Delivering Innovation.

Where Its Needed.

August 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 28, 2017
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.

1
 Model for the Future of Healthcare

CHRONIC SINUSITIS

IMPROVED PATIENT OUTCOMES

with Lower Cost

PARTNER OF CHOICE
for ENTs

2
 Innovative Solutions, Clinically Proven

Mechanical Spacing and Local Drug Delivery

via Bioabsorbable Implant Technology

PROPEL, PROPEL Mini, PROPEL Contour SINUVA

~ 100 Patents
Surgery and 14 Prospective PMA / NDA
and Pending
Office Clinical Studies Pathway
Applications

SINUVA 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. 3
Highlights

FIRST Drug Releasing Implants REVENUE ($M)

for Chronic Sinusitis Patients
$78.7

$3B Addressable US Market

$61.6

STRONG TRACK RECORD

of Consistent Growth $38.6

EXPANDING PORTFOLIO
Multiple Products $17.9
Multiple Indications $5.9
Multiple Settings of Care
2012 2013 2014 2015 2016

4
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 Common Reason

Most Costly Condition
for Adult Antibiotic Rx
for US Employers
5
 Expanding Portfolio Across
CS Indications and Care Settings

HOSPITAL / ASC OFFICE

PROPEL & PROPEL mini PROPEL Contour SINUVA

Frontal Maxillary

Frontal

Ethmoid
Ethmoid
Ethmoid

SINUVA 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. 6
 And Across the CS Continuum of Care
Early Stage Severe/Polyps: Continuing
Disease: Office Surgery Disease: Office
PROPEL, PROPEL Mini
and PROPEL Contour
PROPEL Contour SINUVA

$
$800,000 patients, 540,000 patients, $635,000 patients,
$1.1B TAM $0.8B TAM $1.3B TAM

~2M patients, $3B TAM

* Company estimates. Sinus Surgery refers to ESS, or endoscopic sinus surgery, and sinus opening refers to
opening of the frontal or maxillary sinuses
SINUVA 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. 7
 Commitment to Evidence-Based Innovation

HOSPITAL / ASC OFFICE

PROPEL & PROPEL mini PROPEL Contour SINUVA

EXCEED (Contour) 15 Patients 2 Sites

Pilot (PROPEL) 43 Patients 4 Sites
RESOLVE pk 5 Patients 1 Site
ADVANCE 50 Patients 7 Sites RESOLVE pilot 12 Patients 4 Sites

ADVANCE II 105 Patients 11 Sites RESOLVE 100 Patients 18 Sites

RESOLVE II 300 Patients 40 Sites

PROGRESS (mini) 80 Patients 11 Sites
3 PROPEL In-Office Studies 80 Patients 2 Sites
PROGRESS (Contour) 80 Patients 12 Sites FRONTIER 50 Patients 15 Sites

14 Prospective 40 > 900

Clinical Studies Centers in US Patients
SINUVA 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. 8
 PROPEL / PROPEL MINI
Surgical Products to Improve Outcomes

ETHMOID SINUS

OPENS DELIVERS MAINTAINS

Advanced into Self-Expanding Implant Sustained, Targeted Opening by Reducing
Surgically Enlarged Conforms to and Delivery of Steroid Post-Operative
Sinus Cavity Holds Open Sinus Over 30 Days Inflammation and Scarring

9
PROPEL and PROPEL mini
Clinically Proven Outcomes

Approved for Placement in Ethmoid Sinus

Only Device Used in Sinus Surgery Backed by
Level 1a Evidence
ETHMOID SINUS 35% Reduction in Post-Operative Intervention

Meta-Analysis 200+ Patient Prospective, Randomized, Blinded, Multi-Center Trials

POST-OPERATIVE INFLAMMATION NEED FOR SCARRING
INTERVENTION (POLYPOSIS) ORAL STEROIDS (ADHESIONS)

35% 46% 40% 70%

p=0.0008 p<0.0001 p=0.0023 p=0.0013

Meta-analysis: Han JK, Marple BF, Smith TL et al. Int Forum Allergy Rhinol, Vol. 2, No. 4, July/August 2012 10
 PROPEL mini
Clinically Proven Outcomes

FDA Approved March 2016 for

Placement in Frontal Sinus
38% Reduction in Post-Operative Intervention
FRONTAL SINUS

PROGRESS STUDY 80 Patient Prospective, Randomized, Blinded, Multi-Center Trial

POST-OPERATIVE OCCLUSION/ NEED FOR ORAL SURGICAL
INTERVENTION RESTENOSIS STEROIDS INTERVENTION

38% 54% 56% 75%

p=0.0070 p=0.0002 p=0.0015 p=0.0225

Smith TL, Singh A, Luong A, et al. Randomized controlled trial of a bioabsorbable steroid-releasing implant in the frontal sinus opening. The Laryngoscope. Jul 1 2016. 11
PROPEL Contour
Expanding Addressable Markets

OVERVIEW
Designed for Patients in Surgical or Office Setting of
Care
Enhances Physician Choice: Smaller Size, Unique
Hourglass Shape, Flexible Applicator FRONTAL AND
MAXILLARY SINUSES

