Cogent Systems (Ticker: COGT) Pay by Finger?

Since Cogent Systems (Ticker: COGT) traded at $35 and change in November of 2004, it's been all down hill. The stock now trades just under $14. This company manufactures fingerprint identification systems as well as other biometric identification systems for governments, law enforcement agencies and other organizations according to Yahoo!
On Aug. 2 Cogent announced second quarter results that disappointed investors and the stock sold off some 10%, but the stock has since rebounded nicely. For starters, what is compelling about this company is the revenue growth.
2003 32.18 million
2004 87.68 million
2005 159.89 million
While the revenues so far this year have been down the company is upbeat about future orders and their gross margins have remained impressive at 57.7%. Cogent recently announced a $30 million share buyback program as a way to put some of their $365 million in cash to work. They have no debt. What sparks my imagination about Cogent's prospects is the possibility of wide scale acceptance of payment systems that utilize fingerprint identification systems. Fingerprint payment systems are being tested in over 2000 grocery and convenience stores nationwide. The customer puts their index finger on a button and money is deducted from their bank account to pay for their purchase. Now, for what could really make this companies stock fly, 22.50% (9.4 million shares) of the outstanding stock is sold short. Any positive news could send the stock up sharply.