LEADERSHIPTHROUGHINNOVATIONJ.P. Morgan 36th Annual Healthcare Conference

January 8th, 2018

FORWARD LOOKING STATEMENTS

SPECIAL NOTE REGARDING 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, Senza in the U.S. and international markets; our beliefs regarding market size and share for Senza; our beliefs regarding the advantages of Senza and HF10 therapy; 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 23, 2017 and our Quarterly Report on Form 10-Q filed on November 6, 2017, 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: A LEADER IN NEUROMODULATION

DISRUPTIVE Technology

Best-in-Class EVIDENCE

Demonstrated EXECUTION

PLATFORM Potential

• Continue to lead in clinical effectiveness

• Accelerated market growth from low single digits to mid-to-high teens

• Growth leader among Medtech peers

• Protected by 100+ Patents• Differentiated Mechanism of Action

• 2 RCTs launched in 2017

• Multiple feasibility studies underway

28,000+ Patients in 17 MARKETS Over 7 YEARS

$0.1 $4.5

$19.8$29.5

$40.6$47.2

$56.0 $53.1$63.0 $66.3

$81.0

$9.7$11.3 $10.9

$13.3

$12.2

$14.8$13.7

$14.5$15.3

$15.0$16.0

$16.9

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

International Revenue

U.S. Revenue

$9.7 $11.4$15.4

$33.1

$41.7

$55.4

$60.9

4Q17 Preliminary Estimated Revenue $97.4M - $97.9M

$70.5 $68.4

$78.0$82.3

A TRACK RECORD OF EXECUTIONW.W. QUARTERLY REVENUE ($ IN MILLIONS)

$97.9*

*4Q17 Preliminary Estimated Revenue $97.4 - $97.9

$24.3

$173.3

$263.4

$32.6

$45.3

$55.2

$63.2

2014 2015 2016 2017E 2018E

International Revenue

U.S. Revenue

• Consistent YoY Growth

• Two Randomized Controlled Trials (RCT) initiated

• Surpass surgical leads launched

• CE Mark for next generation Senza II

• CE Mark for Senza I Conditional Full Body MRI

• Achieved 70% Gross Margins in 3Q17

• Achieved positive EBITDA and operating cash flow in 3Q17, excluding litigation expense

• $271.4 million in cash and investments as of 9/30/17

• Neurosurgery’s Top Pain Paper of the Year

• Hired new VP of Sales

A TRACK RECORD OF EXECUTIONW.W. REVENUE ($ IN MILLIONS) & OPERATIONAL HIGHLIGHTS

2017 OPERATING HIGHLIGHTS

FY18 Preliminary Revenue Guidance $400.0M - $410.0M

IPONovember

US LaunchJune

$32.6

$69.6

$228.5

FY17 Preliminary Estimated Revenue $326.1M - $326.6M

$326.6*

*2017 Preliminary Estimated Revenue $326.1-$326.6M

$400.0 – 410.0

KEY MARKET ACCOMPLISHMENTS~3 YEARS POST-IPO & ~2.5 YEARS POST-U.S. LAUNCH

EST. U.S. SCS MARKET GROWTH RATE

4%5%

4%

7%

0%

5%

15%

19%

0%

4%

8%

12%

16%

20%

2010 2011 2012 2013 2014 2015 2016 2017E

NEVRO U.S. LAUNCH

MEDTECH COMPS 2017 EST. AVG. REVENUE GROWTH RATE

8.0%11.0%

22.0%

0%

10%

20%

30%

40%

50%

Large Cap Mid-Cap Small-Cap NVRO

42.7 – 42.9%

• ACCELERATED MARKET GROWTH RATE from Low Single Digits to Mid-to-High teens: $2B SCS Market Today

• GROWTH LEADER Amongst Medtech Peers

Source: Analyst Estimates

SCALING TOWARDS MARKET LEADERSHIPNEAR-TERM GROWTH OPPORTUNITIES & PRODUCT LAUNCHES

CONTINUED POSITIVE UPTAKE OF EXISTING TERRITORIES

• “Go-deep” strategy in existing accounts and opening of new accounts within existing territories

