May 2020

Forward Looking Statements and Regulatory Advisory

Forward Looking Statements: Certain statements in this presentation are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it may have on the Company’s operations, the demand for the Company’s products, global supply chains and economic activity in general. Important factors that could cause actual results to differ materially include: the advancement of Apollo products; development of enhancements to Apollo’s existing products and technologies; market acceptance of Apollo’s products; the execution of our gross margin improvement projects; the ability to collect future payments from ReShape; statements relating to the availability of cash for Apollo's future operations; and Apollo’s ability to support the adoption of its products and broaden its product portfolio as well as other factors detailed in Apollo’s periodic reports filed with the Securities and Exchange Commission, or SEC, including its Form 10-K for the year ended December 31, 2019 and Form 10-Q for the quarter ended March 31, 2020. Copies of reports filed with the SEC are posted on Apollo’s website and are available from Apollo without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, Apollo disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

Product Regulatory Advisory: This presentation is intended for the investment and financial community and not for the promotion of Apollo products or related procedures. The Apollo Intragastric Balloon products are approved in the US as a weight loss aid for adults suffering from obesity, with a body mass index (BMI) ≥30 and ≤40 kg/m2, who have tried other weight loss programs, such as following supervised diet, exercise, and behavior modification programs, but who were unable to lose weight and keep it off. Outside of the US the indications for Apollo Intragastric Balloon products vary based on product version and local regulatory clearance. The Overstitch is cleared for the endoscopic placement of sutures and the approximation of soft tissue in the GI tract The Overstitch clearance does not include procedure-specific indications for use. Although Apollo has and continues to obtain clinical data on additional uses for its products, the safety and effectiveness of these uses has not been cleared or approved for commercial purposes by the U.S. Food and Drug Administration.

2

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000ENDOSCOPY PRODUCT REVENUE $000s

ESS IGB

Transforming Therapeutic Endoscopy

Products • Endoscopic Suturing Systems

(ESS): OverStitch & OverStitch Sx

• Intragastric Balloon Systems (IGB):

Orbera, BIB, and Orbera365

User • Gastroenterologist

• Bariatric surgeons

Procedures • OverStitch: endolumenal surgeries

for GI tract, primary and revisional

bariatric therapies

• Orbera: interventional weight loss

Apollo Endosurgery Overview

3

ENDOSCOPY PRODUCT

ANNUALIZED CAGR 16%1

ESS ANNUALIZED

CAGR 38%1

IGB product revenue excludes US ORBERA starter kit sales in 2016 and 2017

1. CAGR rates calculated through 4Q19 period.

Operational Priorities

ESS: Accelerate momentum

in high value endoluminal

procedures

IGB: Leverage data with

consistently >10% TBW

reduction

Drive scale in the operating

model

OverStitch Sx launch

addresses

>90%OF MARKET WITH

SINGLE-CHANNEL

SCOPES

Last two years

>40%CAGR

Increased

diverse utilization

OF ORIGINAL

DUAL-CHANNEL

OVERSTITCH

HANDLE

Strong OUS market

position supports

VOLUME GROWTH

OPPORTUNITY

Increased US clinical

interest and documentation

MEDICAL WEIGHT

LOSS

Growing revenue in

CORE PRODUCT

LINES DRIVE SCALE

Ongoing margin improvement projects

$3.0MANNUAL COMPLETED

4

$2.5MIN PROGRESS

Apollo Response to COVID-19 Pandemic

5

Apollo Response

Preserve Cash – actions expected to reduce Q2-20 cash

requirements by $7 mil• Global compensation reductions implemented

• Other operating commitments reduced

• Restructured near-term inventory purchase commitments

Maintain Ability to Respond when Demand Improves

Continuing Critical Growth Project Investments• MERIT Trial and reimbursement initiatives

• New product development

Global Market Displacement• Strong start to case volumes Jan and Feb,

onset of pandemic impact in March

• Deferral of elective and non-critical procedures;

pushout of distributor orders

• Expecting significant reduction in Q2 cases

OverStitch™

6

OverStitch™ – How It Works

7

320+ PATENTS and PATENTS PENDING

Load needle with suture Pull tissue into device -

pass needle and

suture through tissue

Grab tissue with helix Repeat as needed.

Drop needle

Deploy cinch to

complete suturing

Pull suture to

approximate tissue

1 2 3 4 5 6

Key intellectual property beyond 2030.

