1999 2000 2001 2002 $0.4 $6.7 $46.4  $75.4 Annual revenue ($ in millions) into new countries and have rationalized our presence in core western European countries while focusing on supporting our existing customer base. We are building a foundation for future penetration in select Asian Pacific and Latin American markets at a measured pace until we generate the level of profits necessary to fund and accelerate those investments.  While the financial viability of the Company was not in ques- tion, more than streamlining and cost reductions were required to ensure a stable foundation. To that end, our management team substantially strengthened the balance sheet by completing important equity financing and credit facility transactions, which increased our cash balance and available funds by more than $23 million. Eliminating the overhang of financing risk cleared the path for acceleration in our key business objectives: drive top line growth, increase gross margins, manage spending closely, ensure satisfied cus- tomers and achieve profitability. Parting thoughts. I would like to extend a special thanks to our customers for allowing us to become an important part of their practice and who, along with their patients, are helping us develop this market. And I thank our employees and their families for their commitment to our goal of out- standing customer service and for their passion to help our customers succeed. Every employee is energized by the clear goals in place and the urgent need to meet the commitments behind them. And to all our shareholders, I thank you for your belief in our strategic vision and our unwavering commitment to build a great company and establish Invisalign as a highly valuable, unique global brand. In closing, I am proud of our team, thankful for our great customers and appreciative of the investor support which is enabling our growth. I am confident we will deliver on the high expectations before us. While the changes in operations, strategy and capital struc- ture during the past year have been difficult and complex, our goals for the future are straightforward. Our aim is to increase sales each quarter; foster a growing, cooperative and energized community of Invisalign orthodontists and dentists; continue to expand consumer recognition and understanding of the power of our product; and, perhaps most importantly, exit 2003 a profitable organization.  Sincerely, Thomas M. Prescott President and CEO