• Continue hiring to support broader adoption

CONTINUED EXPANSION INTO NEW TERRITORIES

• Fill remaining territories by hiring as many reps as we can efficiently hire and train

3 PRODUCT APPROVALS IN 2017, 2 U.S. PRODUCT APPROVALS EXPECTED IN 2018

• Surpass Surgical Lead launched 1H17

• CE Mark Senza II received 4Q17, FDA approval received in January 2018

• CE Mark Senza I Full-Body MRI received 4Q17, FDA approval expected 3Q18

PENETRATING AND GROWING THE SCS MARKETEXPANDING MARKET TO UNDER-TREATED BACK PAIN SEGMENT OF CHRONIC PAIN PATIENT POPULATION

BACK PAIN

Established Reimbursement

Established Clinical Pathways

LEG PAIN

Traditional SCSPrimarily Leg Pain

HF10™ Therapy

TOTAL MARKET PATIENT MIX

LEG AND BACK

HF10 THERAPY ADVANTAGESTHE ONLY CLINICALLY SUPERIOR PARESTHESIA-FREE SCS THERAPY

100% PARESTHESIA-FREE PAIN RELIEFNo Uncomfortable Stimulation

CLINICAL EVIDENCE SUPPORTDurable Results for Back & Leg Pain Demonstrated through 24 Months

INTRAOPERATIVE WORKPLACE EFFICIENCIESMore Predictable Procedures Due to Eliminating Need for Paresthesia Mapping

BACK PAIN EFFICACYSuperior Efficacy in Treatment of Back Pain

SUPERIOR PATIENT OUTCOMESClinically Meaningful Superior Pain Relief and Responder Rates

HF10: THE BEST-IN-CLASS THERAPYHF10 CONTINUES TO LEAD IN CLINICAL EFFECTIVENESS

1. Nevro patient satisfaction survey n=2963 patients2. Schultz DM, et al. Sensor-driven position-adaptive spinal cord stimulation for chronic pain. Pain Physician. 2012 Jan-Feb;15(1):1-12.3. St. Jude Medical Proclaim™ Implantable Pulse Generator Clinician's Manual, Models 3660, 3662, 3665, 3667. Published on www.sjm.com October 2016.

<1Patient Remote

Control Interactions Per Week1

HF10 THERAPY PARESTHESIA-BASED THERAPIES

215Patient Remote

Control Interactions Per Week1

1000 Hz Study nAssessment

PeriodPain Relief

Improvement vs. Traditional SCS

PROCO Study (Thomson, 2017)1

20 1 month Approximately 50% pain relief No

High Density Case-Series (Provenzano, 2017)2

17 12 months Less than 50% pain relief No

High Density Frequency Study (Al-Kaisy, 2016)3

24 1 month 42% pain relief No

Salvage Study for Traditional SCS Patients (Kapural, 2016)4

95 12 monthsInadequate relief (67% of patients abandoned 1000 Hz by one week, 98% abandoned by 1 year)

No

WHISPER Feasibility Study (North, 2015)5

22 2 months 45% average pain relief No

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Per

cen

t P

ain

Rel

ief

Boston Scientific1000 Hz

(Thomson)

Medtronic High Density (Provenzano)

Boston Scientific 1000 Hz(North)

Medtronic High Density

(Al-Kaisy)

Boston Scientific Trad. SCS(Kapural)

NevroHF10 Therapy

(Kapural)

St. Jude SUNBURST

Traditional SCS 1000 Hz TherapyHF10 Therapy

NO IMPROVEMENT VS TRADITIONAL SCS

St. Jude SUNBURST

Pain Relief vs. HF10 Therapy and Traditional SCS

14.716.0

3.5

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

n (

Ho

urs

)

