Delivering Innovation.

Where Its Needed.

JANUARY 2017

Forward-Looking Statements
Certain statements in this presentation constitute forward-looking statements within
the meaning of the Securities Act of 1933, as amended (the Securities Act), and
Securities Exchange Act of 1934, as amended (Exchange Act), including, without
limitation, statements regarding our outlook for financial performance, sales force growth,
clinical studies, approval of new products and indications and the receipt of reimbursement
coverage. We intend these forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Securities Act and the Exchange
Act and are making this statement for purposes of complying with those safe harbor
provisions. These forward-looking statements reflect our current views about our plans,
intentions, expectations, strategies and prospects, which are based on the information
currently available to us and on assumptions we have made. Although we believe that our
plans, intentions, expectations, strategies and prospects as reflected in or suggested by those
forward-looking statements are reasonable, we can give no assurance that the plans,
intentions, expectations or strategies will be attained or achieved. Furthermore, actual results
may differ materially from those described in the forward-looking statements and will
be affected by a variety of risks and factors that are beyond our control, including those risks
and uncertainties discussed under Risk Factors in our 10-K filing dated February 25, 2016
and subsequent quarterly filings with the SEC. All information in this presentation is as of the
date of this presentation, and we undertake no duty to update this information unless required
by law.

Model for the Future of Healthcare

CHRONIC SINUSITIS

IMPROVED PATIENT OUTCOMES

with Lower Cost

PARTNER OF CHOICE
for ENTs

Innovative Solutions, Clinically Proven

Mechanical Spacing and Local Drug Delivery
via Bioabsorbable Implant Technology

Surgery and
Office

14 Prospective
Clinical Studies

PMA / NDA
Pathway

PROPEL Contour and RESOLVE are investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

~ 100 Patents
and Pending
Applications

Highlights

REVENUE ($M)
$78.578.7*

$3B Addressable US Market

STRONG TRACK RECORD

$61.6

of Consistent Growth
$38.6

EXPANDING PORTFOLIO
Multiple Products
Multiple Indications
Multiple Settings of Care

$17.9

$5.9
2012

2013

2014

2015

2016

* Preliminary estimate based on currently available information. Has not been audited or reviewed by our independent registered public accounting firm and
is subject to quarter-end closing adjustments, and actual results may differ.

Chronic Sinusitis: Significant Unmet Need

DEBILITATING INFLAMMATORY CONDITION

1 in 8 Adults

25 work days lost per year

500,000+ Surgeries / Year
Top 10
Most Costly Condition
for US Employers

Most Common Reason

for Adult Antibiotic Rx
5

Expanding Portfolio Across

Indications and Care Settings
HOSPITAL / ASC
PROPEL & PROPEL mini

OFFICE
PROPEL Contour

Frontal

RESOLVE

Maxillary

Frontal
Ethmoid
Ethmoid
Ethmoid

PROPEL Contour and RESOLVE are investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

Commitment to Evidence-Based Innovation

HOSPITAL / ASC
PROPEL & PROPEL mini

Pilot (PROPEL)

43 Patients

OFFICE
PROPEL Contour

EXCEED (Contour)

4 Sites

15 Patients

2 Sites

5 Patients

1 Site

12 Patients

4 Sites

RESOLVE

100 Patients

18 Sites

RESOLVE II

300 Patients

40 Sites

3 PROPEL In-Office Studies

80 Patients

2 Sites

FRONTIER

50 Patients

15 Sites

RESOLVE pk
ADVANCE
ADVANCE II
PROGRESS (mini)
PROGRESS (Contour)

50 Patients

7 Sites

105 Patients

11 Sites

80 Patients

11 Sites

80 Patients

RESOLVE pilot

12 Sites

RESOLVE

14 Prospective

40

> 900

Clinical Studies

Centers in US

Patients

PROPEL Contour and RESOLVE are investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

Large US Market Opportunity

$3B

~ 2M Patients

$1.3B

635K

RESOLVE

$1.1B

800K

PROPEL
Contour

$830M

540K

PROPEL &
PROPEL mini

OFFICE

HOSPITAL/
ASC

Source: Company estimates.

