Nevro : Canaccord Genuity Annual Growth Conference Presentation

From Recovery to Renewed Growth

Canaccord Genuity Annual Growth Conference

R O D M a c L E O D

C H I E F F I N A N C I A L O F F I C E R

A U G U S T 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 expectations around steady reimbursement progress for both PDN and NSBP; our belief that our NSRBP and PDN clinical data will support continued patient access and market penetration; our beliefs around the size of the PDN and NSRBP markets; and our expectations for more significant revenue contributions for PDN in 2022 and beyond and our belief that we have laid a very strong foundation for attractive future growth. 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 Annual Report on Form 10-K filed on February 23, 2022, 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 second quarter ended June 30, 2022 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.
• Litigation-relatedexpenses (credits) - The company excludes legal and professional fees as wells as charges and credits associated with certain legal matters, which management considers not related to the underlying operating performance of the business.

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.

Amounts may not add due to rounding.

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Nevro: Positioned to Outperform

Pace-setting leader

in 3 large, underpenetrated Spinal Cord Stimulation (SCS) markets

Unique and differentiated

10 kHz Therapy with superior outcomes and best-in-class clinical evidence

Multiple growth opportunities

with expanded indications

Meaningful leverage opportunities to drive

profitability and cash flow

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Trials - our most important leading indicator

Continued signs of recovery, trial rates in U.S. have steadily improved

Growth rate

(U.S. trials)

2Q'22 vs.

2Q'19

+4%

2Q'22 vs.

2Q'21

+14%

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