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Weare on a Missionto TransformPatients’Liveswith RevolutionaryNeural-Sensing Technology F Y 2 6 R e s u l t s P r e s e n t a t i o n August 28, 2026
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Important Notice & Disclaimer THIS DOCUMENT AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA OR TO ANY RESIDENT THEREOF, OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFUL. THIS DOCUMENT IS NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES. The material contained in this presentation has been prepared by Saluda Medical, Inc. (ASX:SLD) (ARBN 691 140 360) (Saluda or the Company) for informational purposes only. It contains summary information about Saluda and its subsidiaries and the business conducted by it as at 28 August 2026. It should be read in conjunction with Saluda’s announcements filed with the Australian Securities Exchange, available at www.asx.com.au. The presentation does not purport to be complete and is not a prospectus, product disclosure statement, or other offer document under Australian law or the law of any other jurisdiction. The distribution of this document outside of Australia may be restricted by law and any such restrictions should be observed. This document may not be distributed or released to any person in the United States. The information contained in this presentation should not be considered, and does not contain or purport to contain, an offer , invitation, solicitation or recommendation with respect the purchase or sale of any securities in Saluda (Securities) nor does it constitute legal, taxation, financial product or investment advice. The general information in this presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. This presentation does not constitute an advertisement for an offer or proposed offer of Securities. Recipients of the presentation must undertake their own independent investigations, consideration and evaluation. Independent advice should be sought before making any investment decision. The information in this presentation has been prepared by Saluda in good faith and with due care, but Saluda does not make any representation or warranty, express or implied, as to the fairness, accuracy, correctness or completeness of the information, opinions or conclusions contained in this presentation. The information in this presentation is subject to change without notice and unless required by law, none of Saluda, its representatives or its advisers assumes any obligation to update this presentation or its contents for any matter arising or coming to Saluda’s notice after the date of this presentation. To the maximum extent permitted by law, none of Saluda or its subsidiaries, or their respective directors, officers, employees, partners, representatives, consultants, agents or advisers is responsible for any loss arising from the use of information including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained i n, arising out of or derived from, or for omissions from, this presentation. Certain statements in this presentation may constitute forward-looking statements or statements about future matters that are based on management’s current expectations and beliefs. Such statements are typically identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘expects’, ‘anticipates’, ‘intends’ and other similar words. These statements are subject to risks and uncertainties that are difficult to predict and are based on assumptions as to future events that may not prove accurate. Actual results may differ materially from what is expressed in this presentation. Investors should note that this presentation may contain unaudited financial information that has been prepared by Saluda’s management. Saluda's results are reported under US GAAP. Certain financial data in this presentation is “non-IFRS financial information” under Regulatory Guide 230 (Disclosing non-IFRS financial information) published by ASIC. All numbers in this presentation are stated in United States dollars (US$) unless stated otherwise. Saluda's CHESS Depositary Interests (CDIs) are traded on ASX in reliance on the safe harbour provisions of Regulation S under the US Securities Act of 1933, as amended, and in accordance with the procedures established pursuant to the provisions of a no-action letter dated 7 January 2000 given to ASX by the staff at the US Securities and Exchange Commission. The relief was given subject to certain procedures and conditions described in the no-action letter. One of the conditions is that the issuer provides notification of the Regulation S status of its securities in communications such as this presentation. 2 Saluda Medical, Inc
