Investor Presentation

May 2017

1
Forward Looking Statements
This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally can be identified by the use of works such as expect, anticipate,
could, may, intend, will, continue, outlook, guidance, future, look forward, other words of similar meaning and
the use of future dates. Forward-looking statements in this presentation include statements about our total addressable
market, financial guidance and future financial performance, product performance and benefits, ability to implement our
business model and strategic plan, ability to manage and grow our business, ability to establish and maintain intellectual
property protection for our products or avoid claims of infringement, ability to hire and retain key personnel, and
expectations about market trends, along with third-party payor reimbursement and coverage decisions. These forward-
looking statements are base on the current expectations of our management and involve known and unknown risks and
uncertainties that may cause our actual results, performance or achievements expressed or implied by the forward-looking
statements. Such risks and uncertainties include, among others, the dependence of our net sales on our XprESS family of
products, future market acceptance and adoption of such products and adequate levels of coverage or reimbursement for
procedures using such products; our ability to successfully develop and commercialize new ENT products; competition;
ability to expand, manage and maintain our direct sales organization and market and sell our products in the United Sates
and internationally; risks and uncertainties involved in our international operations; the compliance of our products and
activates with the laws and regulations of the countries in which they are marketed; failure or delay in obtaining FDA or
other regulatory approvals or the effect of FDA or other regulatory actions; out ability to manage our anticipated growth;
risk of product recalls, product liability claims and litigation and inadequate insurance coverage relating thereto; intellectual
property disputes; loss of key suppliers; inadequate of capital resources and inability to raise additional financing when
needed and on favorable terms. Other factors that may cause actual results to differ materially from current expectations
include, among other things, those described in the section entitled Risk Factors and elsewhere in greater detail in our
Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission
on February 22, 2017 and other filings with the SEC including our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2017. We undertake no obligation to update or revise any forward-looking statements, even if subsequent
events cause our views to change. This presentation contains statistical data that we obtained from industry publications
and reports generated by third parties. Although we believe that the publications and reports are reliable, we have not
independently verified this statistical data.

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 Well Positioned in Chronic Sinusitis & ETD
LARGE Potential Market
Over 29 Million Adults and 6 Million Children with Chronic Sinusitis
Over 2.4 Million Adults with Eustachian Tube Dysfunction

CLINICAL Efficacy
Randomized trial shows Minimally Invasive
Treatment REDUCES Costs
Entellus balloon dilation as
effective as sinus surgery for Chronic & Benefitting healthcare
system & patient
Recurrent Sinusitis
Randomized trial shows (CRS) & Persistent
superior symptom relief
compared to medical Eustachian Tube
management for ETD Dysfunction (ETD)

RAPID Revenue Growth

2015 26% y/y growth
2016 22% y/y growth

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 Strong Financial Performance

Annual Revenue Q1 Y/Y Revenue

$20 $19.1M
$80 $75.2M
$18 $16.9M
$70
$61.6M $16
$60 $14
$48.8M
$50 $12
(in millions)

$10
$40
$32.5M
$8
$30
$6
$20 $17.6M
$4
$10 $2
$0
$0
Q1 '16 Q1 '17
2012 2013 2014 2015 2016

Gross Margin: 73% 76% 78% 77% 75% 76% 74%

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Overview of Chronic Sinusitis
Common Symptoms
Heavy Purulent Drainage
Facial Pressure & Fullness
Nasal Congestion
Fatigue
Facial or Dental Pain
Headache
U.S. Adult CS Statistics
Approximately 29 Million afflicted1
12.3M annual patient visits to MD2
23% of patient visits are to ENTs2
1.23M patients seen by ENTs annually
$8.6 Billion in healthcare costs
Est. 552K sinus surgeries in 2015
1
12% of US adults per 2013 U.S. census data
2
CDC 2009-2010 NAMCS/NHAMCS survey
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 Treatment of Chronic Sinusitis Patients

Annual Patients to ENT Entellus Market Opportunity in U.S.

