"tips, I think the answer to that is that there is no investment banking business to speak of here."
Aren't we all claiming the company will be sold off within a year or two? Wouldn't the sale of a 1+billion dollar (presumably over 1 billion by time of sale) company be a good "deal" to be done in the ibanker world? Why isn't JPM fighting for MDXG's business by searching for a buyer while hyping the ship out of MDXG to drive price up (and therefore driving their fees up).
"So, if at 200 Million in Revenue you have .20 in earnings per share. And at $400 Million in revenue you have .40 earnings per share."
You are completely ignoring one of the biggest selling points of their business model: high operating leverage.
Their revenues have already broken above their fixed costs. Future revenue == future profit.
Honestly, for someone so intent on making a case based on price multiples and MBA ratios, you really should have thought through your argument before making it.
Actually, I don't believe stock buy-backs can be done at the close. Under the "Timing Condition" of SEC Rule 10b-18, corporations are prohibited from purchasing their stock at the opening and during the last half-hour of the trading day.
See sec-dot-gov/rules/final/33-8335.htm for more details.