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Saluda’s Value Proposition Clinical differentiation converging into commercial and economic leverage PAIN RELIEF AT 36 MONTHS 83% REPROGRAMMING VISITS PER YEAR <1 Q4 FY26 REVENUE GROWTH vs PCP +43% U.S. SCS PHYSICIAN PENETRATION ~4% Durability Most compelling long-term efficacy profile in SCS Zero explants for loss of efficacy in EVOKE clinical trial Overcomes Reprogramming Burden Changing the cost-to-serve economics of SCS Closed-loop therapy and EVA automation Commercial Leverage Sales force leverage improves as adoption scales US infrastructure built; focus shifts to productivity Long -term Growth Opportunity Significant runway remains in the SCS market Paddle lead adds ~$670M market opportunity1; high volume ASC channel early stage Discount to other high-growth medtech companies — despite differentiated technology, accelerating growth and significant opportunity 3 Saluda Medical, Inc 1. See June 30, 2026 ASX announcement
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A year of accelerating growth, commercial scale and portfolio expansion FY26 Key Milestones 1. FY26 financials are presented on a preliminary and unaudited basis 2. Smith GL, Deer T, Sayed D, et al. Neural Dosing using EVOKE Therapy with EVA Sensing Technology Parallels Maximum Analgesia Requirements. Poster presented at the North American Neuromodulation Society (NANS) Annual Meeting, 2026. Accelerating revenue growth US FY26 revenue growth +27%; US exited FY26 at +45% in Q4 +28% Global FY26 YoY revenue growth Scaling commercial organisation Commercial team significantly expanded across the US and international, increasing market share +21% US FY26 Active implanting physicians Ahead of key IPO prospectus metrics Revenue, gross margin, adjusted EBITDA and operating cash use +4% Revenue vs upgraded guidance Paddle approval opens new segment Approval adds a large portion of the SCS market previously outside our reach ~$670m Additional SCS market opened EVA launched globally Automated programming rolled out across all markets in FY26 10.52 EVA automated programing time in minutes Saluda Medical, Inc4
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5 Saluda Medical, Inc SCS represents a substantial opportunity which remains significantly underserved 1. Stretanski MF, Kopitnik NL, Matha A, Conermann T. Chronic Pain. 2025 Jun 23. In: StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing; 2025 Jan–. PMID: 31971706.According to the NationalHealth Interview Survey. 2. National Center for Health Statistics, National Health Interview Survey, 2023. 3. SmartTRAK 2024 U.S. Spinal Cord Stimulation Market Recap. 4. SmartTrak2024 Potential U.S. SCS Market by Pain Type 5. Based on management estimates. Spinal Cord Stimulation (SCS) is an Established Market …improved therapy options may unlock the SCS market ~6% Estimated SCS Market Penetration5 SCS eligible patients remain underserved today… Annual cost of chronic pain in US exceed costs of heart disease, cancer and diabetes1 ~24% of American Adults2 have chronic pain ~$2.67B Worldwide Revenue generated by SCS devices in 20243 Well-Established Reimbursement with codes, coverage and payment ~$23B US Total Addressable Market4 5 Saluda Medical, Inc