PROPEL Contour and RESOLVE are investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

PROPEL and PROPEL Mini

Clinically Proven Surgical Solutions

1st Drug Releasing Implants for Chronic Sinusitis Patients

Only PMA Approval
for CS Patients

IMPROVING
SURGICAL OUTCOMES

>150,000 Patients
to Date

Level 1a Evidence
35-38% Reduction in
Post-Operative Interventions
9

PROPEL and PROPEL Mini

Product Cost Offset by Clinical and Economic Value

Drugs

COST EFFECTIVENESS STUDY

Repair of
Turbinate
Lateralization

Surgical
Adhesion Lysis

PROPEL

Placement of PROPEL following FESS

is a cost-effective intervention
for preventing a postoperative
intervention within 60 days
after surgery.1

BUDGET IMPACT MODEL

Polypectomy

Use of PROPEL is expected to

save the plan money via reduced
HC utilization, despite the upfront
device cost2

Revision
Surgery

Focus on Higher Quality of Care with Lower Overall Cost

10

10

Continuing Commercial Traction

DRIVERS OF
GROWTH

TODAY

1 in 3 ENTs
40% of Accounts

Ongoing salesforce
expansion (10% growth)

> 100 sales representatives

TMs and Sales Consultants

Frontal Indication

1 in 8 Sinus Surgeries

PROPEL Contour Launch

11

Expanding Portfolio, Indications and Care Settings

HOSPITAL / ASC
PROPEL & PROPEL mini

OFFICE
PROPEL Contour

Frontal

RESOLVE

Maxillary

Ethmoid

PROPEL Contour and RESOLVE are investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

12

PROPEL CONTOUR

Spanning Surgical and Office Settings

FRONTAL AND
MAXILLARY SINUSES

ADAPTABLE
FOR THE RIGHT FIT

EXTENDS
PROPEL FAMILY

Hourglass Shaped Implant for Peripheral Sinus Ostia

with Malleable Delivery System to Facilitate Access to
Tight Anatomy

Expands Physicians Toolkit to Treat Patients Who

Undergo Minimal Tissue Removal

PROPEL Contour is investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

13

PROPEL CONTOUR

Progress Study

80 PATIENT PROSPECTIVE,
RANDOMIZED, BLINDED
MULTI-CENTER TRIAL
Shared Preliminary Data
May 2016

Demonstrated Efficacy and Safety

in Frontal Sinus

FRONTAL PLACEMENT

65% Reduction in Need for

Post-operative Interventions
(p=0.0023)

Data on file at Company.

PROPEL Contour is investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

14

RESOLVE

New Office Solution for Big Unmet Need

Continued
Oral/Topical
Steroids

Additional
Surgeries

PATIENTS WITH
PRIOR SURGERY

RESOLVE
Better Quality Care and Lower Cost

Increasing Value to ENTs, Patients and Healthcare System

RESOLVE is investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

15

RESOLVE

Office Treatment for Recurrent CRS/Polyps

OVERVIEW

Patients Who Have Had Prior Surgery

Dilates Obstructed Cavity
Delivers~4x Steroid (vs. PROPEL) Over 90 Days
Regulatory Path: NDA

Ethmoid Sinus
Pre-implant

RESOLVE is investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

ETHMOID SINUS

Immediately
Post-implant

6 Weeks
Post-implant

16

RESOLVE

Positive Clinical Results

SUMMARY
4 Studies, Including Clinical Evaluation of Safety and Efficacy
RESOLVE II Prospective, Multicenter, Randomized, Controlled, Blinded 300 Patient Study
Patients with Recurrent Sinus Obstruction Indicated for Revision Surgery

CO-PRIMARY
ENDPOINTS MET

Improvement in Nasal Obstruction/Congestion (p=0.0074)

Reduction in Bilateral Polyp Grade (evaluated by panel,
p=0.0073)

KEY SECONDARY
ENDPOINTS MET

Indicated for Repeat ESS

Reduction in Ethmoid Obstruction (evaluated by panel)
Improvement in Sense of Smell

POSITIVE
6 MONTH IMPACT

RESOLVE 100 Patient Study Showed Control Patients 3.6x

Higher Risk of Remaining Indicated for Revision Surgery Than
Treated Patients

Data on file at Company.

