a new on-looker, page-18

Please correct me if I am wrong, but my impression is that share buy backs are generally (not always) targeted at reducing the number of shares due to dividend reinvestment programs, which increase the number of shares at each dividend point. It helps stop price dilution and encourages the small, high maintenance, holders to sell at low or no cost.

Given PEN does not yet pay a dividend and will likely want to use the cash it has, plus what it expects to make from the options, to further develop the company, I don't see a buy back for a few years yet.