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6 Saluda Medical, Inc 000 Implanted lead delivers stimulation & measures resulting neural response, enabling personalised therapy Evoke® Stimulates, Measures and Adjusts Therapy on Every Pulse 6 Patient A Patient B Stimulation current Neural activation Individual optimal doseStimulate Pain relief starts with neural activation Compare and Adjust Automatically maintains target activation level Each patient has a unique neural response, so the same stimulation setting does not produce the same therapeutic dose Objective measurement allows Evoke to deliver and maintain a personalised neural dose Rather than relying solely on subjective patient feedback, Evoke measures neural activation and adjusts therapy pulse by puls e. SCS leads 000000 Sense and Measure Same lead records the resulting neural activation (ECAP) Personalised Closed Loop Control
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7 Saluda Medical, Inc LowerReprogrammingRates| RealWorldExperience Internal Saluda Medical Reprogramming Report 1. Summary of follow ups for all U.S. and AU commercial patients through June 2026. Data on File. 2. Amirdelfan K, Antony A, Levy R, et al. Patient burdens associated with spinal cord stimulation: impact of wait times to address device-related issues in a real-world cohort with chronic back and leg pain. Poster presented at: World Institute of Pain World Congress; August 24, 2022; Budapest, Hungary. Commercial patients through June 2026 have less than one reprogramming visit after 12 months1 S i g n i f i c a n t l y l e s s R e p r o g r a m m i n g B u r d e n v s . S t a n d a r d S C S 7 6 5 4 3 2 1 0 3.1 Average Visits 6.0 Average Visits2 6.0 Visits per year, per Patient with Standard SCS2 2.8 Average Visits 1.4 Average Visits 0.8 Average Visits 65% of patients with 1 visit or fewer 81% of patients with 1 visit or fewer <1 visit per year after the first 12 months 0–6 Months 7-18 Months 18-30 Months % of 0 Visits 7% 39% 61% n = ~4,200 n = ~2,400 n = ~800
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8 Saluda Medical, Inc 000 EVA Automated Programming System Changes the Game *Pending regulatory submission and approvals Deep Data Analytics and Automation for Personalised Therapy 97% Of Patients felt a sense of control1 67% Pain high responder (≥80% Pain relief)1 96% Patient satisfaction1 ▪ Vast majority of patients are now programmed using automation ▪ Reduces reliance on sales rep technical skill, simplifying training and decreases time to rep productivity, allowing reps to focus on patients and business growth ▪ Enabling a restructure of the skill set mix in the Saluda field/sales team ▪ Deep data analytics leveraging thousands of patient programming visit data – constantly learning to feed a virtuous cycle of innovation ▪ Resultant Closed-Loop Programs exhibit higher quality than manual programming ▪ Patients felt much more engaged in the programming process 92% Pain responder (≥50% Pain relief)1 I M P R O V I N G P A T I E N T O U T C O M E S …… A N D R E P P R O D U C T I V I T Y 1. Evoke® System with EVA Real-World Experience: Enhancing Outcomes and Empowering Patients Analyse the Spinal Cord Find the Strongest Signal Determine Personalised Therapeutic Setting 1 2 3 =
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9 Saluda Medical, Inc Revenue and select US commercial metrics Q4 FY26 Quarterly Activity Report 1. FY26 financials are presented on a preliminary and unaudited basis 2. International revenue in FY26 Q3 includes $0.7m from timing changes in revenue recognition post EVA launch 3. International revenue in FY26 Q4 includes $0.6m from timing changes in revenue recognition post EVA launch Q U A R T E R L Y R E V E N U E T R E N D ( U S $ M )1 Q4 FY26 Q4 FY25 Growth vs. PCP Full Year FY26 Full Year FY25 Growth vs. PCP US Revenue ($m) 18.4 12.7 45% 63.2 49.9 27% Int’l Revenue ($m) 8.5 6.2 39% 26.9 20.5 32% Total Revenue ($m) 27.0 18.9 43% 90.2 70.4 28% # US Patients Implanted 769 511 50% 2,676 1,998 34% US Avg. Quarterly Active Implanting Physicians 311 254 22% 286 236 21% 11.8 13.2 12.2 12.7 12.9 15.4 16.4 18.4 4.3 4.4 5.6 6.2 5.4 5.6 7.4 8.5 $16.1M $17.5M $17.8M $18.9M $18.3M $21.0M $23.8M $27.0M Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2025 FY2026 US Int'l M O S T R E C E N T Q U A R T E R L Y C O M M E R C I A L P E R F O R M A N C E1 Accelerating global revenue growth reflecting continued commercial momentum ▪ US patients implanted +50% in Q4 as US sales team expands and active physician utilization increases ▪ Active implanting MDs +22% in Q4 aligns with expanding trained sales team – still only ~4% penetrated into total existing US SCS physicians ▪ Beginning to gain share in high volume ambulatory surgery center (ASC) portion of US market ▪ International revenue growth driven by increased customer demand in Europe & Australia. Q3 and Q4 also include ~$0.7m and ~$0.6m, respectively, from timing changes in revenue recognition upon launch of EVA in Europe 2 3 3 ASX IPO
