Try this:
Private Sub PictureBox1_Paint(ByVal sender As Object, ByVal e As System.Windows.Forms.PaintEventArgs) Handles PictureBox1.Paint
scale the picturebox graphics context to 1 times positive X, and 1 times negative (reverse) Y so drawing is
done bottom-up
e.Graphics.ScaleTransform(1.0F, -1.0F, Drawing2D.MatrixOrder.Append)
e.Graphics.TranslateTransform(0.0F, CSng(PictureBox1.Height), Drawing2D.MatrixOrder.Append)
End Sub