Enables physicians to perform endolumenal procedures that previously could not be

Overstitch has broad current and future applications – upper and lower GI tract

OverStitch™ – Large Addressable Markets for Endolumenal Surgery

8 * See Product Regulatory Advisory, slide 2

Bariatrics

$4.8BUpper GI

$150MGLOBAL

ADDRESSABLE

MARKET

GLOBAL

ADDRESSABLE

MARKET

• Primary (ESG)

• Revisions

• Stent Fixation

• ESD or EMR site closure

• POEM

• Fistula and other defect closure

IN MARKET

Reflux

• Primary

• Altered Anatomies

Lower GI

• Colorectal

IN DEVELOPMENT

ESS Market

• Product innovation that removes capital equipment barriers

• Medical education reach to new users

• Procedure and clinical data development

• Expand OUS footprint and procedure mix

GROWTH DRIVERS

9* See Product Regulatory Advisory, slide 2

** Advanced GI includes: ESD, EMR, POEM, and other defect closure

Advanced GI**

Bariatric Revision

Stent Fixation

ESG

REVENUE $000s PROCEDURE MIX

9% 2%

22%

67%

42%

24%

18%

16%

US OUS

$9,188

$16,481

$23,380

$28,309

$6,832

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

2016 2017 2018 2019 YTD 2020

US OUS

2%**1%

18%

0%

5%

10%

15%

20%

MULTICENTER STUDY(2) SINGLE CENTER STUDY(3)

SURGICAL BARIATRIC PROCEDURES

Outcomes for Patients – ESG for Primary Obesity1

10

* % TBWL was statistically consistent between the three centers (using three different

techniques and patient population)

** most associated with reducing the fundus, which is no longer part of the standard technique

ESG uses suturing to reduce the volume of the stomach, but without the invasiveness of surgery or removal of part of the stomach

Demonstrates significant weight loss, with low adverse events, and repeatable across various centers

% TOTAL BODY WEIGHT LOSS

AT 24 MONTHS

% SERIOUS ADVERSE EVENTS

AT 24 MONTHS

18.6%*

20.9%

0%

5%

10%

15%

20%

MULTICENTER STUDY(2) SINGLE CENTER STUDY(3)

(1) See Product Regulatory Advisory, Slide 2

(2) Gontrand Lopez-Nava, Reem Z. Sharaiha, Eric J. Vargas, Fateh Bazerbach, Galvao Neto Manoel & Inmaculada Bautista-Castaño, Andres Acosta, Mark D. Topazian, Manpreet S. Mundi, Nikhil Kumta, Michel Kahaleh, Andrea Marie

Herr, Alpana Shukla, Louis Aronne, Christopher J. Gostout , Barham K. Abu Dayyeh ; OBES SURG DOI 10.1007/s11695-017-2693-7, Volume 27, Number 5

(3) Reem Z. Sharaiha, Nikhil A. Kumta, Monica Saumoy, Amit P. Desai, Alex M. Sarkisian, Andrea Benevenuto, Amy Tyberg, Rekha Kumar, Leon Igel, Elizabeth C. Verna, Robert Schwartz, Christina Frissora, Alpana Shukla, Louis J.

Aronne, and Micheal Kahaleh, Clinical Gastroenterology and Hepatology 2017

OverStitch™ Sx – Expanded Market Reach

Commercial launch in February 2019

• Removes requirement for account to purchase specific endoscopic capital equipment

• Provides an additional working channel for better suction, insufflation, or additional instrumentation

• Improves maneuverability and visualization

ENDOLUMENAL LEAK PRESSURE*

COMPATIBLE SINGLE CHANNEL SCOPES

* Kohei Takizawa, MD, Mary A. Knipschield, Elizabeth Rajan MD; Closure of full thickness defects by endoluminal suturing: leak pressure study in an ex vivo porcine model11

$4.2B Lower GI US Market Opportunity

121. World J Gastroenterol. 2016 Feb 14; 22(6): 1925–1934 (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4726668/),

2. American Journal of Gastroenterology 113, 303–306 (2018) doi:10.1038/ajg.2017.439

Polyp occurrence rate

during colonoscopy1

Millennium 2016

Average number of polyps

per colonoscopy

Percentage >1 cm2

50%

3

20%

6 million polyps >1 cm

EMR Closure

ESD Closure

Perforation Closure

Colonoscopies

20,730,000

EGDs

13,649,000

Enteroscopies, ERCPs,

Sigmoidoscopies, Capsule

Endoscopies

1,653,000• Large addressable market

• Meaningful advancement for closure

of complex defects in the colon

• Ability to suture through the lumen

improves procedure efficiency

• Potential for US market availability

late 2020

Orbera®

13

Orbera®: the #1 Gastric Balloon Worldwide

14

1 2 3 4

INSERTED THROUGH MOUTH INFLATED WITH SALINE ENCOURAGES PORTION

CONTROL AND DELAYS

GASTRIC EMPTYING

DEFLATED AND REMOVED

• CE marked in 1997, FDA approved in August 2015

• Only balloon currently meeting ASGE’s threshold standards(1) for safety and efficacy

• More than 230 peer reviewed publications reporting weight loss results consistently >10% TBW

• Completed Orbera FDA Post Approval Study 4Q 2019

1. ASGE Bariatric Endoscopy Task Force and ASGE Technology Committee. Journal of Gastrointestinal Endoscopy. 2015 Sep; Epub 2015 Jul 29.