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10 Saluda Medical, Inc FY26 Results & FY27 Guidance F Y 2 6 P & L H I G H L I G H T S | U S $ M I L L I O N S FY25 FY26 Change Y/Y Revenue $70.4 $90.2 +28% Gross margin 46.6% 48.9% +230 bps Adjusted EBITDA1 ($101.4) ($113.7) ($12.3) Cash used in operations ($118.2) ($116.0) +$2.2 vs. Guidance (G) vs. Prospectus (P) G P P P FY27 $113 – $122 50% – 52% ($101) – ($95) +25% – 35% +110 – 310 bps +$13 – $19m Operating Leverage: ~90% of incremental USD gross profit Y/Y converts to adjusted EBITDA improvement Change Y/Y F Y 2 7 G U I D A N C E R A N G E | U S $ M I L L I O N S ▪ FY26 revenue ▪ +4% above upgraded guidance of US$87.0m, and well above prospectus US$81.8m ▪ US +27% and Int’l +32% Y/Y ▪ Gross margin +230 bps Y/Y and +300 bps ahead of prospectus ▪ All key metrics ahead of prospectus, including Adj EBITDA and cash used in operations ▪ FY27 expected revenue growth derived from more active physicians, higher utilization, and the CAP24 launch 1. Adjusted EBITDA excludes interest, tax, depreciation, amortisation, stock-based compensation and other non-operating items. FY26 figures are preliminary and unaudited; FY27 gross profit range is implied by guided revenue growth and gross margin
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Saluda’s Growth Strategy
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12 Saluda Medical, Inc $6.0 $32.9 $49.9 $63.2 $16.0 $18.8 $20.5 $26.9 $22.2 $51.7 $70.4 $90.2 FY23 FY24 FY25 FY26 FY27G Revenue (US$M) US Int'l 1 Evoke® gaining market share with positive momentum since launch Strong Market Adoption with Key Future Growth Drivers 1. As of 30-Jun-YE. Presented on a preliminary, unaudited basis 2. Number of Trained Reps calculated as the average of the Ending number of trained reps over the trailing two periods 3. PMA approval of the EVOKE System in Feb-22 and full US commercial launch in Jul-23 K E Y G R O W T H D R I V E R SR E V E N U E P R O F I L E ( U S $ M )1 US Commercial Launch (Dec-22)3 +30% CAGR Expand into New Territories ▪ <30% US territory coverage at start of FY26 ▪ 62% FY26 fully trained Sales Reps growth Growth in key metrics – well positioned to continue expansion into FY27 and beyond Expand Within Existing Physicians ▪ Only 4% penetrated into ~7,800 MD universe ▪ Growth in revenue per trained rep Launch New Products ▪ EVA (Automated Programming) - Launched ▪ Paddle Lead - $670m incremental market - Launching ▪ Evoke smaller form factor IPG – to be submitted Enter New Channels ▪ Physician-owned Ambulatory Surgical Centers (ASC) ▪ Paddle lead – ortho/neuro surgical market ▪ Grow market share in replacements $113-$122 $18.8 $15.8 $6.5
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13 Saluda Medical, Inc • ~60% of total US sales reps fully trained at end of FY26 • Limited reprogramming burden enables higher sales rep productivity ~60% greater than traditional industry reps • Saluda to continue to grow US sales force but at slower rate than the past • FY27 focus on increasing productivity and reducing territory selling costs US Sales Force Expansion Unlocking Continued Opportunity ~60% of US sales force fully trained as we enter FY27 and poised to drive productivity I N C R E A S I N G M A R K E T C O V E R A G EG r o w t h i n A v g . N u m b e r o f U . S . T r a i n e d R e p s +62% YoY 38 55 89 99 127 161 FY24 FY25 FY26 Avg Fully Trained Over Period Total Reps End of Period Expand into New Territories Expand Within Existing Physicians Launch New Products Enter New Channels ~26% FY25A FY26A US territory coverage with trained reps1 EST. VIABLE US MARKET TERRITORIES ~180 ~45% 1. End of year coverage
