Having spent more than 35 years in Sales and Marketing, Half of them against one of the more reputed and successful international company, I read this letter and focussed on:
'STREAMWAY is superior and easier to use, competitors are able to use their size to their advantage'. (Product differenciation must be much more specific and translate into Financial value)
'In addition, because STREAMWAY must be attached to the wall of an operating room, potential customers are sometimes ill-informed as to what this involves, even though installation is generally simple and inexpensive'. (This argument of the competition must be addressed very forcefully or else ...)
'As such, we believe it is a much easier sell to a facility that is in the process of renovating an operating room, or is being built from the ground up.'(That suggests we gave up on most of the market. That documented shortcoming will obviously be used by competitors to justify to the market to not buy our product.)
Hiring a good competent Sales and Marketing executive is critical and one of his first job will be to work at minimizing the impact of the above 'documented shortcoming'. Otherwise, the company will only be able to address over time a negligeable part of the total market ('facilitiesa that are in the process of renovating an operating room, or are being built from the ground up').
To sum it up, This (much to appoligetic)letter to shareholders should not have been issued.
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