RESOLVE is investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

17

Achieving Our Pipeline Milestones

2017

2016

2018

PROPEL
mini
Frontal
Indication
Approval

PROPEL

HOSPITAL
ASC

CONTOUR

PROGRESS

Enrollment

OFFICE
RESOLVE

PMAs
Submission

PMA-s
Approval

RESOLVE II
Enrollment

RESOLVE II
Topline
Data

NDA
Submission

PROPEL Contour and RESOLVE are investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

NDA
Approval

18

Recent Endorsement by Specialty Society

ARS endorses the utilization of drug-eluting

implants into the sinus cavities

Well-controlled studies have demonstrated

improvement of patient outcomes

The American Rhinologic Society thus feels

strongly that drug-eluting implants are not
investigational and should be available to
our patients, when selected by the physician,
in order to maximize outcomes.

POSITION STATEMENT
ON DRUG-ELUTING
IMPLANTS
September 14, 2016

19

Evolving Business and Reimbursement Landscape

BUSINESS MIX
100%

REIMBURSEMENT

100%

Existing Facility Fee

Hospital

Cost of PROPEL included in facility

payment rate for procedure

Primarily private payors (10%

Medicare)

CPT and HCPCS Codes

Temporary Codes in Place

ASC

Securing Permanent Codes

Office
Current

Post RESOLVE Launch

20

Emerging Opportunity Outside the US

~250K FESS / Year
~450K FESS / Year
~540K FESS / Year

ATTRACTIVE MARKET OPPORTUNITIES

Initial Targets Germany and Japan
PROPEL Has CE Mark Approval

DEVELOPING MARKET
COMMERCIALIZATION PLANS

Regulatory Pathways
KOL Support
Reimbursement Activities
Market Entry Strategy
21

Experienced Leadership Team

Lisa Earnhardt

Jeri Hilleman

Robert Binney

Gwen Carscadden

President & CEO

Chief Financial Officer

Sales

Human Resources

Betsy Gross

Richard Kaufman

David Lehman

James Stambaugh

Healthcare Economics
& Reimbursement

R&D, Operations

General Counsel

Clinical Affairs

Susan Stimson

Amy Wolbeck

Marketing, International

Regulatory, Quality
22

2016 Strong Growth, Setting the Stage

REVENUE ($M)
INCREASED
ADOPTION

Seasoning and Expansion of

Salesforce
Launch of Frontal Indication
$78.5-$78.7**

ADVANCED
PIPELINE

REIMBURSEMENT

GROUNDWORK

IMPROVED
LEVERAGE

Positive Outcomes in PROPEL

Contour and RESOLVE Pivotal
Studies

$61.6

+28%

ARS Position Statement and

Increasing Covered Lives

TM Productivity of $1.1M (+30%

Increase)
Expanded Gross Margins*

2015

2016

* As of last reported financials for period ending September 30, 2016.

** Preliminary estimate based on currently available information. Has not been audited or reviewed by our independent registered public
accounting firm and is subject to quarter-end closing adjustments, and actual results may differ.

23

Exciting Outlook: Next Three Years

2019
2018

Diversified Across
Care Settings

2017

RESOLVE
Launch

Established Office
Reimbursement

PROPEL
Contour Launch

Expand Focus to
Include Office
Setting of Care

Meaningful OUS
Footprint

RESOLVE NDA
Submission
Several Clinical
Publications

PROPEL Contour and RESOLVE are investigational and not currently available for sale in the United States.
The implants are limited by federal (or United States) law to investigational use only.

24

NASDAQ: XENT