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14 Saluda Medical, Inc 252 1,306 1,998 2,676 FY23A FY24A FY25A FY26A Only ~4% Penetrated While Physician Utilisation Continues to Increase Growth supported by both expansion of the active physician base and increasing implants per active physician 1. 1. Active implanting physician defined as a U.S. interventional spine physician that performed at least 1 SCS implant with Sa luda in the period; average active implanting MDs represents an average of the preceding 4 quarters, taking into account the number of MDs who performed an implant in each respective quarter. 2. Physician universe based on Saluda internal data and m anagement estimates. 3. FY26 amounts represent forecast included in prospectus for FY26. P H Y S I C I A N U T I L I S A T I O N Q T R L Y A V E R A G E A C T I V E I M P L A N T I N G M D ’ S ( U . S . )1 U . S . P A T I E N T I M P L A N T S 28 155 236 286 2.3 2.1 2.1 2.3 FY23A FY24A FY25A FY26A Active Qtrly Implanting MD Avg Patients per Active MD Expand into New Territories Expand Within Existing Physicians Launch New Products Enter New Channels P H Y S I C I A N A C T I V A T I O N + ~7,800 U.S. SCS physicians Performed at least 1 SCS trial or permanent implant over LTM period ~5,700 Interventional spine physicians Historical call point, pain specialists trained to do minimally invasive interventions ~2,100 Neurosurgeons & orthopaedic surgeons Newly addressable though CAP24 paddle lead 311 Active Saluda implanting MDs in Q4 FY26 ~4% penetrated of the ~7,800 physician universe Opening with CAP24 Paddle Lead
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Near-Term Product Enhancements to Drive Significant Growth Innovative products will continue to drive growth, increasing adoption and opening new market segments 1. Hussaini et al. Specialty-Based Variations in Spinal Cord Stimulation Success Rates for Treatment of Chronic Pain. Neuromodulati on. 2017 2. Timing based on current expectations D E S C R I P T I O NC O M M E R C I A L I S A T I O NG R O W T H D R I V E R I M P A C T EVA (Automated Programming) Q1 CY25 Auto-Programming Capability • Further reduction to patient management burden with more consistent and better patient outcomes Ortho / Neuro Paddle Lead CY26 De Novo Paddle Lead Used by Orthopedic / Neurosurgeons • Entry into surgical market, representing ~30% of all SCS implants (~$670M annual de novo paddle market revenue)1 Evoke “Next Gen IPG” (Reduced size & cost) CY272 New IPG With Smaller Form Factor • Smaller form factor is anticipated to drive revenue growth through increased market adoption • Gross margin expansion with lower unit cost design “Next Gen Perc Leads” (Reduce unit cost) CY272 New manufacturing process • New design allows automated manufacturing process • Reduces labor and scrap costs Remote Patient Management TBD Objective neural data available remotely • Implement cloud connectivity to patient device • Provides objective physiologic data to stakeholders Launched Launching In Development In Development In Development 15 Saluda Medical, Inc Expand into New Territories Expand Within Existing Physicians Launch New Products Enter New Channels
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Paddle Lead: Entering the Orthopedic / Neurosurgeon Market Currently Addressed by Saluda Percutaneous Leads 2024 U.S. Market Size1 1. SmartTRAK US Spinal Cord Stimulator Market Forecast 2. Hussaini et al. Specialty-Based Variations in Spinal Cord Stimulation Success Rates for Treatment of Chronic Pain. Neuromodulati on. 2017 3. Calculated as FY25 US market Revenue of US$49.9M divided by $1.02B U.S. De Novo Percutaneous market ~5% Share capture of Perc. Market3 P A D D L E L A U N C HO RT H O / N E U RO S U RG E O N S : 3 0 % O F U.S . M A R K E T3 Early stage of penetration in high volume ASC sub segment L A U N C H U N D E R W A Y FDA approved and selling since July 2026 Limited commercial launch commenced July 2026, moving to full U.S. commercial launch later in calendar 2026. N E W S U R G E O N S E G M E N T ~$670M of U.S. SCS revenue, unaddressed today Paddle is the preferred SCS device for orthopedic and neurosurgeons — a call point Saluda does not reach with percutaneous leads. P R O D U C T F I T A N D M A R G I N Full closed-loop capability in a surgical lead Same capabilities as existing percutaneous leads with greater surface area and more secure fixation, at a higher ASP that is gross margin accretive. 16 Saluda Medical, Inc De Novo Percutaneous ~$1bn 46% Replacements ~$490m 23% De Novo Paddle ~$670m 31% Competitive replacements an additional longer-term opportunity currently under development June FDA approval opens new opportunity with existing sales force Entering Expand into New Territories Expand Within Existing Physicians Launch New Products Enter New Channels