WEEKLY CHARGE BURDEN

Boston Scientific 1000 Hz2 HF10 Therapy7High Density2

HF10 OPERATES WITH A DIFFERENT MECHANISM

SIGNIFICANT REDUCTION OF NEURAL ACTIVITY DEMONSTRATED WITH 10 KHZ STIMULATION

Frequency Matters: Paresthesia-Free & Paresthesia-Independent

Sham 1000 Hz 10 KHz Sham 1200 Hz 10 KHzBaseline 3030 Hz 5882 Hz

CORRELATION BETWEEN FREQUENCY AND INCREASED PAIN RELIEF

Test methodology: in rodents, response to painful ‘wind up’ paw stimulation was measured before and after SCS. SCS frequencies of 10 kHz and 1000 Hz were applied for 90 minutes and compared to 0mA stimulation (Sham). Median Change in Total Windup Response at 90 Minutes Shown 1. McMahon, S. Effects of 10-kHz Spinal Cord Stimulation on the Excitability of Superficial Dorsal Horn Neurons in Experimental Pain Models in the Rat. Poster shown at INS 2017 in Edinburgh. 2. Adnan Al-Kaisy MD. Preliminary results from a randomized, sham-control, double blind, cross-over trial of sub-threshold spinal cord stimulation at various kilohertz frequencies (SCS Frequency Study). Poster presented at Neurovations 2016. 3. Kapural L, et al. Comparison of 10-kHz High- Frequency and Traditional Low-Frequency Spinal Cord Stimulation for the Treatment of Chronic Back and Leg Pain: 24-month Results from a Multicenter, Randomized, Controlled Pivotal Trial. Neurosurgery. Published 11 2016

How would you rate the Nevro device in comparison to the previous SCS you experienced? (if the Patient had SCS prior to Nevro)

Since having your device, how would you describe the change in activity limitations, symptoms, emotions and overall quality of life?

0 1000 2000 3000 4000 5000 6000

Unlikely orvery unlikely

Not sure

Likely or verylikely

83%

12%

5%

How likely are you to recommend Nevroto someone who has similar pain?

DELIVERING ON QUALITY OF LIFE IMPROVEMENTSCOMMERCIAL FEEDBACK COLLECTED FROM 7,800 PATIENTS

n = 7,668 n = 7,768

n = 7,779 n = 886Number of Responses Number of Responses

Number of Responses

0 1000 2000 3000

No change

Moderately better

A great deal better 56%

30%

14%

0 100 200 300 400 500

No change

Moderately better

A great deal better 76%

10%

14%

0 1000 2000 3000

Daily

2-3 times perweek

Once per week orless often

Never

35%

13%

3%

Number of Responses

49%

83%likely or very likely to recommend HF10 therapy

86%cite an improvement

On average commercial calls are made 7.7 months after perm procedure (range is between 0 and 26 months)

How often do you use your remote control to adjust your therapy?

84%use remote less than once per week

86%of failed SCS patients rate HF10 therapy better

HF10 IMPACT ON PHYSICIAN PRACTICESREAL WORLD OUTCOMES: A HIGH VOLUME, TERTIARY ACADEMIC MEDICAL CENTER

Metric Result

Number of patients trialed 136

Percent Prior SCS patients 27%

Responder rates of trial patients 91%

Average Starting Pain Score 8.1

Average Pain Score At End of Trial 2.4

PRIOR TO HF10 THERAPY• We were good at

controlling pain, but had space for improvement

• SCS most frequently used in patients with leg pain > back pain

• Procedure times were unpredictable

WITH HF10 THERAPY• Improved outcomes in

complex pain• Consistent and significant

reduction of both leg and back pain

• Consistent procedure times

• Paresthesia-free

Ind

ivid

ual

Pat

ien

ts

84 mg

27 mg

Baseline (n=72) 24 Month (n=65)