FRONTAL PLACEMENT FLEXIBLE APPLICATOR

12
PROPEL Contour
Clinically Proven Outcomes

FDA Approved Feb 2017:

Frontal and Maxillary Sinuses
Designed for Use in OR or Office
FRONTAL AND Setting of Care
MAXILLARY SINUSES

CONTOUR STUDY 80 Patient Prospective, Randomized, Blinded, Multi-Center Trial

POST-OPERATIVE ORAL STEROID OCCLUSION/ SURGICAL
INTERVENTION INTERVENTION* RESTENOSIS* INTERVENTION*

65% 35% 63% 73%

p=0.0023 p=0.1094 P<0.0001 p=0.0078

Data on file at Company. 13

 SINUVA
Office Treatment for Recurrent CRS/Polyps

OVERVIEW
Designed for Patients Who Have Had Prior Surgery
Dilates Obstructed Cavity
Delivers~4x Steroid (vs. PROPEL) Over 90 Days
Regulatory Path: NDA ETHMOID SINUS

Ethmoid Sinus Immediately 6 Weeks

Pre-implant Post-implant Post-implant

SINUVA 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
 SINUVA
Clinically Proven Outcomes

NDA Submitted March 2017

4 Studies Conducted in over 400 patients
Anticipate FDA Approval Q118
ETHMOID SINUS

RESOLVE II Study 300 Patient Prospective, Randomized, Blinded, Multi-Center Trial

CO-PRIMARY and Improvement in Nasal Obstruction/Congestion (p=0.0074)

KEY SECONDARY Reduction in Bilateral Polyp Grade (p=0.0073)
ENDPOINTS MET Reduction in Need for Repeat ESS, Reduction in Ethmoid
Obstruction, Improvement in Sense of Smell

RESOLVE 100 Patient Study Showed Control Patients 3.6x

POSITIVE
POSITIVE Higher Risk of Remaining Indicated for Revision Surgery Than
MONTH IMPACT
6 MONTH IMPACT Treated Patients
Data on file at Company.
SINUVA 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
 PROPEL and PROPEL Mini
Product Cost Offset by Clinical and Economic Value

Drugs
COST EFFECTIVENESS STUDY
Repair of Placement of PROPEL following FESS
Turbinate is a cost-effective intervention
Lateralization for preventing a postoperative
intervention within 60 days
Surgical PROPEL after surgery.
Adhesion Lysis
BUDGET IMPACT MODEL
Polypectomy
Use of PROPEL is expected to
save the plan money via reduced
Revision
HC utilization, despite the upfront
Surgery
device cost

Focus on Higher Quality of Care with Lower Overall Cost

1Rudmik L and Smith TL. Economic Evaluation of a Steroid-Eluting Sinus Implant following Endoscopic Sinus Surgery for Chronic Rhinosinusitis.
Otolaryngol Head Neck Surg. 2014 May 5;151(2):359-366.
2Rudmik L, Mallow P, Swetha, P and Rizzo, J. Budget Impact Analysis of Bioabsorbable Drug Eluting Sinus Implants for Endoscopic Sinus Surgery;

International Society of Pharmocoeconomics Outcomes and Research, 2015. 16

16
 Continuing Commercial Traction

DRIVERS OF
TODAY
GROWTH

1 in 3 ENTs
Ongoing salesforce expansion
>40% of Accounts > 100 sales representatives
TMs and Sales Consultants

PROPEL Mini frontal indication

1 in 10 Sinus Surgeries PROPEL Contour launch

(ethmoid, frontal, maxillary)

Over 150,000 Patients Treated

17
Endorsement by Specialty Society

ARS endorses the utilization of drug-eluting

implants into the sinus cavities

Well-controlled studies have demonstrated

POSITION STATEMENT improvement of patient outcomes
ON DRUG-ELUTING
IMPLANTS The American Rhinologic Society thus feels
September 14, 2016 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.

18
Evolving Business and Reimbursement Landscape

BUSINESS MIX REIMBURSEMENT

100% 100%

Existing Facility Fee

Cost of PROPEL included in facility
payment rate for procedure
Primarily private payors (10%
Hospital Medicare)

CPT and HCPCS Codes

ASC
Temporary Codes in Place
Securing Permanent Codes
Office
Current Post SINUVA Launch

19
 Emerging Opportunity Outside the US

~250K FESS / Year

~450K FESS / Year

~540K FESS / Year

ATTRACTIVE MARKET OPPORTUNITIES DEVELOPING MARKET

Initial Targets Germany and Japan
PROPEL Has CE Mark Approval
COMMERCIALIZATION PLANS
Regulatory Pathways
KOL Support
Reimbursement Activities
Market Entry Strategy

20
 Exciting Outlook: Next Three Years

2019
2018 Diversified Across
Care Settings
SINUVA
2017 Launch
Established Office
Reimbursement
PROPEL Expand Focus to Continuing
Contour Launch Include Office Financial Leverage
Setting of Care
SINUVA NDA
Submission
Clinical
Publications

SINUVA 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. 21
NASDAQ: XENT