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Weare on a Missionto TransformPatients’Liveswith RevolutionaryNeural-Sensing Technology S a l u d a M e d i c a l F Y 2 7 Q 1 U p d a t e October 29, 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 at29 October 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 anyobligation 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 Q1 FY27 US PATIENTS IMPLANTED GROWTH vs PCP +55% U.S. SCS PHYSICIAN PENETRATION ~5% 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 EVATM 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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4 Saluda Medical, Inc 000 Implanted lead delivers stimulation & measures resulting neural response, enabling personalised therapy Evoke® System Stimulates, Measures and Adjusts Therapy on Every Pulse 4 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 System to deliver and maintain a personalised neural dose Rather than relying solely on subjective patient feedback, Evoke System measures neural activation and adjusts therapy pulse by pulse. SCS leads 000000 Sense and Measure Same lead records the resulting neural activation (ECAP) Personalised Closed Loop Control
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5 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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6 Saluda Medical, Inc 000 EVATM 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 IMPROVING PATIENT OUTCOMES… … AND REP PRODUCTIVITY 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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7 Saluda Medical, Inc 7 Saluda Medical, Inc ▪ Global revenue of US$23.1 million, +26% vs prior corresponding period (pcp), reflecting continued commercial momentum. ▪ Quarterly US patient implants of 838, +55% vs pcp, supported by 47% growth in active physicians and improved physician utilisation. ▪ US revenue of US$17.4 million, +34% vs pcp, with patient growth exceeding revenue growth, primarily reflecting customers’ use of inventory purchased in prior quarters and account mix, including increased activity in higher-volume ASCs with volume-based pricing. ▪ International revenue of US$5.8 million, +7% vs pcp, driven primarily by growth in Australia and Germany. ▪ Approximately 75% of the US sales force fully trained, with ~50% of viable US territories covered with at least one fully trained rep. ▪ Full US commercial release of CAP24 underway, expanding access to the first and only FDA-approved surgical paddle lead designed for physiologic, dose-controlled closed-loop therapy. ASX announcement highlights Q1 FY27 Quarterly Activity Report Q1 FY27 Q1 FY26 Growth vs. PCP US Revenue ($m) 17.4 12.9 34% Int’l Revenue ($m) 5.8 5.4 7% Total Revenue ($m) 23.1 18.3 26% # US Patients Implanted 838 542 55% US Avg. Quarterly Active Implanting Physicians 374 254 47% ▪ Mike Mathias appointed Chief Executive Officer, transitioning from Chief Commercial Officer. ▪ FY27 guidance reaffirmed.
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8 Saluda Medical, Inc Revenue and select US commercial metrics Q1 FY27 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 12.7 12.9 15.4 16.4 18.4 17.4 6.2 5.4 5.6 7.4 8.5 5.8$18.9M $18.3M $21.0M $23.8M $27.0M $23.1M Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 FY26 FY27 US Int'l Q U A R T E R L Y U S C O M M E R C I A L M E T R I C S1 2 3 ASX IPO 511 542 670 695 769 838 254 254 291 288 311 374 - 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 FY25 FY26 FY27 US Implanted Patients US Avg Qtrly Active Physicians 3
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9 Saluda Medical, Inc FY27 Guidance Reaffirmed Full-year guidance ranges unchanged from the year-end release FY27 GUIDANCE Q1 COMMERCIAL PROGRESS US$ millions, except margin FY27 range Change Y/Y Revenue $113 – $122 +25% – 35% Gross margin 50% – 52% +110 – 310 bps Adjusted EBITDA¹ ($101) – ($95) +$13 – $19m Operating leverage ~90% of incremental gross profit Y/Y expected to convert to adjusted EBITDA improvement +55% US patient implants 838 in Q1 FY27 +47% US active physicians 374 quarterly average 1. Adjusted EBITDA excludes interest, tax, depreciation, amortisation, stock-based compensation and other non-operating items. +26% Total revenue US$23.1m in Q1 FY27 Q1 FY27 growth vs prior corresponding period CAP24 full US commercial release underway
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10 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® System 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 5% 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 Centres (ASC) ▪ Paddle lead – ortho/neuro surgical market ▪ Grow market share in replacements $113-$122 $18.8 $15.8 $6.5
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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 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 T2 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, moved to full U.S. commercial launch later in Q2 FY27. 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 did 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. 11 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 opened 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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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 +26% Q1 FY27 REVENUE GROWTH3 Only ~5% 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. Q1 FY27 quarterly activity report. 12 Saluda Medical, Inc
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Therapy as Dynamic as Life. EVERYTHING CHANGES. THIS CHANGES EVERYTHING.