Nevro : Investor Presentation – Feb 24, 2021

Forward-looking Statements

In addition to historical information, this presentation contains forward-looking statements with respect to our business,

capital resources, strategic initiatives and growth reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including regarding continuing adoption of, and interest in, our therapy and products in the U.S. and international markets; our beliefs regarding market size of the traditional back and leg pain, PDN and NSRBP markets and future growth of these markets and share for our therapy and products; our beliefs regarding the advantages of our products and HF10 therapy, including additional opportunities around our clinical efforts and potential indication expansion; our belief that we are uniquely positioned, with multiple growth drivers; our expectations around approval of our PDN indication and ability to begin commercializing in the second half of 2021; our belief that there is significant pent-up SCS demand from the COVID-19 pandemic as we head into 2021; our belief that we are under-indexed from a market share perspective; and our expectations regarding our commercialization efforts. 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 continue 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; 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 24, 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.

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-based compensation 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 related expenses - The Company excludes legal and professional fees 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.

Spinal Cord Stimulation for Chronic Pain

Spinal Cord Stimulation (SCS) is an implanted neuromodulation solution that provides relief to chronic pain sufferers by disrupting pain signals traveling between the spinal cord and the brain.

~100K patients treated annually 80% of SCS market is in the U.S.

Worldwide 2019 SCS market $2.5B