Nevro : At JP Morgan 40th Annual Healthcare Conference

From Recovery to Renewed Growth

J.P. Morgan 40th Annual Healthcare Conference

D . K E I T H G R O S S M A N

C H A I R M A N , C E O & P R E S I D E N T

J A N U A R Y 1 0 , 2 0 2 2

Forward-Looking Statements

In addition to historical information, this presentation contains forward-looking statements reflecting the company's current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including: our belief that SCS market growth will be enhanced by pent-up demand; our belief in the continuing growth fundamentals of the SCS market; our belief that our core back & leg business is poised for recovery as the COVID impact recedes, trialing activity continues to improve, and pent-up demand comes back into the system; our belief that we are well- positioned for SCS market expansion and that we will outperform and outgrow a growth market; our belief that the PDN and NSRBP opportunities are set to outpace core back & legal market growth and expand the available total addressable market for SCS therapies; our belief that there is an opportunity for an improved margin profile as we continue to scale; our belief that Nevro has continued to gain market share; our beliefs around the size of the PDN and NSRBP markets; our belief that, as the impact of COVID on the SCS market begins to recede, our new growth drivers will start to thrive as well; our belief that the safety and efficacy data from the SENZA-PDN and SENZA-NSRBP RCTs will be used to support market penetration, physician referral decisions and market access initiatives to ensure adequate payer coverage of these procedures; our expectation of steady reimbursement progress for PDN with published clinical results and a robust clinical dossier; and our expectations that our Costa Rica manufacturing facility is validated and approved in 2022, which we believe will contribute to margin improvement. 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 attract and retain qualified personnel; and product liability claims. These factors, together with those that are described in greater detail in our Quarterly Report on Form 10-Q filed on November 8, 2021, 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.

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Nevro: Positioned to Outperform

Pace-setting leader

in 3 large, underpenetrated SCS markets

Unique and differentiated

10 kHz Therapy with superior outcomes

Multiple growth opportunities

with expanded indications

Pent-up demand

additive to growth

Meaningful leverage opportunities to drive profitability and cash flow

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As the impact of COVID on our market begins to recede, new growth drivers will start to thrive as well.

Chronic-pain treatments have been among the hardest hit and slowest device segments to return, but growth fundamentals of the Spinal Cord Stimulation (SCS) market remain.

Core Back & Leg business is poised for recovery as the COVID impact recedes, trialing activity continues to improve, and pent-up demand comes back into the system.

Well-positioned for market expansion: Painful Diabetic Neuropathy (PDN) and Non-Surgical Refractory Back Pain (NSRBP) set to outpace market growth and expand available TAM.

Opportunity for an improved margin profile as we continue to scale.

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Trials - our most important leading indicator

Trial rates in U.S. steadily improved in 2H of 2021, approaching pre-COVID 2019 levels

U.S. PDN trials

(% of total U.S. trial volume)

Sept 2021

~6%

Dec 2021

Grew to

~8%

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