HF10: DEMONSTRATING AN IMPACT ON OPIOID USEDECREASED OPIOID USE IN SENZA-EU TRIAL WITH HF10 THERAPY AFTER TWO YEARS

Evidence-based, non-pharmacologic neuromodulation platform for the treatment of chronic pain

Al-Kaisy A, Van Buyten JP, Smet I, Palmisani S, Pang D, Smith T. Sustained effectiveness of 10 kHz high-frequency spinal cord stimulation for patients with chronic, low back pain: 24-month results of a prospective multicenter study. Pain Med. 2014 Mar; 15(3):347-54. Epub 2013 Dec 5. doi: 10.1111/pme.12294.

the number of patients off opioids3X

14%

43%

Baseline (n=72) 24 Month (n=65)

% P

atie

nts

No

t o

n O

pio

ids 3x

increase

Me

an M

orp

hin

e E

qu

ival

en

t P

er

Pat

ien

t

68%reduction

in dose

avg. reduction ofopioid intake70%nearly

p-value < 0.001 compared to baseline p-value < 0.001 compared to baseline

e.g., Deep Brain Stimulation

INVESTIGATE BROADER INDICATIONS

e.g., Upper Limb & Neck Pain, Painful Neuropathies, Non-Surgical Refractory Back Pain

DELIVERING ON THE PROMISE OF HF10: INDICATION EXPANSIONCLINICAL ROADMAP

• Clinical efficacy for back pain

• Superior long-term outcomes

• Translating clinical outcomes commercially

• Intraoperative efficiencies

Back & Leg Pain

• Expanding existing reimbursement or labeling

• Efficacy and publications to drive adoption

• New sales force and/or new reimbursement codes

• Demonstration of clinical meaningfulness

• Assessing multiple new indications

EXPANDING PAIN-RELATED INDICATIONS

CONTINUED MARKET EXPANSION IN BACK & LEG

Multi-staged approach for new label or broader reimbursement

Small Pilot or Feasibility Study• Validate market need through

enrollment rates

• Assess efficacy signal is differentiated

• Optimize treatment algorithm

Large Randomized Controlled Trial (RCT)• Build Level I Clinical Evidence

• Broaden market access

• Develop support for new indications

DEDICATED TO EXPANDING THE SCOPE OF NEUROMODULATIONMultiple feasibility studies and 2 RCTs initiated across a variety of pain areas and indications

*Investigational only – not on-label or indicated for use.

Established Evidence Emerging Evidence

Neck Pain*SENZA-ULN

Upper Limb PainSENZA-ULN

Chronic Abdominal Pain*SENZA-CAP

Post-Surgical PainSENZA-CPSP

Painful Diabetic NeuropathySENZA-PDN

Peripheral PolyneuropathySENZA-PPN

Back PainSENZA-RCT

Leg PainSENZA-RCT

HF10: PROGRESS IN PIPELINE INDICATIONS

PAIN REDUCTION IN PROSPECTIVE SCS TRIALS

1. Al-Kaisy A, et al. Sustained effectiveness of 10 kHz high-frequency spinal cord stimulation for patients with chronic, low back pain: 24-month results of a prospective multicenter study. Pain Med. 2014;15:347-354.2. 1. Kapural L, et al. Comparison of 10-kHz High-Frequency and Traditional Low-Frequency Spinal Cord Stimulation for the Treatment of Chronic Back and Leg Pain: 24-month Results from a Multicenter, Randomized, Controlled Pivotal Trial. Neurosurgery. Published

09 2016 [Epub ahead of Print]. 3. Al-Kaisy, Adnan, Palmisani, Stefano, Smith, Thomas E. Carganillo, Roy, Houghton, Russell, Pang, David, Burgoyne, William, Lam, Khai, Lucas, Jonathan. Long-Term Improvements in Chronic Axial Low Back Pain Patients Without Previous Spinal Surgery: A Cohort Analysis of 10-kHz High-Frequency Spinal Cord Stimulation over 36 Months. Pain Medicine 2017; 0: 1–84. Internatl data on file to be presented at NANS 2018. SENZA-ULN , ULN-AUS ,PPN Feasibility. Studies ongoing. N’s do not reflect total sample size.

