NovaMed averaged about 1,005 procedures per facility for the quarter, and about 1,972 procedures per facility for the first six months of 2008.
Net revenue per procedure was $850 for the quarter and $843 for the six month period.
"Our second quarter results were in line with our expectations,” said Thomas Hall, chairman, president and CEO of NovaMed, according to a NovaMed news release. “We are pleased with NovaMed’s solid growth in earnings and cash flow as well as margin improvement in the second quarter of 2008."
NovaMed saw same-facility net revenue growth of 3 percent for the quarter.
The same-facility growth is an indication of the strength of the ASC industry, as it likely demonstrates reimbursement increases and/or procedure increases. NovaMed saw an increase in its number of procedures performed in its 34 ASCs operated for the quarter.
For the three months ended June 30, procedures performed were 34,200, as compared to 32,344 in 2007. For the six months ended June 30, procedures performed were 67,035 as compared to 62,453 in 2007.
Other highlights of the quarter (from the prior year second quarter) included:
- Income from continuing operations increased to $2,387,000, up 50 percent
- Cash flow from operations of $6,782,000, up 28 percent
- Operating income increased 16 percent to $9,187,000
- Total net revenue increased 10 percent to $35,180,000
- Net revenue from surgical facilities growing to $29,072,000, up 10 percent
Highlights for the six months ended June 30, 2008, included:
- Total net revenue grew to $68,993,000, up 10 percent from the first six months last year
- Net revenue from surgical facilities grew to $56,487,000, up 12 percent from the first six months of 2007
- Income from continuing operations in the first six months of 2008 was $4,523,000, up 45 percent compared to the first six months of 2007
- Net cash provided by operations was $10,802,000 in the first six months of 2008, up 91 percent from the first six months of 2007
View the news release from NovaMed.
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