IGB Addressable Markets

(1) ASMBS bariatric procedure data published June 2018

(2) American Society of Plastics Surgeons: 2018 National Plastic Surgery Statistics

* See Product Regulatory Advisory, Slide 215

Aesthetic Weight Loss

• 228,000 U.S. bariatric

procedures annually(1)

• 1.8 million U.S. cosmetic

surgical procedures

annually(2)

• Diverse sites for aesthetic

services:

• Plastic surgery centers

• Bariatric clinics

• Endo-bariatric (GI)

clinics

IN MARKET

Patients with medical

conditions that require

Weight Loss

• Non-cirrhotic NASH with

fibrosis

• Bridge to Orthopedics or

General Surgery

• Solid Organ

Transplantation

IN DEVELOPMENT

Orbera® (IGB) Revenue

IGB product revenue excludes US ORBERA starter kit sales in 2016 and 2017

ASGE Bariatric Endoscopy Task Force and ASGE Technology Committee. Journal of Gastrointestinal Endoscopy. 2015 Sep; Epub 2015 Jul 29. 16

• Strong market share in established OUS IGB market

• US Orbera post-approval study accepted by FDA in April 2020, fulfilling all post-approval study requirements

• 11 sites, 258 patients

• Primary safety endpoint met

• Secondary efficacy endpoint met

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

US OUS

REVENUE $000s

Medical Relevance of 10% weight loss on Liver Disease

(1) Manuel Romero-Gomez, Shira Zelber-Sagi, Michael Trenell - Treatment of NAFLD with diet, physical activity and exercise; graphic included as modified from Vilar-Gomez E, Martinez-Perez Y, Calzadilla-

Bertot L, Torres-Gonzalez A, GraOramas B, Gonzalez-Fabian L, et al. Weight loss through lifestyle modification significantly reduces features of nonalcoholic steatohepatitis. Gastroenterology 2015;149:367–

378, [Quiz e314–e365].17

% WEIGHT LOSS (WL)

Results over a 52-Week Period

of Lifestyle Intervention (1)

<5%> <7%> <10%>

NASH – Resolution 10% 26% 64% 90%

Fibrosis Regression 45% 38% 50% 81%

Steatosis Improvement 35% 65% 76% 100%

% of Patients Achieving WL 70% 12% 9% 10%But patients experience a

low success rate in meeting

the meaningful weight loss

thresholds

Highest rates of

NASH resolution,

Fibrosis regression,

and reduction in

liver fat occur with

>10% TBWL

New Publication in CGH: NASH Regression After Orbera Therapy

Published NASH Results:

• Both NASH resolution rates and fibrosis regression surpassed

those seen with investigated NASH pharmacotherapies

• 65% of patients achieved resolution of NASH (NAFLD Activity

Score ≤1)

• 80% of patients had a ≥2 point improvement in NAFLD activity

score

• 15% improved fibrosis (scarring) by 1.17 stages

• 50% of patients reached endpoint guidelines issued by the FDA

for NASH resolution and fibrosis improvement.

Single-center, open-label prospective study to evaluate the effects

of Orbera placement on metabolic and histologic features of NASH.

18Bazerbachi F, Vargas EJ, Rizk M, Masselli DB, Mounajjed T, Venkatesh SK, Watt KD, Port JD, Basu R, Acosta A, Hanouneh I, Gara N, Shah M, Mundi M, Clark M, Grothe K, Storm AC, Levy MJ, Abu Dayyeh