0 (No Pain)

10(Worst Pain)

5

HF10 Therapy (SENZA-EU) – 24 months (N=65)1

HF10 Therapy (SENZA-RCT) – 24 months (N=85)2

1 32 6 87 94

BACK PAIN

HF10 Therapy (SENZA-RCT) – 24 months (N=85)2LEG PAIN

PERIPHERAL NEUROPATHIC PAIN

VAS (cm)

NON-SURGICALBACK PAIN

NECK PAIN

HF10 Therapy (PPN Study) – 6 months (N=17)4

UPPER LIMB PAIN

HF10 Therapy (Al-Kaisy Virgin Back Study) – 36 months (N=17)3

HF10 Therapy (ULN-US Study) – 12 months (N=15)4

HF10 Therapy (ULN-US Study) – 12 months (N=9)4

HF10 Therapy (PPN Study) – Painful Diabetic Neuropathy subset – 6 months (N=7)4

HF10 Therapy (ULN-AUS Study) – 12 months (N=22)4

HF10 Therapy (ULN-AUS Study) – 12 months (N=14)4

ABDOMINALPAIN

HF10 Therapy (ABDOMINAL Study) – 12 months (N=9)4

UPPER LIMB & NECK (ULN): SENZA-ULN INTERIM 12 MONTH DATACLINICAL TRIAL OF THE SENZA SCS SYSTEM IN THE TREATMENT OF CHRONIC UPPER LIMB & NECK PAIN

7.1

2.1 1.8 1.0

7.6

2.6 2.51.7

0

2

4

6

8

10

0 3 6 12

VA

S (c

m)

Follow-up (Months)

Upper Limb Neck

79%83%

93%

83%

95%100%

79%83%

93%

0%

20%

40%

60%

80%

100%

3 6 12

Follow-up (Months)

All Upper Limb Neck

Pain Reduction Responder Rates

1. Diwan, Sudhir A., Manchikanti, Laxmaiah, Benyamin, Ramsin M., Bryce, David A. Geffert, Stephani, Hameed, Haroon, Lal Sharma, Manohar, Abdi, Salahadin, Falco, Frank J.E. Effectiveness of Cervical Epidural Injections in the Management of Chronic Neck and Upper Extremity Pain. Pain Physician 2012; 15:E405-E434.

2. Choi, Ji Won, Lim, Hyung Woo, Lee, Jin Young, Lee, WonIl, Lee, Eun Kyung, Chang, Choo Hoon, Yang, Jae Young, Sim, Woo Seog. Effect of Cervical Interlaminar Epidural Steroid Injection: Analysis According to Neck Pain Patterns and MRI Findings. Korean J Pain. 2016 Apr; 29(2): 96–102.

Pain Location Baseline (n) 3 Months (n) 6 Months (n) 12 Months (n)

Upper Limb 24 24 19 9

Neck 42 42 36 15

• Chronic persistent neck pain with or without upper extremity pain is common in the general adult population with persistent complaints in 22% of women and 16% of men(1)

• Limited Treatment Options(1)

• 25-40% of subjects do not respond to epidural steroid injections(2)

PAINFUL DIABETIC NEUROPATHY (PDN): SENZA-PDNAPPROXIMATELY 65 - 75% OF PDN PATIENTS DISCONTINUE COMMON PDN OPTIONS

78% 76%

86% 86%

0%

20%

40%

60%

80%

100%

3 6

PPN PDN

7.5

2.1 1.92.3

8.0

2.32.1

1.9

0

1

2

3

4

5

6

7

8

9

0 1 3 6

Pai

n (

VA

S sc

ore

)

Assessment (months)

PPN PDN

Endpoints

• 3 month primary endpoint, compare responder rates (>= 50% pain relief) and safety rates between treatment groups

