Nevro : Investor Presentation – Jan 9, 2023

Setting the Pace for SCS

J.P. Morgan 41st 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 9 , 2 0 2 3

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 for full year 2023 worldwide revenue, including PDN revenue; our belief that we will continue to see a gradual overall trend of SCS market recovery, which we expect to continue in 2023; our belief that the building blocks are in place for attractive growth and leverage going forward and the challenges to the business are gradually but steadily improving and will continue to do so through 2023; our belief that we have exciting opportunities to drive profitability and cash flow, including our HFX iQ™ launch expected in early 2023; our belief that the PDN segment is growing rapidly and NSBP will capture larger portion of the TAM; our expectation that we will experience gross margin expansion from our Costa Rica manufacturing operations, increasing over 3-5 years; our expectations that 2023 will be a year of growth and progress on the path to profitability; and our belief that we are positioned to outperform and lead market recovery. 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. Our preliminary operating results for the
fourth quarter and full-year ended December 31, 2022 are subject to adjustment as we complete our year-end audit	2
and other processes and are not necessarily indicative of our operating results for any future periods.

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 and charges (credits) - 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.

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:

A step ahead

Grew during challenging environment in 2022 while investing to create future value

Indications in three, large under-penetrated markets

Unique and differentiated 10 kHz Therapy

New HFX iQ™ launch on tap in early 2023; AI-powered pain management that provides personalized pain relief

Exciting opportunities to drive profitability and cash flow

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Opportunities grow as recovery progresses

Continued signs of recovery

Market challenges are steadily receding, and we see improvement in our trial procedures and trial to perm conversions.

Market expansion opportunities

Painful Diabetic Neuropathy (PDN) segment growing rapidly, and Non-Surgical Back Pain (NSBP) set to capture larger portion of TAM.

HFX iQ™ launch

Revolutionary new AI-powered HFX iQ platform works

to improve each patient's journey with personalized pain management plans.

Meaningful opportunities to drive profitability

New Costa Rica facility offers opportunity to improve margin profiles as we continue to scale; technology- enabled efficiencies.

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