BK; Clin Gastroenterol Hepatol 2020 Apr 30

Other Study Results:• Mean TBWL: 11.7%

• Waist circum: -14.4±2.2 cm; p=0.001

• Hip circum: -8.3±1.6 cm; p=0.001

• HbA1c: -1.2%±0.5%; p=0.004

• AST IU/L: -36.2±9.8; p=0.002

• ALT IU/L: -52±17.3; p=0.01

2020 Clinical Data Programs

19

• MERIT RCT Trial for ESG

• AGA Endoscopic Suturing Registry

• European Bariatric Registry

• European GI Registry

• Various Investigator Initiated Studies

• European Post Market Study for Orbera365

• Various Investigator Initiated Studies

Ongoing Gross Margin Programs

20

Helix

Transfer

complete Q3 2017

Orbera

Delivery system

complete Q3 2018

Suture

Anchor needle production

complete Q3 2017

Cinch

Transfer

complete Q3 2018

Suture

Suture anchor assembly

complete Q3 2019

EXPECTED IMPACT OF COMPLETED PROJECTS

$3.0 million per year*

reduction in material and

purchased goods cost

8% improvement in Gross

Margin on Endo-bariatric

products

FDA approved suture-anchor assembly September 2019 expected to reduce suture cost by ~50%

$2.5 million additional ESS cost savings

CURRENT PROJECTS – to resume

after COVID-19

COMPLETED PROJECTS

Operational Priorities

ESS: Accelerate momentum

in high value endoluminal

procedures

IGB: Leverage data with

consistently >10% TBW

reduction

Drive scale in the operating

model

OverStitch Sx launch

addresses

>90%OF MARKET WITH

SINGLE-CHANNEL

SCOPES

Last two years

>40%CAGR

Increased

diverse utilization

OF ORIGINAL

DUAL-CHANNEL

OVERSTITCH

HANDLE

Strong OUS market

position supports

VOLUME GROWTH

OPPORTUNITY

Increased US clinical

interest and documentation

MEDICAL WEIGHT

LOSS

Growing revenue in

CORE PRODUCT

LINES DRIVE SCALE

Ongoing margin improvement projects

$3.0MANNUAL COMPLETED

21

$2.5MIN PROGRESS

Leading Products in Minimally Invasive Therapies

Stefanie Cavanaugh

Chief Financial Officer

investor-relations@apolloendo.com

Matt Kreps

Darrow Associates Investor Relations

mkreps@darrowir.com

Market Cap, Capital Structure

23

Balance Sheet (as of 3/31/20)

Cash & Equivalents $24M

Total Assets $67M

Term Loan $34M

Convertible Debt $19M

Capitalization Table (as of 4/30/20)

Stock Price (as of 4/30/20) $2.31

Shares Outstanding 21.1M

Common Stock Equivalents 9.6M

Fully Diluted Shares 30.7M

Basic Market Cap w/ Conversion $70.9M

Term Loan

• Matures September 1, 2023

• Interest at LIBOR plus 7.5%

• Interest only through March 2021

Convertible Debt

• Matures August 12, 2024

• Conversion price of $3.25

• Interest at 6%, payable in stock

PPP Loan

• $2.8 million loan granted April 27, 2020

• Interest at 1.0% starting November 2020

Selected Financial Results In 000s except percentages 1Q 2020 FY 2019 4Q 2019 3Q 2019 2Q 2019 1Q 2019 FY 2018

Revenue $10,718 $50,713 $11,989 $11,259 $14,254 $13,211 $60,854

Gross Margin 52.6% 50.6% 48.7% 48.3% 50.3% 54.8% 54.5%

Endoscopy Revenue $10,358 $45,149 $11,755 $10,381 $12,193 $10,820 $41,119

Endoscopy Gross Margin 51.9% 49.5% 48.6% 48.4% 50.1% 50.7% 44.2%

Sales and marketing $6,330 $28,730 $6,735 $6,495 $7,803 $7,697 $32,831

General and administrative $3,339 $13,588 $3,369 $3,159 $3,343 $3,717 $13,436

Research and development $2,147 $10,384 $2,139 $2,128 $2,689 $3,428 $12,176

Amortization of intangible assets $496 $2,095 $504 $510 $528 $553 $7,074

Total operating expenses $12,312 $49,188 $12,747 $12,292 $14,363 $9,7861 $73,2872

Loss from operations ($6,675) ($23,513) ($6,912) ($6,859) ($7,197) ($2,545) ($40,093)

Net Loss ($10,256) ($27,432) ($7,196) ($8,658) ($8,774) ($2,804) ($45,787)

Net Loss per Share ($0.49) ($1.27) ($0.34) ($0.40) ($0.40) ($0.13) ($2.31)

Shares used in computing

Net Loss per Share (000s) 21,117 21,542 20,946 21,401 21,927 21,907 19,790

1. First quarter 2019 operating expense includes settlement gain of $5,609 from Allergan Inc.

2. FY 2018 operating expense includes $7,770 loss on divestiture of the Surgical product line in December 2018. 24