the feet of patients receiving 10 kHz SCS published in the Journal of Diabetes Science & Technology, with results demonstrating unique, disease-modifying improvement in sensory function that potentially lowers the risk of diabetes-related ulcerations and traumatic amputations.

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Advancing Three-Pillar Strategy

Entering SI Joint market and scaling business

Annual U.S. Market Opportunity1

STRATEGIC RATIONALE

1.9M

PATIENTS WITH

SI JOINT DIAGNOSIS

ANNUALLY

Of which 205K advance

to surgery after CMM (~30%)2

and 41K have bilateral

SIJF (~20%)3

1. Based on 2022 full-year Komodo analysis, Oct 2023.

$2B

TOTAL

ADDRESSABLE

MARKET

• Provides access to large and fast-growing market that builds customer base
• Provides opportunity to expand product offerings to existing customers
• Leverages commercial sales force
• Physician excitement for full suite of products
• Limited patient follow-up
• Broadens and diversifies product portfolio

1. Conservative estimate based on a competitive assessment of patients who advance for surgery (30-40%).
2. Lindsey, D. et al. Biomechanics of unilateral and bilateral sacroiliac joint stabilization: laboratory investigation. Journal of Neurosurgery, Mar 2018. Calculation in TAM is the average of the 8-35%.

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Nevro SI Joint

The Most Comprehensive Portfolio in SIJF

			NevroPRO™
			Allograft
			The first MIS posterior allograft SI
			joint fusion system designed to
			provide comprehensive decortication
			of the SI joint articular surface with
			multiple implant sizes for variable
			patient anatomy
		NevroFIX™
NevroV1™
SI Fusion System	Lateral Screws

SI joint fusion system with integrated transfixing technology provides immediate SI joint stabilization and opportunity for long-term fusion

Lateral SI joint transfixing titanium screws designed to provide maximum compression of the joint space

Nevro acquired Vyrsa Technologies on Nov. 30, 2023. For purposes of marketing materials, Vyrsa products will be referenced as Nevro products. SICONUS™ SI Joint Fixation System or Lateral Screws or Vyrsa™ Fix will be referenced* as Nevro Fix™. Vyrsa™ V1 SI Joint Fusion System will be referenced* as Nevro V1™ and Vyrsa™ Pro SI Fusion System will be referenced* as Nevro Pro™.

* Pending regulatory registration.
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