Saluda Medical (SLD) investor relations material

Company background and market overview

• Founded in Australia, with R&D hub in Sydney and over 150 employees.

• Operates in the spinal cord stimulation (SCS) market for pain relief, a $2.7 billion global market with $2.2 billion in the U.S.

• Chronic pain is a significant unmet need, costing more than heart disease, cancer, and diabetes combined in the U.S.

• SCS market penetration is only about 6% of the $23 billion U.S. addressable market.

• Four major players dominate the market, with Saluda beginning to compete.

Technology and clinical differentiation

• Traditional SCS requires frequent manual adjustments and reprogramming, creating a burden for patients and sales reps.

• Saluda's technology senses and measures nerve response, enabling personalized and adaptive dosing.

• Closed-loop system adjusts stimulation up to 250 times per second, maintaining optimal pain relief.

• Patients using Saluda's system adjust their device less than once per day, with less than one reprogramming event per year.

• Clinical trial showed 83% responder rate (>50% pain relief), 60% high responders (>80% pain relief), and 55% reduced or eliminated opioid use.

Commercial strategy and financial performance

• IPO completed on ASX at end of 2025; focus on expanding U.S. commercial sales force.

• U.S. sales reps targeted to grow from 63 in June 2025 to 154 by fiscal year-end 2026.

• International business delivered $11 million in H1, up 27% YoY.

• Gross margin reached 49% in H1, ahead of 46% IPO forecast; negative adjusted EBITDA of $57 million in H1, targeting improvement by year-end.

• Revenue guidance increased from $82 million to $85 million for fiscal 2026, implying 21% YoY growth.