~1,233,000 ~630,000 ~630,000
1,200,000
600,000

85% Well 160,000

Suited for (25%)
1,000,000 493,000 Symptoms Relieved
(40%) by Medical BSD in Office
Management (Rx) Office
Market
800,000 464,000 400,000
(73%)
188,000 Fail Rx & Elect 55% Well 304,000
(15%) Not to have Surgery Suited for (48%)
600,000
BSD in Office

400,000 200,000

Surgery
552,000 OR
(FESS) 30% Well 168,000
200,000 (45%) Market
Suited for (27%)
168,000
Hybrid BSD
(27%)
in OR
0 0

Chronic Sinusitis Addressable Market for BSD

Patients in 2015

All numbers are company estimates for 2015. Excludes Pediatric and Eustachian tube patients.

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Balloon Sinus Dilation US Market Opportunity

Office Market: + OR Market: = Total Market:

$680M $275M $955M

464,000 Procedures 168,000 Procedures 630,000 Procedures

Growth Drivers in the Trend Toward Office Sinus Procedures

Strong clinical data from Entellus balloon sinus dilation

Favorable economics for ENTs, patients and the healthcare system
Ease-of-use for ENT physicians and a high level of patient comfort
Physician convenience and time savings
Increasing peer-to-peer discussions amongst ENTs
All numbers are company estimates for 2015. Excludes Pediatric and Eustachian tube patients.

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Adjunctive Procedures Expand Market Potential

Estimate of Procedure Volume

Septoplasty

Total Ethmoidectomy

Turb reduction or outfracture

Concha Bullosa

Polypectomy

Anterior Etmoidectomy Only

- 100,000 200,000 300,000 400,000 500,000

Overlaps w/ CRS Patients Incremental Patients w/o CRS

Potential incremental procedure volume expands Entellus in-office market

opportunity by nearly 290,000 patients

Adjunctive procedures potentially drive incremental revenues per case

Source: Dymedex Market Research & Company Estimates

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Overview of Persistent ETD
Common Symptoms
Ears feel plugged or full
Ear pain and/or ringing
Sounds are muffled
Trouble with balance
Symptoms worsen when flying,
riding in elevators, and driving
in varying altitudes
U.S. Adult ETD Statistics
Incidence in adults 1% to 5% 1,2
Standard of care has been medical
management, or Myringotomy with
tube placement
1
Di Martino et. al.
2 Browning et. al.
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XprESS ENT Dilation System
Product Family

Introduced 2011

Introduced 2012
Always sold with LED
Light Fiber

Introduced 2015
Always sold with LED
Light Fiber

Shapeable Tip

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XprESS Indications

Indications for Use

To access and treat the maxillary ostia/ethmoid infundibula in patients 2 years and
older, and frontal ostia/recesses and sphenoid sinus ostia in patients 12 years and
older using a transnasal approach. The bony sinus outflow tracts are remodeled by
balloon displacement of adjacent bone and paranasal sinus structures.
To dilate the cartilaginous portion of the Eustachian tube for treating persistent
Eustachian tube dysfunction in patients 18 years and older using a transnasal
approach.

Frontal Maxillary Sphenoid Eustachian tube

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 Total ENT Solutions
Xoran MiniCAT (partner) FocESS Sinuscopes
FocESS HD Wireless Camera
MiniFESS Seekers

XeroGel Nasal Dressing

XprESS ENT Balloon

Dilation System

Balloon Entellus Medical Reinforced

Fiagon Sinus Dilation Anesthesia Needle
Navigation System

Entellus Medical Shaver System

MiniFESS Surgical Instruments
Cyclone Sinonasal Suction/Irrigation System

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Competitive Advantages

Entellus XprESS offers ENT physicians and staff:

1. Single integrated device for sinus and ET dilation

2. Sinus seeker-based design, familiar to sinus surgeons
3. Smaller device enables easier sinus access and procedure
4. Slideable balloon to enhance endoscopic visualization
5. Malleable, controllable tip customizable to unique anatomy
6. Multiple methods of confirming device placement
7. No capital equipment necessary such as CT image guidance
8. Multitier product family provides feature / price flexibility

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 Latest Product Launches

CycloneTM HD Wireless Camera Shaver System

Sinonasal Suction & Irrigation Raise your expectations Reliability. Simplicity.
System Versatility.