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Clear Path to Gross Margin Expansion Procurement, Enhancement and Innovation fundamental drivers of Gross Margin expansion 45% 47% FY25 FY26FY24 49% GM % Supply chain reconfiguration and multiple options for extensive competitive sourcing Product design changes Targeting mid-60’s % G R O S S M A R G I N E X P A N S I O N S T R A T E G YG RO S S M A RG I N E X PA N S I O N PAT H WAY1 1. FY26 financials are presented on a preliminary and unaudited basis 2. No guidance is provided in respect of financial periods beyond FY27 ~70% of COGS is IPG + leads Next-Gen IPG Smaller form factor, lower unit cost Next-Gen Percutaneous Leads New manufacturing process, lower unit cost Redesigns attack the largest cost drivers — the primary margin unlock • Supply chain reconfiguration with competitive sourcing options • Volume price breaks as system volumes scale • Favorable region mix shift toward higher-margin US sales 17 Saluda Medical, Inc FY27G 50% - 52%
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38 55 89 99 127 161 - 50 100 150 200 250 300 350 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY24 FY25 FY26 Saluda’s T echnology Addresses SCS Sales Force Efficiency Issues T H E R A P Y D O E S T H E W O R K ~70% less rep time on programming Industry-leading low reprogramming rates keep reps out of service visits. EVA Auto Programming automates optimisation Cuts reprogramming further and shortens onboarding and training for new reps. R E P S G E T M O R E P R O D U C T I V E ~60% higher productivity than competitors Estimated fully loaded rep productivity advantage at scale. Tenure is still early — output still building Growing share of the force now trained; output rises with experience and density. A N D T H E M O D E L S C A L E S New growth channels per territory Paddle leads, high-volume ASCs and replacement procedures add revenue per rep. Scalable territory model Lower-cost clinical support reps in high-volume regions improve operating leverage. Lower reprogramming rates and automation creates differentiated sales force productivity Fully loaded rep cost as % of territory revenue EVA Auto Programming Launch C O N T I N U E D P R O D U C T I V I T Y D R I V E R SS A L E S F O RC E P RO D U C T I V I T Y PAT H WAY Total US sales reps at end of fiscal year 18 Saluda Medical, Inc Avg US fully trained reps +75% ~30% of FY26 ending territories already <40% cost rate
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Why Saluda Is Different Solving structural barriers that have limited SCS adoption and profitability T H E T W O B I G G E S T P R O B L E M S I N S C S T H E S A L U D A A N S W E R 1 Durability of outcomes Effectiveness fades — driving reprogramming & attrition Outcomes that hold up over time 83% RESPONDER RATE AT 36 MONTHS1 90% DURABILITY OF RESPONSE1 ZERO EFFICACY-LOSS CLINICAL TRIAL EXPLANTS1 2 Cost of managing the therapy Heavy field support and repeat programming visits A more scalable commercial model <1 PROGRAMMING VISIT PER YEAR2 Closed-loop therapy holds target activation; EVA automates optimisation, freeing the field to sell And the runway is still ahead of us +43% Q4 FY26 REVENUE GROWTH3 Only ~4% US PHYSICIAN PENETRATION ~$670M PADDLE ADDS TO ADDRESSABLE MARKET Saluda not only growing within SCS – we are solving the structural challenges that have limited the industry growth 1. EVOKE 36-month study 2. Saluda real-world reprogramming data 3. Q4 FY26 quarterly activity report. 19 Saluda Medical, Inc
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Therapy as Dynamic as Life. EVERYTHING CHANGES. THIS CHANGES EVERYTHING.