• 24 month follow-up• Date collected: Pain VAS, neurological assessment,

health-related quality of life, sleep quality, patient satisfaction

1. Yang M et al. Pain Med 2015;16:2075-832. https://www.cdc.gov/diabetes/pdfs/data/statistics/national-diabetes-statistics-report.pdf3. Schmader KE. Clin J Pain 2002 Nov-Dec;18(6):350-4

• 30.3 million (9.4%) US population had diabetes in 2015(2)

• ~6 million (20%) of diabetic patients will develop PDN(3)

• Approximately 40-50% and 65-75% of patients discontinue common PDN medications, including Cymbalta, Neurotin and Lyrica, in 3 months and 12 months of prescription, respectively(1)

PAIN REDUCTION RESPONDER RATES

SENZA-PDN: Randomized Controlled Trial Design (RCT) HF10 Combined with Conventional Medical Management (CMM) vs. CMM Alone

• Prospective, multicenter, randomized, controlled trial• Estimated Enrollment: Up to 360 patients

NON-SURGICAL REFRACTORY BACK PAIN (NSRBP): SENZA-NSRBPPOSITIVE RESULTS FROM LONG-TERM STUDY

1. Al-Kaisy, Adnan, Palmisani, Stefano, Smith, Thomas E. Carganillo, Roy, Houghton, Russell, Pang, David, Burgoyne, William, Lam, Khai, Lucas, Jonathan. Long-Term Improvements in Chronic Axial Low Back Pain Patients Without Previous Spinal Surgery: A Cohort Analysis of 10-kHz High-Frequency Spinal Cord Stimulation over 36 Months. Pain Medicine 2017; 0: 1–8

2. Deyo, Richard A. Fusion surgery for lumbar degenerative disc disease: still more questions than answers. The Spine Journal 15 (2015) 272-274.

• Axial back pain without compressive component. Example: Degenerative Disc Disease (DDD)

• Based on spine or neurosurgeon’s assessment of MRI, no current indication for referral for back surgery

• 50% success rate in randomized trials for lumbar artificial discs and fusion surgery for DDD(2)

3 Year Study Results(1)

12% using opioids compared to 90% at baseline

100

90

80

70

60

50

40

30

20

10

0Baseline(n=20)

3 mo.(n=20)

6 mo.(n=20)

9 mo.(n=20)

12 mo.(n=20)

24 m0.(n=18)

36 mo.(n=17)

Time Point

VA

S Sc

ore

(0-1

00

mm

)

VAS BACK VAS LEG100

90

80

70

60

50

40

30

20

10

0Baseline(n=20)

3 mo.(n=20)

6 mo.(n=20)

9 mo.(n=20)

12 mo.(n=20)

24 m0.(n=18)

36 mo.(n=17)

Time Point

OD

I Sco

re(0

-10

0)

Endpoints• 3 month primary endpoint, compare responder rates

(>= 50% pain relief) and safety rates between treatment groups• 12 month follow-up• Date collected: Pain, Disability, Quality of Life, Patient and

Clinician Global Impression of Change (PGIC), Satisfaction, Sleep – PSQ-3, Health Economic Outcomes

Randomized Controlled Trial Design to Compare HF10 Combined with Conventional Medical Management (CMM) vs. CMM Alone• Prospective, multicenter, randomized, controlled trial• Estimated Enrollment: Up to 300 patients

95% trial to permanent rate 80% responder rate at 3 years

NEVRO: A LEADER IN NEUROMODULATION

DISRUPTIVE Technology

Best-in-Class EVIDENCE

Demonstrated EXECUTION

PLATFORM Potential

• Continue to lead in clinical effectiveness

• Accelerated market growth from low single digits to mid-to-high teens

• Growth leader among Medtech peers

• Protected by 100+ Patents• Differentiated Mechanism of Action

• 2 RCTs launched in 2017

• Multiple feasibility studies underway

28,000+ Patients in 17 MARKETS Over 7 YEARS