Provides simultaneous suction Provides high quality HD Offers cutting-edge

and irrigation for easy, images physicians rely on technology in a compact
comfortable saline lavage. without hassle of additional size, easy to use with high
cords and light sources. performance and reliability.

Timing: Timing: Timing:

- Q4 16 Full Launch - Q1 17 Full Launch - Q1 17 Full Launch

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 Latest Product Launches
XprESS
ENT Dilation System
The most versatile balloon dilation
device on the market
Cleared for balloon dilation of the
Eustachian tubes in patients 18+.
Timing:
- Q2 17
Entellus Medical
Reinforced Anesthesia Needle
Deliver maximum patient comfort
with optimal control
The unique reinforced sleeve and
positive stop features give you
optimal control, consistency, and
confidence in your injections.
Timing:
- Q2 17
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 Competitive Advantages in Treating
Maxillary & Frontal Sinuses

Maxillary Advantage: Frontal Advantage: 5 Confirmation Methods

Controllable, angled device tip plus 1. Palpation and tactile feel
transillumination enables accurate 2. Direct visualization
cannulation of the maxillary sinus ostium 3. Depth of insertion with shaft markings
Proven efficacious in a randomized trial 4. Transillumination
5. Controlled light excursion on forehead

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Substantial Body of Clinical Evidence

Studies Subjects Treated

REMODEL Randomized Trial of Entellus

Office Balloon Sinus Dilation vs. FESS 135

XprESS Multi-Sinus Office

81
Treatment

XprESS Pediatric Study 50

XprESS Eustachian tube study 70

5 Other Clinical Studies of 473

Entellus Products

Safety & Efficacy Demonstrated in 9 Clinical Studies

Involving over 800 Patients

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REMODEL Study Published Jan 2016

REMODEL Larger Cohort With

Long-term Outcomes and Meta-Analysis of
Standalone Balloon Dilation Studies
Rakesh K. Chandra, MD; Robert C. Kern, MD; Jeffrey L. Cutler, MD;
Kevin C. Welch, MD; Paul T. Russell, MD
The Laryngoscope. January, 2016. [printed version]

REMODEL randomized trial data on larger cohort of 135

patients with 1 to 2 years of follow-up
Meta-analysis of 7 standalone balloon dilation studies
including 358 patients with follow-up from 6 months to 2
years

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REMODEL Randomized Trial of Office Balloon Sinus Dilation vs. FESS

3 1.2
1.0
Balloon dilation non-inferior
to FESS, p <0.001 p < 0.0001
2 0.8
Similar Debridement
Symptom 1 Rate Superior to
0.4
Reduction 0.2 FESS
0
Pre-Tx 6M 12M 18M 24M 0
SNOT-20 Symptom Score Avg. Debridements per Patient

Entellus Balloon FESS

6
6 5.1
5.0
5 5 4.5

4 p < 0.0001 4 Significant

p < 0.0001 p < 0.0001
3 Times Faster 3 3 Reduction of
Recovery 2 1.7 2 Sinusitis
0.9 0.8
1 1 Episodes
0 0
Recovery Time (days) # Episodes 12Mo. Before & After Tx

Both Primary Endpoints Achieved

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REMODEL Trial Additional Key Findings
Entellus balloon products used in the ENT physician office as a
standalone therapy demonstrated the following:

Bleeding after Discharge Duration (days) of Prescription Pain Rx

100% 4
p = 0.009 p < 0.0001 2.8
75% 3
56%
50% 32% 2
1.0
25% 1
0% 0
Balloon FESS Balloon FESS

18-Month Revision Rate

9%
6.9%
p = NS
6%
2.7%
3%

0%
Balloon FESS

Entellus XprESS products are the only devices proven to be as effective as FESS in a
sufficiently powered prospective, multicenter, randomized, controlled trial.
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BSD Significantly Reduces Health Care
Utilization and Activity Impairment
Rhinosinusitis Symptom Inventory (RSI)
Healthcare Use (Meta-analysis)
8.0
Reduces N = 167 N = 165 N = 172
Sinusitis episodes 7.0
6.8
p <0.0001
Sinus infections 6.0
p <0.0001
Antibiotic use 5.0 5.4
p <0.0001
Physician visits 4.0 4.5

Homebound days 3.0

Daily activity
2.0 2.3
impairment
1.6
Impairment while 1.0 1.5

working 0.0
Acute Antibiotic Physician/nurse
infections courses visits
12 Months before Tx 12 Months after Tx

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XprESS Pediatric Study Published Nov 2016

Prospective, Multicenter Evaluation of Balloon

Sinus Dilation for Treatment of Pediatric Chronic
Rhinosinusitis
Zachary M. Soler, MD, MSc; Jeffrey S. Rosenbloom, MD; Michael
Gutman, MD; Mark J. Hoy, MD and Shaun A. Nguyen, MD
International Forum of Allergy & Rhinology. Nov, 2016. [printed version]

Prospective, multicenter, single-arm study of balloon sinus

dilation in 50 pediatric CRS patients (ages 2 to 21 years)
Follow-up conducted at one-, three- and six-months post
procedure

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XprESS Pediatric Clinical Study
Prospective, multicenter, single-arm study of balloon sinus dilation in 50 pediatric CRS patients
(ages 2 to 21 years) with 6-month follow-up
Mean Change from Baseline in SN-5
100% technical success Overall and Subscale Scores

(157/157 sinuses)
0 complications
92% of patients
improved by the minimal
clinically important
difference of 1.0 or more
on the overall SN-5
score at 6 months
0 Revisions
Soler ZM, et al. Int Forum Allergy Rhinol. 2016;DOI: 10.1002/alr.21889.

Balloon sinus dilation can be safely and successfully

performed on children with CRS
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XprESS Eustachian Tube Dilation Study

Prospective, multicenter, randomized controlled trial

60 ETD patients randomized to balloon dilation or continued
medical therapy
Primary endpoints
Comparison between arms in the change from baseline to 6
weeks in mean overall ETDQ-7 score: Balloon dilation was
superior to medical therapy (p<0.0001)
Complication rate = 0%
Nearly 75% of patients were treated in the office under local
anesthesia only
Long-term (12-month) follow-up is ongoing

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 Broad Reimbursement
Broad insurance coverage for balloon sinus dilation
Balloon Dilation During FESS Stand-alone Balloon Dilation

12% 20%

80%
88%

Covered Investigational Covered Investigational

3/31/17 3/31/17

Effective May 1st, Massachusetts BCBS and Nebraska BCBS initiated coverage for
stand alone balloon sinus dilation adding 3.5M covered lives
Major payors for standalone balloon sinus dilation include Medicare, Medicaid in 35
states, United Healthcare, Aetna, Cigna, Humana, Kaiser, TRICARE, Health Net,
BCBS in 20 states
Non-covering insurers include Anthem/WellPoint and certain other BCBS plans
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Cost of FESS vs. Standalone Office Balloon Dilation

Office BSD is less costly to patients and the healthcare system than
FESS in the OR, irrespective of the number of sinuses treated

Sinuses Dilated 2017 Medicare National Avg. Payment Rates

Office FESS in FESS % FESS costs
Balloon Hospital in ASC more than dilation:
Dilation Hospital &ASC

Maxillary+ Ethmoid $3,297 $5,749 $5,066 74% & 54%

Maxillary+ Frontal+ Ethmoid $4,902 $6,527 $7,552 33% & 54%

Max+Frontal+Sphen+Ethmoid $6,447 $6,948 $9,681 8% & 50%

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Focused on Market Development
149
Average U.S. Sales organization
as of March 31, 2017

25,000+* Sales
Rep
Training
400+*
Average visits per month to
SinusSurgeryOptions.com Peer training events

8,000+* 30,000+*
Patients using Find-a- Views of Live Case Videos
Doctor tool each month on Patient Market Physician
average Education Development Training

Meta Analysis Physician

REMODEL
Highlights combined analysis of all 6 Entellus Education Results up to 2 years show BSD is
sponsored BSD studies. Shows positive as effective as FESS while
results are consistent and clinically providing a superior patient
meaningful experience

*Based on 2016 internal company estimates

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International Commercialization Underway

Received CE Mark for Eustachian Tube Dysfunction in

April 2017

NICE issued positive guidance for use of the XprESS

System in December 2016

Established direct sales team in the UK

Indirect distribution efforts underway in over 10 countries

in Europe and Canada

Initial cases commenced in June 2015

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 Quarterly Revenue Snapshot

Quarterly Revenue YOY & Guidance *

2016 vs 2015 2017 vs 2016

$25
$21.7 $20.7 - $21.7

$20 $18.7
$18.1
$19.1 $18.7 Growing Revenue Base
$17.9
$16.9
2016: 22% growth
(in millions)

$15.2 $14.8
$15 2017E: 14 18% growth
Cash and equivalents
$10 position of $68M as of
March 31, 2017
$5

$0
Q2'15 Q2'16 Q3'15 Q3'16 Q4'15 Q4'16 Q1'16 Q1'17 Q2'16 Q2'17 E

Growth: 23% 21% 20% 13% 11 - 16%

* Guidance communicated on 5/3/17. The fact that the company includes these projections in this presentation should not be taken to mean
that these comments continue to be the companys projections as of any subsequent date.

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 Significant Accomplishments
Introduced Created a robust portfolio of ENT products for in-office use
Significant Introduced over 20 office-based products for ENTs
# of New Products Increased U.S. patent portfolio to 34 issued and 20 pending

Expanded number of covered lives to 80% and 88% for standalone BSD and BSD with
FESS, respectively
Expanded
Reimbursement Received Eustachian 510k clearance and CE Mark approval for Eustachian tube
Coverage and dysfunction in the U.S. and Europe
Market Opportunity Grew our addressable market opportunity in excess of 60,000 patients with the FDA
approval of our pediatric indication*

Broadened Extended footprint by adding new sales reps and increasing the number of ENT
Sales Rep Coverage accounts we service

Continued to develop a broad clinical dataset and enable industry leading publications
Continued Focus on
to drive increased BSD reimbursement (e.g. META Analysis, 24 month data from
Clinical Evidence
REMODEL Trial, Pediatric Study)

International Made significant progress internationally, with regulatory approval for and a commercial
Expansion presence in more than 10 countries

Attractive Financial Demonstrated strong revenue growth and financial performance

.
Profile 26% revenue growth in 2015 and 22% revenue growth in 2016
* Company estimates 30
Positioned For Growth

Penetrate U.S. Market Broaden Indications and Acceptance

Grow Direct Sales Force

Eustachian tube indication
Educate ENTs on clinical and
Pediatric indication
economic value of office BSD
Mini-FESS
Increase Payor Coverage
Increase Patient Awareness
Peer-to-peer initiatives

New Products Tailored to Office Expand Internationally

Reinforced Anesthesia Needle

Complete product registrations
Cyclone Sinonasal
Suction/Irrigation System Commercialize internationally

Entellus Medical Shaver System Focused on Europe and

Canada
FocESS HD Wireless Camera

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